Doing the independent thing!

Nov 5, 2007

  1. task
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    task New Member

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    Hello!!! First post and I am sure glad to find this site!

    I have been selling P&C , L&H for about 5 years now. I have my own L&H contracts and have been using a local agency to writhe the P&C stuff. Tired of watching me grow the other guys P&C book I formed my own agency and need to find a MGA or something to write P&C business in KS & MO. Due to our contract I will not be able to transfer any of my p&C business so I think it will be virtually impossible to get a contract on my own. Any ideas or help is greatly appreciated!
     
    task, Nov 5, 2007
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  2. jman1237
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    jman1237 Expert

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    Watch for this stuff,

    Restrictive Covenant:
    While this Agreement is in effect, and for the longer of a 5 year period thereafter or the period in which the agent is receiving renewal commissions.
    Agent will not use his knowledge of xxxx's insurer's business for the benefit of himself or any other person , nor divulge to others information relating to xxxx's or insurer's business affairs, including but not limited to , the names of customer, the names of employees, number or character of policies and prices, and the terms and particulars of xxxx's insurer's business and keep confidential his knowledge of such business's affairs acquired while engaged by xxxx.
    All insurance business procured under this agreement becomes the property of xxxx and of the insure. Agent shall not personally, nor indirectly through any other person in anyway cause unrest o nor divert, rewrite, or switch any of the policy holders obtained hereunder to any other representative of or to any other insurance company.
    If If Agent violated this section all renewal commissions which would otherwise accrue or best to agent shall be forfeited as liquidated damages provided however that is agreed that the there is no adequate legal remedy available to xxxx and thus in addition to liquidated damages injunctive proceedings and/or an action for damages may be commenced to enforce the provisions of this agreement with all costs of said proceedings, including reasonable attorneys fees to be paid by agent.
    :arghh::arghh::goofy::goofy:
     
  3. task
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    task New Member

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    That sure is a very restrictive clause in the contract. I would have to swallow hard before I singed that one. I do have a 5 year non-compete clause but it focuses on "agency clients". Everyone that is not with the current agency is fair game and we all know there is plenty of business for all.
     
    task, Nov 6, 2007
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  4. task
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    task New Member

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    hello everyone!, Am I in the wrong place for this question?
     
    task, Nov 6, 2007
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