An insurance binder is a temporary agreement that provides immediate coverage until an official insurance policy is issued. It guarantees protection and acts as proof of insurance until the full policy is delivered. Full definition
Starting with your contract sales price on line 101, you can add local investment district (LID) assessments, sales and real estate broker commissions, appraisal fees, credit report fee, home inspection fee, settlement fees, abstract or title search fees, title examination, title insurance binder, document preparation fees, notary fees, attorney fees, title insurance, recording fees, city or county tax stamps, survey and pest inspection fees. (sapling.com)
Few insurance companies provide insurance binders prior to the completion of a home appraisal, and many will require a firm closing date. (themortgagereports.com)
A car insurance binder is often used to prove that you have obtained insurance on your vehicle and is may be a requirement of a car dealership or lease or finance company when purchasing a new car. (thebalance.com)