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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...

...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...

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

... the insured had all the coverages required by the general contractor's contract. The general contractor reported a loss arising from the insured's work. The loss resulted in discontinuation of underground utility service to a major manufacturing plant. The insured did not have appropriate coverage for the underground property damages. The general contractor's insurance carrier responded to the loss, and then subrogated against the insured. The insured then sued the agent. Result: Finding for the plaintiff (the insured) . Failure to obtain proper coverage accounts for more than 50% of ... (application component) Arranges for payment selection (accounting component) Maintains interim service (service component) Reviews changes in client profiles (renewal component) Maintains quality of staff training (training component) Because these system components are interrelated, it's vital to use procedures that preserve their integrity. First, it's important to define "automation." If the computer database includes only accounting information, the agency isn't really automated. Remember that accounting is only one system component. The truly automated agency is driven by a single database that includes ... obstacles individual jurisdictions have set to bar the recovery of damages, your agency has a duty to meet certain professional standards of care. With this fact in mind, here are some observations about what constitutes such conduct, how failure to meet the standards can lead to errors and omissions (E &O ) claims, and what you can do to prevent such claims. As you read this article, keep in mind that each jurisdiction has its own ideas about what is correct or incorrect agency conduct. Your first duty is to ...

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

...s in which to renew all existing property and casualty insurance business for ... EXHIBIT 14 DISCLOSURES OF THE SELLER AND STOCKHOLDER PURSUANT TO SECTION 14

... pays a portion of his commissions to the production agency in exchange for use of its facilities, and can leave and take his expirations with him. The historical right of an agent to ownership of his expirations gives more economic substance to an independent contractor relationship in the property & casualty insurance field than in others. 2.2.2 Compensation. Producer compensation is to some extent determined by supply & demand. The salary or commission paid by an agency must approach what is paid by the agency down the street, or the best producers will be ... , i.e., when an owner is selling his entire interest in the agency. Buy-sell Agreements or similar arrangements are needed to provide for the death or departure of an owner. Corporate documents such as minutes of incorporated agencies should be kept current, in order to preserve the corporation from attempts to pierce the corporate veil' and sue the individual owners. 2.2 Producer contracts. Every agency should have a form of employment (or independent contractor) contract with its producers at a minimum, and ideally with each of its employees. ... independent contractors or employees, as well as for the production agency they are associated with, to spell out everyone's rights and duties. In particular, the agreement should state whether it is terminable at will, what benefits the contractor/employee may expect, and how errors & omissions claims are to be handled. Anti-Piracy Agreements are important for owners of expirations, whether individual producers or production agencies, to protect trade secrets. Non-competition Agreements are also important in those cases where such agreements are legal, i.e., when an owner ...

... ), with the flexibility and tax advantages of a partnership. However, along with those benefits and flexibility comes its inevitable corollary: complexity. The very fact that you have so much flexibility means that you're dealing with a complex entity. Every agent in the Commercial Property/Casualty insurance marketplace is seeing a steadily increasing number of clients organized as LLCs. To serve them properly and avoid E&O exposure, agents needs to know the basics of LLCs. It's also nice to be aware of their additional sales opportunities! Agency ... on details of the specific LLC, they may be similar to either a general or a limited partnership when a membership interest is sold. Conversion of a general partnership into an LLC is usually pretty simple. It can probably be done with no tax effects, while preserving the same relationships among the partners as before the conversion. On the other hand, conversion of a limited partnership into an LLC can be difficult, depending on the provisions of the limited partnership agreement. In principal, it can be done tax free; however ... , does the person you're dealing with have the authority to bind the LLC on purchasing insurance? Does the LLC need insurance to receive the Liability protection of an LLC? In some states, a professional LLC (PLLC) may be required by statute to take out Errors & Omissions (E &O ) insurance; otherwise, the members themselves may be held liable up to that limit. What, if any, personal assets of the LLC owners are exposed to possible loss through a lawsuit? Is additional coverage needed to protect ...

...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...