Common use of OWNERSHIP OF EXPIRATIONS Clause in Contracts

OWNERSHIP OF EXPIRATIONS. In the event of termination of this Agreement and provided Producer has accounted for and paid to CRC all premiums and other monies due in accordance with the terms of this Agreement, the use and control of expirations on business written under this Agreement shall remain the property of the Producer. If a proper accounting and payment has not been made, the ownership of the records and the ownership of the right of use and control of the expirations shall vest in CRC. DIRECT COLLECTION If, after the expiration of sixty (60) days from the date liability was assumed by the insurance carrier, CRC has not received payment due for the applicable coverage, CRC may, at its option, collect from the Insured the premium due. In the event CRC collects the premium or any part thereof from the Insured, Producer shall not be entitled to any commission on the premium so collected. Attempts by CRC to collect from the Insured shall not relieve Producer of liability to CRC except to the extent of amounts actually collected by CRC from the Insured, less the expense of such collection.