NON-EXCLUSIVE TERRITORIAL LIMIT / AGENT OF RECORD LETTERS Sample Clauses

NON-EXCLUSIVE TERRITORIAL LIMIT / AGENT OF RECORD LETTERS. The non-exclusive territorial limit to which this AGREEMENT shall apply, and in which the non-exclusive authority of the AGENCY or AGENT shall exist, is limited to the states identified in Exhibit A. The territorial limit may be changed at the sole option of MGA upon written notice to the AGENCY or AGENT of such change. It is understood that MGA may contract with other agencies and agents in all states and territories in which it intends to conduct business. This AGREEMENT shall not be construed to convey to AGENCY or AGENT an exclusive' right to represent MGA in any state or territory. AGENCY or AGENT acknowledge and agree that the MGA will accept Agent of Record letters (AORs) from insureds represented by agencies or agents appointed by the Company, including the AGENCY or AGENT. If the prior agency or agent for an insured submitting an updated AOR is also appointed by the Company, then there will be a 30 day moratorium on the new agency or agent designated in an AOR, including the AGENCY or AGENT, from quoting coverage for that insured via the MGA with the CARRIERS. If the prior agent for such an insured is not appointed by the MGA or CARRIERS, as applicable, then no such moratorium shall exist. AGENCY or AGENT acknowledge and agree that the MGA and CARRIERS will have a 6 month moratorium on binding any coverage for an insured coming off of a policy with less than 12 months of coverage (meaning the MGA and CARRIERS will not bind mid-term cancellations), unless; (i) the MGA or CARRIERS are responsible for the cancellation which caused less than 12 months coverage, (ii) the incumbent AGENCY or AGENT for the mid-term cancelled policy remains the AGENCY or AGENT on the policy proposed to be written with the CARRIERS, (iii) the mid-term cancellation results from a sale of the insured property, and a copy of the deed showing the transfer of ownership is submitted to the MGA, or (iv) the mid-term cancellation results from the insured property entering foreclosure, and a court order or other documentation attesting termination of the insured property mortgage borrower's equitable right of redemption by operation of law is submitted to the MGA.
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Related to NON-EXCLUSIVE TERRITORIAL LIMIT / AGENT OF RECORD LETTERS

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