Number One Agency: Broker Agreement Changes

    Posted by MAIA on January 10, 2018

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    Number One Insurance Agency, Inc. has made revisions and updated some of the language to the Broker Agreement and an updated Products Commission Schedule. Per the agreement, all active brokers have been made aware of the changes.

    No action is needed on behalf of current brokers. We suggest maintaining a copy of the changes and revised commission schedule with any previously executed Broker Agreement. 

    Number_One_logo_Small.jpgNotable changes to the agreement  include:

    1. The incorporation of the existing “Third-Party Agreement” regarding the “Compliance of regulation 201CMR17.00: Standards for the Protection of Personal Information of Residents of the Commonwealth” within the Broker Agreement for simplification. A separate “Third Party Agreement” will no longer be used.

    2. Revised Product Commission Schedules 
      Schedule A: RLI Insurance Company
      Removed separate commissions for PUP Special policies.
      PUP Special policies will now be paid the regular New and Renewal Business Rate of 10%.

      Schedule D: Liquor Liability GL, CP & Excess Hospitality Mutual Insurance Co.
      Added Commission amounts for Commercial GL & CP - New Business 15% / Renewal Business 10%.

    The Number One Insurance Agency provides a number of markets as a benefit of membership to MAIA.

    Cover Your Clients

    Cover Your Agency

     Questions regarding the changes to the broker agreement can be directed to Ann Tobin, VP of Agency Services at atobin@massagent.com or at 508-634-7366.  

     


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    Topics: The Massachusetts Agent

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