Syndicate Policy. 1. The Association is authorized to issue policies or certificates of insurance on risks in such form that each Member of the Association shall be a direct insurer thereunder in such proportion as it participates in the writings, expenses, profits and losses of the Association. Liability of each Member shall be several, each for itself, and not joint, and no member shall be liable under any such policy or certificate for the liability of any other Member thereunder, except as provided in Article IX of the Articles of Agreement.
2. Members of the Association shall be deemed to have authorized the Executive Director of the Association as attorney-in-fact for all members to execute policies on behalf of the Member Companies. Any policy or certificates of insurance issued pursuant to this Article may be executed on behalf of the participating members by an attorney-in-fact appointed hereunder. Where authorized, he shall pay, on behalf of such members, premium and other taxes related to Association business in terms and conditions agreeable to the taxing authority involved. In the event of the death, resignation or incapacity of said attorney-in-fact to act, the Board shall nominate and name his successor. No policy or certificates of insurance shall be affected or invalidated by any change of the attorney-in-fact who, at the time such policy or certificate of insurance was issued, shall have duly acted pursuant to the powers in him then vested.
Syndicate Policy
