This article explains the Stage 3: Binder Pack portion of a SEMI© M&A Project.
This stage is triggered upon selecting a quote in Stage 2 - Quote Pack.
In this stage, all of the information collected in Stage 2 is updated where needed and finalized.
The 2DF© and/or 3DF© information is available to be updated, and the reviewing and signing process will occur one last time. Please note only updated information needs to be reviewed, versus the entire forms in Stage 2.
Another round of underwriting will take place and the binder pack will be issued for confirmation of the insured.
Once the Binder Pack is confirmed, you will move into Stage 4: Signing and Completion.
This stage is broken into 3 phases:
1. Filling Forms (and Information Uploads)
- Update any uploaded documents as needed - see SEMI© Required information uploads
- Update any information within the applicable forms from Stage 2 - See SEMI© 3DF© and 2DF©: Explained
- A 3DF© Form (Digital Due Diligence) is required from the Buyer in a Buyer-Side Policy.
- A 2DF© Form (Digital Disclosure) is required from the Seller in all Policies.
- Have your principal Advisor(s) Review the [updated] information
- Sign the forms, locking any changes for auditability
2. In Underwriting (nothing required on your end; this portion takes under 24hrs)
- All collected information will be reviewed by Fusion underwriters
- Fusion underwriters will provide associated SEMI© quotes within 24 hours of forms signing
3. Quote Packs Ready
Once you reach "Quote Packs Ready" status in Stage 3 - Binder Packs, the Binder Pack has been provided from underwriting for your review.
The Binder Pack consists of the final policy wording and Warranty Schedule documents, to be compared to the drafts available in Stage 2.
The last item in the Binder Pack Stage is for the insured to review and confirm their Binder Pack to move forward.
All of these items are further explained in our step-by-step guide.
To continue through the SEMI© M&A Project workflow, please select the next step by clicking on the arrow to the right of the progress bar at the top of the article.
otherwise, for more information on Stage 4, see: