Arizona § 20-1027 Liability of underwriters; limitation

Arizona Statutes

§ 20-1027 — Liability of underwriters; limitation

Arizona § 20-1027

Title 20Arizona Revised Statutes

Ch. 4PARTICULAR TYPES OF INSURERS

Art. 8Lloyd's Associations

This text of Arizona § 20-1027 (Liability of underwriters; limitation) is published on Counsel Stack Legal Research, covering Arizona primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ariz. Rev. Stat. Ann. § 20-1027 (2026).

Text

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.

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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.