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Co Broker Agreement (Insurance)
"Need a Co-Broker Agreement (Insurance) for collaboration between our Mumbai-based insurance broker and a specialized cyber insurance broker in Bangalore, with a 60-40 commission split and specific provisions for handling technology sector clients."
1. Parties: Identification of the co-broking parties with their respective licensing and registration details
2. Background: Context of the agreement and brief description of the parties' business activities
3. Definitions: Definitions of key terms used throughout the agreement
4. Scope of Agreement: Details of the co-broking arrangement and covered insurance classes
5. Roles and Responsibilities: Specific duties and obligations of each broker in the arrangement
6. Licensing and Compliance: Confirmation of regulatory compliance and maintenance of required licenses
7. Commission Sharing: Structure and terms of commission sharing between the co-brokers
8. Client Ownership: Terms regarding client relationships and data ownership
9. Confidentiality: Obligations regarding confidential information handling
10. Term and Termination: Duration of agreement and conditions for termination
11. Indemnification: Mutual indemnification obligations and liability limitations
12. Dispute Resolution: Process for resolving disputes between parties
13. Governing Law: Specification of Indian law as governing law and jurisdiction
14. General Provisions: Standard boilerplate clauses including notices, amendments, and severability
1. Digital Services: Terms for digital platform sharing or online collaboration, used when parties operate digital insurance platforms
2. International Business: Additional terms for international insurance placement, included when dealing with cross-border business
3. Training and Support: Terms regarding mutual training and support obligations, included when parties agree to knowledge sharing
4. Marketing and Branding: Guidelines for co-branded marketing activities, used when parties plan joint marketing initiatives
5. Claims Handling: Specific procedures for claims handling cooperation, included when parties share claims responsibilities
6. Sub-broking Arrangements: Terms for engaging sub-brokers, included when sub-broking is contemplated
1. Schedule A - Commission Split Details: Detailed breakdown of commission sharing percentages by insurance class
2. Schedule B - Territory and Product Matrix: List of covered territories and insurance products under the agreement
3. Schedule C - Service Level Agreement: Specific service standards and response times for various activities
4. Schedule D - Compliance Checklist: List of regulatory requirements and compliance obligations
5. Schedule E - Contact Details: Key personnel and escalation matrix for both parties
6. Appendix 1 - Required Licenses: Copies of current broker licenses and registrations
7. Appendix 2 - Standard Operating Procedures: Detailed procedures for day-to-day operations and collaboration
8. Appendix 3 - Data Protection Protocol: Specific procedures for handling client data and maintaining confidentiality
Authors
Insurance
Financial Services
Risk Management
Corporate Insurance
Reinsurance
Insurance Technology
Professional Services
Legal
Compliance
Operations
Business Development
Risk Management
Broker Relations
Client Services
Technical
Claims
Regulatory Affairs
Partnership Management
Insurance Broker
Compliance Officer
Risk Manager
Business Development Manager
Operations Director
Legal Counsel
Partnership Manager
Chief Executive Officer
Chief Operating Officer
Relationship Manager
Insurance Placement Specialist
Regulatory Affairs Manager
Claims Manager
Technical Director
Managing Director
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