Bond Business definition

Bond Business means surety reinsurance contracts, treaties, certificates, binders, slips and other agreements of reinsurance (including all ancillary agreements in connection therewith) that are entered into or that provide reinsurance coverage for surety business, whether proportional or excess of loss, by the Seller or any of its subsidiaries acting under the direction and at the request of Seller.
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Examples of Bond Business in a sentence

  • Additionally, the servicing arrangements provided herein shall be solely for the benefit of the Seller, and employees of the Purchaser shall not be required to attend or participate in meetings or other functions (including but not limited to broker meetings) with persons other than employees of the Seller, unless such attendance is for the specific purpose of testifying as a witness in a deposition, an arbitration hearing, or court proceeding involving the In-Force Contracts or Expired Bond Business.

  • As regards Contract Bond Business issued by the Company coming within the scope of this Contract, the Company agrees that, when it shall file with the insurance regulatory authority or set up on its books reserves for unearned premium and losses covered hereunder which it shall be required by law to set up, it shall forward to the Reinsurer a statement showing the proportion of such reserves which is applicable to the Reinsurer.

  • The Company shall reinsure with the Reinsurer and the Reinsurer shall accept as reinsurance from the Company the Company’s net excess liability under the Contract Bond Business described in this Contract.

  • The Seller agrees that the intent of this Agreement is to convey to the Purchaser on an exclusive basis all the Seller's rights, title and interest in the Renewal Rights and all information of the Seller relating thereto and to the Bond Business.

  • The Purchaser has been allowed the opportunity to (i) visit the Sellers' offices and inspect and review the documents and information contained therein relating to the Bond Business, and (ii) interview the Sellers' management and discuss the Bond Business with the Sellers' management.

  • The Seller has not received any notice from any governmental body alleging any material violation of any Applicable Law in the conduct of the Bond Business or directing the Seller to take any remedial action with respect to Applicable Law with respect to such Bond Business.

  • The Purchaser has performed its own investigation, analysis and assessment of the Designated Contracts and the Bond Business being transferred and the Purchase agrees that, except for the express representations and warranties of the Sellers contained in this Agreement, the Seller has not made or is making any other representation or warranty, express or implied, in connection with this Agreement, or any aspect of this transaction.

  • The Reinsurer shall pay to the Company the amount of Net Loss on the Contract Bond Business of Each Principal in excess of the Company retention, but not exceeding the Limit of Liability of the Reinsurer for Each Principal as stated in the Schedule of Reinsurance below.

  • To the Seller's knowledge, there are presently no existing circumstances that could reasonably be expected to result in any material violation of any Applicable Law with regard to the Bond Business.

  • The Contract shall take effect on January 1, 2010 and shall remain in full force and effect through December 31, 2010, both days inclusive, and provides coverage for losses discovered during the term of this Contract on bonds in force on January 1, 2010 and bonds written, renewed or assumed during the term of this Contract as respects all business classified by the Company as Contract Bond Business.