Common use of Contingent Compensation Clause in Contracts

Contingent Compensation. ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ may accept certain forms of contingent compensation in locations where they are legally permissible, and meet standards and controls to address conflicts of interest. Because insurers account for contingent payments when developing general pricing, the price our clients pay for their policies is not affected whether ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ accepts contingent payments or not. If a ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ client prefers that we not accept contingent compensation related to their account, we will request that the client’s insurer(s) exclude that client’s business from their contingent payment calculations. WillPLACE, a proprietary online tool, provides ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ brokers with access to global placement information so that we can seek to develop solutions for you with appropriate markets at competitive prices and terms. Some insurers pay ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ an Administration and Maintenance Fee for reporting on their book of business. Some of these insurers pay ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ an additional fee: (i) equal to 1% of the premium cost for placements matched through the WillPLACE system; or (ii) negotiated as a fixed fee, including where required by the law of a particular jurisdiction, or where such services are provided under a broader agreement covering a range of carrier services. Insurers have agreed that they will bear this fee as part of their operating costs and not to increase premiums directly payable by ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇’▇ clients.

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Contingent Compensation. ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ may accept certain forms of contingent compensation in locations where they are legally permissible, and meet standards and controls to address conflicts of interest. Because insurers account for contingent payments when developing general pricing, the price our clients pay for their policies is not affected whether ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ accepts contingent payments or not. If a ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ client prefers that we not accept contingent compensation related to their account, we will request that the client’s insurer(s) exclude that client’s business from their contingent payment calculations. calculations WillPLACE, a proprietary online tool, provides ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ brokers with access to global placement information so that we can seek to develop solutions for you with appropriate markets at competitive prices and terms. Some insurers pay ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ an Administration and Maintenance Fee for reporting on their book of business. Some of these insurers pay ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ an additional fee: (i) equal to 1% of the premium cost for placements matched through the WillPLACE system; or (ii) negotiated as a fixed fee, including where required by the law of a particular jurisdiction, or where such services are provided under a broader agreement covering a range of carrier services. Insurers have agreed that they will bear this fee as part of their operating costs and not to increase premiums directly payable by ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇’▇ clients.