Utilization of Intermediaries. The Broker of Record shall utilize intermediaries owned by or affiliated with the Broker of Record without additional fees or commissions. When in the best interest of the State and with the prior written consent of the Department and the FDOT, the Broker of Record may utilize the services of other intermediaries to assist in the placement of the Bridge, Property, Terrorism, and Business Interruption Insurance program (including brokers in the London and other markets). The compensation of such intermediaries will not be included in the Broker of Record’s compensation, but will be paid exclusively from premium monies remitted by the FDOT at the time of the insurance placement. Such compensation will be a flat fee negotiated by the Broker of Record at the time the intermediary is selected, and the amount of the fee shall be approved by the FDOT prior to the intermediary being utilized by the Broker of Record. If no suitable intermediary is available that will accept a flat fee as compensation for its services, the Broker of Record shall so notify the FDOT in writing and may select an intermediary that is compensated on a commission basis, subject to written approval by the FDOT. The Broker of Record shall fully disclose in writing to the FDOT, prior to the coverage being bound, any and all compensation to be received by the intermediaries for such assistance. The intermediaries shall not accept any other type of compensation from any other source for assisting in the placement of the Named Insured's coverage, including but not limited to any form of contingent commission, calculated on a pooled basis or otherwise, that would otherwise be paid to the wholesale broker. The Broker of Record shall not utilize, in connection with the Brokerage Services, any intermediary that does not agree to comply with these requirements.
