binding authority definition
binding authority means an agreement between a Service Company and a coverholder under which the Service Company authorises the coverholder to enter into a contract of insurance on behalf of the members of a syndicate for whom the Service Company acts as an agent;
binding authority means a contract of delegated authority with an approved coverholder to delegate authority to the approved coverholder to enter into a contract or contracts of insurance to be underwritten by the members of a syndicate in accordance with the terms of the agreement;
binding authority means an agreement between a managing agent and a coverholder under which the managing agent delegates its authority to enter into a contract or contracts of insurance to be underwritten by the members of a syndicate managed by it to the coverholder in accordance with the terms of the agreement;
Examples of binding authority in a sentence
The Acquired Companies have a valid and effective contract or appointment to act as an agent and/or managing general agent with Binding Authority for each Carrier listed in Section 5.19(e) of the Seller Disclosure Schedule.
The Binding Authority contracts identified on Section 5.19(e) of the Seller Disclosure Schedule constitute all of the Binding Authority contracts that the Acquired Companies require to conduct the Business as currently conducted.
More Definitions of binding authority
binding authority. Dell confirms that it has been granted authority by the Insurer to bind the Insurer to an insurance policy with an eligible customer. Dell hereby delegates this binding authority to Partner, but Partner shall have no authority, express or implied:
a) to bind the Insurer to any Insurance Product whose terms or conditions are not strictly the same as those agreed between Dell and the Insurer; or
b) to agree or purport to agree to amend, vary or waive the eligibility requirements for an Insurance Product, the scope of Insurance cover, the exclusions, or any other term or condition of such insurance; or
c) to represent to a customer or to a potential customer the terms and conditions of an Insurance Product differ from those agreed between Dell and the Insurer; or to describe the cover and benefits provided by an Insurance Product differently from those agreed between Dell and The Insurer; or
d) to delegate such binding authority to any other party.
binding authority means an instrument whereby an insurer authorises an insurance broker to solicit for a specific class of business on its behalf, having laid down terms and conditions, observance of which fully authorises the insurance broker to effect contracts of insurance between the insurer and the applicant for insurance;
binding authority means a trusted entity which issues Public Key Bindings. These Bindings are digitally signed with the private key of the Binding Authority;
binding authority means an agreement between a Service Company and a coverholder under which the Service
binding authority means, in connection with the Companies’ and Company Subsidiaries’ Underwriting Business, a Contract providing the Companies or Company Subsidiaries the authority to bind insurance policies on behalf of a Business Carrier.
binding authority. We have a “binding authority” with the Insurer, which means we sell on their behalf rather than helping you buy. You are protected by our conflicts of interest policy. Looking after your Money: We act as agents for all insurers when we collect premiums. Money is banked in a trust bank account for the insurers’ benefit. This means that when you pay us, your money is safe as the insurer accepts that they have been paid straightway. We will keep any interest earned. Termination of Services: Either party may terminate our services by providing written notice. Termination will not affect any rights or obligations arising from policies already in force. Upon termination, we will assist in the orderly transfer of your insurance arrangements to another broker or ensure you receive all necessary documentation.
binding authority means a contract providing the Acquired Companies the authority to bind insurance policies on behalf of a Carrier, including any managing general underwriter or managing general agent contract.