Insurance Relationship Advise

[nadylime]

I am planning on opening a branch office with an established P&C agency. I will put all the energy & expense into building a book of business & after three years I will have the option to buy my book & go out on my own.

My concerns are:
- What if he goes bankrupt
- What if he goes to jail
- What if he gets a tax lien
- What if he gets divorced & his wife claims assets

I don't want my book of business jeoprodized if one of the above scenarios or something else happens.

I will have my own branch code & we'll have an agreement between us, but I'm hoping for some input on how to manage the above concerns.

Thanks much.

 

[BTFuzz]

Express your concerns to a lawyer for your best answers. I assume you will have some sort of contact agreement, right?

 

[nadylime]

Yes, but I was hoping for some advice from a P&C agent with some experience with carrier contracts, etc.

 

[Insurance-Guy]

I am planning on opening a branch office with an established P&C agency. I will put all the energy & expense into building a book of business & after three years I will have the option to buy my book & go out on my own.

My concerns are:
- What if he goes bankrupt
- What if he goes to jail
- What if he gets a tax lien
- What if he gets divorced & his wife claims assets

I don't want my book of business jeoprodized if one of the above scenarios or something else happens.

I will have my own branch code & we'll have an agreement between us, but I'm hoping for some input on how to manage the above concerns.

Thanks much.

Until you buy it it's not your book of business. Don't think there is much you can do? He will be the owner you will be an employee until the point that you would choose to purchase so it would seem that there isnt much you could do. You could check with an attorney maybe I am missing something?

 

[nadylime]

Yes, but the whole point of this is me working towards the point where I take over the book....I wouldn't enter into this relationship without the carrot at the end of the three years.

Maybe no one hear can offer any advice.....

 

[BTFuzz]

Yes, but the whole point of this is me working towards the point where I take over the book....I wouldn't enter into this relationship without the carrot at the end of the three years.

Maybe no one hear can offer any advice.....

Probably not since nobody here knows what kind of contractual agreement you have in place. Hard to advise without knowing the specifics.

 

[nadylime]

Probably not since nobody here knows what kind of contractual agreement you have in place. Hard to advise without knowing the specifics.

One thing about this forum - many people are willing to respond to a post even if they don't have anything to say...

 

[VolAgent]

One thing about this forum - many people are willing to respond to a post even if they don't have anything to say...

Wow...

You complain that no one is giving you any advice. So someone tells you why you aren't getting the advice you want, and then you jump all over them for giving you exactly what you asked for.

If that is how you treat people in general, I envision a very short career for you.

 

[nadylime]

Sorry, I don't mean to be a jerk.

Maybe I didn't lay out my question properly - I was looking for some general advice on the things to include in my contract that would address my concerns as well as someone familiar with carrier contracts to provide input on the leeway I have as a sub-code branch location.

Naturally I'll speak with an attorney, but I thought it would be helpful to have some input from some agents as well.

 

[VolAgent]

Sorry, I don't mean to be a jerk.

Maybe I didn't lay out my question properly - I was looking for some general advice on the things to include in my contract that would address my concerns as well as someone familiar with carrier contracts to provide input on the leeway I have as a sub-code branch location.

Naturally I'll speak with an attorney, but I thought it would be helpful to have some input from some agents as well.

Something that is hard to learn, and easy to forget. When we ask a question and do not receive the knowledge we wanted, one or both of two things happened. We phrased the question in confusing or unclear manner, or we asked the wrong person. I'd say its a bit of both. No one is really sure what you are asking, and ultimately your attorney is going to have to guide you on this.