The general definition of an Insurance Binder is a temporary insurance contract that provides proof of coverage until the permanent policy is issued. A Binder is insurance coverage and can be offered verbally or in writing from an agent or insurance company. Binders offer temporary insurance coverage for a stated period of time to complete underwriting and issuance of the insurance policy is finished. The actual point of coverage may be different from state to state and may also be different for depending on the policy. Insurance companies appoint an agent and give them permission to “Bind” a specific amount … Continue reading →