Common use of Novation of Liabilities Clause in Contracts

Novation of Liabilities. 8.1 The Corporate Member acknowledges that the Agent may effect contracts of insurance (‘‘Relevant Contracts’’) on terms that those contracts will, in accordance with the custom and practice of the Lloyd’s market and any requirements of the Council for the time being applicable, constitute liabilities of the Managed Syndicate allocated to a given year of account (‘‘the Relevant Year of Account’’) notwithstanding that they are effected before the beginning of the year (‘‘the Relevant Year’’) which corresponds to the Relevant Year of Account, and the Corporate Member and the Agent agree that the following provisions of this clause shall have effect in relation to such contracts. 8.2 Subject to clause 8.2A, a Relevant Contract shall be deemed to be underwritten by the Agent on behalf of the Provisional Insurers, and a person is a Provisional Insurer for this purpose if the following conditions are satisfied when the Relevant Contract is effected: (a) where the Relevant Year of Account is not the first year of account of the Managed Syndicate and he is a member of the Managed Syndicate for the year of account immediately preceding the Relevant Year of Account: (i) the appointment of the Agent as his managing agent in respect of the Managed Syndicate under the Managing Agent’s Agreement between him and the Agent (or, in the case of the Corporate Member, this Agreement) has not terminated by reason of his death or bankruptcy or otherwise by operation of law, has not been terminated under clause 11.2 or 11.3 or 11.4 and is not liable to be terminated under clause 11.7 of the relevant agreement; and (ii) no notice to terminate that appointment has been given or, unless the Agent accepts shorter notice than that specified in clause 11.5 of the relevant agreement, can be given to take effect in the Relevant Year under clause 11.5 or 11.6 of the relevant agreement; (b) where the Relevant Year of Account is not the first year of account of the Managed Syndicate and he is not a member of the Managed Syndicate for the year of account immediately preceding the Relevant Year of Account: (i) he has entered into an agreement with the Agent, in the same terms as this Agreement or in the terms of the Standard Managing Agent’s Agreement (General), under which the Agent will underwrite on his behalf as a member of the managed Syndicate for the Relevant Year of Account; (ii) the conditions set out in sub-paragraphs (a)(i) and (ii) above are satisfied in relation to that agreement; and (iii) he is an underwriting member of Lloyd’s; (c) where the Relevant Year of Account is the first year of account of the Managed Syndicate: (i) he has entered into an agreement with the Agent, in the same terms as this Agreement or in the terms of the Standard Managing Agent’s Agreement (General), under which the Agent will underwrite on his behalf as a member of the Managed Syndicate for the Relevant Year of Account; (ii) the conditions set out in sub-paragraphs (a)(i) and (ii) above are satisfied in relation to that agreement; and (iii) he is an underwriting member of Lloyd’s; and (d) in every case, such conditions (if any) as are specified in any requirements for the time being of the Council are satisfied.

Novation of Liabilities. 8.1 The Corporate Member Name acknowledges that the Agent may effect contracts of insurance (‘‘Relevant Contracts’’) on terms that those contracts will, in accordance with the custom and practice of the Lloyd’s market and any requirements of the Council for the time being applicable, constitute liabilities of the Managed Syndicate allocated to a given year of account (‘‘the Relevant Year of Account’’) notwithstanding that they are effected before the beginning of the year (‘‘the Relevant Year’’) which corresponds to the Relevant Year of Account, and the Corporate Member Name and the Agent agree that the following provisions of this clause shall have effect in relation to such contracts. 8.2 Subject to clause 8.2A, a Relevant Contract shall be deemed to be underwritten by the Agent on behalf of the Provisional Insurers, and a person is a Provisional Insurer for this purpose if the following conditions are satisfied when the Relevant Contract is effected: (a) where the Relevant Year of Account is not the first year of account of the Managed Syndicate and he is a member of the Managed Syndicate for the year of account immediately preceding the Relevant Year of Account: (i) the appointment of the Agent as his managing agent in respect of the Managed Syndicate under the Managing Agent’s Agreement between him and the Agent (or, in the case of the Corporate MemberName, this Agreement) has not terminated by reason of his death or bankruptcy or otherwise by operation of law, has not been terminated under clause 11.2 or 11.3 or 11.4 and is not liable to be terminated under clause 11.7 of the relevant agreement; and (ii) no notice to terminate that appointment has been given or, unless the Agent accepts shorter notice than that specified in clause 11.5 of the relevant agreement, can be given to take effect in the Relevant Year under clause 11.5 or 11.6 of the relevant agreement; (b) where the Relevant Year of Account is not the first year of account of the Managed Syndicate and he is not a member of the Managed Syndicate for the year of account immediately preceding the Relevant Year of Account: (i) he has entered into an agreement with the Agent, in the same terms as this Agreement or in the terms of the Standard Managing Agent’s Agreement (GeneralCorporate Member), under which the Agent will underwrite on his behalf as a member of the managed Managed Syndicate for the Relevant Year of Account; (ii) the conditions set out in sub-paragraphs (a)(i) and (ii) above are satisfied in relation to that agreement; and (iii) he is an underwriting member of Lloyd’s; (c) where the Relevant Year of Account is the first year of account of the Managed Syndicate: (i) he has entered into an agreement with the Agent, in the same terms as this Agreement or in the terms of the Standard Managing Agent’s Agreement (GeneralCorporate Member), under which the Agent will underwrite on his behalf as a member of the Managed Syndicate for the Relevant Year of Account; (ii) the conditions set out in sub-paragraphs (a)(i) and (ii) above are satisfied in relation to that agreement; and (iii) he is an underwriting member of Lloyd’s; and (d) in every case, such conditions (if any) as are specified in any requirements for the time being of the Council are satisfied.

