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.
b. Unless otherwise specified by TMI, all amounts owed by Producer shall be paid to TMI within 30 days following the end of the month during which the policy becomes effective or, in the case of audit Agency-billed premium, within 30 days after the audit Agency-billed premium is billed by TMI.
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:
1. The Producer will pay MSGA, regardless of the collectability or collection status of any Insured’s account, the total Net Premiums (defined below) due (including applicable taxes), as reflected in MSGA’ invoice(s), no later than fifteen (15) days after the effective date of coverage, or on endorsements no later than thirty (30) days after the invoice date of MSGA’s invoice(s). For purposes of this Agreement, “Net Premiums” are defined as the policy premium, fees and applicable taxes, less the Commission (but only if Producer is not then in default in any of its obligations under this Agreement).
2. The Producer may be relieved of responsibility to pay additional premiums resulting from a retrospective premium adjustment or audit if and only if, after Documented Effort (defined below) on the part of the Producer to collect such additional premium, the Producer notifies MSGA, in writing, within thirty (30) days of MSGA’s invoice date or request for such additional premiums, that Producer cannot collect such premium. For purposes of this Agreement, “Documented Effort” is defined as two (2) written attempts and one (1) documented telephonic attempt by the Producer to collect such additional premiums from the Insured.
3. The Producer will be obligated to pay return commission to MSGA, at the same rate as the Commission paid to Producer for the Insured(s) in question, on any return premiums or adjustments involving the Insureds, including, but not limited to, return premiums on cancellations or reductions ordered and return premiums payable as a result of amended policy terms, within 30 days of receipt of notice of return premium. If Producer fails to pay in full and on time any such return commission or adjustment, upon notice from MSGA, in addition to any other rights MSGA has under this Agreement, in law and in equity, MSGA shall have the right to offset the amount of any such return commission or adjustment owing from Producer against any future payments due from MSGA to Producer.
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.
3.5.2 You agree that on all policies of insurance You produce for Us to either finance the premium or collect it promptly.
3.5.3 If any interim or final premium developed by audit, or any additional premium resulting from an adjustment to a retrospective rated policy cannot be collected by You, We shall undertake direct collection and You shall not be responsible for such collection of such premium, provided:
A. You return the item to Us at the location where monthly premiums are paid by You with written notification that the item is being returned for direct collection. Your notification to Us must take place as soon as You perceive uncollectibility, but no later than 30 days after the issue date of the item; and
B. We shall not pay commission to You on such premiums which We may accept for direct collection.
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:
a) The Company shall provide the Agent with a monthly accounting of premiums for all policies issued and effective in the Agent’s monthly accounting period. The accounting report is due in the office of the Agent within ten (10) days of the close of the accounting period and the actual payment of premiums for each monthly accounting period shall be paid by the Agent within thirty (30) days of the close of the accounting period in which the premium transaction took place, whether or not the Agent has collected all of the premiums included in the accounting.
b) The Agent has full authority to collect, receipt for, and receive premiums on all policies accepted by the Company and may deduct any commissions owed by the Company, as described in the Commission Schedule attached to this Company/Agency Agreement, from such premiums.
c) The Agent must promptly notify the Company of any premium dispute and the Agent will not be relieved of responsibility to collect premiums as indicated in its monthly accountings except by written consent of the Company.
d) If the Company deems it necessary to collect premiums directly from the policyholder, the Agent will not be eligible for commissions on such premiums.
e) All audit and retrospective premiums are due upon billing. The Agent shall be relieved from responsibility to collect such premiums subject to the following conditions:
(i) Within forty-five (45) days after receipt by the Agent of any statement of premiums developed from an audit, voluntary report or retrospective premium adjustment and being unable to collect from the policyholder after a reasonable attempt to do so, the Agent shall inform the Company in writing of the reason the premiums are uncollectible and that relief from such responsibility is requested. The Agent agrees to waive commissions on the uncollectible premiums and the Company shall have the right to collect such premiums in any manner it may elect;
(ii) If the Company does not receive such request within the period specified in the immediately preceding paragraph, the Agent shall be deemed to have elected to retain responsibility for the payment of such premiums.
f) The Agent’s accounting records of the Company’s business shall be available for examination and audit by the Company at a reasonable time as agreed to by the Agent.
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.
