Changing Agencies/ Book Ownership Need Help

Insur

New Member
1
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,
 
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.
 
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,



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.
 
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