Novation of Liabilities. 8.1 The Corporate Member acknowledges that the Agent may effect contracts of insurance (‘‘Relevant Contracts’’) on terms that those contracts will, in accordance with the custom and practice of the Lloyd’s market and any requirements of the Council for the time being applicable, constitute liabilities of the Managed Syndicate allocated to a given year of account (‘‘the Relevant Year of Account’’) notwithstanding that they are effected before the beginning of the year (‘‘the Relevant Year’’) which corresponds to the Relevant Year of Account, and the Corporate Member and the Agent agree that the following provisions of this clause shall have effect in relation to such contracts. 8.2 Subject to clause 8.2A, a Relevant Contract shall be deemed to be underwritten by the Agent on behalf of the Provisional Insurers, and a person is a Provisional Insurer for this purpose if the following conditions are satisfied when the Relevant Contract is effected: (a) where the Relevant Year of Account is not the first year of account of the Managed Syndicate and he is a member of the Managed Syndicate for the year of account immediately preceding the Relevant Year of Account: (i) the appointment of the Agent as his managing agent in respect of the Managed Syndicate under the Managing Agent’s Agreement between him and the Agent (or, in the case of the Corporate Member, this Agreement) has not terminated by reason of his death or bankruptcy or otherwise by operation of law, has not been terminated under clause 11.2 or 11.3 or 11.4 and is not liable to be terminated under clause 11.7 of the relevant agreement; and (ii) no notice to terminate that appointment has been given or, unless the Agent accepts shorter notice than that specified in clause 11.5 of the relevant agreement, can be given to take effect in the Relevant Year under clause 11.5 or 11.6 of the relevant agreement; (b) where the Relevant Year of Account is not the first year of account of the Managed Syndicate and he is not a member of the Managed Syndicate for the year of account immediately preceding the Relevant Year of Account: (i) he has entered into an agreement with the Agent, in the same terms as this Agreement or in the terms of the Standard Managing Agent’s Agreement (General), under which the Agent will underwrite on his behalf as a member of the managed Syndicate for the Relevant Year of Account; (ii) the conditions set out in sub-paragraphs (a)(i) and (ii) above are satisfied in relation to that agreement; and (iii) he is an underwriting member of Lloyd’s; (c) where the Relevant Year of Account is the first year of account of the Managed Syndicate: (i) he has entered into an agreement with the Agent, in the same terms as this Agreement or in the terms of the Standard Managing Agent’s Agreement (General), under which the Agent will underwrite on his behalf as a member of the Managed Syndicate for the Relevant Year of Account; (ii) the conditions set out in sub-paragraphs (a)(i) and (ii) above are satisfied in relation to that agreement; and (iii) he is an underwriting member of Lloyd’sXxxxx’x; and (d) in every case, such conditions (if any) as are specified in any requirements for the time being of the Council are satisfied.

Novation of Liabilities. 8.1 The Corporate Member acknowledges that the Agent may effect contracts of insurance (‘‘Relevant Contracts’’) on terms that those contracts will, in accordance with the custom and practice of the Lloyd’s market and any requirements of the Council for the time being applicable, constitute liabilities of the Managed Syndicate allocated to a given year of account (‘‘the Relevant Year of Account’’) notwithstanding that they are effected before the beginning of the year (‘‘the Relevant Year’’) which corresponds to the Relevant Year of Account, and the Corporate Member and the Agent agree that the following provisions of this clause shall have effect in relation to such contracts. 8.2 Subject to clause 8.2A, a Relevant Contract shall be deemed to be underwritten by the Agent on behalf of the Provisional Insurers, and a person is a Provisional Insurer for this purpose if the following conditions are satisfied when the Relevant Contract is effected: (a) where the Relevant Year of Account is not the first year of account of the Managed Syndicate and he is a member of the Managed Syndicate for the year of account immediately preceding the Relevant Year of Account: (i) the appointment of the Agent as his managing agent in respect of the Managed Syndicate under the Managing Agent’s Agreement between him and the Agent (or, in the case of the Corporate Member, this Agreement) has not terminated by reason of his death or bankruptcy or otherwise by operation of law, has not been terminated under clause 11.2 or 11.3 or 11.4 and is not liable to be terminated under clause 11.7 of the relevant agreement; and (ii) no notice to terminate that appointment has been given or, unless the Agent accepts shorter notice than that specified in clause 11.5 of the relevant agreement, can be given to take effect in the Relevant Year under clause 11.5 or 11.6 of the relevant agreement; (b) where the Relevant Year of Account is not the first year of account of the Managed Syndicate and he is not a member of the Managed Syndicate for the year of account immediately preceding the Relevant Year of Account: (i) he has entered into an agreement with the Agent, in the same terms as this Agreement or in the terms of the Standard Managing Agent’s Agreement (General), under which the Agent will underwrite on his behalf as a member of the managed Syndicate for the Relevant Year of Account; (ii) the conditions set out in sub-paragraphs (a)(i) and (ii) above are satisfied in relation to that agreement; and (iii) he is an underwriting member of Lloyd’s; (c) where the Relevant Year of Account is the first year of account of the Managed Syndicate: (i) he has entered into an agreement with the Agent, in the same terms as this Agreement or in the terms of the Standard Managing Agent’s Agreement (General), under which the Agent will underwrite on his behalf as a member of the Managed Syndicate for the Relevant Year of Account; (ii) the conditions set out in sub-paragraphs (a)(i) and (ii) above are satisfied in relation to that agreement; and (iii) he is an underwriting member of Lloyd’s; and (d) in every case, such conditions (if any) as are specified in any requirements for the time being of the Council are satisfied.