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FACILITY ASSOCIATION GARAGE RATING/UNDERWRITING SUPPLEMENT Name of Applicant ___Binder/Policy Number ___ If space is insufficient for a proper response in any section, please attach a separate sheet
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How to fill out binding authority wordings
How to fill out binding authority wordings
01
Understand the terms and conditions of the binding authority agreement.
02
Review the specific requirements outlined by the insurance carrier.
03
Fill out the necessary information accurately and completely.
04
Submit the binding authority wordings to the insurance carrier for approval.
Who needs binding authority wordings?
01
Insurance brokers who have the authority to bind coverage on behalf of an insurance carrier.
02
Insurance agents who want to streamline the underwriting process and provide faster service to their clients.
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What is binding authority wordings?
Binding authority wordings are the specific terms and conditions that outline the authority granted to an insurance or reinsurance intermediary to bind coverage on behalf of an insurance company.
Who is required to file binding authority wordings?
Insurance or reinsurance intermediaries are required to file binding authority wordings.
How to fill out binding authority wordings?
Binding authority wordings can be filled out by providing detailed information about the specific terms, conditions, and limitations of the authority granted.
What is the purpose of binding authority wordings?
The purpose of binding authority wordings is to clearly define the extent of authority granted to intermediaries and ensure compliance with applicable regulations.
What information must be reported on binding authority wordings?
Binding authority wordings must report specific terms, conditions, limitations, and any other relevant details regarding the granted authority.
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