Broker Agency Agreement (Page 2 of 7) in pdf

Broker Agency Agreement Page 2

Commissions

2. We will pay You the Commission set out in the Schedule under Clause 1 or as

otherwise agreed in writing. This Commission is calculated on Base Premium and

is not payable on stamp duty, Fire Services Levy, GST or any other applicable

charges.

Payment

3. We will invoice You for each cover bound but We are under no obligation to

provide statements.

4. You will forward the full amount of premium and charges (less any

commission/brokerage payable and the GST applicable) to Us within the period

noted under Clause 3 of the attached Schedule.

If You have not collected premium within the period referred to in Clause 3, You

must notify Us immediately.

Where a claim occurs under a contract of insurance and the premium has not

been paid to Us, You must collect the premium and pay the premium to Us before

we will authorise and pay the claim.

Interim Cover

We may issue interim contracts for up to the period listed in Clause 2 of the

Schedule. Where We do so, You must forward the required documentation to Us

prior to the expiry of this period unless otherwise agreed in writing.

Short Term Premiums

Where Your Client does not accept an offer to insure or an offer to renew a

contract of insurance, We may charge a premium for the period during which We

provided cover under any interim contract of insurance (“Short Term

Premium”).

Where We are entitled to charge a Short Term Premium, the Short Term

Premium will be calculated on a pro rata basis.

Hold Covered

10 Unless We advise You otherwise, when a contract of insurance expires We will

provide interim cover on renewal terms invited until the earliest of the following

times:

30 days from expiry date subject to advice of cover required

When the cover is effected by Us under another contract of insurance

When You cancel the interim cover

Page 2 of 7

Broker Agency Agreement Page 2