COMMERCIAL PRODUCER CONTRACT
Braishfield Associates, a division of Hull & Company, LLC, a Florida corporation, and its affiliates (hereinafter referred to as “Braishfield”), and _________________________________ (hereinafter referred to as “Producer”), in consideration of the mutual covenants and agreements herein contained, agree as follows:
1. Producer is hereby authorized to receive and accept proposals for insurance covering certain classes of risks as designated by Braishfield from time to time, and Braishfield agrees to consider the placement of such risks submitted by Producer. Insofar as the transactions under this Agreement are concerned, Producer is an independent contractor and is not the employee of Braishfield or of any insurer with whom Braishfield may place risks at the request of Producer. Producer represents and warrants that it is, and will be throughout the term of this Agreement, duly licensed to receive commissions and perform all obligations contemplated hereunder.
2. The activities of Producer are limited to the State(s) in which agent holds an active P&C Insurance License or if required by state law holds an active Surplus Lines Insurance License.
3. This Agreement shall become effective on the date this Agreement is duly executed by an authorized officer of Braishfield.
4. Producer agrees to transact all business with Braishfield in accordance with all applicable laws and insurance department rules and regulations in effect from time to time, as well as guidelines and instructions now in force or hereafter issued by Braishfield. It is further agreed that the commissions specified hereinafter may be modified, without prior notice, to conform legally with the commissions prescribed by any superseding legal contract, statute or by any ruling of the appropriate state insurance department.
5. During the term of this Agreement, Braishfield will pay, as full compensation for all services rendered, in connection with premiums paid on policies issued effective on and after the date this Agreement shall become effective, the commissions as outlined in the attached schedules.
6. Subject to the terms and conditions of the Agreement, Producer shall also be entitled to the above mentioned commission upon premiums paid on all policies renewed by it and upon additional premiums paid on policies written or renewed by it during the term of this Agreement. Producer shall not be entitled to any commission on additional premiums for policies not written or renewed by it. If Braishfield shall return any assured premiums for any period, Producer shall repay to Braishfield commission on the return premiums at the same rate at which such commissions were originally retained by or paid to Producer.
7. Producer shall be responsible in a fiduciary capacity for all funds received or collected by Producer and shall not, without the express written consent of Braishfield, commingle such funds with its own funds or with funds held by it in any other capacity. Producer has no authority to receive any proceeds of premium finance agreements, notifications of premium financing, or requests for cancellation or reinstatement of premium finance agreements on behalf of Braishfield or any insurer.
8. Producer shall be responsible for all premiums placed on the books of Braishfield through its office together with all premiums or monies collected by it in connection with such business. This Section 8 applies only to those premiums paid directly to Producer.
9. Premiums on all policies written by Braishfield shall be paid to Braishfield no later than the 30th day of the first month in which the policy or policies become effective or are shown on accounts current. This Section 9 applies only to those premiums paid directly to Producer.
10. All monies due to Braishfield shall be paid promptly on the due date. In the event the monies due to Braishfield are not paid by the due date, Producer shall pay interest at the rate of one and one-half percent per month (1.5%) on all unpaid amounts, but in no event shall any amount charged exceed the rate of interest which may be lawfully charged. This Section 10 applies only to those premiums paid directly to producer.
11. Producer shall report any insurance that is solicited to Braishfield by delivering such report directly to Braishfield or by depositing such report in the United States mail no later than the next business day following the day upon which any insurance is solicited. Producer agrees to solicit and submit insurance policies as authorized and outlined by Braishfield underwriting rules, guidelines and furnished manuals, instructions and bulletins.
12. Producer has no authority to: a) make, alter, vary or discharge any contract; b) extend time for payment of premiums; c) waive or extend any obligation or condition; d) incur any liability on behalf of Braishfield or any Company represented by Braishfield; or e) withhold any monies due or to become due to Braishfield.
13. Audits and copies of Producer’s books and records may be made by any duly authorized representative of Braishfield. This Section 13 applies only to Braishfield accounts which are not paid in accordance with the Agreement. Braishfield agrees to provide one week’s advance written notice requesting access to audit materials.
14. Producer shall not offer nor shall pay rebates on any line of insurance covered by this Agreement, nor shall it accept any merchandise or service of any character in payment of premiums.
15. Producer shall not publish or issue any advertising with respect to Braishfield or any Company represented by Braishfield without first obtaining the written consent of Braishfield.
