Insurance Binder Vs Policy. The binder documents your coverage, but so does an insurance policy and a certificate of insurance. It is important to note that receiving a quote from your independent insurance agent does not ensure.
Your binder will outline the basic terms, coverages, deductibles, and named insureds that will appear in your contract. A binder dissolves once the policy is issued. The binder serves only as a temporary or interim policy until a formal policy is issued.