Binding Authority Agreement Insurance

(a) the object of the insurance is destroyed A kind of reinsurance covering certain losses incurred by the insured beyond a declared amount (the deductible) up to a higher amount, for example. B GBP 5 million surplus of £1 million. Deductible reinsurance is a form of non-proportional reinsurance. Depending on the context, this concept may refer to: (a) a claim by a policyholder on its insurer or another contractual performance under an insurance policy; (b) a claim by an insurer on its reinsurer(s) under a reinsurance contract; or (c) a third party claim liable to a policyholder for compensation for certain injuries, damages or losses for which the third party holds the policyholder responsible. A duty is payable from an insurance or reinsurance contract if it is caused by an insured danger and is not excluded by the provisions of this contract. In the context of general insurance, it is the acquisition of cover for a danger otherwise excluded by the payment of an additional premium. A binding authority is a facility to which the policyholder/broker can grant or enter into insurance or reinsurance contracts, as he knows that they are automatically accepted by (reinsurance) insurers or are otherwise bound to these (reinsurance) insurers. A specific risk transferred under a reinsurance contract. Depending on the context, this concept may refer to (a) the company of individual members and undertakings which, as members of one or more trade unions, insure and re-insure risks. Lloyd`s is not an insurance company. (b) the Underwriting Room of Lloyd`s Building where administrative agents underwrit, on behalf of their unionized members, insurance and reinsurance. In this sense, Lloyd`s must be regarded as a marketplace; or (c) Lloyd`s Corporation, which regulates the Lloyd`s market and provides support services.

A premium to be paid at the beginning (start) of an insurance or reinsurance contract, for which an adjustment premium (usually an additional premium) is due depending on the performance of the contract, possibly including the amount of the transaction transferred under this contract. Compare the minimum premium. Binding authorities must comply with the requirements imposed by Lloyd`s. Details can be found in the Code for Delegated Underwriting. The AML establishes model agreements with binding authorities that the market can use and that are designed to meet these requirements. . . .

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