A legal document that confirms your insurance policy, policy number, and the lender. For the purchase, you will need to obtain insurance for the property prior to closing.
Written evidence that insurance is in effect with regard to the property and the risks set out in the binder. Temporary in nature, the binder assures coverage until permanent coverage can be arranged.
A temporary insurance arrangement usually put in force until a permanent policy can be obtained.
Proof of coverage required by a lender to show that a sufficient hazard insurance policy exists on a property. This document must be provided to a lender by an insurance agent before the lender will agree to loan money for the purchase of the property.
A written statement that warrants that an insurance policy will be issued on a property when title is transferred.
A document that states an arrangement has been made in which insurance is temporarily in effect until a permanent policy can be obtained.
A document stating that an individual or property is insured, even though the insurance policy has not yet been issued.
A document that states that insurance is temporarily in effect. Because the coverage will expire by a specified date, a permanent policy must be obtained before the expiration date.
A document stating that insurance is only temporarily in effect. Because the coverage will expire by a certain date, a permanent policy must be obtained prior to the expiration date.
Temporary insurance arrangement used until a permanent policy can be issued.