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...s the largest portion of marital property. In most cases, a lump sum or sched...that is often done to the productivity and sales activity of the agency operat...

... questions will now be touched on. There are several legal forms of organization for an insurance production agency. In choosing, the broker-agent should consider how he will ultimately dispose of the agency, as well as current operations. I will cover the most usual forms for property and casualty production agencies. The agency business may be owned by an individual, either operating alone or in a cluster with other individuals. One or more agents may operate in a general partnership. The agency may also be operated by a corporation, owned by ... obligations of the members are. I will first consider a simple unincorporated cluster. I will then discuss a cluster with an overlying corporation. A cluster retains many advantages of individual proprietorship. Members retain ownership and control of their individual businesses. Relative simplicity of operation is preserved. A cluster also may bring business advantages over a proprietorship. Members may be able to get assistance from other agents. Members may be able to share markets. Members may qualify for other benefits not available to individuals, such as all being combined for company ... sharing purposes, or better errors & omissions coverage. Members may share expenses and reduce their costs. Other members of the cluster may be potential purchasers of the agent's business on his retirement. A cluster brings risks as well. No corporate protection for lawsuits exists under an unincorporated cluster agreement. The cluster may be held to be a general partnership, with individual liability for debts of other members or the cluster. For this reason, the members must take care to avoid partnership appearances. They should continue to do business in their ...

...l cover the most usual forms for property and casualty production agencies. T...ding. If the ESOP were set up earlier, and could gradually build up funds to b...

...ate coverage for the underground property damages. The general contractorR...ave a system. Innovation, spontaneity, and creativity have their place in age...

...sions less return commissions on property and casualty insurance with an incep...e numbering of the Sellers' warranties and representations in said section 3. ...

... assets. Even a non-working spouse may be seen as having contributed to the success of the business and be legally entitled to part of the value. Coming to an equitable settlement can be difficult when the agency has prospered and its value represents the largest portion of marital property. In most cases, a lump sum or schedule of payments from the agency owner to the spouse will be imposed by the divorce settlement. If these payments are excessive, they can seriously hamper agency expansion efforts or may aggravate existing differences between several owners. ... . In general, handbooks should avoid generalities that can be harmful, such as We always promote from within. They should not include a list of particular actions that could lead to discharge unless it is specified that the list is only partial. Agency owners that wish to preserve the right to termination at will should be careful that the manual does not establish an agreement to discharge only for good cause. When the manual is distributed, the employees should be asked to sign a paper acknowledging that they have received and read the manual and ... All Back Avoiding Adverse Legal Decisions 4/30/2013 10:36:15 PM by CompleteMarkets Editor , Carol Hammes This content has not been rated yet. AVOIDING ADVERSE LEGAL DECISIONS by Carol Hammes Several months ago we addressed the potential for lawsuits associated with agency errors and omissions. Unfortunately, there are a number of other threats to the small business owner that can turn the life of even the most cautious agency principal into a real nightmare. This month we will deal with two types of legal action that can seriously drain ...

...t contractor relationship in the property & casualty insurance field than in o...y interest are set forth in chapters 5 and 6 on disposing of interests in an a...

.... Every agent in the Commercial Property/Casualty insurance marketplace is se...ary E. Jacobson, JD can be reached at Vander Wel, Jacobson, Bishop & Magnusson...