Expirations & Renewals Clause Samples

Expirations & Renewals. (a) Producer and Company expressly recognize Producer’s independent ownership of the policy expirations covered by this Agreement and Producer shall retain ownership of these expirations during and after the termination of this Agreement except as specified herein. Producer hereby assigns to Company as security for its obligation to pay the Company, but not in payment, all sums due or to become due to Producer from the insured or insureds for whom such agency billed Policies were produced by Producer for Company and with full authority in Company to demand and collect these sums. On agency billed premiums so collected by Company, Producer shall be entitled to no commission. (b) To further secure the payment, when due, of all sums which may become due Company hereunder, Producer grants to Company a security interest in all the records of expirations of Policies produced through Company, including the ownership, exclusive use ofsame, and to have the rights of the holder of a security interest granted by law. (c) Producer agrees that this Agreement or any copy thereof may be filed as a financing statement if Company so elects. Producer ▇▇▇▇▇▇ agrees to sign a UCC-1 Form and any other documents required to secure the Company’s interest in the expirations and renewals.