An insurance binder is a crucial document in the world of insurance, serving as a temporary proof of insurance coverage before a formal policy is issued. When you purchase insurance, whether for your home, car, or business, the binder ensures that you have immediate coverage during the waiting period for the full policy. This interim coverage protects you from potential risks that may arise while the insurance company processes your application and prepares your comprehensive policy. Understanding the Purpose of an Insurance Binder The primary purpose of an insurance binder is to provide temporary coverage. It acts as a placeholder […]