Common use of Remuneration Policy Clause in Contracts

Remuneration Policy. MIB’s remuneration for the services will either be brokerage commission, (being a proportion of the (re)insurance premium paid by you and/or determined or allowed by the (re)insurer(s) with whom the (re)insurance is placed, and/or a fee agreed with you. Where applicable, we will notify you of our fee at the time of quoting the premium and terms for your insurance prior to any commitment. Unless otherwise specifically agreed with you our brokerage commission and/or fees in respect of a (re)insurance contract are deemed fully earned at inception, irrespective of when the (re)insurance premium is payable. We will therefore be entitled to retain all brokerage commission and/or fees in the event of cancellation or earlier termination of the (re)insurance and/or in the event of a transfer of broker of record. It is acceptable market practice the brokerage commission is deducted from premium once received. There may be instances when we may receive remuneration from (re)insurers based on business bound, profitability of portfolio, management and administration of binding authorities, claims management services and administrative support services. Furthermore, it may at times by appropriate and for your benefit for us to use other parties such as, introducers, wholesale brokers, sub-brokers or other intermediaries. These parties may also earn and retain commissions for their role in providing products and services.