![]() A binder dissolves once the policy is issued.īinders will often be required by lenders when a business takes out a loan. It remains in effect for a short time, typically 30 to 90 days. It's called a binder because it "binds" your coverage and creates an insurance contract and is used temporarily until the policy is issued.Ī certificate of insurance is a form of proof of insurance warranting that you have coverage for a specific period.Īn insurance binder is a brief document that serves as a temporary insurance policy. ![]() When you have business insurance policies you will often hear talk of your insurance binder and your certificate of insurance, but do you know the difference?Ī binder is a contract of insurance. ![]() The Difference Between a Binder and a Certificate of Insurance ![]()
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