What is the binder fee thats added to the insurance?What is the binder fee thats added to the insurance?
To make this program possible, Fractured Atlas adds an administrative binder fee that must be paid in order for the insurance policy to be bound. Binder fees are calculated on the following scale: $75 or 10% of the total premium(s) (whichever is higher) for policies with premiums totaling $5,009 or less; $500 for policies with premiums totaling between $5,010 and $50,099; and 1% of the total premium(s) for policies with premiums totaling $50,100 or more. If you need to expedite a quote or need to endorse (add) something to your policy, certain other administrative fees may apply.
