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Who is the principal of a common law insurance broker in an insurance transaction?
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∙ 12y ago
Insurer
Wiki User
∙ 12y ago
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Is it common for a commercial insurance agent to charge their client an agency commission fee and also a service fee?
Yes if they are a broker. You will always see a broker fee from your agent and they a fee from the insurance company
What questions should employer ask when selecting a health insurance broker?
There are many questions that employer should ask when selecting a health insurance broker. The common questions will include amount of premiums to be paid and what the policy covers among others.
Can a broker charge a broker fee for Admitted business in the State of Texas for professional liability insurance?
Yes, A brokerage fee is common practice for brokered business of all types. It's also common in all other financial fields including mortgage brokers, stock brokers, buisness brokers, loan brokers, real-estate brokers and brokers of all types. That's how brokers earn a living. they may also earn a negotiated commission on the final transaction. Generally brokerage fees are non-refundable. If the client/s back out of or fails to close on a transaction the broker has worked hard on and perhaps spent many hours negotiating, then the broker hasn't done all that work for nothing. If you feel your brokers fees are too high and you have developed a relationship with them, you can probably negotiate a lower fee with them, especially if you utilize their services frequently.
Are contents building insurance the same as home insurance?
Contents insurance and building insurance are types of home insurance. Depending on the insurance broker, home insurance can cover both building insurance and contents insurance. In other words home insurance could be the same as contents and/or building insurance depending on the broker.
What does the Indemnity to Principals Clause mean?
Indemnity to Principals clause means that the cover is extended to the principal in the event that he/she is sued. This is common for most insurance covers.
Is owner contractor protective liability insurance available in Hawaii?
OCIP/Wrap policies are available everywhere including Hawaii. A construction insurance broker there or in California can help you obtain the coverage. It should be available since it is a very common coverage from and freely written
Can a Home owners association require home owners to purchase liability insurance other than homeowners insurance?
Your answer depends on the association's motivation for the request. If, for example, you are proposing a major project that can hamper, harm or otherwise use common areas -- including roads and landscape owned by the association -- the association may require that you insure these assets. Your broker and the association's broker can work out the details and concretize the requirement.
How much condo insurance do you need?
To determine how much condo insurance you need, you are best advised to insure the contents of your unit, because the association's master policy insures the real estate assets that all owners own in common. You can work with a broker and a copy of the master policy to determine the insurance coverage you want and need.
How can one go about buying stocks without a broker?
One possibility to buy stocks without including a broker in the transaction would be for example to use "DRIP" (that is "Direct ReInvestment Plans"). Unfortunately this is not quite common and not all companies offer that type of investment, so by the end of the day one has to contact the investor relations department in order to find out if they offer DRIP investment or not.
Why is bargaining a common feature of transaction?
Bargaining is a common feature in the place where goods are sold.
What is building property protection on a condominium policy?
Your broker can help you understand the extent of coverage under your association's master insurance policy. There is no standard among insurance vendors. Usually, 'building property' includes all of the building(s) owned by the association as common area/ limited common area -- boundary definitions are included in your governing documents. You may or may not have coverage over the foundation, and/or the landscape assets.
Is the word principal capitalized?
The word "principal" is capitalized when it refers to a person's title or a specific person’s name, such as "Principal Johnson." However, it is not capitalized when referring to the main amount of money, the primary element, or a principal in a legal matter.
