Agency Billed Policies. 3.5.1 You agree to pay Us net premiums due on all insurance placed by or through You with Us not later than 45 days after the end of the month in which the business written becomes effective, whether such premiums are collected, collectible or otherwise, and to refund pro rata to Us commission on return premiums due or installment premiums uncollected at the same rate as that applicable to the commission originally allowed on such business. Our failure to xxxx You for an item shall not relieve You of the responsibility to pay for the item. If You are delinquent in either accounting or payment due Us, We may, by notice to You, suspend Your authority to write any new or renewal business or change any existing bonds. Payment of overdue amounts shall not automatically end the suspension, nor shall such suspension prevent termination of this Agreement.
Agency Billed Policies. For business placed by the Producer with MSGA that is designated by MSGA as agency bill, Producer will be liable for all sums due and payable to MSGA by Producer or on behalf of the Insureds. Producer shall pay to MSGA the balances due on all certificates, policies, retrospective adjustments and other sums owed relating to insurance arranged by MSGA for the Insureds as follows:
Agency Billed Policies a. For every insurance policy place by TMI for Producer, Producer shall be responsible for and guarantees to TMI the payment of all Agency-billed premiums due with respect to such policy, including audit Agency-billed premium, less the amount of commission allowed to Producer pursuant to the applicable Program Appointment.
Agency Billed Policies. The collection of premiums from the Agent’s policyholder, which have not been billed by the Company, shall be handled in the following manner:
Agency Billed Policies the Sub-Agent accepts full and entire responsibility to Trusted Flood Insurance Brokerage LLC for the collection and payment of all earned premiums due on insurance contracts arranged by Trusted Flood Insurance Brokerage LLC, regardless of the collectability or collection status of the account by the Sub-Agent. Sub-Agent will be relieved of responsibility only if and when the issuing company relieves Trusted Flood Insurance Brokerage LLC of its responsibility to collect such premium.
Agency Billed Policies. The following provisions shall apply to all agency-billed insurance policies (i.e. policies for which Agency is responsible for billing and collection of premiums from the insured) issued by the Company through Producer. The Producer shall collect, account for, and report all premiums, taxes, and fees on agency-billed policies written pursuant to this Agreement. The Producer accepts full responsibility for payment of premiums, taxes, and fees for agency-billed policies, regardless of whether Producer has collected or in the future collects such premiums, taxes, and fees from the insured. Unless otherwise agreed in writing, the entire premium, tax and fee on each policy shall be due and payable within thirty (30) days of the date of the invoice. The Producer acknowledges and agrees that any extension of credit by Producer to its insured or to any other client is solely at the Producer’s own risk. The Producer shall pay to the Company all sums due the Company when due, whether or not the Producer has collected such moneys from its insured or others who may owe sums to Producer. Furthermore, Producer recognizes that in agreeing to pay said amounts to the Company it does so unconditionally as an original undertaking on its own part and not as guarantor or surety of another’s obligation. Notwithstanding the Section 3.2.1, the Producer may remit the premiums to the Company net of the Producer’s commission so long as Producer is not in default in any of its obligations hereunder. The Producer may retain as compensation for agency-billed policies, a commission at the rate set forth in each applicable quote from the premium received for each agency-billed policy. If any insured defaults in the payment of any premium, tax, or fee when due, the Company shall have the right, and is hereby authorized by Producer, to take all necessary action, including legal action, to collect the premium, tax and fee directly from the insured, but the taking of any such action by the Company shall not relieve Producer of its obligation to pay such premium, tax, and fee to the Company. If the Company pursues collection of premium owed directly from an insured on an agency-billed policy, the Producer shall not be entitled to commission on any such premiums directly collected by the Company. In the event that either while this Agreement is in force or after its termination, refunds of premiums, by reason of cancellation or otherwise, are made on any policies originated by the Producer pu...
