An underwriter in a Lloyd’s association may limit his total liability on all risks to the amount of his subscription as expressed in his power of attorney and agreement with the attorney-in-fact, provided that at least half of the subscription of each underwriter shall be paid or contributed to the guaranty fund in cash or securities constituting admitted assets. Each underwriter shall be responsible solely for his own liability as fixed in the contract of insurance and shall not be liable as a partner, and in no event shall the liability of an underwriter exceed the amount of his total underwriters agreement executed in favor of his attorney or attorneys-in-fact.

Terms Used In Arizona Laws 20-1027

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
  • Contract: A legal written agreement that becomes binding when signed.
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • subscription: includes a mark, if a person cannot write, with the person's name written near it and witnessed by a person who writes the person's own name as witness. See Arizona Laws 1-215
  Previous section
Next section  
 Article 8 Contents