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Broad-form exclusions

Used in D&ampO policies, refers to exclusions that use broad introductory or preamble language such as “based upon, arising out of or in any way related to.” This type of exclusion is in contrast to the narrower form of exclusion that uses the word “for” as the introductory or preamble language. The latter type exclusion is limited to claims that seek recovery for the injury or wrongdoing described in the exclusion. The former type exclusion, which is sometimes also referred to as an “absolute” exclusion, eliminates coverage not only “for” the referenced injury or wrongful act, but also for secondary-type claims (such as shareholder class action or derivative suits) that seek recovery from directors and officers for loss sustained by the company on account of the referenced injury or wrongdoing. For example, a “for” bodily injury exclusion eliminates coverage only with respect to claims against directors and officers by the persons who incur the bodily injury and who sue the directors and officers seeking recovery “for” their bodily injury. A shareholder suit against the directors and officers for loss to the shareholders or the company as a result of the bodily injury claim against the company would not be excluded under the narrower “for” type of exclusion because the shareholders are seeking recovery for financial loss to the company or the shareholders due to mismanagement or misrepresentations, not for bodily injury. However, the shareholder claim would be excluded under the broad form exclusion because the claim is “based upon, arising out of, or in any way related to” the bodily injury.

Broadcasters liability coverage

Covers the legal liabilities of broadcasters such as the use of incorrect news stories, libel and slander, invasion of privacy, copyright infringement, and unauthorized use of plot, characters, or music. Defense costs in contesting suits or claims are also covered. Employees are covered as insureds while acting within the scope of their duties as such.

Broker

US: A marketing specialist who represents buyers of property and liability insurance and who deals with either agents or companies in arranging for the coverage required by the customer.
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UK: a professional adviser who assists a client to obtain the insurance cover sought; although strictly an agent for the insured, the broker is remunerated by way of commission from the insurer.
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US: An insurance intermediary who/that represents the insured rather than the insurer. Since they are not the legal representatives of insurers, brokers, unlike independent agents, often do not have the right to act on behalf of insurers, such as to bind coverage. While some brokers do have agency contracts with some insurers, they usually remain obligated to represent the interests of insureds rather than insurers. For example, some state insurance codes impose a fiduciary responsibility to act on behalf of their customers or provide full disclosure of all their compensation from all sources.
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At Lloyd’s, brokers act as the agent of the insured or reinsured to arrange insurance or reinsurance with Lloyd’s syndicates. Brokers may be registered Lloyd’s Brokers who are able to enter into terms of business agreements with any Lloyd’s managing agent. Non-Lloyd’s brokers may also enter into terms of business agreements subject to the managing agent assessing that the broker meets certain minimum standards. Only brokers registered as Lloyd’s Brokers may refer to themselves as a Lloyd’s Broker. Many broking firms are also approved by Lloyd’s to act as a coverholder (See Coverholder).**********State-licensed sales and service representative who handles insurance for his or her clients and may represent and sell insurance of various types and for several companies. By law, a broker may be an agent to the insurer for certain purposes such as delivery of the policy or collection of the premium. Also called licensed broker .
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A licensed person or organization paid by you to look for insurance on your behalf.
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An intermediary who negotiates reinsurance contracts between the ceding company and the reinsurer(s). The broker generally represents the ceding company and receives compensation in the form of commission, and/or other fees, for placing the business and performing other necessary services.
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A broker is an intermediary between a customer and an insurance company. Brokers typically search the market for coverage appropriate for their clients. A property/ casualty insurance broker generally works in commercial rather than personal lines insurance and receives either a commission or a fee for his or her ability to place insurance. Brokers do not have an agency relationship with insurance companies they place coverage with. Life/health insurance brokers work in much the same way as property/casualty brokers except they often work with individual clients. (See Agent).
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A person who acts on behalf of another to obtain insurance. They may also represent the insurer in a limited capacity, for example, to collect premiums.
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MEDICAL,USA,REFERENCE: See: agent .
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MEDICAL,USA: State-licensed sales and service representative who handles insurance for his or her clients and may represent and sell insurance of various types and for several companies. By law, a broker may be an agent to the insurer for certain purposes such as delivery of the policy or collection of the premium. Also called licensed broker .

Broker Direct, Reinsurance, Composite

A Direct Broker : licensed by the Authority to act as such, for remuneration carries out the functions either in the field of life insurance or general insurance or both on behalf of the clients. Reinsurance Broker : is one who for remuneration arranges reinsurance for direct insurers with insurance and reinsurance companies. Composite Broker : is one who for the time being licensed by the Authority to act as such for a remuneration arranges insurance for its clients with insurance companies and/or reinsurance for its clients. Brokers are not tied to only one Insurance Company (Life or General/Health) but could deal with various companies, depending on the need of the client. Requirements : The insurance Broker can be a proprietor/proprietary concern, a partnership firm, a company formed under the Companies Act, 1956, a Cooperative Society registered under the Cooperative Society act, 1912 or under any law for the registration of cooperative societies or any other person recognized by the Authority to act an insurance broker. The Principal Officer who possesses the minimum qualification and insurance Booker examination is the Chief Executive officer of the Broking Company to exclusively carry out the functions of an insurance broker. Functions include placing business, risk management, consultancy, assisting in claims, maintaining underwriting and claims records. The Principal Officer and persons soliciting and procuring business shall undergo at least 100 hours of theoretical and practical training from an Institution recognized by the Authority and pass an exam, at the end of the period of training conducted by National Insurance Academy, Pune. The applicant seeking to become an insurance broker shall have minimum amount of capital (a) Direct Broker – Rs. 50 lacs (b) Reinsurance Broker – Rs. 200 lacs (c) For Composite Broker – Rs. 250 lacs. The business of the insurance broker shall be carried out in such a manner that, not more than 50% of the premium (quantum, receipts, etc., as the case may be) in the first year of the business, 40% of the premium in the second year of the business and 30% of the premium from the third year of business onwards shall emanate from any one client. Every insurance broker shall before the commencement of the business, deposit and keep deposited with any scheduled bank a sum equivalent to 20% of the initial capital in fixed deposit, which shall not be released to the broker unless approval is obtained from the Authority. Every insurance broker shall take out and maintain and continue to maintain a professional indemnity insurance cover throughout the validity of the period of the licence granted to him by the Authority.