Syndicates commit their risk capital, on annual basis, through the
binding authority contract.
Binding authority underwriting has become an increasingly attractive and profitable source of business, but growth is tempered by the 50+ checks required for each policy.
deliberately refrain from informing a tribunal of any
binding authority that the lawyer considers to be directly on point and that has not been mentioned by another party".
An irrevocable
binding authority lies upon the company in some specific cases.
Admittedly, CPAs risk violating the independence rules in this area because the
binding authority issued by the AICPA does not clearly state whether a CPA would impair independence by representing a client before a tribunal similar to those discussed above.
The latest threat to a potential combined authority comes after city leaders appeared to put aside their differences and agree to form a new legally
binding authority.
I do not know if this will be
binding authority in all courts, but it is there for carriers to refer to in their defense of subrogation lawsuits.
It has struggled ever since, however, to justify the stance, which amounts to open defiance of The Hague-based tribunal's supposedly
binding authority in the matter.
Should the Randa decision hold up, legal observers remain uncertain about its ramifications for other cases, both in and outside of bankruptcy From a legal standpoint, it lacks
binding authority outside its jurisdiction because it came from a district court.
Genessee has built up its
binding authority to work with casualty, property, inland marine, professional, pollution, garage and excess and programs businesses; they've also run a special program for the drug-testing industry since 1999, and in June of this year opened one for inflatable bounce castles and slides.
TAPCO has the
binding authority for more than 1,000 classes of business, including all types of General Liability; General, Specialty and Artisan Contractors; Property; Vacant Property and Builder's Risk; Dwelling/Homeowners; miscellaneous Professional and D&O; Liquor Liability; and Personal Umbrella among other lines.
According to Waldron, what superficially appears to be "a fiction and a chimera" is, in fact,
binding authority of constitutional magnitude.
