Grant of Authority. 4.1 The Underwriters hereby authorise the Service Company Coverholder to: 4.1.1 bind insurances and amendments thereto for the Underwriters’ account; 4.1.2 act as the Underwriters’ agent in accordance with Section 23 for the purpose of receiving premiums from insureds, settling refunds and receiving claims monies prior to onward transmission to insureds; 4.2 The Service Company Coverholder may bind insurances and amendments using an automated electronic online system where the use of such system has been agreed in writing by the Underwriters; 4.3 The Service Company Coverholder shall comply with any direction, condition or requirement, including any direction to terminate the Agreement, given by Lloyd’s to the Underwriters or by any other regulatory body with jurisdiction over the Underwriters or the Service Company Coverholder; 4.4 In respect of every insurance bound under the Agreement, the Service Company Coverholder shall: 4.4.1 issue contract documentation, endorsements or such other documents evidencing cover as may be agreed in writing by the Underwriters; 4.4.2 collect and process premiums and return premiums on the Underwriters’ behalf promptly or where applicable in accordance with such terms as agreed with the Underwriters; 4.4.3 if authorised in 18.1 of the Schedule, handle claims and/or settle claims in accordance with the Agreement; 4.5 Nothing in the Agreement shall grant the Service Company Coverholder authority beyond that specifically granted by the Agreement nor shall the Service Company Coverholder act as or hold itself out as having authority on behalf of the Underwriters where such authority does not arise or no longer arises under the Agreement; 4.6 The Service Company Coverholder shall comply with all requests or requirements made in writing by the Underwriters in relation to the operation of the Agreement, the insurances bound under the Agreement or the claims arising thereunder; 4.7 The Service Company Coverholder shall not take any step(s) or undertake any act(s) or omit to do anything in relation to the services to be provided by it under the Agreement, including failing to act fairly to insureds, which is likely to be detrimental to the reputation of the Underwriters.
Appears in 3 contracts
Samples: Service Company Underwriting Agreement, Service Company Underwriting Agreement, Underwriting Agreement
Grant of Authority. 4.1 The Following Underwriters hereby authorise the Service Company Coverholder Consortium Manager during the period of the agreement to:
4.1.1 solicit and receive submissions, proposals and applications for insurance;
4.1.2 negotiate, accept (or decline) and unconditionally bind insurances and amendments thereto for the Following Underwriters’ account, in each case in such manner (subject to the terms of the Agreement) as the Consortium Manager in its sole discretion sees fit;
4.1.2 4.1.3 act as on behalf of the Underwriters’ agent Following Underwriters in accordance with Section 23 for any of the purpose ways set out in 4.1.3 of receiving premiums from insureds, settling refunds and receiving claims monies prior to onward transmission to insuredsthe Schedule;
4.2 The Service Company Coverholder may bind insurances and amendments using an automated electronic online system where the use of such system has been agreed in writing by the Underwriters;
4.3 The Service Company Coverholder shall comply with any direction, condition or requirement, including any direction to terminate the Agreement, given by Lloyd’s to the Underwriters or by any other regulatory body with jurisdiction over the Underwriters or the Service Company Coverholder;
4.4 In respect of every insurance bound under the Agreement, the Service Company Coverholder Consortium Manager shall:
4.4.1 4.2.1 issue contract documentation, endorsements or such other documents evidencing cover as may be agreed in writing by the Underwritersaccordance with Section 19;
4.4.2 collect and process 4.2.2 ensure the proper processing of all documents evidencing or relating to cover, premiums, return premiums and return premiums claims transactions on the Following Underwriters’ behalf promptly or where applicable in accordance with such terms as agreed with the Following Underwriters;
4.4.3 if authorised in 18.1 of the Schedule, 4.2.3 handle claims and/or and settle claims in accordance with the AgreementSection 20;
4.5 4.2.4 ensure all regulatory returns are completed and submitted within the timeframes required;
4.2.5 take all steps as may be necessary or expedient for the purposes of or in connection with fulfilling its obligations for the protection of the interests of the Following Underwriters or for compliance with any applicable laws and regulations, including Lloyd’s requirements;
