Insurance Commission. The Lender may receive commission on any insurance included in this Contract or subsequently required.
Insurance Commission. Insurance is a regulated activity and as such to comply with regulations and to ensure we are arranging cover on the correct basis, we employ the services of a broker (to whom we pay a fee) who, in addition to having the knowledge and expertise to place our risk, also has access to all major Insurance companies. The significant majority of the properties we manage are covered under one policy of insurance. Arranging such a contract of insurance is not a straightforward exercise, as this type of policy cannot simply be applied for by completing an application or proposal form. Xxxx & Liddell Limited can confirm that commission is declared on each and every certificate of insurance issued to all co-proprietors, and this is detailed on the reverse of the certificate and is noted as 22.5% for all classes of insurance other than terrorism which is 10% based on gross premiums nett of insurance premium tax. Xxxx & Xxxxxxx Limited do not charge our clients a fee for the Insurance Services which we provide in respect of our managed properties. Instead, Insurance Commission is received in order that we are able to offset the costs incurred in administering your Insurance Policy, including printing, stationary and postage relating to the production, and issue of Insurance Certificates and all of the supporting documentation required to comply with all relevant FCA Regulations, dealing with the common claims and assisting clients with their private claims. In addition, and not least, we are required to guarantee payment of premiums due under the Insurance Policy and to pay our Brokers a fee to secure their market knowledge and experience, to ensure a competitive renewal for clients. In the current market we believe that acceptance of Insurance Commission represents the most cost-effective mechanism for provision of Insurance Services to clients.
Insurance Commission. The appropriate agency charged with regulating insurance activities in a state or other jurisdiction.
Insurance Commission. (i) Approval of cut-through clauses or (ii) submission of cut-through clauses of the insurance policies and acceptance thereof.
10.2 Submission and acceptance of insurance policies.
Insurance Commission. Insurance is a regulated activity and as such to comply with regulations and to ensure we are arranging cover on the correct basis, we employ the services of a broker (to whom we pay a fee) who, in addition to having the knowledge and expertise to place our risk, also has access to all major Insurance companies. The significant majority of the properties we manage are covered under one policy of insurance. Arranging such a contract of insurance is not a straightforward exercise, as this type of policy cannot simply be applied for by completing an application or proposal form. Xxxx & Xxxxxxx Limited can confirm that commission is declared on each and every certificate of insurance issued to all co-proprietors, and this is detailed on the reverse of the certificate and is noted as 22.5% for all classes of insurance other than terrorism which is 10% based on gross premiums nett of insurance premium tax. Xxxx & Xxxxxxx Limited do not charge our clients a fee for the Insurance Services which we provide in respect of our managed properties. Instead, Insurance Commission is received in order that we are able to offset the costs incurred in administering your Insurance Policy, including printing, stationary and postage relating to the production, and issue of Insurance Certificates and all of the supporting documentation required to comply with all relevant FCA Regulations, dealing with the common claims and assisting clients with their private claims. In addition, and not least, we are required to guarantee payment of premiums due under the Insurance Policy and to pay our Brokers a fee to secure their market knowledge and experience, to ensure a competitive renewal for clients. In the current market we believe that acceptance of Insurance Commission represents the most cost-effective mechanism for provision of Insurance Services to clients. Xxxx & Xxxxxxx’x Common Insurance Policy is written specifically for properties factored by Xxxx and Xxxxxxx only, and is held in joint names, showing the policyholder as being the Co- proprietors and Xxxx and Xxxxxxx. It should be noted that Insurance is placed, at each renewal, for a period of 12 months, and, in the event of any mid-term cancellation, any return premium is only available at the discretion of the Insurer, Zurich plc, and entirely subject to no claims having been made. If authorised, any return premium will be provided on a “pro rata” basis, after deduction of the full amount of Commission which would be recei...
Insurance Commission. The insurance commissioner shall have the duty to see that all laws relating to insurance, insurance companies and other insurance matters, mutal benefit associations and trusts for charitable uses are faithfully executed and to perform the duties imposed upon him by the insurance code.
