Common use of Panels Clause in Contracts

Panels. Xxxxxx Xxxxxx Xxxxxx develops panels of insurers in certain market segments. Participating insurers are reviewed on a variety of factors. Commission rates on panel placements may be higher than rates paid on business placed outside of the panel process. Xxxxxx Xxxxxx Xxxxxx discloses its commission rates to clients on quotes obtained through the panel process prior to binding the coverage. In some instances, insurers pay an administration fee to participate in the panel process. Your Xxxxxx Xxxxxx Xxxxxx broker will provide you with additional information on Xxxxxx Xxxxxx Xxxxxx Panels upon request. In some territories outside of North America, Xxxxxx Xxxxxx Xxxxxx obtains brokerage on business where our client pays us a fee. Our intention is to seek remuneration for work that Xxxxxx Xxxxxx Xxxxxx carries out for all parties in the insurance transaction but for which Xxxxxx Xxxxxx Xxxxxx is not otherwise sufficiently compensated. Some examples of this are the vastly-increased cost of regulation, distribution and infrastructure costs. This brokerage that Xxxxxx Xxxxxx Xxxxxx receives is a set percentage and is not contingent on achieving any level of growth, retention or profit on the business concerned. You can choose to exclude your placements from being included in any of these carrier agreements.