Terms of Statement Sample Clauses

Terms of Statement. 1) “Total Due” amount will reflect Direct Bill Commissions, NET Return Premiums, and outstanding Premium Invoices. 2) If your statement shows a total balance due to ASL on the first day of the month, please remit payment taking ALL credits against balances due. The statement balance is due by the 15th of each month. Your agency will not receive return premium checks on a per-policy basis and/or a commission check. 3) If your statement shows a total credit balance, ASL will disburse a check to your agency for the total amount of your statement within 10 business days. 4) ASL will send Finance Company cancellation returns directly to the finance company, as applicable. It is your agency’s responsibility to send the unearned commission to the finance company. Your office should understand that when you bind a risk with us the earned premium starts immediately, whether or not you have collected the premium from your insured. There are no flat cancellations, and your office is responsible for payment of all earned premiums plus applicable taxes and fees. Thank you for your business. We look forward to receiving the requested information from you and to formalizing our business relationship to operate with you on a Guaranteed Broker (Account Current) status. Best regards, ▇▇▇▇ ▇▇▇▇▇▇▇ Chief Operating Officer Atlantic Specialty Lines Agreement between Atlantic Specialty Lines (hereinafter called ASL) and (hereinafter called PRODUCER). In consideration of ASL placing risks from time to time for a PRODUCER with an insurer or insurers and for mutual promises and covenants set forth, it is agreed as follows: