Common use of Premium Remittance Clause in Contracts

Premium Remittance. Direct Bill 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 Xxxxxxx 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. Direct Bill 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 Xxxxxxx 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. Direct Bill 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 fo r collection. Producer will forfeit all commission irrespective of whether Xxxxxxx 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.