Hazard Insurance Binder. The term of a binder may not exceed 90 days, unless a longer period is required by state law. This document is crucial because it represents proof of the insurance until you will be able to receive the actual policy.
A temporary agreement between company, agent/producer and insured that the policy is in effect. Binder is not replaced by a policy, the company is entitled to charge a premium for the binder according to the rules and rates in use by the company. Hazard insurance a fire and casualty extended coverage insurance policy insuring against loss or damage from fire and.