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the document setting out the terms of the coverholder's delegated authority is known as a "binding authority".
the document setting out the terms of the coverholder’s delegated authority is known as a "binding authority".
a more elaborate procedure can in due course lead to an open market correspondent becoming a coverholder. achieving that status allows the intermediary a degree of autonomy in the acceptance of risks and the payment of claims.
un proceso posterior, más elaborado, puede llevar a un open market correspondent a convertirse en un cover holder . alcanzar esta categoría permite al intermediario cierto grado de autonomía para aceptar riesgos y pagar siniestros.
(a) activity carried out as an approved coverholder acting in accordance with a binding authority registered in accordance with the lloyd’s intermediaries byelaw; and
(a) la actividad llevada a cabo como una agencia de representación aprobada de conformidad con una autoridad vinculante registrada según de conformidad con el estatuto de intermediarios de lloyd's; y