All requests for PSC to arrange or renew any kind of Binding Authority (incl. Lineslips) must be approved by Very Senior Personnel before approaching any potential Insurer or holding any discussions with any third party other than very provisional discussions.
The request for a Binding Authority may come from a firm of insurance brokers or an MGA. No documents of any kind to be prepared without the authority of Very Senior Personnel (as applicable to your business). Under no circumstances can any work or negotiations commence without the knowledge and agreement of Very Senior Personnel (as applicable to your business) who must remain responsible for all Binding Authorities at all times. This rule applies to Binding Authorities granted to PSC as Coverholder or when PSC places a Binding Authority for other brokers. The final document must be signed off by Very Senior Personnel (as applicable to your business) before any quotes are given.
PSC’s Lloyd’s Devolved Administrator manages access and permission for PSC personnel to the relevant Lloyd’s Coverholder applications such as BAR and ATLAS.
In the absence of Very Senior Personnel please refer to the Head of Compliance.
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