Common use of POLICY ISSUANCE Clause in Contracts

POLICY ISSUANCE. 1) The policy will be issued within the current operational guidelines and will contain the agreed upon forms and endorsements per the binder. 2) No policy should be issued without receipt, review and acceptance of all required subjectivities of quoting and conditional binding. Issuance with secondary, non-critical subjectivities still pending at underwriter discretion if willing to waive receipt of the non-important information. Applications, warranties, financials and ownership if applicable should be considered critical information and receipt not waived without Division Head or CUO approval. 3) Excess Policies must have the underlying schedule of carriers, limits and policy numbers. As a rule, excess policies should not be issued until receipt of all underlying binders and at minimum Followed Policy though exceptions may be made provided Followed Policy’s binder with specimen forms has been received and reviewed and with the approval of the Financial Lines Manager. 4) Under no circumstances should an excess policy be issued prior to receipt and review of the Followed Policy without Division Head and CUO approval and Followed Policy Binder and applicable specimen forms and endorsements received.