Surety Business definition

Surety Business as used in this Agreement means the issuance, writing or underwriting of policies or licenses with respect to the following: (i) bonds required by statutes or ordinances guaranteeing the payment of certain taxes and fees and providing consumer protection as a condition to granting licenses to engage in various trades or professions, (ii) bonds required by statutes, courts or legal documents for the protection of those on whose behalf a fiduciary acts, (iii) bonds required by statutes or ordinances to guarantee the lawful and faithful performance of the duties of office by public officials, (iv) bonds required by statutes to protect against improper actions by notaries public, and (v) bonds which secure the payment and/or performance of an obligation under a written contract; but it shall not include, without limitation, financial guaranty bonds and the issuance, writing or underwriting of bonds and licenses which cover Losses arising from employee dishonesty.
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Surety Business as used in this Reinsurance Agreement means the issuance, writing or underwriting of policies or licenses with respect to the following: (i) bonds required by statutes or ordinances guaranteeing the payment of certain taxes and fees and providing consumer protection as a condition to granting licenses to engage in various trades or professions, (ii) bonds required by statutes, courts or legal documents for the protection of those on whose behalf a fiduciary acts, (iii) bonds required by statutes or ordinances to guarantee the lawful and faithful performance of the duties of office by public officials, (iv) bonds required by statutes to protect against improper actions by notaries public, and (v) bonds which secure the payment and/or performance of an obligation under a written contract; but it shall not include, without limitation, financial guaranty bonds and the issuance, writing or underwriting of bonds and licenses which cover Losses arising from employee dishonesty.
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Surety Business means the business of writing, renewing and administering Insurance Contracts comprising the Seller Parties' surety Business, as set forth on Schedule 1.1(a).
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Examples of Surety Business in a sentence

  • However, if mutually agreed between the Company and the Reinsurer, the Company may retain a Policy, or portion of a Policy, and not be required to cede such Policy, or portion of such Policy, associated with its Surety Business to the Reinsurer under this Reinsurance Agreement.

  • The Contract shall take effect on January 1, 2005 and shall remain in full force and effect through December 31, 2005, both days inclusive, and provides cover for losses discovered during the term of this Contract on Bonds in force on January 1, 2005 and Bonds written, renewed or assumed during the term of this Contract all as respects business classified by the Company as Surety Business as described in Article 2 - Business Covered.

  • This Reinsurance Agreement shall cover the Company’s Net Liability on Surety Business written or renewed anywhere in the world except Canada, by or on behalf of the Company, during the term of this Reinsurance Agreement, and ceded hereunder.

  • The Company agrees to cede and the Reinsurer agrees to accept a 100% quota share of the Company's net retained liability on Surety Business written or renewed, by or on behalf of the Company, during the term of this Agreement, subject to the following terms and conditions.

  • This Reinsurance Agreement shall cover the Company’s Net Liability on Surety Business written or renewed in Canada, by or on behalf of the Company, during the term of this Reinsurance Agreement, and ceded hereunder.

  • In the fourth quarter we made a purchase accounting adjustment related to our deferred tax assumptions, which decreased goodwill by $2 million.Fireman’s Fund Surety Business – In December 2001, we purchased the right to seek to renew surety bond business previously underwritten by Fireman’s Fund Insurance Company (“Fireman’s Fund”), without assuming past liabilities.

  • However, if mutually agreed between the Company and the Reinsurer, the Company may retain a Policy and not be required to cede such Policy associated with its Surety Business to the Reinsurer under this Agreement.

  • Newco shall continue to have access to the telecommunications services used by CNA in the operation of its Surety Business prior to the Closing Date at the same level of service that CNA provided and at no more than the cost CNA allocated to its Surety Business prior to the Closing Date.

  • None of these costs include costs related to the initial combination of the CNA and Capsure Surety Business.

  • The Contract shall take effect at 12:01AM, Central Standard Time, on the Effective Date and shall remain in full force and effect until Midnight, Central Standard Time, XXXXXXXX, 2002 and provides cover for losses discovered on Bonds in force at the Effective Date of this contract, and losses discovered on new and renewal business written, renewed or assumed during the term of this Contract all as respects business classified by the Company as Surety Business as described in Article 2.


