Appendix 5 – Authorisations

• Indications/Quotes/Amendments or changes to Quotes

All Indications/Quotes/Amendments/Changes to Quotes (hereafter “Quotes”) must be authorised by a VP or above. The individual providing such authorisation must initial the Quote on each page. The initialled Quote must be scanned and saved in the file directory. No-one is permitted to authorise their own Quote. Quotes are therefore not permitted outside of working hours unless someone is available to authorise such Quote.

• Binding Cover but not Cover notes

All documents confirming the binding of coverage (hereafter “Binders”) must be authorised by a VP or above. The individual providing such authorisation must initial the binder on each page. The initialled binder must be scanned and saved in the file directory. No-one is permitted to authorise their own binder. Binders are therefore not permitted outside of working hours unless someone is available to authorise such binder.

• Cover notes

Must be two signatures and one must be an SVP or above. The second signature may be a VP, SVP, EVP or Director. In addition one signature, regardless of title, must be someone who was not involved with the production, quoting and broking of the risk.

• Market Reform Contracts (MRC’s)

MRCs must be signed by a Senior Account Executive. A Senior Account Executive should not sign the MRC unless it has had a pre-bind check performed by an authorised person. For the purposes of this provision an authorised person shall mean a Technician or Assistant Account Executive who was previously a Technician.

• Certificates

The aforementioned approvals are not applicable to risks declared off any kind of Binding Authority where PSC is the Coverholder and where authorities are established under the terms of each binder. See Section 4.11 regarding the rules regarding the placing of all binders including when PSC is not the Coverholder.