PREMIUMS AND ACCOUNTING. A. Partner Agent shall be responsible for collecting premiums, whether advance, deposit, developed, installment, audit, renewal, additional, or otherwise, on all policies other than direct-bxxx policies. Despite the foregoing, however, Company reserves the right, in its sole discretion, to communicate with, to directly collect premium from, and/or to cancel or non-renew policies of, its insureds. Except as otherwise provided in this Agreement, Partner Agent shall be liable for and pay all earned premium to Company, even if Partner Agent does not collect such premium from the policyholder. Uncollected premiums shall be remitted from Partner Agent’s own funds and not the Premium Trust Fund. Partner Agent may deduct Commission from the Premium Trust Fund.
Appears in 11 contracts
Samples: Sua Insurance Company Partner Agent Program Agreement (Specialty Underwriters Alliance, Inc.), Partner Agent Program Agreement (Specialty Underwriters Alliance, Inc.), Partner Agent Program Agreement (Specialty Underwriters Alliance, Inc.)
PREMIUMS AND ACCOUNTING. A. Partner Agent shall be responsible for collecting premiums, whether advance, deposit, developed, installment, audit, renewal, additional, or otherwise, on all policies other than direct-bxxx policies. Despite the foregoing, however, Company reserves the right, in its sole discretion, to communicate with, to directly collect premium from, and/or to cancel or non-renew policies of, its insureds. Except as otherwise provided in this Agreement, Partner Agent shall be liable for and pay all earned premium to Company, even if Partner Agent does not collect such premium from the policyholder. Uncollected premiums shall be remitted from Partner Agent’s own funds and not the Premium Trust Fund. Partner Agent may deduct Commission from the Premium Trust FundFund only after any amount that is due for Partner Agent Stock is paid to Company.
Appears in 3 contracts
Samples: Partner Agent Program Agreement (Specialty Underwriters Alliance, Inc.), Partner Agent Program Agreement (Specialty Underwriters Alliance, Inc.), Securities Purchase Agreement (Specialty Underwriters Alliance, Inc.)
