Financed Premiums. Unless state law requires otherwise, Broker reserves the right, in its sole discretion, to remit unearned premiums on finance policies that are cancelled, less Producer’s unearned commission, directly to the premium finance company for the account of the insured, or, in appropriate circumstances, to Producer or directly to the insured. The ultimate liability of Broker for payment to a finance company, Producer or insured shall never exceed the amount of return premium less unearned commission developed. Producer agrees to hold Broker harmless from any responsibility for payment to or from finance company and further agrees that financing arrangements do not diminish the responsibility for timely payment of premium by the Producer.
Financed Premiums. On all premiums which have been financed, SYNCHRONOSURE (or the relevant Insurer) will remit payment for any return premium less unearned commissions directly to the finance company unless otherwise specified. The ultimate liability of SYNCHRONOSURE for payment to a finance company shall never exceed the amount of return premium less unearned commission developed. Producer agrees to hold SYNCHRONOSURE harmless from any responsibility for payment to a finance company and further agrees that financing arrangements do not diminish the responsibility for the timely payment of premium by the Producer.
Financed Premiums. Unless state law requires otherwise, American Specialty reserves the right, in its sole discretion, to remit unearned premiums on financed policies that are cancelled, less Broker’s unearned commission, directly to the premium finance company for the account of the insured, or, in appropriate circumstances, to Broker or directly to the insured. The ultimate liability of American Specialty for payment to a finance company, Broker or insured shall never exceed the amount of return premium less unearned commission developed. Xxxxxx agrees to hold American Specialty harmless from any responsibility for payment to or from finance company and further agrees that financing arrangements do not diminish the responsibility for timely payment of premium by Xxxxxx.
Financed Premiums. On all premiums which have been financed Company will remit payment for any return premium, less unearned commission, directly to the Finance Company unless otherwise specified. The ultimate liability of Company for payment to a Finance Company, Producer or Insured shall never exceed the amount of return premium less unearned commission developed. Producer agrees to hold Company harmless from any responsibility for payment to Finance Company and further agrees that financing arrangements do not diminish the responsibility for the timely payment of premium by the Producer.
Financed Premiums. In the event of a cancellation or return premium endorsement on a premium financed policy, the return premium, less unearned commission, will be remitted by ASL directly to the finance company. The ultimate liability of ASL for payment to finance company, PRODUCER, or insured shall never exceed the amount of return premium less unearned commission developed. PRODUCER agrees to hold ASL harmless from any responsibility for payment of return premium to finance company or insured other than covered above, and further agrees that financing agreements do not diminish responsibility for payment by PRODUCER.
Financed Premiums. State law governs the handling and processing of premiums financed through a premium finance company. Unless state law requires otherwise, Xxxxxxx reserves the right, in its sole discretion, to remit unearned premiums on financed policies that are cancelled, less Producer’s unearned commission, directly to the premium finance company for the account of the insured, or, in appropriate circumstances, to Producer or directly to the insured. Producer shall return its unearned commission on financed policies that are cancelled to the finance company for the account of the insured, or directly to the insured if the premium finance agreement is fully paid when the return premium is due. Unless state law directs otherwise, Xxxxxxx’x total liability for return premiums on financed policies that are cancelled shall never exceed the gross return premium due, less Producer’s unearned commission. Producer shall hold Xxxxxxx harmless for payment of any and all return premiums, and Producer further agrees that financing arrangements do not in any way diminish Producer’s responsibility for timely payment of premiums. Certain states may require Xxxxxxx to return gross, unearned premium on financed policies that are cancelled, including Producer’s unearned commission, directly to the premium finance company for the account of the insured. In such cases: (i) Xxxxxxx shall promptly notify Producer that Xxxxxxx paid the gross return premium to the premium finance company for the account of Producer’s client, the insured; (ii) Xxxxxxx will invoice Producer for its unearned commission paid by Xxxxxxx on Producer’s behalf; and (iii) Producer shall remit its unearned commission to Xxxxxxx within thirty (30) days of receiving the invoice.
Financed Premiums. On all premiums that have been financed, Producer shall direct premium finance companies to direct all payment of financed premium and notices of financing to Orchid. The ultimate liability of Orchid for payment to a finance company, Producer, or insured shall never exceed the amount of return premium less unearned commission developed. Producer agrees to hold Orchid harmless from any responsibility for payment to a finance company and further agrees that financing arrangements do not diminish the responsibility for the timely payment of premium by the Producer.
Financed Premiums. On all premiums that have been financed, JSA will remit payment for any return premium actually received by it, less applicable commission, directly to the finance company. The ultimate liability of JSA for payment to a finance company, PRODUCER, or INSURED shall never exceed the amount of return premium less applicable commission. PRODUCER agrees to hold JSA harmless from any responsibility for payment to the finance company and further agrees that financing arrangements do not diminish the responsibility for the timely payment of premium by the PRODUCER. Policy provisions prevail over premium financing contracts to the extent permitted by law. PRODUCER will be responsible for sending unearned commission to the Finance Company.
Financed Premiums. On all premiums which have been financed, LRS will remit payment for any return premium, less unearned commission, directly to the party that made original payment of the premiums, unless otherwise agreed. The ultimate liability of LRS for payment to a finance company, Producer or insured shall never exceed the amount of return premium less unearned commission developed. Producer agrees to hold LRS harmless from any responsibility for payment to a finance company and further agrees that financing arrangements do not diminish the responsibility for the timely payment of premium by the Producer.
Financed Premiums. If CIU received payment from a finance company the return premium, less unearned commission, will be remitted by CIU directly to the finance company. If CIU received payment from PRODUCER the return premium, less unearned commission, will be remitted by CIU to PRODUCER. The ultimate liability of CIU for payment to finance company, PRODUCER or insured shall never exceed the amount of return premium less unearned commission developed. PRODUCER agrees to hold CIU harmless from any responsibility for payment of return premium to finance company or insured other than covered above and further agrees that financing agreements do not diminish responsibility for payment by PRODUCER.
