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... direct bill was strictly a Personal Lines billing method, used predominantly in Personal Auto. Today, direct bill has found its way into the Commercial arena. The claim involves a $200,000 lawsuit against both the agent and the carrier for improper cancellation of a Fidelity Bond. The agent had placed a Commercial package policy for a homeowners association. The premium was direct billed, except for the bond, which was agency billed. When the client completed the application, the premium they paid to the carrier included the premium for ... bond. The carrier then refunded the bond portion to the client on the basis that it was to be agency billed. Meanwhile, the agent, looking for payment of the bond, was following up with notices for the owed bond premium. When the client didn't respond, the agent requested that the carrier cancel the bond for non-payment of premium. The homeowners association then reported an embezzlement of some $200,000 by a prior organization president. When they submitted a claim under the bond, the carrier denied coverage due to ... carriers, wholesalers and service providers. Negotiate lucrative contracts with carriers and wholesalers. Net result. More revenue for your agency! Clients & Prospects will research you, your co-workers and your agency here. The most comprehensive online insurance industry reference library for - Personal Lines Professionals Commercial Lines Professionals Life/Health & Benefits Professionals Online newsletters and content that you can use for your clients and social media efforts. Ability to attach leads and clients to your specific market searches, with e-mail alerts for all the market, articles, blogs and ...

...bably not be covered. However, a Fidelity bond (for employee dishonesty), whi...e the significant protection that Professional Liability insurance provides — ...

...cant failures (Kentucky Central, Fidelity Mutual, and Confederation Life as th...

... Address: _____ Phone: Home____ Work____ COMMERCIAL 1. [ ] TOTAL PREMIUM MORE THAN $2 ,400/yr. 2. AUTO OR FLEET [ ] new or add'l. vehicles [ ] new drivers 3. BONDS [ ] BID-performance [ ] fidelity [ ] other: type____ 4. FIRE [ ] new or add'l. location [ ] enlarging premises 5. LIENHOLDER OR LOANS [ ] new or add'l. 6. AUDITS [ ] experience credits [ ] large add'l. premium 7. [ ] NEW ... LEAD FORM Name: _____ Address: _____ Phone: Home____ Work____ COMMERCIAL 1. [ ] TOTAL PREMIUM MORE THAN $2 ,400/yr. 2. AUTO OR FLEET [ ] new or add'l. vehicles [ ] new drivers 3. BONDS [ ] BID-performance [ ] fidelity [ ] other: type____ 4. FIRE [ ] new or add'l. location [ ] enlarging premises 5. LIENHOLDER OR LOANS [ ] new or add'l. 6. AUDITS [ ] experience credits [ ] large add'l. ... carriers, wholesalers and service providers. Negotiate lucrative contracts with carriers and wholesalers. Net result. More revenue for your agency! Clients & Prospects will research you, your co-workers and your agency here. The most comprehensive online insurance industry reference library for - Personal Lines Professionals Commercial Lines Professionals Life/Health & Benefits Professionals Online newsletters and content that you can use for your clients and social media efforts. Ability to attach leads and clients to your specific market searches, with e-mail alerts for all the market, articles, blogs and ...

...3. BONDS [ ] BID-performance [ ] fidelity [ ] other: type_____________________...pensation [ ] F, E.C. [ ] Crime [ ] Liability [ ] other:______________________...

... a claim, this should be a covered expense. However, this is not clear in some policies. Determine the intent of your policy, if it is not clear. If an insured employee commits fraud, this would probably not be covered. However, a Fidelity bond (for employee dishonesty), which should be a standard part of your Commercial insurance package, is designed to cover this exposure. Hold-harmless clauses in contracts are becoming increasingly popular. Be aware that most E&O policies exclude "liability of others assumed ... contract." If you agree to hold another party harmless and indemnify them for legal costs, etc., you will have to pay these expenses out of your pocket, because the E&O underwriting process is based on the risks that are apparent on the application. Unknown liability is not an anticipated exposure and can't be analyzed, rated, and assumed. "What would make me an undesirable risk?" There are reasons other than frequent claims experience for declining coverage An E&O program should have insureds with similar ... . Offering Life and Health insurance involves Errors & Omissions exposures that require special guidelines. "I've heard I should do business only with insured agents or subproducers. Why?" It's prudent to do business with individuals who consider E&O important because they're generally more professional in their understanding of protecting business and personal assets. If they're concerned enough about errors to buy E&O , they're probably also implementing stronger in-house controls to prevent such errors. Few agents buy E&O as a safety net for recklessness. Second, ...

