Insurance Binders Explained. They have special knowledge of risk assessment. A typical binder consists of just a page or two of information, but it's a valid insurance contract.
Issuing a new policy can sometimes take a few days or weeks, depending on the underwriting process. An insurance intermediary who advises his clients and arranges their insurances. (1) the amount of capital available to an insurance company or to the industry as a whole for underwriting general insurance coverage or coverage for specific perils.