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Brokerage Agreement

Please read and agree to the Terms and Conditions.

Brokerage Agreement

by and between

R.V. Nuccio & Associates Insurance Brokers, Inc.
10148 Riverside Drive, 2nd Floor
Toluca Lake, CA 91602

(herein referred to as "Program Administrator")

and

The brokerage firm specified at the end of this Brokerage Agreement
(herein referred to as "Broker")

Whereas the Program Administrator has the authority from insurance companies (“the insurer”) to underwrite certain risks of insurance, and the Broker, subject to the requirements imposed upon the Broker by the States and jurisdictions in which the Broker is authorized to write insurance contracts, wishes to place contracts of insurance through the Program Administrator, it is mutually agreed as follows:

  1. Products
    This Brokerage Agreement applies only to the following insurance products: Insurance products made available to the Broker by the Program Administrator.
  2. Brokerage Agreement Term
    This Brokerage Agreement may be terminated at any time by the Program Administrator.
  3. Broker Status
    The Broker represents the buyer of insurance. Relative to this Brokerage Agreement, the Broker is an independent contractor and is neither the agent nor an employee of the Program Administrator. The Broker is not authorized to make any representation on behalf of the Program Administrator or any insurer, nor alter, modify, waive or change any of the rates, terms or conditions of any certificate, policy, endorsement, additional insured or binder issued by the Program Administrator. The Broker shall not issue any evidence of insurance nor additional insured certificates until the Program Administrator has issued such evidence of insurance or additional insured certificate to the Broker.
  4. Payment
    1. The Broker shall pay to the Program Administrator all premiums and other charges due on any insurance coverage bound or written under this Brokerage Agreement. The Broker accepts responsibility for and unconditionally guarantees full and prompt payment on or before the due date as specified on the Invoice, which is sent to the Broker at the time of binding. The Broker accepts this responsibility and unconditionally guarantees the full and correct payment whether or not the Broker collects the amount due from the insured
    2. The Program Administrator shall return to the Broker or to the insured, at the option of the Program Administrator, all return amounts due the insured for coverage written under this Brokerage Agreement.
    3. The Program Administrator has the right to offset any amounts due from the Broker against any amounts owed by the Program Administrator to the Broker, excluding return premium.
  5. Commission
    Broker will receive commission as specified on the Invoice, which is sent to the Broker at the time of binding.
  6. Cancellation
    All premiums and other charges are 100% fully earned at inception. Once the coverage has been bound, there are no refunds.
  7. Binding Authority
    Only the Program Administrator has the authority to bind, add, delete, alter or modify any coverage and only by a writing issued by the Program Administrator.
  8. Non-Compete
    The Broker agrees that the Broker does not have an insurance program designed to compete with any insurance product(s) covered by this Brokerage Agreement. The Broker also agrees that if the Broker does establish an insurance program which would compete with any insurance product(s) covered by this Brokerage Agreement, the Broker will notify the Program Administrator at the time insurance coverage becomes available for purchase under the insurance program.
  9. Errors And Omissions Insurance
    The Broker agrees to continually maintain an in-force Errors And Omissions policy of insurance with liability limits no less than $1,000,000 Per occurrence and $1,000,000 Annual Aggregate with an insurance company rating of at least an “A” by A.M. Best Company.
  10. Hold Harmless
    The Broker agrees to indemnify and hold harmless the Program Administrator from any and all losses or expenses, including attorney fees and costs, arising out of any acts or omissions committed by the Broker, whether such acts or omissions are negligent or intentional.
  11. Contract Modification
    This Brokerage Agreement may only be modified by a writing issued by the Program Administrator.
  12. Compliance
    The Broker warrants compliance with all applicable insurance laws and requirements governing conduct of business relative to this Brokerage Agreement.
  13. Sole Agreement

    This Brokerage Agreement is the sole and only Brokerage Agreement between the Broker and the Program Administrator concerning the product(s) covered by this Brokerage Agreement. Any prior Brokerage Agreement concerning the product(s) covered by this Brokerage Agreement, whether oral or in writing, shall be void and of no further effect.

    Broker is responsible for payments due to the Program Administrator under this Brokerage Agreement regardless of Brokers failure to collect the amounts owed by the insured. By completing the information required below, Broker agrees to all of the terms and conditions of this Brokerage Agreement.