... to indemnify and hold Employer harmless from any claims arising out of the operation of such automobile by Employee. (v ) Qualification for Surety Bond. Employee agrees that he or she will furnish all information and take any other steps necessary to enable Employer to obtain a Fidelity bond conditioned on the rendering of a true account by Employee of all moneys, goods, or other property which may come into the custody, charge, or possession of Employee during the term of his or her employment. The surety company issuing the bond and ... property damage in one accident, and Employee shall deliver to Employer a true copy of such Automobile Liability insurance policy. Employee agrees to indemnify and hold Employer harmless from any claims arising out of the operation of such automobile by Employee. (v ) Qualification for Surety Bond. Employee agrees that he or she will furnish all information and take any other steps necessary to enable Employer to obtain a Fidelity bond conditioned on the rendering of a true account by Employee of all moneys, goods, or other property which may come into the ... employee, or shareholder of any other corporation, or as a trustee, a fiduciary, or other representative of any other entity. Making passive and personal investments and conducting private business affairs not inconsistent with this Agreement shall not be prohibited under this Agreement. 5. Professional Standards. Employee shall perform his or her duties as an insurance salesperson under this Agreement in accordance with such standards of professional ethics and practice as may from time to time be applicable during the term of his or her employment hereunder. 6. Employee's Authority. ...

... hold Employer harmless from any claims arising out of the operation of such automobile by Employee. &# 160 (v ) Qualification for Surety Bond. Employee agrees that he or she will furnish all information and take any other steps necessary to enable Employer to obtain a Fidelity bond conditioned on the rendering of a true account by Employee of all moneys, goods, or other property which may come into the custody, charge, or possession of Employee during the term of his or her employment. The surety company issuing the bond and ... one accident, and Employee shall deliver to Employer a true copy of such Automobile Liability insurance policy. Employee agrees to indemnify and hold Employer harmless from any claims arising out of the operation of such automobile by Employee. &# 160 (v ) Qualification for Surety Bond. Employee agrees that he or she will furnish all information and take any other steps necessary to enable Employer to obtain a Fidelity bond conditioned on the rendering of a true account by Employee of all moneys, goods, or other property which may come into the ... shareholder of any other corporation, or as a trustee, a fiduciary, or other representative of any other entity. Making passive and personal investments and conducting private business affairs not inconsistent with this Agreement shall not be prohibited under this Agreement. &# 160 5. Professional Standards. Employee shall perform his or her duties as an insurance salesperson under this Agreement in accordance with such standards of professional ethics and practice as may from time to time be applicable during the term of his or her employment hereunder. &# 160 6. ...

... the definition of Accounts shall be all of the expirations, expiration data and files and records with respect to an Account. (b ) Insurance' shall mean and include all lines of insurance including property, casualty, life and life related lines together with surety and fidelity bonds except in instances where the word insurance' shall be specifically limited to any one or more line of business. (c ) Net Annual Commissions' shall mean gross annual commissions less return commissions excluding all so-called contingent, bonus and profit sharing commissions. Included ... Net Annual Commissions shall be all fees received from Accounts for the placement of insurance or other services but shall exclude so-called late charges on overdue premiums. Commissions on so-called audit premiums shall be included as Net Annual Commissions. (d ) Book Value' shall mean the stated value of all assets less depreciation but excluding goodwill, covenants not to compete, Accounts and other intangible assets less liabilities of every name and nature. Additionally, there shall be excluded from Book Value the death benefit payable from life insurance, if any, on ... carriers, wholesalers and service providers. Negotiate lucrative contracts with carriers and wholesalers. Net result. More revenue for your agency! Clients & Prospects will research you, your co-workers and your agency here. The most comprehensive online insurance industry reference library for - Personal Lines Professionals Commercial Lines Professionals Life/Health & Benefits Professionals Online newsletters and content that you can use for your clients and social media efforts. Ability to attach leads and clients to your specific market searches, with e-mail alerts for all the market, articles, blogs and ...

...eering and inspection services. Fidelity. Fidelity bonds also are less often written wi...artial risk retention often used in Liability lines. Types of Deductibles St...