More Definitions of Surety Business

Surety Business as used in this Agreement means the issuance, writing or underwriting of bonds, Policies or licenses with respect to the following: (i) bonds required by statutes or ordinances guaranteeing the payment of certain taxes and fees and providing consumer protection as a condition to granting licenses to engage in various trades or professions, (ii) bonds required by statutes, courts or legal documents for the protection of those on whose behalf a fiduciary acts, (iii) bonds required by statutes or ordinances to guarantee the lawful and faithful performance of the duties of office by public officials, (iv) bonds required by statutes to protect against improper actions by notaries public, and (v) bonds which secure the payment and/or performance of an obligation under a written contract; but it shall not include, without limitation, financial guaranty bonds and the issuance, writing or underwriting of bonds and licenses which cover Losses arising from 144 employee dishonesty.
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Related to Surety Business

  • Parent Business has the meaning set forth in the Separation and Distribution Agreement.

  • Subject Business means the policy or policies that are the subject of the Insurance Business Transfer Plan.

  • Company Business means the business of the Company as presently conducted.

  • the Business means the usual work and activities carried on by the Insured pertaining to his business as specified in the Schedule and no others.

  • Auto business means the business or occupation of selling, repairing, servicing, storing or parking "autos".

  • insurance business means one or more aspects of the business of selling, issuing or underwriting insurance or reinsurance.

  • Financial Services Business for purposes of this Unit Agreement shall mean the business of banking, including deposit, credit, trust and investment services, mortgage banking, asset management, and brokerage and investment banking services. (C) The term "Managerial Responsibilities" for purposes of this Unit Agreement shall mean managerial and supervisory responsibilities and duties that are substantially the same as that Grantee is performing for SunTrust or a SunTrust Affiliate on the date of this Unit Agreement. (D) The term "SunTrust Affiliate" for purposes of this Unit Agreement shall mean any corporation which is a subsidiary corporation (within the meaning of §424(f) of the Code) of SunTrust except a corporation which has subsidiary corporation status under §424(f) of the Code exclusively as a result of SunTrust or a SunTrust Affiliate holding stock in such corporation as a fiduciary with respect to any trust, estate, conservatorship, guardianship or agency. (E) The term "Territory" for purposes of this Unit Agreement shall mean the states of Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Tennessee, Virginia, and the District of Columbia, which are the states and Territories in which SunTrust has significant operations on the date of this Unit Agreement. (F) "Trade Secret" for purposes of Unit Agreement shall mean information, including, but not limited to, technical or nontechnical data, a formula, a pattern, a compilation, a program, a device, a method, a technique, a drawing, a process, financial data, financial plans, product plans, or a list of actual or potential customers or suppliers that: (i) derives economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from it is disclosure or use, and (ii) is the subject of reasonable efforts by SunTrust or a SunTrust Affiliate to maintain its secrecy.

  • home business means a business, service or profession carried out in a dwelling or on land around a dwelling by an occupier of the dwelling which —

  • Retained Business means any business now, previously or hereafter conducted by Seller or any of its Subsidiaries or Affiliates other than the Business.

  • Transferred Business has the meaning ascribed to such term in the Separation Agreement.

  • Excluded Business has the meaning set forth in Section 6.10.

  • Micro Business means a company which either:

  • food business means any undertaking, whether for profit or not and whether public or private, carrying out any of the activities related to any stage of production, processing and distribution of food;

  • Supply Business means the licensed business of the Licensee and anyaffiliate or related undertaking of the Licensee as a Supplier but shall not include the business carried out by the Board in its capacity as public electricity supplier;

  • Generation Business means the licensed business (if any) of the Licenseeand any affiliate or related undertaking of the Licensee in the generation of electricity or the provision of Ancillary Services;

  • Branch business means any insurance business transacted by a branch captive insurance company in this State.

  • banking business means the business of accepting deposits withdrawable or repayable on demand or after a fixed period or after notice and the employment of those deposits, in whole or in part, by lending or any other means for the account and at the risk of the person accepting the deposits;

  • Trust business means the business of acting as trustee, executor or administrator;

  • Cannabis business means any business activity involving cannabis, including but not limited to cultivating, transporting, distributing, manufacturing, compounding, converting, processing, preparing, storing, packaging, delivering, testing, dispensing, retailing and wholesaling of cannabis, of cannabis products or of ancillary products and accessories, whether or not carried on for gain or profit.

  • special business means all business transacted at a special meeting of shareholders and all business transacted at an annual meeting of shareholders, except consideration of the financial statements, auditor's report, election of directors and reappointment of the incumbent auditor;

  • Business has the meaning set forth in the Recitals.

  • Minority Business means a business:

  • Relevant Business means any business or part thereof howsoever carried on involving the supply of Restricted Goods and/or Services;

  • Specified Business means a business of a kind prescribed by the regulations to be a specified business; tenant, in relation to a lease, means the person who, under the lease, is or would be entitled to occupy the premises the subject of the lease; Tribunal means the State Administrative Tribunal;