A Board Resolution For Insurance Policy is essential when a company needs to document its governing body's approval for insurance coverage. This document is commonly used when obtaining new insurance policies, renewing existing coverage, or making significant changes to insurance arrangements. Under U.S. corporate law, it provides legal protection by demonstrating proper corporate governance and decision-making processes. The resolution typically specifies the type of insurance (such as general liability, D&O, or property insurance), coverage limits, authorized signatories, and any specific conditions or requirements.
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1. Header: Company name, date, and resolution number
2. Title: Specific title indicating the resolution's purpose regarding insurance
3. Recitals: Background information and reasons for obtaining insurance
4. Resolution Statement: Formal declaration of board's decision
5. Insurance Details: Specific coverage types, limits, and carriers approved
6. Authorization: Named officers authorized to execute insurance documents
7. Certification: Secretary's certification of the resolution's adoption
1. Risk Assessment Summary: Overview of risk analysis conducted - recommended for complex insurance decisions or high-value policies
2. Cost Analysis: Financial implications of insurance coverage - recommended when significant premium expenses are involved
3. Special Conditions: Any specific requirements or limitations - used when policy has unique terms or conditions
1. Insurance Quote Details: Detailed breakdown of insurance coverage and costs
2. Risk Assessment Report: Detailed analysis of company risks and coverage needs
3. Broker Recommendations: Professional advice received from insurance brokers
4. Previous Policy Summary: Details of existing or previous insurance coverage
Relevant legal definitions
Company
Board of Directors
Resolution
Insurance Policy
Coverage Limits
Premium
Insurance Carrier
Authorized Officers
Policy Period
Certificate of Insurance
Deductible
Named Insured
Additional Insured
Policy Exclusions
Effective Date
Renewal Date
Insurance Broker
Coverage Territory
Liability Coverage
Property Coverage
Risk Assessment
Claims Process
Policy Terms
Corporate Secretary
Voting Requirements
Quorum
Clauses
Authorization Clause
Board Approval
Certification
Coverage Details
Delegation of Authority
Effective Date
Execution Authority
Financial Commitment
Insurance Carrier Selection
Insurance Type Specification
Policy Duration
Policy Limits
Premium Payment
Ratification
Recitals
Record Keeping
Renewal Authority
Risk Management
Secretary Attestation
Signatory Powers
Voting Results
Relevant Industries
Relevant Teams
Relevant Roles
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