How Insurers Can Strengthen Agreements With Retailers
Law360, New York (March 29, 2016, 10:39 AM EDT) -- Do you have written agreements with your retail producers? Do your retail agreements address the key areas of potential exposure? It is highly recommended that wholesale insurance brokers enter into formal written agreements with retail producers that identify key points in the relationship, including respective duties and obligations. It is alarmingly common for a wholesaler to not have a formal written agreement in place with retail producers, which exposes the wholesaler to a range of liability. This article will identify the critical provisions that should be considered in an agreement with a retail producer.
1. Binding Authority
The agreement should expressly provide...
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