Insurance Coverage Binder

An Insurance Coverage Binder is a temporary insurance contract that provides coverage for a specified period of time, usually until a permanent policy can be issued. The binder typically includes the essential terms of the coverage, such as the types and amounts of coverage, the deductibles and premiums, and the effective dates, and is signed by both the insurer and the insured. Insurance coverage binders are often used to provide immediate coverage for a new policy or to extend coverage under an existing policy while the renewal process is being completed. They are legally binding contracts and provide the same coverage as a full policy during the binder period.