16. Producer may terminate this Agreement by giving 90-day written notice to Braishfield and Ivantage Select Agency (“ISA”). In the event of fraud, abandonment, insolvency, gross or willful misconduct or breach of any of the conditions or provisions herein by Producer, or if Producer is otherwise unable or unwilling to fulfill its responsibilities with respect to this Agreement, Braishfield may suspend this Agreement immediately by providing written notice to Producer and ISA, which suspension will be effective upon receipt. This Agreement shall terminate automatically, without notice, in the event: 1) Producer is no longer considered eligible by ISA to participate in this Agreement; or 2) in the event of the cancellation, revocation, suspension or forfeiture of any license required by law for Producer’s
performance hereof or any act herein provided. Producer shall at all times be responsible for maintaining such licensing in good standing. Producer shall immediately notify Braishfield of any cancellation, revocation, suspension
or forfeiture of such licensing.
The power of producer to collect and receive premiums, and its right to receive commissions shall end with the suspension or termination of this Agreement, but, in the event of suspension, may be reinstated later.
Upon termination, Producer shall be entitled to commissions that are paid or payable as of the date of termination, but in no event shall Producer be entitled to commissions on insurance in force, or any renewal thereof, after the date of termination. Producer’s rights under this Agreement to commissions on any premiums then unpaid to Braishfield shall be suspended and those commissions shall be held by Braishfield until a final accounting is performed with respect to Producer. Any commissions due to Producer may be held by Braishfield and applied to offset Producer’s obligations to Braishfield hereunder. Upon termination, Braishfield shall have the exclusive right in its discretion to (i) collect any and all outstanding accounts receivable due to Braishfield on business written through Braishfield, or (ii) solicit renewal business through a replacement producer designated by ISA.
Upon termination, Producer will immediately return to Braishfield, or its duly authorized representative, a certified list of uncollected accounts, all unused supplies and other property of Braishfield or any Company represented by Braishfield. All policy forms or other supplies furnished to Producer by Braishfield shall remain the property of Braishfield and shall be returned to Braishfield or its representative promptly upon demand.
ISA shall own the expirations of business written pursuant to this agreement. However, none of the provisions of this Section 16 shall be construed to inhibit Producer’s ability to sell its book of business to another producer approved by ISA and Braishfield. Producer further agrees to not solicit, market, use, sell or negotiate the renewal or sale of insurance coverage to such expirations in the event the Producer is no longer affiliated with Allstate for two years after the termination of this agreement.
17. Producer will take every reasonable opportunity to keep informed as to the condition of all risks placed through Braishfield, and will promptly inform Braishfield of any material facts which might result in loss or render any risk undesirable.
18. Producer shall promptly forward to Braishfield any information or documents regarding accidents, claims or suits involving contracts of insurance placed through Braishfield. Producer shall not assign the adjustment of any claim that it may receive.
19. The waiver by Braishfield of any breach, default, neglect or misconduct of Producer shall not be construed as a waiver of any of the terms, provisions or conditions hereof nor shall it be construed as authority for the continuance of any such breach, default, neglect or misconduct.
20. Producer agrees to indemnify and hold Braishfield harmless against all claims, loss, liability, cause of action, cost and expense, including attorneys’ fees (“Loss”), incurred by Braishfield in connection with or arising out of any error or omission by Producer, the breach of this Agreement by Producer or the enforcement of Braishfield’s rights with respect thereto, but only to the extent Producer would be liable for the loss under common law.
21. Braishfield agrees to indemnify and hold Producer harmless against all claims, loss, liability, cause of action, cost and expense, including attorneys’ fees (“Loss”), incurred by Producer in connection with or arising out of any error or omission by Braishfield, the breach of this Agreement by Braishfield or the enforcement of Producer’s rights with respect thereto, but only to the extent Braishfield would be liable for the loss under common law.
In witness whereof, the parties hereto have executed this Agreement on the dates set forth below:
PERSONAL LINES ADDENDUM
Personal Lines is only available for the following states: AZ, FL, HI, IA, ID, IL, IN, LA, MA, ME, MI, MN, MS, NC, NH, NJ, OH, OR, RI, TX, UT, VT, WA and WI.
Braishfield Associates, a division of Hull & Company, LLC, a Florida corporation, and its affiliates (hereinafter referred to as “Braishfield”), and ______________________________, (hereinafter referred to as “Producer”), in consideration of the mutual covenants and agreements herein contained, agree as follows:
1. Producer is hereby authorized to receive and accept proposals for insurance covering certain classes of personal lines risks as approved by Ivantage and designated by Braishfield.
In witness whereof, the parties hereto have executed this Agreement on the dates set forth below:
COMMISSION SCHEDULE
Braishfield shall pay commissions to Producers on an as collected basis as follows:
Personal Lines:
Line of Business
All
% New*
8
% Renewal*
8
*Commission for individual accounts may be negotiated if they deviate from this %.
