Changing Agencies/ Book Ownership Need Help

Feb 29, 2016

  1. Insur
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    Insur New Member

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    Ok I need some help.

    I am agent in Louisiana and I work for an independent agency where I get paid a percentage new and renewal(45%). I have a book that is about 2 million in premium.

    I am looking at an opportunity to go to a new agency where I would be 50% owner. This is where I have plenty of questions:

    They always say that you own your book but do you really own it?

    I realize I would have to AOR/BOR all of my policies to the new agency which is fine but lets just say I can only pull about 50% of my book to the new agency, Does my current agency still have to legally pay me on the other 50% of my book that is still with them? If you really truly own your book and you have a verbal agreement with your current agency that pays you 45% then I don't see how legally they could not pay you on it.

    If anyone has any knowledge on this it would be greatly appreciated.
    Thank you,
     
    Insur, Feb 29, 2016
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  2. FL P&C Broker
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    FL P&C Broker Guru

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    Do you have anything in writing with this agency? You are crazy to think that they will pay you still if you go out on your own. Unless you are a partner or principal you don't own your book.
     
  3. RicFlairII
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    RicFlairII Expert

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    Verbal agreement is nothing.

    If you dont have a written document in place detailing your ownership
    of your BOB, then if you leave you are out of luck.
     
  4. InsCommentary
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    InsCommentary Guru

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    Do you have a written employment contract? Does it include a nonpiracy agreement?
     
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