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
Clauses
Relevant Industries
Relevant Teams
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