Commercial Lines:
Line of Business
Workers’ Compensation
All
% New*
5
8
% Renewal*
4
8
This applies to all carriers.
*Commission for individual accounts may be negotiated if they deviate from this %.
NORTH LIGHT SPECIALTY PRODUCER CONTRACT
North Light Specialty is only available for the following states: AZ, FL, HI, IA, ID, IL, IN, KS, LA, MA, ME, MI, MN, MS, MT, NC, NH, NJ, OH, OR, RI, TX, UT, VT, WA and WI.
Braishfield Associates, a division of Hull & Company, LLC, a Florida corporation, and its affiliates (hereinafter referred to as “Braishfield”), and _________________________________ (hereinafter referred to as “Producer”), in consideration of the mutual covenants and agreements herein contained, agree as follows:
1. Producer is hereby authorized to receive and accept proposals for insurance covering certain classes of risks as designated by Braishfield from time to time, and Braishfield agrees to consider the placement of such risks submitted by Producer. Insofar as the transactions under this Agreement are concerned, Producer is an independent contractor and is not the employee of Braishfield or of any insurer with whom Braishfield may place risks at the request of Producer. Producer represents and warrants that it is, and will be throughout the term of this Agreement, duly licensed to receive commissions and perform all obligations contemplated hereunder.
2. The activities of Producer are limited to the State(s) in which agent holds an active P&C Insurance License or if required by state law holds an active Surplus Lines Insurance License.
3. This Agreement shall become effective on the date this Agreement is duly executed by an authorized officer of Braishfield.
4. Producer agrees to transact all business with Braishfield in accordance with all applicable laws and insurance department rules and regulations in effect from time to time, as well as guidelines and instructions now in force or hereafter issued by Braishfield. It is further agreed that the commissions specified hereinafter may be modified, without prior notice, to conform legally with the commissions prescribed by any superseding legal contract, statute or by any ruling of the appropriate state insurance department.
5. During the term of this Agreement, Braishfield will pay, as full compensation for all services rendered, in connection with premiums paid on policies issued effective on and after the date this Agreement shall become effective, the following commissions:
a. Ten percent (10%) of the annualized premium shall be paid to Producer. (Nine percent 9% to NJ Producer)
b. Any special fees or charges in addition to premiums shall be regarded as fully earned at the inception of the policy. The obligation of Producer to pay such amounts shall be the same as if they were premiums except no commission will be payable on such amounts.
6. Subject to the terms and conditions of the Agreement, Producer shall also be entitled to the above mentioned commission upon premiums paid on all policies renewed by it and upon additional premiums paid on policies written or renewed by it during the term of this Agreement. Producer shall not be entitled to any commission on additional premiums for policies not written or renewed by it. If Braishfield shall return any assured premiums for any period, Producer shall repay to Braishfield commission on the return premiums at the same rate at which such commissions were originally retained by or paid to Producer.
7. Producer shall be responsible in a fiduciary capacity for all funds received or collected by Producer and shall not, without the express written consent of Braishfield, commingle such funds with its own funds or with funds held by it in any other capacity. Producer has no authority to receive any proceeds of premium finance agreements, notifications of premium financing, or requests for cancellation or reinstatement of premium finance agreements on behalf of Braishfield or any insurer.
8. Producer shall be responsible for all premiums placed on the books of Braishfield through its office together with all premiums or monies collected by it in connection with such business. This Section 8 applies only to those premiums paid directly to Producer.
9. Premiums on all policies written by Braishfield shall be paid to Braishfield no later than the 30th day of the first month in which the policy or policies become effective or are shown on accounts current. This Section 9 applies only to those premiums paid directly to Producer.
10. All monies due to Braishfield shall be paid promptly on the due date. In the event the monies due to Braishfield are not paid by the due date, Producer shall pay interest at the rate of one and one-half percent per month (1.5%) on all unpaid amounts, but in no event shall any amount charged exceed the rate of interest which may be lawfully charged. This Section 10 applies only to those premiums paid directly to producer.
11. Producer shall report any insurance that is solicited to Braishfield by delivering such report directly to Braishfield or by depositing such report in the United States mail no later than the next business day following the day upon which any insurance is solicited. Producer agrees to solicit and submit insurance policies as authorized and outlined by Braishfield underwriting rules, guidelines and furnished manuals, instructions and bulletins.
12. Producer has no authority to: a) make, alter, vary or discharge any contract; b) extend time for payment of premiums; c) waive or extend any obligation or condition; d) incur any liability on behalf of Braishfield or any Company represented by Braishfield; or e) withhold any monies due or to become due to Braishfield.
13. Audits and copies of Producer’s books and records may be made by any duly authorized representative of Braishfield. This Section 13 applies only to Braishfield accounts which are not paid in accordance with the Agreement. Braishfield
agrees to provide one week’s advance written notice requesting access to audit materials.
