Lloyd's announces binding authority compliance
Lloyd's has announced that slips for all placements of binding authorities will need to comply with ...
Lloyd's has announced that slips for all placements of binding authorities will need to comply with London Market Principles standards from the start of 2005. The move will bring 5000 binding authority contracts within the existing mandate. The new binding authority slip will create certainty of wording for those slips placed using a standard agreement. This reduces risk and cost for all involved in binders.
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