Policy Terms
Binder
Definition
A temporary agreement that provides insurance coverage until a formal policy is issued. A binder contains the essential terms of the coverage and is legally enforceable.
In Zach’s Words
“Think of a binder like a handshake deal that actually holds up in court. You need coverage RIGHT NOW but the full policy paperwork takes a few days? The binder says 'you're covered starting today' while the official documents catch up.”
— Zach Nadler, CIO