THIS PRODUCER AGREEMENT ("Agreement") by and between OCI INSURANCE AND FINANCIAL SERVICES, INC., ("OCI"), and “The Producer” whose legal name and information are further described in the signature block below, and shall have an “Effective Date” as of the date signed by an authorized representative of OCI. OCI and the Producer are collectively referred to below as the "Parties" and each individually as a "Party".
OCI and the Producer are each in the business of providing insurance brokerage services. OCI provides services, relationships, and agreements with various insurance carriers for the payment of commissions and other compensation. The Producer has contacts and existing relationships with various insurance consumers. OCI and the Producer desire to enter into this Agreement whereby they each receive benefit from the other's contacts, relationships, and agreements.
In consideration of the mutual promises contained in this Agreement and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Parties agree as follows:
5.1. All standard commissions payable to either Party as a result of insurance contracts placed by with any of the Carriers shall be paid to OCI in full, and in turn, OCI will pay commissions to the Producer in accordance with each Carrier's commission payment procedures. In the event a Carrier is unable to pay commissions directly to OCI, payment will go directly to the Producer.
5.2 Any volume production bonuses payable to OCI as a result of insurance contracts placed by the Producer with any of the Carriers after the effective date, OCI, in its sole discretion, pay all or any portion of any volume production bonus to the Producer.
6.4. In the event of a termination related to 6.3(a) above, the Parties (or their respective representatives) agree to meet and discuss terms associated with future Commission Split payments that are mutually agreeable between the Parties.
6.5. The Producer’s failure to comply with any provision of this Agreement shall be material if OCI determines that such failure affects The Producer’s ability to perform under this Agreement. Termination for cause shall not be OCI’s exclusive remedy but shall be cumulative with all other remedies available at law or in equity. A failure to terminate this Agreement for cause shall not be a waiver of the right to do so with respect to any past, current, or future default.
6.6. Upon termination, The Producer shall become the sole Producer or broker on each insurance contract placed by the Producer with any of the Carriers during the term of this Agreement. OCI would in this case assign any commissions from the Carrier back to the Producer.
6.7. If for any reason this Agreement is terminated, OCI reserves the right in its sole determination to charge back to the Producer’s account any/all previously paid commissions disbursed to Producer if a Carrier proceeds for any reason with chargeback to OCI.
IN NO EVENT SHALL OCI BE LIABLE FOR SPECIAL, INCIDENTAL, INDIRECT, CONSEQUENTIAL, OR EXEMPLARY DAMAGES OR FOR ANY INTERRUPTION OR LOSS OF USE, DATA, BUSINESS, OR PROFITS, WHETHER OR NOT SUCH LOSS OR DAMAGES WERE FORESEEABLE OR OCI WAS ADVISED OF THE POSSIBILITY THEREOF AND REGARDLESS OF WHETHER ANY LIMITED REMEDY HEREIN FAILS OF ITS ESSENTIAL PURPOSE.
If to OCI:
OCI Insurance and Financial Services, Inc.
4221 North 203rd Street Suite 200
Elkhorn, NE 68022
If to the Producer, at the address set forth in the signature block below. Any notice, request, demand, claim, or other communication required or permitted by this Agreement sent by any means other than those set forth above shall be deemed to have been duly given only upon actual receipt by the intended recipient.
BUSINESS ASSOCIATE AGREEMENT
This Business Associate Agreement (this “BA Agreement”) is by and between OCI Insurance and Financial Services, Inc. (“Covered Entity”), and “Business Associate” whose legal name and information are further described in the signature block below (collectively, the “Parties”), in order to comply with the Health Insurance Portability and Accountability Act of 1996 and its related regulations (“HIPAA”) in connection with The Producer Agreement between the Parties (the “Agreement”). This BA Agreement shall have an “Effective Date” as of the date signed by an authorized representative of the Covered Entity.
Addendum to Contract
THIS AGREEMENT HEREBY MODIFIES AND AMENDS the contract entered into between the PRODUCER and OCI.
The modifications are as follows:
In the event of the death of the PRODUCER, the CONTRACT will be immediately terminated. In that event, the Producer’s estate may elect to sell, and OCI may elect to purchase, insurance contracts placed by the PRODUCER
as payment in full, OCI will pay to the Producer’s estate fifty percent (50%) of all commissions earned by OCI in connection with such insurance contracts, within forty-five days after each such commission is earned by OCI each and every month for a period of three (3) years.
In the event that the PRODUCER becomes disabled, OCI will pay to the PRODUCER fifty percent (50%) of all commissions earned by OCI in connection with all insurance contracts placed by the PRODUCER within forty-five (45) days after commission is earned by OCI.
In the event that the PRODUCER and wishes to retire, the PRODUCER may elect to sell, and OCI may elect to purchase, all insurance contracts placed by the PRODUCER for an amount that is mutually agreed upon by both the PRODUCER and OCI.
These modifications are mutually agreed to by the contracting parties and are supported by legal consideration. The remaining terms of the contract are unchanged by this agreement.
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Signed by Charles Olson
Signed On: 24th May 2022
If you have questions about the contents of this document, you can email the document owner.
Document Name: Producer Agreement
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