[PDF] INSURANCE BINDER binder is not replaced by

Who is the named insured in an insurance binder?

The insurance binder must specify the named insured and also specify additional named insureds. For example, the named insured is generally the owner of the property. The additional named insured could be an additional owner, like if a property is in one or more people's names, or also the mortgagee or lienholder.

How long do insurance binders last?

With respect to binders issued to renters of residential premises, home owners, condo unit owners and mobile homeowners, the insurer has thirty (30) business days, commencing from the effective date of coverage, to evaluate theissuance of the insurance policy.

Can a binder be cancelled if not replaced by a policy?

This binder is cancelled when replaced by a policy. If this 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. The policy may be cancelled at any time at the request of the insured.