* The improper use of binders has become a major cause of producer s Errors and Omissions claims. Before issuing any binder, the following important considerations should be reviewed and considered carefully: * A Binder (Cover Note is some states) is a temporary insurance contract which provides coverage in advance of the issuance of an insurance policy.
1 ACORD 75 (2016/03) - Insurance Binder ACORD 75, Insurance Binder, addresses both Personal Lines and Commercial Lines risks, although most ACORD Personal Lines applications contain a 'built-in' binder.
