![]() * The maximum and/or minimum term of a binder may be governed by state statute and/or company underwriting instructions. * All binders must conform to the state insurance code for the state in which the subject of insurance in located. ![]() Preparation must be complete and accurate. It is imperative that only authorized people prepare them. * 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.
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