signing provisions
| 14:00 Sep 17, 2017 |
| English to French translations [PRO] Insurance | |||||||
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| Summary of answers provided | ||||
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| 4 | règles gouvernant / modalités de / dispositions concernant les souscriptions définitives |
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| Discussion entries: 3 | |
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Answers
5 hrs confidence: 
règles gouvernant / modalités de / dispositions concernant les souscriptions définitives Explanation: ".... définitives" is the key point - it's about rules for transforming "expressions of interest" (Written lines = parts souscrites) into a definitive/binding contract (signed line = part definitive) Insurer signing instructions Other than as defined in the model signing provisions the only insurer signing instruction that meets the Contract Certainty principles is “line to stand”. Model Signing Provisions Without Disproportionate Signing Signing Provisions In the event that the written lines hereon exceed 100% of the order, any lines written “To Stand” will be allocated in full and all other lines will be signed down in equal proportions so that the aggregate signed lines are equal to 100% of the order without further agreement of any of the insurers. However: a) in the event that the placement of the order is not completed by the commencement date of the period of insurance, then all lines written by that date will be signed in full; b) the signed lines resulting from the application of the above provisions can be varied, before or after the commencement date of the period of insurance, by the documented agreement of the insured and all insurers whose lines are to be varied. The variation to the contracts will take effect only when all such insurers have agreed, with the resulting variation in signed lines commencing from the date set out in that agreement. With Disproportionate Signing Signing Provisions In the event that the written lines hereon exceed 100% of the order, any lines written “To Stand” will be allocated in full and all other lines will be signed down in equal proportions so that the aggregate signed lines are equal to 100% of the order without further agreement of any of the insurers. However: a) in the event that the placement of the order is not completed by the commencement date of the period of insurance, then all lines written by that date will be signed in full; b) the insured may elect for the disproportionate signing of the insurers’ lines, without further specific agreement of the insurers, providing that any such variation is made prior to the commencement date of the period of insurance, and that lines written “To Stand” can not be varied without the documented agreement of those insurers; c) the signed lines resulting from the application of the above provisions can be varied, before or after the commencement date of the period of insurance, by the documented agreement of the insured and all insurers whose lines are to be varied. The variation to the contracts will take effect only when all such insurers have agreed, with the resulting variation in signed lines commencing from the date set out in that agreement. This document is provided for information purposes only and is not intended to be binding. The Society of Lloyd's, IUA, LMA, ABI, BiBA and LIIBA accept no responsibility whatsoever for liability as a result of any reliance placed on it. http://webcache.googleusercontent.com/search?q=cache:gM8kMWd... -------------------------------------------------- Note added at 6 hrs (2017-09-17 20:05:05 GMT) -------------------------------------------------- http://www.aicg.co.uk/CMDownload.aspx?ContentKey=57470dfd-20... |
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