AGREEMENT between Country & Commercial Insurance Brokers Ltd, a company incorporated in England (number 5996852) having its registered office at Suites 5 & 6, The Printworks, Hey Road, Barrow, Clitheroe BB7 9WB (CCIB) and (Insert name of company company) incorporated in England (Number ) having its registered office at (Insert address of Broker). (the Broker ) In respect of Commercial Insurance Business placed by CCIB, CCIB and the Broker (together the parties ) HEREBY AGREE as follows:- 1 In consideration of the obligations undertaken in the Agreement by the Broker, CCIB shall use all reasonable endeavours to provide wholesale insurance facilities to the Broker with a view to the Broker placing Commercial Insurance business on behalf of clients of the Broker; it being acknowledged that (i) CCIB s obligation to provide such facilities shall endure only for so long as what CCIB considers to be reasonable terms can be obtained in the commercial insurance market and (ii) if at any time such terms are not obtainable, CCIB shall be entitled to cease providing such facilities. 2 Forthwith upon signature of this Agreement the Broker shall notify CCIB in writing of the Broker s regulatory status. 3 CCIB shall be entitled at any time to decline any proposal for insurance or any application for renewal, without giving any reason to the Broker or to the insured person. 4 The Broker shall be agent only for the insured person and shall in no circumstances be agent for CCIB or for the insurer. In particular, notification by any insured person to the Broker of a claim or of a Material Fact relevant to the insured risk or to the policy shall not constitute notification of that claim or that Material Fact to CCIB or to the insurer.
5 The Broker, as agent for the insured person, shall forthwith notify CCIB in writing of all material information received by the Broker relevant to the insured risk or to the policy. 6 CCIB shall use all reasonable endeavours to issue renewal papers and policy documents in good time. The Broker shall promptly pass all such documentation to the insured person and shall forthwith notify the insured person of any changes to the terms of the insurance taking effect as from renewal or at any other time. 7 The Broker shall maintain proper records in relation to all insurances effected pursuant to this Agreement. The Broker shall furnish CCIB with such information with regard to insurances placed hereunder as CCIB may reasonably require in such form and in such manner as CCIB may reasonably specify (including computer disk or by magnetic, optical or other media) for assessing any matter relating to such insurances and for checking the accuracy of any amount due to CCIB in relation to any business placed. 8 In respect of any cancelled confirmation of renewal, the Broker shall return to CCIB the renewal confirmation papers within seven days after the renewal date. 9 For so long as the insured person recognises the Broker as his agent, commission will be paid at the rate agreed at the point of placing the insurance, unless any other rate or rates is or are agreed in writing between the parties. 10 The Broker will forthwith refund to CCIB any commission paid in respect of a premium or part premium returned to the insured person. 11 Time of payment of premiums to CCIB is of the essence of this agreement. For all business placed (and for the purpose of this Agreement, business is treated as placed when the insurer goes on risk ) payment in full of the premiums (under deduction only of agreed commission at the point of settlement) and of Insurance Premium Tax shall be made by the broker to CCIB such that CCIB receives the
relevant payment strictly by the twenty-eighth day of cover. The parties expressly agree that if any payment of net premium and Insurance Premium Tax is not made as above then, without prejudice to any other right or remedy available to CCIB, CCIB in its absolute discretion shall be entitled to give to the Broker summary notification of immediate termination of the Agreement without CCIB having any liability to the Broker. Payment of any premium to you shall be deemed to be payment to the insurer. 12 Unless specifically agreed to the contrary, the Broker hereby accepts personal responsibility for payment to CCIB of any premium and Insurance Premium Tax due (whether or not received by the Broker from the insured person) for insurance in respect of which the Broker has released to the insured person any policy, certificate of insurance, cover note, endorsement, confirmation of cover or other related document. In the event of cover terminating before what would otherwise have been the expiry date of the insurance the Broker shall be responsible for payment to CCIB of the premium or time on risk premium. CCIB shall take reasonable steps to mitigate loss to the Broker caused by non-payment of any premium by the insured to the Broker. 13 Each insured person for whom insurance is placed pursuant to this Agreement shall remain the client of the Broker and not of CCIB; but if at any time the broker is in breach of the Agreement or if at any time the Broker s conduct is, in CCIB s opinion, prejudicial to the interests of the insured person, CCIB shall be entitled to collect outstanding premiums direct from the insured person. 14 The Agreement may be terminated (i) in accordance with any provision of this Agreement or (ii) by mutual agreement at any time or (iii) by either party giving seven days written notice to the other at any time or (iv) by CCIB giving the Broker summary notification of immediate termination if the Broker is in material breach of a provision of the Agreement or if the Broker s conduct in relation to this Agreement may, in CCIB s opinion, be prejudicial to the interests of any insured person. Any termination of the Agreement shall be without prejudice to the continued enforceability of any rights which have accrued prior to termination. 15 In all matters relating directly or indirectly to this Agreement the parties shall comply with the ABI Code of Practice and Financial Conduct Authority and other regulatory requirements. Throughout the period in which this
Agreement continues in force, the Broker shall maintain Professional Indemnity cover with a reputable insurer and with a level of indemnity of not less than 1,000,000 and shall if required exhibit evidence of such cover to CCIB. 16 In all of its dealings with CCIB, the Broker shall act in good faith at all times. 17 This Agreement is personal to the Broker and no part of it may be assigned by the Broker, nor may any of the Broker s obligations under this Agreement be transferred or delegated to a third party. 18 This Agreement does not and shall not create any partnership or joint venture between the parties. 19 Each notice, document, consent or approval required or permitted to be given to a party under this Agreement shall be in writing and may be served by leaving the same at, or by sending the same by pre-paid first class recorded delivery post to, that party s address shown above, or such address as that party may have previously notified to the other party. Any notice left at the relevant address as provided in this clause shall be deemed to have been served when delivered; and any notice sent by post as provided in this clause shall be deemed to have been served 48 hours after posting. 20 In this Agreement, person includes a natural person, partnership, company, corporation, association or organisation. 21 The Broker confirms having had full opportunity to take legal advice prior to signing this Agreement. 22 The Agreement will be governed by the Laws of England and Wales and the parties submit to the non-exclusive jurisdiction of the Courts of England and Wales.
SIGNATURE PAGE SIGNED for and on behalf of the parties as follows:- FOR CCIB Signature. Date. Debbie Airey, Managing Director WITNESS Signature.. Name.. Address c/o 66 Derby Road, Longridge, Preston PR3 3FE FOR THE BROKER Signature Date. WITNESS Signature. Name Address