An insurance binder acts as a placeholder for a formal insurance policy. You may need to provide a lender with an insurance binder in order to take possession of an asset used to secure the loan.

Mortgage lenders commonly require that borrowers maintain a homeowners insurance policy on their home. Depending on how the timing lines up with closing on the property and completing the home ...

When you take out a loan to purchase a car, home or commercial property, the lender typically requires you to prove you have insurance coverage in place for the asset you're buying. However, it can ...