It's simply a few pages of legal paperwork that identifies all the terms and conditions of your temporary insurance contract.
The insurance binder will not look like a physical binder. It provides proof of insurance for a certain period, usually until a standard policy is issued. An insurance binder is a temporary insurance contract that provides fully effective insurance coverage while you wait for the formal issuance - or, in some cases, rejection - of an insurance policy.Īn insurance binder is a written legal agreement between you and the insurance company.
