Principios Generales de SegurosPregunta 238 de 531
A contractor must show proof of property coverage today, although the policy itself will not be issued for three weeks. A binder issued by the producer:
a.commits the insurer to issue the policy on the terms shown
b.is only a quotation and starts no coverage until money is paid
c.must be in writing, since an oral binder carries no legal effect
d.gives temporary coverage until the policy is issued or declined
Explicación
A binder is temporary evidence of real coverage that bridges the gap before the policy is delivered, and it ends when the policy is issued or when the insurer declines the risk. Coverage under a binder does not wait for the premium to be paid, and a binder may be oral where the producer holds binding authority, although prudent practice is to confirm it in writing. The insurer can still decline and issue nothing.
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