4.2.6 sign or execute on behalf of and as the attorney of each Following Underwriter, in its name or otherwise, all deeds, documents and agreements which the Consortium Manager may consider necessary or expedient for the purposes of or in connection with the business of the Consortium, including any such document needed for compliance with the provisions of any law or requirements of any appropriate regulatory authority in any part of the world;
4.3 Nothing in the Agreement shall grant the Service Company Coverholder Consortium Manager authority beyond that specifically granted by the Agreement nor shall the Service Company Coverholder Consortium Manager act as or hold itself out as having authority on behalf of the Following Underwriters where such authority does not arise or no longer arises under the Agreement;
4.6 4.4 Nothing in the Agreement shall be construed as creating the relationship of employer and employee between the Following Underwriters and the Consortium Manager;
4.5 The Service Company Coverholder Consortium Manager shall comply with all reasonable requests or requirements made in writing by the Following Underwriters in relation to the operation of the Agreement, the insurances bound under the Agreement or (subject to any obligations the Consortium Manager may have pursuant to the Lloyd’s Claim Scheme) the claims arising thereunder;
4.7 4.6 The Service Company Coverholder Consortium Manager shall not take any step(s) or undertake any act(s) or omit to do anything in relation to the services to be provided by it under the Agreement, including failing to act fairly to insureds, which is likely to be detrimental to the reputation of the Following Underwriters;
4.7 The Consortium Manager shall at all times act in a professional and responsible manner and exercise its powers and authorities with reasonable skill and care.
Appears in 3 contracts
Samples: Consortium Agreement, Consortium Agreement, Consortium Agreement
Grant of Authority. 4.1 The Underwriters hereby authorise the Service Company Coverholder to:
4.1.1 bind insurances and amendments thereto for the Underwriters’ account;
4.1.2 act as the Underwriters’ agent in accordance with Section 23 27 for the purpose of receiving premiums from insureds, settling refunds and receiving claims monies prior to onward transmission to insureds;
4.2 The Service Company Coverholder may bind insurances and amendments using an automated electronic online system where the use of such system has been agreed in writing by the Underwriters;
4.3 The Service Company Coverholder shall comply with any direction, condition or requirement, including any direction to terminate the Agreement, given by Lloyd’s to the Underwriters or by any other regulatory body with jurisdiction over the Underwriters or the Service Company Coverholder;
4.4 In respect of every insurance bound under the Agreement, the Service Company Coverholder shall:
4.4.1 issue contract documentation, endorsements or such other documents evidencing cover as may be agreed in writing by the Underwriters;
4.4.2 collect and process premiums and return premiums on the Underwriters’ behalf promptly or where applicable in accordance with such terms as agreed with the Underwriters;
4.4.3 if authorised in 18.1 21.1 of the Schedule, handle claims and/or settle claims in accordance with the Agreement;
4.5 It shall be the responsibility of the Coverholder to notify a prospective insured or a prospective insured’s agent of any capacity in which it acts as agent for the Underwriters;
4.6 Nothing in the Agreement shall grant the Service Company Coverholder authority beyond that specifically granted by the Agreement nor shall the Service Company Coverholder act as or hold itself out as having authority on behalf of the Underwriters where such authority does not arise or no longer arises under the Agreement;
4.6 4.7 Nothing in the Agreement shall be construed as creating the relationship of employer and employee between the Underwriters and the Coverholder;
4.8 The Service Company Coverholder shall comply with all reasonable requests or requirements made in writing by the Underwriters in relation to the operation of the Agreement, the insurances bound under the Agreement or the claims arising thereunder;
4.7 4.9 The Service Company Coverholder shall not take any step(s) or undertake any act(s) or omit to do anything in relation to the services to be provided by it under the Agreement, including failing to act fairly to insureds, which is likely to be detrimental to the reputation of the Underwriters.
Appears in 1 contract
Samples: Binding Authority Agreement
