BROKER AGREEMENT

BROKER AGREEMENT

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  • Pascal Burke Insurance Agency. Sub-Broker Agreement

  • Whereas Pascal Burke Insurance Agency (hereinafter known as "PBIA") is a broker and wholesaler for insurance markets; and whereas the Sub-Broker (hereinafter known as "Broker") is a licensed insurance Agent or Broker in one or more states and said Agent or Broker is desirous of placing contracts of insurance from such states for insured named in such contracts of insurance, and is desirous of utilizing generally the underwriting facilities of PBIA. Now, therefore, in consideration of the mutual covenants and agreements herein expressed, the parties hereto agree as follows:
  • PBIA recognizes the independent ownership by the Broker of the insurance business covered by the Agreement, however, in the event it becomes necessary for PBIA to cancel the Agreement by reason of violation by the Broker of any of the provisions of the Agreement, before or after termination, the use and control of expirations shall be vested in PBIA insofar as they may be necessary to satisfy the interest of PBIA and PBIA companies.
  • PBIA shall pay the Broker as commission, a percentage rate of the premium on each policy written and paid for under this Agreement at the rate stipulated by PBIA. The Broker shall pay PBIA a return commission at the same rate on any return premiums, including return premiums on cancellations ordered or made by PBIA whether or not the Broker shall have collected the premium from the insured.
  • Broker shall follow all applicable state statutes prior to placing any order for insurance or excess surplus lines insurance with PBIA. Coverage may only be bound in writing; oral telephonic communication is not sufficient. Facsimile or email communications are acceptable if signed. Receipt of cash with or without application for a policy will not constitute automatic binding coverage for said policy.
  • Broker warrants that it is properly licensed to sell insurance in its state of domicile, and all other states in which Broker sells insurance, and agrees to act in compliance with all laws and regulations regarding placement of insurance with admitted and/or non-admitted insurance companies in each such state.
  • PBIA is a paperless operation and ONLY ACCEPTS PAYMENTS VIA ACH or Credit Card. Payments must be received by PBIA within 10 days from the policy effective date. Notice of cancellation will be sent on the 15 day. Please note; ACH transaction are free of charge, Credit Cards however carry a 2.15% transaction cost or $20 whichever is greater.
  • PBIA will provide Premium Financing for all programs.
  • PBIA allows 3rd Party Premium Financing (PFA) subject to PBIA and individual carrier program requirements. A) A copy of the 3 Party financing agreement MUST accompany the bind documents or policy will not be bound. B) Premium financing must be directed to the Insurance Carrier or Program MGA.
  • Nothing in this Agreement shall be construed as limiting or restricting the right of PBIA 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 Broker shall not be entitled to credit for any flat cancellation unless expressly agreed to in writing by PBIA. The Broker shall be liable for the earned premium thereon whether or not collected from the insured.
  • Policy down payment, taxes and fees are due within the time limit defined on the proposal or insurance binder. Full payment of the balance premium due or satisfactory direct billing established on any insurance bound or written, including audits hereunder, net of the Broker's commission (net premium) shall be paid by the Broker to PBIA within 30 days of the effective date of coverage or invoice date, whichever is later, regardless of whether or not the policy has been issued. Failure by the Broker to remit such premiums as specified shall be cause for PBIA to initiate cancellation proceedings on behalf of PBIA companies. Reinstatement upon subsequent payment by the Broker of the net premiums due shall be at PBIA discretion. The Broker guarantees all premiums, taxes and fees due to PBIA on insurance bound whether or not collected from the insured.
  • The Broker agrees to notify PBIA and/or PBIA authorized claims adjusters and/or others designated on the PBIA Web Site of any claims, suits or notices of loss. The Broker agrees to cooperate fully with PBIA and its insurance markets to facilitate the investigation adjustment, settlement and payment of any claim when and as requested by PBIA or its insurance markets.
  • The Broker shall not insert any advertisement referring to PBIA companies or cause to have issued any letter, circular, pamphlet or other publication or statement referring to PBIA companies without express written consent of PBIA. In the event PBIA OR PBIA companies shall be subjected to loss or expense arising out of any unauthorized advertisement, publication or statement of the Broker, the Broker shall be liable for all resulting damages and costs.
  • The Broker authorizes PBIA and its designees to communicate regarding regular business activities and transactions, insurance program updates, advertisements though communication mediums including but not limited to phone, fax, text and email.
  • The Broker cannot bind, or cause to have bound any insured on behalf of PBIA. The Broker has no authority to issue endorsements to any policy issued by PBIA.
  • The Agreement may be canceled at any time by either party giving written notice to the other. After the date of cancellation of the Agreement, unless otherwise stipulated by PBIA, the Broker shall complete the collection and account to PBIA for premiums, commissions and other transaction unaccounted for on the date of cancellation or arising thereafter with respect to the outstanding balances. In case PBIA shall find it necessary to perform any duty otherwise required of the Broker under this Agreement, the Broker shall be liable for all costs incident thereto.
  • PBIA and their issuing carriers assumes no responsibility toward any policy holder or sub-Broker with regard to the adequacy, amount or form of coverage obtained through PBIA. The Broker will hold PBIA, MGA’s and their issuing carriers harmless from any claim asserted against PBIA by reason of PBIA following the Broker's instructions.
  • The Broker agrees to hold harmless and indemnify PBIA, the MGA and their issuing carrier(s) against any and all liability arising out of dishonest, fraudulent or negligent acts, errors or omissions of the Broker or any of their employees, agents, or Sub Brokers. PBIA agrees to hold harmless and indemnify BROKER and it's employees against any and all liability arising out of dishonest, fraudulent or negligent acts, errors or omissions of PBIA, or any of it's employees, agents, Sub Brokers or issuing carrier(s).
  • Should either party bring suit in court to enforce any of the terms hereof, it is agreed that the prevailing party shall be entitled to a judgment for its costs and reasonable attorney's fees. This agreement shall be construed, governed and enforced in accordance with the laws of the State of California.
 

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