14. Producer shall not offer nor shall pay rebates on any line of insurance covered by this Agreement, nor shall it accept any merchandise or service of any character in payment of premiums.
15. Producer shall not publish or issue any advertising with respect to Braishfield or any Company represented by Braishfield without first obtaining the written consent of Braishfield.
16. Producer may terminate this Agreement by giving 90-day written notice to Braishfield and Allstate Insurance Company (“Allstate”). In the event of fraud, abandonment, insolvency, gross or willful misconduct or breach of any of the conditions or provisions herein by Producer, or if Producer is otherwise unable or unwilling to fulfill its responsibilities with respect to this Agreement, Braishfield may suspend this Agreement immediately by providing written notice to Producer and Allstate, which suspension will be effective upon receipt. This Agreement shall terminate automatically, without notice, in the event: 1) Producer is no longer appointed to negotiate or solicit insurance on behalf of Allstate; 2) Producer is no longer considered eligible by Allstate to participate in this Agreement; or 3) in the event of the cancellation, revocation, suspension or forfeiture of any license required by law for Producer’s performance hereof or any act herein provided. Producer shall at all times be responsible for maintaining such licensing in good standing. Producer shall immediately notify Braishfield of any cancellation, revocation, suspension or forfeiture of such licensing.
The power of producer to collect and receive premiums, and its right to receive commissions shall end with the suspension or termination of this Agreement, but, in the event of suspension, may be reinstated later.
Upon termination, Producer shall be entitled to commissions that are paid or payable as of the date of termination, but in no event shall Producer be entitled to commissions on insurance in force, or any renewal thereof, after the date of termination. Producer’s rights under this Agreement to commissions on any premiums then unpaid to Braishfield shall be suspended and those commissions shall be held by Braishfield until a final accounting is performed with respect to Producer. Any commissions due to Producer may be held by Braishfield and applied to offset Producer’s obligations to Braishfield hereunder. Upon termination, Braishfield shall have the exclusive right in its discretion to (i) collect any and all outstanding accounts receivable due to Braishfield on business written through Braishfield, (ii) solicit renewal business through a replacement producer designated by Allstate or (iii) in the event that no replacement producer is designated by Allstate, Braishfield may solicit the renewal of any business previously written by Braishfield through Producer, or sell or otherwise dispose of such renewals and expiration records relating thereto.
Upon termination, Producer will immediately return to Braishfield, or its duly authorized representative, a certified list of uncollected accounts, all unused supplies and other property of Braishfield or any Company represented by Braishfield. All policy forms or other supplies furnished to Producer by Braishfield shall remain the property of Braishfield and shall be returned to Braishfield or its representative promptly upon demand. None of the provisions of this Section 16 shall be construed to inhibit Producer’s ability to sell its book of business to another producer approved by Allstate and Braishfield.
17. Producer will take every reasonable opportunity to keep informed as to the condition of all risks placed through Braishfield, and will promptly inform Braishfield of any material facts which might result in loss or render any risk undesirable.
18. Producer shall promptly forward to Braishfield any information or documents regarding accidents, claims or suits involving contracts of insurance placed through Braishfield. Producer shall not assign the adjustment of any claim that it may receive.
19. The waiver by Braishfield of any breach, default, neglect or misconduct of Producer shall not be construed as a waiver of any of the terms, provisions or conditions hereof nor shall it be construed as authority for the continuance of any such breach, default, neglect or misconduct.
20. Producer agrees to indemnify and hold Braishfield harmless against all claims, loss, liability, cause of action, cost and expense, including attorneys’ fees (“Loss”), incurred by Braishfield in connection with or arising out of any error or omission by Producer, the breach of this Agreement by Producer or the enforcement of Braishfield’s rights with respect thereto, but only to the extent Producer would be liable for the loss under common law.
21. Braishfield agrees to indemnify and hold Producer harmless against all claims, loss, liability, cause of action, cost and expense, including attorneys’ fees (“Loss”), incurred by Producer in connection with or arising out of any error or omission by Braishfield, the breach of this Agreement by Braishfield or the enforcement of Producer’s rights with respect thereto, but only to the extent Braishfield would be liable for the loss under common law.
AS / NLSIC – 09/2022
In witness whereof, the parties hereto have executed this Agreement on the dates set forth below:
Name:
Signature:
Title:
______________________________________________
______________________________________________
______________________________________________
Must be Owner, Partner or Authorized Officer
_______________________________________________________________________________________________________________
Braishfield (For Braishfield Use Only)
Signature:
Title:
Date:
______________________________________________
______________________________________________
______________________________________________