NY state starting new insurance agency need help with understanding the agreement.

[1qaz9106]

Jurisdiction

New York

What is the name of your state? New York.

Good Evening Everyone,
I'm going to sign an agreement with insurance agency (wholesaler) joining his network and then I will become the broker （retail insurance agency） under him.

While I was reading the agreement I noticed that the wholesaler did not put some provision in the agreement , for example one that is important would be exit clause. So I asked he said it is going to be easy for me to exit his network just give him 30 days notice that is all he need. I'm concerned about this. Is it really going to be this easy?

Please help review following contract see if anything else important need to be careful before signing.
Thank you for your help!

 

[army judge]

What is the name of your state? New York.

Good Evening Everyone,
I'm going to sign an agreement with insurance agency (wholesaler) joining his network and then I will become the broker （retail insurance agency） under him.

While I was reading the agreement I noticed that the wholesaler did not put some provision in the agreement , for example one that is important would be exit clause. So I asked he said it is going to be easy for me to exit his network just give him 30 days notice that is all he need. I'm concerned about this. Is it really going to be this easy?

Please help review following contract see if anything else important need to be careful before signing.
Thank you for your help!

If you have doubts about the contract, internet strangers will be useless to you.

In fact, strangers could inadvertently do you more harm than the harm you fear.

If you desire certainty, retain the services of a business attorney, or even a general practitioner to review the contract and provide you with a written legal opinion regarding the proposed contract.

Free advice is rarely advice a person should rely on, especially in complex situations.

 

[adjusterjack]

While I was reading the agreement I noticed that the wholesaler did not put some provision in the agreement , for example one that is important would be exit clause. So I asked he said it is going to be easy for me to exit his network just give him 30 days notice that is all he need. I'm concerned about this. Is it really going to be this easy?

Paragraphs 15 and 20 address termination of the agreement with the specified notice. Paragraph 15 says the agreement can be terminated immediately by either party. There is no requirement for 30 days notice but you can certainly give 30 days notice as a courtesy.

The agency would still be obligated to pay you whatever commissions accrue after termination and you would be obligated to pay any premiums and chargebacks that accrue after termination.

All in all, in spite of being 5 pages, it seems pretty straightforward and written in plain English without much legalese.

I see that you've posted your question on 3 sites but you missed the one site that is inhabited by dozens of insurance professionals.

Insurance Forums (insurance-forums.com)

Post your questions over there.

If you still have doubts after that have the contract reviewed by an attorney.

 

[1qaz9106]

Good evening,

I am planning to start my own insurance brokerage in New York, and I have a question regarding whether I am permitted to assist individuals who are not my clients. Specifically, I wish to provide help to those who speak English as a second language with their insurance claims, by translating, making follow-up calls, and assisting them in understanding the next steps. My aim is to offer this service as a way to convert them into potential future customers.

However, I am concerned about potential liability issues that may arise from offering such services. I would like to know if there is a waiver or release of liability form that I could use to protect myself in case of any issues that may arise.

Thank you for your advice and guidance on this matter.

 

[adjusterjack]

Same answer I gave you on the other site.

You are likely going to need a public adjuster's license in NY.

Licensing Application: Adjuster Independent or Public | Department of Financial Services (ny.gov)