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. (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. 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. Any premium payment collected or received must be: • remitted immediately in full to either the Carriers or the Primary Agent or Broker; • 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. It is agreed and understood that all premiums collected by the Agent are held in trust and that such premiums are the property of IAS; that the Agent has no interest in the premiums collected by him and shall make no deductions therefrom before paying same to IAS. Unless otherwise specified, the gross premium on each policy is due and payable to IAS, by Agency check, with submission of the application. If the insurance contract negotiated between IAS and the Agent is canceled, the Agent is responsible for any "minimum earned premium" due. "Minimum earned premium" is defined, as the minimum amount owed the insurance company on that policy. Should the Agent fail to pay IAS any premiums when due, including those incurred by audits or interim reports, then the Agent agrees to bear any collection or other expenses, including reasonable attorney fees and costs, expended by IAS to enforce collection from the Agent to the extent allowed by law. The Agent also agrees to offset any earned premium owed by the Agent to IAS with earned commissions owed to the Agent by IAS. If the Agent has failed to account for and pay over to IAS 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 Agent agrees to execute any documents necessary to formally place the title thereto in IAS. IAS likewise shall have the immediate right thereafter, in 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 Agent to IAS.
Premium Remittance. 1. Deposit premiums shall be remitted, gross of commission, to the Administrator prior to the binding of any coverage under this Agreement.
2. The Representative accepts full and entire responsibility to the Administrator for the collection and payment of all premiums owed prior to binding within (0) days from the effective date of coverage unless “premium payment special handing guarantee” notice has been signed and agreed by both the Administrator and the Representative.
3. That, without exception if coverage is bound by the Administrator, a charge is made in accordance with the policy terms; that there are no flat cancellations; and that all fees and applicable taxes for the policy term are fully earned on the effective date of coverage.
4. Installments, payroll reports, and endorsement premiums shall be invoiced and administered directly to the insured by the Administrator.
5. With respect to additional premiums due as a result of audit, the Administrator will be responsible and obligated to invoice the insured directly. If any audit premiums are considered not collectible within thirty (30) days of billing, the Administrator will send notice of cancellation on any existing policies until audit is resolved or the policy is canceled.
6. Umbrella premiums are to be remitted for full annual premium to Administrator prior to binding. Coverage will not be bound without full premium paid or financed prior to effective date.
7. The Administrator shall be entitled to reimbursement for the cost of collection incurred in an effort to collect unpaid premium from the Representative.
8. It is understood between the parties that it is the responsibility of the Representative to have a written escheat procedures in place as required and outlined within the various state statutes.
Premium Remittance. 4.2.1. Producer is not authorized to collect or remit any premium from Clients.
