Payment of financing contracts to the General Agencies /Insurance Companies
Payments of financing contracts take place Wednesdays and Fridays through electronic transfer. Our interest is that the contracts are paid immediately to agencies, so that the insurance agent can receive their commission as soon as possible and at the same time, assure the riks of the insured to be properly protected.
AGENT/BROKER REPRESENTATIONS AND WARRANTIES
The Agent or Broker executing this Agreement represents, warrants, and agrees:
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- Signatures Genuine; Insured Has Read this Document. To the best of our knowledge, Insured’s signature is genuine, and Insured has been given a copy of this Agreement.
- Down Payment/Payments Due. The Cash Down Payment shown on page one has been paid by the insured and any portions of which owing to the Insurance Company, General Agent or SPARTAN will be paid within 15 days of receipt. The cash down payment and any installments due from the Insured have been collected.
- Authorization/Recognition. Insured has authorized this finance agreement. Both the Insured and the Agent/Broker recognize the service charge granted herein, pursuant to which the Insured assigns and authorized SPARTAN receipt of all unearned commissions, unearned premiums, endorsements, or other credits. Upon cancellation of any of the policies listed in the Schedule of Policies, the Agent/Broker agrees to immediately pay SPARTAN all unearned commissions, unearned premiums, endorsements, or other credits received by Agent or Broker on behalf of SPARTAN, and should be remitted to SPARTAN within 15 days of receipt. The Agent/Broker should not credit any unearned premium or unearned commission to any other policy or policies that is not stated in the schedule of policies in this agreement. If such funds are not remitted to SPARTAN within 15 days of receipt by the Agent/Broker, the Agent/Broker agrees to pay SPARTAN interest on such funds at the maximum rate allowed by applicable law.
- Policies Effective/Premiums Correct. The policies listed in the Schedule of Policies are in full force on the stated effective date and the premiums are correct.
- No Insolvency. To the best of our knowledge, neither Broker, Insured nor the insurance companies are insolvent or involved in a bankruptcy or similar proceeding as debtor.
- Audit /Direct Billing/Provisional Premiums. None of the policies listed above are subject to Direct Billing, Audit, reporting or retrospective rating provisions.
- Loss Payees Named. Any policies which provide that the premium may be earned earlier in the event of loss shall be communicated to SPARTAN in writing in advance. The Agent/Broker has notified the relevant insurance companies and Insured, that SPARTAN is to be named as a loss payee on any such policies.
- Authorized Issuing Agent. Agent or Broker is authorized by the issuing Insurance Companies and is duly licensed as required by state statute to produce the policies listed herein.
- Not Fully Earned / Eligible to be Financed. Agent or Broker warrants that no premiums being financed are fully earned, either at the time of inception or upon a claim or loss event and the premiums are eligible to be financed. All of the policies listed in the Schedule of Policies are cancellable as per applicable law.