Includes the Plural
Note: These Definitions are not applicable to documents in the Appendices which are sent out to third parties as those documents have to be self standing with their own definitions, if needed. But the Definitions below do apply to headings, instructions and notes in the Appendices.
Also please see Appendix One for the names of individuals who hold positions referred to herein such as Senior Personnel or CO.
| Account Executive | IncludesTechnicians. Persons who between them have the responsibility to maintain and manage every aspect of the placing file from beginning to end. |
|---|---|
| Binder | See Binding Authorities |
| Binding Authority | Any kind of underwriting authority whereby Paragon is the Coverholder or where Paragon places such facilities for other brokers. |
| Checklists | See File Checklists |
| Client | Insured or Producer as appropriate |
| Client Monies | Premiums, return premiums, claims, claim costs and any other monies not owned by Paragon all of which must be held by Paragon in it’s NST. |
| Contract Certainty | When the complete and final agreement of all terms and conditions, including signed lines, has been completely finalised between the Insured and Insurers. This includes the policy wording and all endorsements and all the relevant aspects of the LMP slip. See Section 3 A (xiv) regarding subjectivities |
| Direct Insured (Risk) | Insureds or risks (Including potential) where Paragon deals directly with the Insured or reinsured and not through a Producer or other broker |
| Director | Directors of Paragon International Insurance Brokers |
| Employee | All directors and staff of Paragon including temps, part time or fixed time contracts |
| File Checklist | i drive/Corp Functions/Admin/Internal Documents Templates |
| Insured | Policyholder whether produced through Producer or direct with Paragon |
| Insurer | Syndicates at Lloyds (Managed by registered Lloyd’s Managing Agent), Insurance Companies. Also Underwriting Agents, Managing General Agent or Service Companies underwriting on behalf of insurance companies or Lloyd’s syndicates – all as approved by the SCC. |
| Paragon | Insurance broker who produces business to Paragon and who has a direct relationship with the Insured, or through another broker, and has been approved by the SCC. |
| SCC | Security and Compliance Committee |
| Short Rate | When the calculation of premiums are increased as per the accepted short rate scales |