Common use of Broker Billed Policies Clause in Contracts

Broker Billed Policies. (a) Broker shall be liable to CHENANGO for the full amount of premiums, fees, and applicable state taxes, less commissions, including additional and/or adjustable premiums developed under audits or applicable rating plans on every insurance contract placed by the Broker through CHENANGO. (b) The Broker shall remit the full amount of premiums, fees and applicable state taxes, less commissions, to CHENANGO no later than thirty (30) days following the date CHENANGO’S invoice is sent to the Broker. (c) The Broker is responsible for earned premiums developed on any audit of Broker Billed policies. CHENANGO shall xxxx the Broker for any such audit premium, and the Broker shall remit such audit premium to CHENANGO within thirty (30) days following the date CHENANGO’s invoice is sent to the Broker. If any audit is uncollectible, after good faith effort to collect, Broker shall advise CHENANGO. The premium on the audit will not be written off unless written off in writing by the insurer. Any Broker commission on any uncollectible audit premium will be waived by Broker. (d) In the event the broker billed policies are canceled, CHENANGO agrees to remit to the Broker all previously paid unearned premiums, net of unearned commissions, that are owed to the insured. Broker, in turn, will reimburse the insured the unearned premiums, including unearned commissions. CHENANGO shall have no liability to the insured for such unearned premiums or commissions. Broker agrees to indemnify, defend and hold harmless CHENANGO for any and all liability to the insured for the payment of unearned premiums or unearned commissions. (e) In consideration of the commission allowed the Broker on all premiums and additional premiums, the Broker agrees to pay CHENANGO the commission on all return premiums at the same rate such commissions were originally allowed, payment to be made within thirty days from the cancellation date.