Binding authorities give brokers the ability to deliver a far more flexible and tailored service to their clients. Underwriters also benefit as they cut the administrative burden of reviewing and approving each and every change in terms.
Binding authorities also empower the broker to act on the insurer's behalf and they are granted to firms that can demonstrate the highest standards of professional competence and risk management.
Given the interest professional indemnity (PI) insurers are now
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