Common use of COMMISSION TERMS Clause in Contracts

COMMISSION TERMS. 6.1 As an Underwriting Agency We receive commission from Insurers and We will pay You commission on all risks placed with Us and any renewal thereof. 6.2 Any sub-broked business placed off-line or outside of core business via the website will be advised, case-by- case, in terms of commission and credit periods, otherwise the rate of commission is as set out in Our Commission Schedule, a copy of which is set out in Schedule 2. Commission is calculated on the element of premium excluding Insurance Premium Tax. 6.3 We reserve the right to change the Commission Schedule subject to giving 30 (thirty) days prior written notice to You. 6.4 In addition We may receive a Profit Commission from Insurers. If received, this will be retained by Us. 6.5 Where We agree or are required to return any part of the premium to Your Client, You will immediately repay to Us the equivalent proportion of Commission. 6.6 We reserve the right to set off and deduct any monies due from You from any Commission or other payment due to Us to You on any account whatsoever. 6.7 In the normal course of operating as an Underwriting Agency, We may sometimes ask a Lloyd’s Broker to assist Us in responding to Your instructions where We believe this could be beneficial to Your Client. Unless a fee arrangement has been agreed, these Brokers will usually be remunerated by commission, which will be included in the premiums charged. If this occasion should ever arise You will be advised at quotation stage.

COMMISSION TERMS. 6.1 As an Underwriting Agency We receive commission from Insurers and We will pay You commission on all risks placed with Us and any renewal thereof. 6.2 Any sub-broked business placed off-line or outside of core business via the website will be advised, case-by- case, in terms of commission and credit periods, otherwise the rate of commission is as set out in Our Commission Schedule, a copy of which is set out in Schedule 2. Commission is calculated on the element of premium excluding Insurance Premium Tax. 6.3 We reserve the right to change the Commission Schedule subject to giving 30 (thirty) days prior written notice to You. 6.4 In addition We may receive a Profit Commission from Insurers. If received, this will be retained by Us. 6.5 Where We agree or are required to return any part of the premium to Your Client, You will immediately repay to Us the equivalent proportion of Commission. 6.6 We reserve the right to set off and deduct any monies due from You from any Commission or other payment due to Us to You on any account whatsoever. 6.7 In the normal course of operating as an Underwriting Agency, We may sometimes ask a Lloyd’s Xxxxx’x Broker to assist Us in responding to Your instructions where We believe this could be beneficial to Your Client. Unless a fee arrangement has been agreed, these Brokers will usually be remunerated by commission, which will be included in the premiums charged. If this occasion should ever arise You will be advised at quotation stage.

COMMISSION TERMS. 6.1 7.1 As an Underwriting Agency We receive commission from Insurers and We will pay You commission on all risks placed with Us and any renewal thereof. 6.2 7.2 Any sub-broked business placed off-line or outside of core business via the website will be advised, case-by- case, in terms of commission and credit periods, otherwise the rate of commission is as set out in Our Commission Schedule, a copy of which is set out in Schedule 2. Commission is calculated on the element of premium excluding Insurance Premium Tax. 6.3 7.3 We reserve the right to change the Commission Schedule subject to giving 30 (thirty) days prior written notice to You. 6.4 7.4 In addition We may receive a Profit Commission from Insurers. If received, this will be retained by Us. 6.5 7.5 Where We agree or are required to return any part of the premium to Your Client, You will immediately repay to Us the equivalent proportion of Commission. 6.6 7.6 We reserve the right to set off and deduct any monies due from You from any Commission or other payment due to Us to You on any account whatsoever. 6.7 7.7 In the normal course of operating as an Underwriting Agency, We may sometimes ask a Lloyd’s Broker to assist Us in responding to Your instructions where We believe this could be beneficial to Your Client. Unless a fee arrangement has been agreed, these Brokers will usually be remunerated by commission, which will be included in the premiums charged. If this occasion should ever arise You will be advised at quotation stage.