Common use of Powers of the Agent Clause in Contracts

Powers of the Agent. The Name hereby authorises the Agent to exercise on his behalf such powers as are necessary or expedient for the provision by the Agent of the services and the performance by the Agent of the duties set out in this Agreement including (without limitation) the power: Underwriting (a) to conduct the Underwriting subject to the provisions of clauses 4.1 and 4.2 but otherwise in such manner as the Agent in its sole discretion sees fit; (b) to enter into contracts of insurance on behalf of the Name and the other members of the Managed Syndicate; (c) without prejudice to paragraph (d) below, to enter on behalf of the Name and the other members of the Managed Syndicate into contracts to reinsure any risks insured by any contract entered into under paragraph (b) above; (d) on behalf of the members of the Managed Syndicate for a year of account (‘‘the earlier year’’) including, if applicable, the Name (‘‘the reinsured members’’) and on behalf of the members of the Managed Syndicate for the next succeeding or any later year of account (‘‘the later year’’), including, if applicable, the Name (‘‘the reinsuring members’’), to effect in accordance with clause 9.1 a contract of reinsurance to close under which: (i) the reinsuring members agree to indemnify the reinsured members against all known and unknown liabilities of the reinsured members arising out of insurance business underwritten through the Managed Syndicate and allocated to the earlier year; and (ii) the reinsured members assign to the reinsuring members all the rights of the reinsured members arising out of or in connection with that insurance business (including without limitation the right to receive all future premiums, recoveries and other monies receivable in connection with that insurance business); and to debit the reinsured members and credit the reinsuring members with such reinsurance premium in respect of the reinsurance to close as the Agent, subject to any requirements of the Council, thinks fair;