E&O & Licenses
Warning! You must be add at least one Producer License.
Between International Excess Alliance Agency L.L.C. and International Excess Program Managers Agency Inc. Ohio corporations (Collectively referred herein as IEC), and Producer, (the undersigned) Whereas, IEC is organized for the purpose of placing risks of Insurance including excess and surplus lines; and Whereas Producer, a duly licensed agent or broker in the state of domicile, subject to the requirements imposed upon the Producer by law in the jurisdiction within which the Producer is authorized to write, is desirous of placing contracts of insurance with insurers represented by IEC and utilizing generally the underwriting facilities, knowledge and services of IEC: Now, therefore, it is mutually agreed as follows:
1. Ownership of the Business. The Producer is the independent owner of the insurance business subject to this agreement. The producer is acting as a broker for applicants on the applicants behalf, not as an agent of IEC, and no binding authority is or shall be granted or delegated to the producer by this agreement.
2. Commission. IEC shall pay the Producer, as commission, a percentage rate of the premium written for under this agreement, at the rate of commission agreed upon by IEC and the Producer from time to time. The Producer shall pay IEC a return commission at the same rate on any return premium, including return premiums on cancellations ordered or made by insurers. Provided that all premiums, fees, taxed or unearned commissions are fully paid as herein agreed, the producer shall retain full ownership and control over all expirations.
3. Premium and Accounts. The Producer shall accept IEC's billings, which may take the form of invoices, statements or other similar communications. The net balance is due as shown on the billing statement and shall be settled by the billing date due. The Producer hereby guarantees the payment of all premiums due IEC on insurance coverage bound or written hereunder, whether or not they are collected by the producer. Any credit extended to the insured or others shall be at the sole risk of the Producer. The Producer accepts full and entire responsibility for the collection and payment of all premiums (including minimum earned premiums), countersignature fees and resulting charges required by any state, or any other applicable fees and taxes; and agrees to make full payment of such to IEC under the customary rules in place at the time of binding. The Producer understands and agrees that the business of IEC is dependent on maintaining a good credit relationship with its various underwriters and that failure to pay upon the demand of IEC or IEC's carriers poses great harm and may result in damages to the business of IEC. Therefore, regardless of whether the producer agrees that such payments should be made, the Producer agrees and understands that it will make such payments and, if made in protest, shall seek resolution at a later date. Collection of audit premiums will be the responsibility of the Producer, the producer will only be relieved of such collection and responsibility if the company relieves IEC of such responsibility. No credit on premiums will be extended to the Producer until such time the insurance carrier has extended such credit to IEC.
4. Cancellation of Insurance. Notwithstanding anything to the contrary of this agreement, IEC shall have the right, as its sole discretion, to cancel any binder, policy, or contract of insurance issued under this agreement in accordance with the cancellation provisions of such binder, policy or contract. The Producer shall not be entitled to a credit for any flat cancellation unless IEC's carrier has granted such credit to IEC. Without exception, if coverage is bound by IEC, a charge shall be made in accordance with the policy terms and all fees for the full policy term shall be fully earned on the effective date of coverage.
5. Claims. The Producer shall immediately notify IEC of all claims, suits and notices of loss.
6. Advertising. The Producer shall not insert any advertisement referring to IEC or issue or cause to have issued any letter, circular, pamphlet or any other publication or statement referring, without the express written consent of IEC. In the event that IEC suffers a loss or expense arising our of such unauthorized advertisement or publications or the Producer, the Producer shall be liable for all resulting damages and costs including attorneys' fees.
7. Compliance with Statute. The Producer warrants and represents that it is in compliance with applicable laws governing the conduct of the business which is the subject of this agreement.
8. Funds held in Trust. The producer shall maintain funds held in trust for business generated under this agreement in accordance with the Insurance Laws of the state in which it is duly licensed to transact insurance. Producer may maintain these funds in an authorized interest bearing account: provided, however, that if the Producer maintains such funds in such an account, the Producer shall promptly notify IEC of the institution and the type of account and/or instrument in which the funds are held.
9. Cancellation of Agreement. This agreement may be canceled at any time by a party's giving of sixty- (60) day's advance written notice to the other party. After the date of cancellation of this agreement, unless otherwise stipulated at the option of IEC, the Producer shall complete collections and account to IEC for all premiums, commission and other transactions unaccounted for on the date of cancellation or arising thereafter in respect of outstanding insurance's.
10. No Rebrokering. The Producer shall not act as an underwriter or rebroker for any applicants or policies underwritten pursuant to this agreement.
11. Indemnification: Producer shall indemnify and hold IEC, its shareholders, officers, directors, employees, and assigns harmless for all claims, losses, damages liabilities and costs, including reasonable attorneys' fees, resulting from any action or inaction by Producer or relating to or arising from any claims made (except claims made under any insurance policy issued in accordance with this agreement) by any other broker or other third party, for alleged misrepresentations, omissions, misconduct or violation of any applicable law, rule or regulation committed by producer in connection with the marketing and sale of insurance under this agreement. IEC shall indemnify and hold Producer, its shareholders, directors officers agents, employees, successors and assigns harmless from any claim which arises under this agreement as a result of any error, omission, negligence, misrepresentation, wrongful action or breach of IEC.
12. It is understood and agreed that at times IEC may send newsletters, e-mails, faxes or other forms of solicitation to the producer.
13. Producer warrants that they do and will at all times maintain errors and omissions insurance and a valid and proper insurance licenses for the states they are operating in.
PURPOSE OF THIS NOTICE
Title V of the Gramm-Leach-Bliley Act (GLBA) generally prohibits any financial institution, directly or through its affiliates, from sharing nonpublic personal information about you with a nonaffiliated third party unless the institution provides you with a notice of its privacy policies and practices, such as the type of information that it collects about you and the categories of persons or entities to whom it may be disclosed. In compliance with the GLBA, we are providing you with this document, which notifies you of the privacy policies and practices of this agency. The GLBA further requires that we inform you that you have a right to prevent us from sharing nonpublic personal information about you with a nonaffiliated third party for any purpose that is not specifically authorized by law. Your right to prevent us from sharing nonpublic personal information about you with a nonaffiliated third party for a purpose that is not specifically authorized by law is called your right to "opt-out" of such information sharing.
OUR PRIVACY POLICIES AND PRACTICES
2. Information we may disclose to third parties: We do not disclose any nonpublic personal information about our customers or former customers to anyone, except as permitted by law.
3. Nonaffiliated third parties to whom disclosures may be made: A. Nonaffiliated Third Parties to Whom Disclosures May Be Made We disclose nonpublic personal information about you only to nonaffiliated third parties as permitted by law.
4. Our practices regarding information confidentiality and security: We restrict access to nonpublic personal information about you to those employees who need to know that information in order to provide products or services to you. We maintain physical, electronic, and procedural safeguards that comply with federal regulations to guard your nonpublic personal information.
6. Reservation of the right to disclose information in unforeseen circumstances: In connection with the potential sale or transfer of its interests, this agency and its affiliates reserve the right to sell or transfer your information (including but not limited to your address, name, age, sex, zip code, state and country of residency and other information that you provide through other communications) to a third party entity that (1) concentrates its business in a similar practice or service; (2) agrees to be this agency's successor in interest with regard to the maintenance and protection of the information collected; and (3) agrees to the obligations of this privacy statement."