BINDING REQUIREMENTS Sample Clauses

BINDING REQUIREMENTS. An insurance binder is a contract that temporarily affords coverage pending the issuance of a policy. Conditions of the binder should be identical to those shown on the policy. Xxxxxxx are issued by the underwriter through authority granted by their respective LOA. 1. All binders must be in writing and recorded in the appropriate systems, logs or bordereaux reports and issued within 24 hours of the effective date (unless coverage is backdated and has been approved by the appropriate Excess Casualty Manager). Binders should include the name of the insured, policy term, limits of insurance and attachment point (i.e., underlying limits), premium, applicable policy terms, forms and endorsements, and name and policy number of controlling underlying policies. Brokerage commission will be included in all binders. 2. All binders must be superseded by the issuance of a policy. The inception of the policy should coincide with the inception date of the binder. 3. Binders should be for a period not in excess of the policy period. A binder should not be issued under the following conditions: • Coverage is not authorized as part of the underwriting unit’s grant of authority. • Coverage is over delegated authority level, without appropriate prior written approval. • Underwriter is not in receipt and acceptance of critical quoting subjectivities. Binders may be issued pending receipt of requested materials, but the relative importance of the information to the underwriting decision should be carefully weighed prior to issuance of the binder.
Sample 1Sample 2Sample 3
BINDING REQUIREMENTS. An insurance binder is a contract that temporarily affords coverage pending the issuance of a policy. Conditions of the binder should be identical to those shown on the policy. Xxxxxxx are issued by the underwriter through authority granted by their respective LOA. 1. All binders must be in writing and recorded in the appropriate systems, logs or bordereaux reports and issued within 24 hours of the effective date (unless coverage is backdated and has been approved by the appropriate Financial Lines Manager). Binders should include the name of the insured, coverage provided, policy term, limits of insurance, retention, premium, applicable policy terms, forms and endorsements and, if applicable, followed underlying policy and attachment point. Brokerage commission should be included in all binders. 2. All binders must be superseded by the issuance of a policy. The inception of the policy should coincide with the inception date of the binder. 3. Binders should be for a period not in excess of the policy period. A binder should not be issued under the following conditions: Ø Coverage is not authorized as part of the underwriting unit’s grant of authority. Ø Coverage is over delegated authority level, without appropriate approvals in writing. Ø Provide coverage that is not filed and approved in the state of domicile (if admitted paper) or provide coverage that is not in compliance with state regulations. Ø Underwriter is not in receipt and acceptance of critical quoting subjectivities. Conditional Binders may be issued pending receipt of requested materials but the relative importance of the information to the underwriting decision should be carefully weighed prior to issuance of the binder.
Sample 1Sample 2Sample 3
BINDING REQUIREMENTS. (a) Producer shall have no authority to bind WNFIS on any risks. Producer agrees to submit the following to WNFIS for approval and binding of coverage: 1) Completed application signed by the applicant and by Producer; 2) Surplus lines affidavit as required by law; 3) Any other forms or disclosures that must be signed by the applicant as required by law or as required by an insurer; 4) Payment of the full premium (minus Producer’s commission, when authorized by WNFIS); and 5) Payment of all non-commissionable charges such as surplus lines tax, surcharge or stamping fee, policy fee and inspection fee. (b) Producer’s commission shall be based on Collected Net Premiums on business written by Producer. As used herein, and within any Addendum attached hereto, “Collected Net Premiums” shall be defined as the gross premiums collected less the gross premiums refunded to the named insured. (c) Except when WNFIS receives premiums directly, Producer agrees to pay, whether collected or not, the premium and any applicable taxes and fees on business written by Producer under this Agreement. (d) All premiums, taxes and fees received by Producer shall be held by Producer in a fiduciary capacity for the sole purpose of remitting to WNFIS, and when applicable, for the sole purpose of paying to the appropriate tax authorities, and also in accordance with the applicable laws of each jurisdiction in which Producer conducts business under this Agreement.
Sample 1

Related to BINDING REQUIREMENTS

  • Binding Provisions This Agreement is binding upon, and inures to the benefit of, the parties hereto and their respective heirs, executors, administrators, personal and legal representatives, successors, and permitted assigns.

  • Binding Obligations The obligations expressed to be assumed by it in each Finance Document are, subject to any general principles of law limiting its obligations which are specifically referred to in any legal opinion delivered pursuant to Clause 4 (Conditions of Utilisation), legal, valid, binding and enforceable obligations.

  • Binding Agreements This Agreement and the other Financing Documents executed and delivered by the Borrowers have been properly executed and delivered and constitute the valid and legally binding obligations of the Borrowers and are fully enforceable against each of the Borrowers in accordance with their respective terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties, and general principles of equity regardless of whether applied in a proceeding in equity or at law.

  • Binding Contract We understand that this Tender, together with your written acceptance thereof included in your Letter of Acceptance, shall constitute a binding contract between us, until a formal contract is prepared and executed;

  • Binding Nature This Agreement shall be binding upon, and inure to the benefit of, the successors and personal representatives of the respective parties hereto.

  • Authorization; Binding Obligations The Servicer has the power and authority to make, execute, deliver and perform this Agreement and the other Transaction Documents to which the Servicer is a party and all of the transactions contemplated under this Agreement and the other Transaction Documents to which the Servicer is a party, and has taken all necessary corporate action to authorize the execution, delivery and performance of this Agreement and the other Transaction Documents to which the Servicer is a party. This Agreement and the other Transaction Documents to which the Servicer is a party constitute the legal, valid and binding obligation of the Servicer enforceable in accordance with their terms, except as enforcement of such terms may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally and by the availability of equitable remedies.

  • Binding Obligation Each Receivable shall constitute the genuine, legal, valid and binding payment obligation in writing of the related Obligor, enforceable by the holder thereof in accordance with its terms, except as enforceability may be subject to or limited by bankruptcy, insolvency, reorganization, moratorium, liquidation or other similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or at law.

  • Authorization; Binding Obligation Seller has the power and authority to make, execute, deliver and perform this Agreement and the other Transaction Documents to which the Seller is a party and all of the transactions contemplated under this Agreement and the other Transaction Documents to which the Seller is a party, and has taken all necessary corporate action to authorize the execution, delivery and performance of this Agreement and the other Transaction Documents to which the Seller is a party. This Agreement and the other Transaction Documents to which the Seller is a party constitute the legal, valid and binding obligation of Seller enforceable in accordance with their terms, except as enforcement of such terms may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally and by the availability of equitable remedies.

  • Binding Agreement This Agreement shall be binding and inure to the benefit of the Parties hereto and their respective heirs, legal successors, and assigns.

  • Binding Effect; Ratification (a) On and after the execution and delivery hereof, (i) this Amendment shall be a part of the Transfer Agreement and (ii) each reference in the Transfer Agreement to “this Agreement”, “hereof”, “hereunder” or words of like import, and each reference in any other Related Document to the Transfer Agreement, shall mean and be a reference to such Agreement as amended hereby. (b) Except as expressly amended hereby, the Transfer Agreement shall remain in full force and effect and is hereby ratified and confirmed by the parties hereto.