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Thread: What does it mean to bind business?

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    Default What does it mean to bind business?

    What does it mean to bind business?



  2. #2
    New User Level 0 Jones_Assoc's Avatar
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    To start a policy.

  3. #3
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    Something that binds. To bind business mean to hold a business or to restrict a business. And to bind a policy mean to accept the risk and start the policy.

  4. #4
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    A binder is a temporary policy. So to bind a business simply means your are covered from the effective date of the binder and until your policy arrives the binder is proof of coverage.

    Erfan Benson

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    Member Level 0 chriscoslay's Avatar
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    Companies of all sizes need and benefit from commercial insurance coverage. Commercial insurance covers everything from real and personal property to product liability, protecting business owners from financial ruin in the event of a covered loss, such as a fire, windstorm or even lawsuit. Companies often need to supply proof of insurance to potential and current clients in order to demonstrate financial responsibility, and binding plays a role in securing the coverage.

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    The act of imposing a duty to keep a commitment. In the insurance industry, binding refers to insurance coverage, and means that coverage is in place, although a policy has yet to be issued. Often, binding takes place through a verbal agreement, in person or over the telephone. It can also occur through electronic communication, such as an email or text message, though laws regarding e-commerce and digital signatures vary by state, and are subject to rapid change as technology progresses.....

  7. #7
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    The agreement is binding on all parties, all parties signing it must do what is agreed. Also the company is bound by its articles of association.

  8. #8
    Member Level 0 bdwilliams's Avatar
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    Couldn't have said it better myself.

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