Insurance · Carriers
Binding authority documents
An agreement from an insurance carrier granting an agent, broker, or managing general agent the power to bind coverage on the carrier's behalf within set limits.
What it usually contains
- Classes of business and territories the holder may write
- Maximum limits, sums insured, and premium caps per risk
- Excluded risks, occupancies, and prohibited coverages
- Rating, underwriting, and referral rules for exceptions
- Reporting, bordereau, and premium remittance duties
- Term, renewal, suspension, and cancellation provisions
What the assistant uses it for
Use it to confirm whether a producer can commit the carrier to a particular risk and up to what limit, and to check which classes need prior underwriting approval. It also answers questions about reporting deadlines and how the authority can be withdrawn.
How it is versioned
A document of this type has exactly one current version at a time. Upload a revision and it becomes the version that counts — the one before it is kept and dated, but is no longer what your assistant answers from. Nothing is ever deleted, so you can always show what this document said on a given date.
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