Premium Remittance. Direct Xxxx policies: Producer shall exercise best efforts to assist carrier to collect unpaid audit and other premiums. Agency Billed policies: the Producer accepts full and entire responsibility to PMC for the collection and payment of all earned premiums due on insurance contracts arranged by PMC, regardless of the collectability or collection status of the account by the Producer. Producer will be relieved of responsibility only if and when the issuing company relieves PMC of its responsibility to collect such premium. Insureds failure to pay audit and other premiums due will result in the account being turned over to the insurance carrier for collection. Producer will forfeit all commission irrespective of whether Carrier ultimately collects the audit premium owed. In the event of a sale of the Producer’s business to a party unknown to PMC, at the time of this Agreement’s execution, all responsibility for premium remittance as agreed under this document shall remain the responsibility of the undersigned Producer, personally, and not that of the purchasing third party. The new ownership of the Producer’s business must sign and execute a new PMC Producer Agreement in order to continue the Agreement.
Premium Remittance. IMS shall establish procedures, as determined by FIA, for a timely deposit and remittance of funds to the U.S. Treasury via authorized automatic clearinghouse mechanism. Gross premium collected by IMS, for WYO Flood program business written under this Agreement, shall be remitted to the FIA by IMS net of the established NFIP Expense Allowance. ("Allowance") , which Allowance expenses to be paid under the Allowance include Carrier's operating and administrative expenses.
Premium Remittance. Vendor shall be liable to the FIA for any premiums Vendor has received on WYO Flood Program business written under this Agreement. Vendor shall establish procedures for a timely deposit and remittance of funds to the U.S. Treasury via authorized automatic clearinghouse mechanism. Gross premium collected by Vendor, for WYO Flood Program business written under this Agreement, shall be remitted to the FIA by Vendor net of the established NFIP Allowable Expenses. "Allowable Expenses" shall mean a WYO Carrier's operating and administrative expenses.
Premium Remittance. 2.1 It is agreed and understood that all premiums collected by the Broker are held in trust and that such premiums are the property of IAS and the Insurers. The Broker recognizes that Broker has no interest in the premiums collected by Broker and shall make no deductions there from before paying same to IAS, except for commissions which have been duly authorized in writing by IAS.
2.2 All premiums stated in the quote must be paid in order to bind coverage.
2.3 Should the Broker fail to pay IAS any premiums when due, then the Broker agrees to bear solely any collection or other expenses, including reasonable attorney fees and costs, expended by IAS to enforce collection from the Broker to the extent allowed by law. Interest will be charged to the Broker on unpaid premiums at a rate of fifteen percent (15%) per annum or at the highest rate permitted by law. Any earned premium owed by the Broker to IAS may be offset by a withholding or a deduction from, and earned commissions owed to the Broker by IAS.
2.4 If the Broker has failed to account for and pay to IAS upon 30 days written demand, all premiums for which Broker may be liable then all records and use of control of expirations to the extent necessary to solve Xxxxxx’s indebtedness with IAS shall be immediately vested in IAS and the Broker agrees to execute any documents necessary to formally place the title thereto in IAS. IAS shall have the immediate right thereafter, at its sole discretion, to sell, transfer, assign or otherwise handle and control the business and expirations covered by this Agreement to satisfy in whole or in part the obligations of the Broker to IAS.
Premium Remittance. You shall immediately forward to the Company or its designee any premium received with an application or otherwise delivered to you. You have no right or authority to receive or collect moneys for or on behalf of the Company at any time, for any purpose, except the initial premium offered with an insurance application. The Company may, at its discretion, authorize you to collect deferred or renewal premiums as and when they mature. Premium checks
Premium Remittance. (a) In consideration of the acceptance of insurance business from the Producer, Producer will pay to ESP the balance due on all policies, endorsements, binders, certificates, and/or other balances including insurance audit related balances arranged by ESP. Producer will remit payment to ESP within 21 days of the date of invoice or the effective date of coverage, whichever last occurs. Producer shall remit all premiums and taxes earned on insurance contracts arranged by ESP regardless of the collectability or collection status of the account by the Producer. All payments shall be mailed to ESP Insurance Brokerage, LLC, 000 Xxxx Xxxxxx, Xxxxxxxxx, XX 00000. Premium remittance provided by third party loan entities (Premium Financing Companies) are acceptable.
(b) ESP shall be entitled to reimbursement covering cost of collections, including but not limited to reasonable attorney's fees, incurred in efforts to collect unpaid premiums. ESP is also entitled to reimbursement of any penalties levied by any governmental agency or regulatory authority due to failure of the Producer to remit proper taxes and/or fees.
Premium Remittance. Any premium payment collected or received must be: • remitted immediately in full to either the Carriers or the General Agent; • payable to the Carrier from whom a Health Plan is purchased. No premium payment may be made payable to the Producing Agent. All such payments are the property of the Carriers and shall be held by the Producing Agent as trust funds. Demand is hereby made on the Producing Agent for the payment of all premium payments received and such demand is hereby accepted by the Producing Agent in lieu of any further demand.
Premium Remittance i) It is agreed and understood that for any programs requiring premiums to be collected by the Agency are held in trust and that such premiums are the property of IAS and the Companies, that the Agency has no interest in the premiums collected by him and shall make no deductions therefrom before paying same to IAS, except for commissions authorized in writing.
ii) Specific Premium remittance instructions are set forth in the attached schedules.
iii) Should the Agency fail to pay IAS or the Companies any premiums when due, including those incurred by audits or interim reports, then the Agency agrees to bear any collection or other expenses, including reasonable attorney fees and costs, expended by IAS or the Companies to enforce collection from the Agency to the extent allowed by law. Interest will be charged on unpaid premiums at the highest rate permitted by law. Any earned premium owed by the Agency to IAS or the Companies will be offset with earned commissions owed to the Agency by IAS or the Companies.
iv) If the Agency has failed to account for and pay to IAS or the Companies immediately upon demand, all premiums for which he may be liable, all records and use and control of expirations shall be vested in IAS and the Agency agrees to execute any documents necessary to formally place the title thereto in IAS. IAS likewise shall have the immediate right thereafter, at its discretion to sell, transfer, assign or otherwise handle and control the business and expirations covered by this contract to satisfy in whole or in part the obligations of the Agency to IAS or the Companies.
Premium Remittance. 4.2.1. Producer is not authorized to collect or remit any premium from Clients.
Premium Remittance. Deposit premiums shall be remitted, gross of commission, to the “FUND” prior to the binding of any coverage under this Agreement. If the Agent collects installment premiums they shall be remitted, gross of commission, to the “FUND” within ten (10) days of the end of each month for all items listed on the monthly statement of accounts as furnished to the Agent by the “FUND”. Audit and endorsement premiums shall be remitted, gross of commissions, in the same manner as installment premiums.