![]() It is the document that the parties use to make sure all contracting parties are clear about their roles and responsibilities. The contract that frames the responsibilities, entitlements and obligations of the parties is the contract of delegation and is referred to as the binding authority agreement. It also set out the Coverholder’s other responsibilities, such as handling premiums or agreeing claims. Insurance documents include certificates of insurance, temporary cover notes and other documents acting as evidence of contracts of insurance. Under this agreement, the Managing Agent delegates its authority to enter into a contract 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.Ī binding authority agreement can also be used to give a Coverholder the authority to issue insurance documents on behalf of Lloyd’s syndicates. DA application form - brokers and managing agents. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |