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  • This Agreement is made and entered into this day of , by and between Cossio Insurance Agency (hereafter referred to as “WHOLESALER”) and , an insurance agency licensed in the state of (hereafter referred to as “PRODUCER”).

    WHEREAS,  PRODUCER desires to procure from time to time for his clients various insurance coverages through the facilities of WHOLESALER, and WHEREAS, WHOLESALER desires to make its facilities available to PRODUCER in cases where the terms are mutually agreeable to PRODUCER and WHOLESALER.

    NOW, THEREFORE, it is mutually agreed as follows:

    1.  OWNERSHIP of the BUSINESS.  WHOLESALER  recognizes the independent ownership by the PRODUCER of the insurance business subject to this Agreement; however, in the event it becomes necessary for PRODUCER to cancel this Agreement by reason of violation by the PRODUCER  of any of the provisions of this Agreement, before or after termination, the use and control of expirations shall be vested in WHOLESALER insofar as they may be necessary to satisfy the interest of WHOLESALER.

    2.    COMMISSION.  WHOLESALER shall pay PRODUCER as commission, a percentage rate of the premium on each policy written and paid for under this Agreement at the rate of commission agreed on each risk or from time to time.  PRODUCER shall promptly pay WHOLESALER a return commission at the same rate as originally paid or allowed on any return premiums.

    3.  PREMIUMS and ACCOUNTS.  WHOLESALER will render PRODUCER a Statement of Premiums Due by the 10th day of each month, showing all transactions for the previous month, and PRODUCER shall make payment to WHOLESALER not later than the 20th  of the calendar month in which the statement is received for the balance shown thereon to be due.

    WHOLESALER reserves the right to make specific exceptions to the above premium payment terms when, in the sole and exclusive judgment of WHOLESALER, circumstances or conditions require earlier payment of a transaction.

    PRODUCER agrees that any extension of credit by him to his client or to any other person is solely at his own risk, and he shall pay to WHOLESALER all sums due WHOLESALER when due, whether or not he has collected such moneys from others who may owe it to him.

    PRODUCER agrees that he shall be responsible for payment to WHOLESALER for any minimum earned premium, whether collected from the insured or not, as stated on either the quotation, binder, or policy issued or produced by WHOLESALER including when a policy is declared void ab initio under Florida statute Section 626.9201.

    PRODUCER agrees that if WHOLESALER is required to take any legal action whatsoever against PRODUCER to recover against PRODUCER or any Guarantor individually, PRODUCER or Guarantor(s) individually, agree to pay reasonable attorney’s fees and costs incurred in such action.

    4.  PREMIUM FINANCING.  WHOLESALER recognizes that PRODUCER may arrange premium financing for his clients through established premium financing facilities.  If PRODUCER does so, PRODUCER agrees to forward promptly a copy of the finance agreement to WHOLESALER so that WHOLESALER may be aware of its terms and conditions,  however unless WHOLESALER expressly agrees otherwise, he shall not be bound by such terms and conditions. PRODUCER further agrees to identify WHOLESALER as the issuing agent on the finance agreement.

    PRODUCER further agrees that unless otherwise expressly agreed to by the WHOLESALER, payments by the premium  finance company shall be made directly to WHOLESALER and not to PRODUCER. PRODUCER shall be responsible to WHOLESALER for any additional balance due.

    5.  CANCELLATION of INSURANCES.  Nothing in this Agreement shall be construed as limiting or restricting the right of WHOLESALER to cancel any binder, policy, covernote or certificate of insurance issued under this Agreement in accordance with the cancellation provisions of such binder, policy, covernote or certificate.  No insurance contract may be returned to WHOLESALER by PRODUCER for flat cancellation unless it has been received by WHOLESALER prior to the effective date of the policy.

    6.   CLAIMS.   PRODUCER shall immediately notify WHOLESALER of all claims, suits, and notices of loss and agrees to cooperate fully with WHOLESALER and any insurance company represented by WHOLESALER to facilitate the investigation, adjustment, settlement and payment of any claim when and as requested by WHOLESALER, and under any procedures as may be agreed from time to time.

    7.   NOTICE OF EXPIRATION.  Any custom or usage to the contrary notwithstanding, WHOLESALER does not assume any responsibility for giving, and shall be under no obligation to give PRODUCER, the insured or any other person, firm or corporation, notice of expiration of any policies of insurance, whether prior to or after expiration, termination or cancellation thereof, which PRODUCER procures from time to time through the facilities of WHOLESALER. WHOLESALER may make an effort to give PRODUCER some advance notice of the expiration of any policies of insurance, but the failure of WHOLESALER to provide such notice for whatever reason,   or no reason,  and whether through intentional or negligent omission or commission, or otherwise, shall not render WHOLESALER liable to PRODUCER, the insured or any other person, firm or corporation, and WHOLESALER shall in no way be responsible to notify PRODUCER, the insured or any other person, firm, or corporation of the expiration date of any policy of insurance.

    8.  PRODUCER NOT AGENT OR REPRESENTATIVE.  PRODUCER is an independent contractor and is not the agent of and has no authority to bind WHOLESALER, or any insurer with which WHOLESALER places risks on behalf of PRODUCER. PRODUCER shall not issue binders, policies, endorsements, other evidences of insurance, or notices of cancellation or non-renewal, in connection with the business it conducts with PRODUCER.  If any of such documents are issued by PRODUCER in connection with the business it conducts with WHOLESALER, they shall be of no effect even if copies issued by PRODUCER are furnished to WHOLESALER.

    Notice to PRODUCER of change in risk does not constitute notice to WHOLESALER or the insurer.   No act, statement or agreement of PRODUCER shall in any way be binding on WHOLESALER or any insurer represented by WHOLESALER unless PRODUCER shall have first received written approval from WHOLESALER to so state, act or agree in the particular and specific instance involved.

    9.  PRODUCER’S WARRANTY.  PRODUCER warrants that he is properly licensed in all appropriate jurisdictions for the classes of business to be conducted and the coverages of insurance to be procured through the facilities of WHOLESALER.

    10.  CANCELLATION of AGREEMENT. This Agreement may be canceled at any time by either party giving written notice to the other.  After the date of cancellation of this Agreement, unless otherwise stipulated at the option of WHOLESALER, PRODUCER shall complete the collection and account to WHOLESALER  for all premiums, commissions and other transactions unaccounted for on the date of cancellation or arising thereafter in respect of outstanding insurance.  In case WHOLESALER shall find it necessary to perform any duty otherwise required of PRODUCER under this Agreement, Producer shall be liable for all costs incident thereto.

    11.   INDEMNIFICATION.   Each party agrees to indemnify and hold harmless the other party, and its officers, directors and employees, from any damage or liability for loss, costs, expenses, fines or penalties, including punitive or exemplary damages, and all costs of defense, resulting from any negligent or intentional wrongful act, error or omission related to the business covered by this Agreement, or resulting from any violation of this Agreement, or resulting from any act or transaction in excess or in contravention of the power and authority granted under this Agreement.

    WHOLESALER assumes no responsibility toward any policyholder or Producer with regard to the adequacy, amount or form of coverage obtained from WHOLESALER.   PRODUCER agrees to indemnify and hold WHOLESALER harmless from any and all liabilities, expenses, costs (including attorneys’ fees), obligations, losses, damages and deficiencies resulting from any claim asserted against WHOLESALER with regard to the adequacy, amount or form of coverage obtained.

    12.  GUARANTEE.  In the event PRODUCER under this Agreement is a corporation it is further understood and agreed that the individual stockholders of the Corporation hereby guarantee that all conditions of this Agreement and any supplement, amendment, extensions or renewals thereof are binding upon them severally and jointly in the same manner as upon the Corporation named as PRODUCER.

    13.  JURISDICTION.  The laws of the State of Florida shall govern all matters concerning the validity, performance of, and interpretation of this Agreement.

    14.  GENERAL PROVISIONS.  In the event that any clause or provision of this Agreement is held to be invalid by any court of competent jurisdiction, the invalidity of such clause or provision shall not affect any other provision of this Agreement.  Failure of any party to insist on strict compliance with the provisions of this Agreement shall not constitute waiver  of  the  party’s  right  to  demand later  compliance with  the  same or  other  provisions of  this Agreement.

    In WITNESS WHEREOF, the parties hereto set their hands in signature this date:

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