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The Fine Print: Wholesale and Retail Broker Contracts Must Spell Out Roles, Responsibilities and Expectations

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Risk & Insurance
July 18, 2016

Mark Robinson was featured in the article “The Fine Print: Wholesale and retail broker contracts must spell out roles, responsibilities and expectations,” published in Risk & Insurance on July 18, 2016. The article addresses how it is imperative for wholesale insurance brokers to have formal written agreements in place with their retail producers so as to reduce the potential for disagreements and litigation. Mr. Robinson notes, for example,  that “while some of the key points that should be included in a written agreement are rather obvious — commission rates, payment of premiums, etc. — other essential terms such as the scope of binding authority, special cancellation provisions, and ownership of expirations can be much more nuanced, and should be spelled out in detail so as to mitigate the risk of conflicting interpretations."