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What Happens After an Insurance Binder Expires?

Hopefully, the insurance policy is issued during the binder period. If for some reason the insurance company hasn't finished the underwriting and policy issuance process, then the agent might get permission from the insurer to issue another 30 day binder. With today's technology, most policies have no problem getting issued within 24 hours or at most a few days. The process might take longer if the dollar value of the risk is high or the property being insured is complex in nature. Sometimes the risk is rejected altogether and the coverage will end when the binder period is over or at the date the insurance company gives notice. If this happens, you will have to look for another company or insurance solution.