The insurance policy is the contract between the parties." Smith v. Colonial Ins. Co. of Cal., 258 Va. 30, 515 S.E.2d 775, 777 (1999); see also Hayes v. Durham Life Ins. Co., 198 Va. 670, 96 S.E.2d 109, 111 (1957) ("The application for insurance is a mere proposal for a contract on the part of applicant. It is one of two prerequisites in the creation of the contract, the other consisting of the acceptance of the offer.
The insurance policy is the contract between the parties." Smith v. Colonial Ins. Co. of Calif., 258 Va. 30, 515 S.E.2d 775, 777 (1999) (citation omitted). Bindea alleges that he hired Uhr/ASAP to obtain the insurance that Bindea wanted on the Bob Rouse and that Uhr/ASAP used insurance broker USG "to procure marine insurance and coverages" for Bindea's benefit.
Under Virginia law, an insurance application is merely an offer to enter an insurance contract on the part of an applicant, which the insurer may accept or reject. Smith v. Colonial Ins. Co. of Cal., 515 S.E.2d 775, 777 (Va. 1999); Hayes v. Durham Life Ins. Co., 96 S.E.2d 109, 111 (Va. 1957). Generally, "[m]ere delay on the part of an insurance company in refusing to act upon, or failing to act upon, an application for insurance does not of itself create a contract, nor estop the insurance company from denying that any contract was made.