The New York State Insurance Department issued this informal opinion regarding the following question: Where a binder has been issued, is it permissible for an insurer to modify the value assigned to the property insured (change the limits of coverage and premium due) under a policy of commercial property insurance?  Relying on the Court of Appeals’ decision in Springer v. Allstate Ins. Co. of N.Y., the Department explained why an insurer may modify the terms and limits and premiums due regarding the policy after the binder has been issued as part of the issuance of the insurance policy.