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Title: |
Agency Agreement |
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Date: |
2004 |
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Preview shows 6KB of 22KB total |
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Price: |
$41 |
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ID: |
#1409199 |
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AGENCY AGREEMENT
This Agreement is effective as of , 2003, between (the Agent), having an address at and PROFORMANCE INSURANCE COMPANY, having an address at 4 Paragon Way, Freehold, New Jersey 07728 (the Company).
RECITALS
A. The Company is a New Jersey insurance company authorized to transact property and casualty insurance in the State of New Jersey.
B. The Agent is a New Jersey licensed insurance agent who is also a shareholder of National Atlantic Holdings Corp. (which corporation is the sole shareholder of the Company) or whose employees are shareholders of National Atlantic Holdings Corp.
C. The Agent wishes to become an independent contractor of the Company and the Company wishes to secure the Agents services as an independent contractor.
NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties hereby agree as follows:
1. AGENTS AUTHORITY
1.1. The Agent is an independent contractor who will exercise his or her own judgment in the conduct of the business conducted pursuant to this Agreement. The Agent is not an employee of the Company and is free to represent such other companies as the Agent shall consider appropriate. The Agent shall have exclusive control of his or her time and of the conduct of his or her agency and shall be responsible for all expenses incurred in the operation of his or her agency.
1.2. During the term of this Agreement, the Agent is authorized on behalf of the Company to:
(a) Solicit and submit applications for insurance;
(b) Issue and deliver policies, certificates and endorsements as authorized by the Company in manual rules and rates, underwriting guides, bulletins or other written instructions;
(c) Collect and receipt for premiums in compliance with Company procedures;
(d) Cancel policies at his or her discretion where cancellation is legally permissible;
1
(e) Bind coverage and execute insurance contracts in accordance with the guidelines furnished from time to time by the Company or as authorized by the Company with respect to specific risks.
1.3. The Agent shall forward copies of all policies, certificates and binders issued by the Agent or otherwise notify the Company in writing of all liability accepted, not later than the seventh (7th) day following the inception date of coverage.
1.4. The manuals and the policy, endorsement and binder forms furnished to the Agent by the Company shall remain the property of the Company and shall be accounted for or returned upon request.
1.5. All accounting records pertaining to the Agents business with the Company shall be subject to inspection and audit at any time with or without prior notice, by the Companys representative.
1.6. The Agent shall not publish or distribute any advertisements, circulars or other materials referring to the Company or containing the Companys name without first securing written approval from the Company.
1.7. The Agent shall not bind coverage nor issue, renew or deliver on the Companys behalf any policy covering a risk located in a state in which the Agent is not a licensed resident agent, unless the Agent is otherwise authorized to engage in the insurance business in such state.
1.8. This Agreement does not give the Agent the exclusive right to represent the Company in any area.
2. UNDERWRITING CONTROL OF THE COMPANY
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