insurance binder

insurance binder

Evidence of property insurance coverage.Some insurance agents will bind coverage before receipt of payment for the premium. Lenders usually require proof that the premium has been paid for one year.

References in periodicals archive ?
Buy a house, and at closing all we need is an insurance binder with the mortgagor named as the additional insured in case the place burns to the ground.
It can be disguised, for example, as just "special," coverage in the insurance binder, he said.
I find most essays on professionalism to be as interesting as insurance binder fine print; however, this Ides of March effort by Senior Editor Gary Blankenship was the exception.
In some cases, the essential contractual terms of an insurance binder may be inferred from established insurance business standards or relationships.
In May, an ACORD working group discussed the potential development of a new enhanced property insurance binder form.
He said a fence and lights could be put around the rink to help prevent accidents, and said the town would provide an insurance binder so the authority would not face any liability.
This means that there is an inconsistency in the insurance policy with the insurance binder, cover note, placing slip, etc.
However, the insurance binder will usually include a disclaimer that puts this responsibility on the insured, but most borrowers, when faced with an insurance decision at the time the loan is being made, are guided by the premium costs rather than the coverage.
They can customize a policy to fit their needs, and even purchase a policy and obtain an insurance binder, all on a single website.
The carrier notifies Diligent coverage has been bound, and Diligent sends Flipper an insurance binder as proof of coverage until the policy issues.
For instance, if the brand is supposed to be ease of doing business with customers, agents must be sure not to keep people on hold for 20 minutes while they hunt for an insurance binder or statement, van Aartrijk said.
We utilize InsureBASE during the origination process to validate the hazard insurance binder to ensure that the amount of insurance meets the requirements of our investors.
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