Requirements for binding coverage

You can begin binding coverage for a quote or proposal that has been sent. You can also begin binding coverage for any quote or proposal for which an agent has requested binding (through UM Agent). For products that can have binding of multiple policies, you can select multiple quotes to bind.

If your system is configured to only allow one quote to be bound, and you begin binding a quote after an agent has requested binding (with UM Agent) on a different quote, your binding action overrides the agent's request.

After you begin binding, Underwriting Management can be configured to collect additional data to support binding and generate or retrieve a binder.

If your system is configured to allow unbinding, you can unbind coverage until a quote has moved beyond start issuance. The ability to unbind coverage is often restricted because the Policy Administration System does not support the notion of unbind. If unbinding is not allowed, you must cancel coverage.

For more information, refer to Bind coverage and Unbind coverage.