The Insurance Broker Agreement serves as the foundation for the professional relationship between insurance brokers and their clients in the United States. This document is essential when engaging a broker to identify, recommend, and secure appropriate insurance coverage. The agreement addresses crucial aspects such as broker compensation, service scope, regulatory compliance, and professional obligations. It must comply with both federal regulations and state-specific insurance laws, making it a vital tool for risk management and legal protection for all parties involved.
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1. Parties: Identifies the insurance broker and the client, including full legal names and addresses
2. Background: Establishes context and purpose of the agreement, including broker's qualifications and licenses
3. Definitions: Key terms used throughout the agreement including 'Services', 'Commission', 'Insurance Products'
4. Scope of Services: Detailed description of broker's services, responsibilities, and obligations
5. Compensation: Details of fees, commissions, and payment terms
6. Term and Termination: Duration of agreement and conditions for termination
7. Compliance with Laws: Obligations regarding regulatory compliance and licensing
8. Confidentiality: Protection of confidential information and data privacy requirements
1. Service Level Agreement: Specific performance metrics and standards for complex commercial relationships with specific service requirements
2. International Operations: Provisions for cross-border insurance placement when dealing with international insurance markets
3. Sub-Broker Arrangements: Terms for engaging other brokers or intermediaries when specialized coverage is needed
1. Schedule A - Services Description: Detailed breakdown of specific services to be provided
2. Schedule B - Fee Schedule: Detailed breakdown of fees and commission structures
3. Schedule C - Service Levels: Specific performance metrics and response times
4. Appendix 1 - Broker Licenses: Copies of relevant licenses and certifications
5. Appendix 2 - Insurance Markets: List of approved insurance markets/carriers
Relevant legal definitions
Agreement
Applicable Law
Broker
Broker Services
Client
Commencement Date
Commissions
Confidential Information
Effective Date
Fees
Insurance Carrier
Insurance Products
Insurance Program
Intellectual Property Rights
Licensed Insurance Producer
Material Change
Parties
Personal Data
Premium
Professional Services
Regulatory Authority
Representatives
Service Level Standards
Sub-broker
Term
Territory
Underwriting Information
Applicable Law
Broker
Broker Services
Client
Commencement Date
Commissions
Confidential Information
Effective Date
Fees
Insurance Carrier
Insurance Products
Insurance Program
Intellectual Property Rights
Licensed Insurance Producer
Material Change
Parties
Personal Data
Premium
Professional Services
Regulatory Authority
Representatives
Service Level Standards
Sub-broker
Term
Territory
Underwriting Information
Clauses
Scope of Services
Appointment and Authority
Broker Responsibilities
Client Responsibilities
Compensation
Commission Disclosure
Term and Termination
Regulatory Compliance
Licensing Requirements
Confidentiality
Data Protection
Insurance Placement
Claims Handling
Professional Indemnity
Limitation of Liability
Representations and Warranties
Force Majeure
Assignment
Subcontracting
Record Keeping
Audit Rights
Conflict of Interest
Non-Solicitation
Intellectual Property
Notices
Governing Law
Dispute Resolution
Amendment and Waiver
Severability
Entire Agreement
Appointment and Authority
Broker Responsibilities
Client Responsibilities
Compensation
Commission Disclosure
Term and Termination
Regulatory Compliance
Licensing Requirements
Confidentiality
Data Protection
Insurance Placement
Claims Handling
Professional Indemnity
Limitation of Liability
Representations and Warranties
Force Majeure
Assignment
Subcontracting
Record Keeping
Audit Rights
Conflict of Interest
Non-Solicitation
Intellectual Property
Notices
Governing Law
Dispute Resolution
Amendment and Waiver
Severability
Entire Agreement
Relevant Industries
Relevant Teams
Relevant Roles
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