Surety Business definition

Surety Business as used in this Agreement means the issuance, writing or underwriting of policies or licenses with respect to the following: (i) bonds required by statutes or ordinances guaranteeing the payment of certain taxes and fees and providing consumer protection as a condition to granting licenses to engage in various trades or professions, (ii) bonds required by statutes, courts or legal documents for the protection of those on whose behalf a fiduciary acts, (iii) bonds required by statutes or ordinances to guarantee the lawful and faithful performance of the duties of office by public officials, (iv) bonds required by statutes to protect against improper actions by notaries public, and (v) bonds which secure the payment and/or performance of an obligation under a written contract; but it shall not include, without limitation, financial guaranty bonds and the issuance, writing or underwriting of bonds and licenses which cover Losses arising from employee dishonesty.

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Surety Business as used in this Reinsurance Agreement means the issuance, writing or underwriting of policies or licenses with respect to the following: (i) bonds required by statutes or ordinances guaranteeing the payment of certain taxes and fees and providing consumer protection as a condition to granting licenses to engage in various trades or professions, (ii) bonds required by statutes, courts or legal documents for the protection of those on whose behalf a fiduciary acts, (iii) bonds required by statutes or ordinances to guarantee the lawful and faithful performance of the duties of office by public officials, (iv) bonds required by statutes to protect against improper actions by notaries public, and (v) bonds which secure the payment and/or performance of an obligation under a written contract; but it shall not include, without limitation, financial guaranty bonds and the issuance, writing or underwriting of bonds and licenses which cover Losses arising from employee dishonesty.

Surety Business as used in this Agreement means the issuance, writing or underwriting of bonds, Policies or licenses with respect to the following: (i) bonds required by statutes or ordinances guaranteeing the payment of certain taxes and fees and providing consumer protection as a condition to granting licenses to engage in various trades or professions, (ii) bonds required by statutes, courts or legal documents for the protection of those on whose behalf a fiduciary acts, (iii) bonds required by statutes or ordinances to guarantee the lawful and faithful performance of the duties of office by public officials, (iv) bonds required by statutes to protect against improper actions by notaries public, and (v) bonds which secure the payment and/or performance of an obligation under a written contract; but it shall not include, without limitation, financial guaranty bonds and the issuance, writing or underwriting of bonds and licenses which cover Losses arising from 144 employee dishonesty.

Examples of Surety Business in a sentence

However, if mutually agreed between the Company and the Reinsurer, the Company may retain a Policy, or portion of a Policy, and not be required to cede such Policy, or portion of such Policy, associated with its Surety Business to the Reinsurer under this Reinsurance Agreement.
The Contract shall take effect on January 1, 2005 and shall remain in full force and effect through December 31, 2005, both days inclusive, and provides cover for losses discovered during the term of this Contract on Bonds in force on January 1, 2005 and Bonds written, renewed or assumed during the term of this Contract all as respects business classified by the Company as Surety Business as described in Article 2 - Business Covered.
The Company agrees to cede and the Reinsurer agrees to accept a 100% quota share of the Company's net retained liability on Surety Business written or renewed, by or on behalf of the Company, during the term of this Agreement, subject to the following terms and conditions.
However, if mutually agreed between the Company and the Reinsurer, the Company may retain a Policy and not be required to cede such Policy associated with its Surety Business to the Reinsurer under this Agreement.
This Reinsurance Agreement shall cover the Company’s Net Liability on Surety Business written or renewed anywhere in the world except Canada, by or on behalf of the Company, during the term of this Reinsurance Agreement, and ceded hereunder.
This Reinsurance Agreement shall cover the Company’s Net Liability on Surety Business written or renewed in Canada, by or on behalf of the Company, during the term of this Reinsurance Agreement, and ceded hereunder.
This Agreement shall cover the Company’s net retained liability on Surety Business written or renewed, by or on behalf of the Company, during the term of this Agreement, and ceded hereunder.
Newco shall continue to have access to the telecommunications services used by CNA in the operation of its Surety Business prior to the Closing Date at the same level of service that CNA provided and at no more than the cost CNA allocated to its Surety Business prior to the Closing Date.
The Contract shall take effect at 12:01AM, Central Standard Time, on October 1, 2002 and shall remain in full force and effect until Midnight, Central Standard Time, December 31, 2003 and provides cover for losses discovered on Bonds in force on October 1, 2002 and Bonds written, renewed or assumed during the term of this Contract all as respects business classified by the Company as Surety Business as described in Article 2 - Business Covered.
Under no circumstances shall the Company retain more than $60,000,000 for Dick Corporation on a per principal basis for all losses under this Article 3, or any other reinsurance agreement effective prior to January 1, 2005, between the Company and the Reinsurer regarding Surety Business for the Dick Corporation.

More Definitions of Surety Business

Surety Business means the business of writing, renewing and administering Insurance Contracts comprising the Seller Parties' surety Business, as set forth on Schedule 1.1(a).