2020-078A - Laserfiche WebLink

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Attachment B — Compensation to Broker REMUNERATION The remuneration should be all inclusive of marketing activity and any services to be provided throughout the year with respect to the County's property and casualty insurance program. Full disclosure and transparency is desired for all transactions, including contingency commissions and commissions or other remuneration paid to/earned by intermediaries, including wholesaler remuneration, whether the wholesaler is related to the submitting firm or not. Be specific about arrangements that may involve contingency commissions, overrides based on total book of business, loss ratios, etc. FEE SUBMITTAL The following outlines the compensation to be provided to Broker over the term of this Agreement: SERVICE COST: FLAT ANNUAL FEE 2020/2021 $175,000 Property and Casualty 2021/2022 $175,000 Broker Insurance Services 2022/2023 $175,000 2023/2024 $175,000 Costs and expenses associated with travel and expenses incurred by Broker in the performance of duties performed in the performance of its obligations in this Agreement shall be the sole responsibility of Broker. COMPENSATION TO INTERMEDIARIES Broker may utilize insurance intermediaries (such as a wholesale insurance broker, managing general agent, managing general underwriter or reinsurance broker) for the placement of the County's insurance. The compensation received by the insurance intermediary for placement is to be no more than the following stated percentage, in addition to above Broker compensation: SERVICE COST: PERCENTAGE OF ANNUAL PREMIUM Property Insurance Placements: o No more than an average of: 10/ London/Int'I Based Intermediaries Property Insurance Placements: o No more than an average of: 5/0 U.S. Based Intermediaries Per full disclosure by Broker and agreement by the County but no more All Other Insurance Placements than 5% Per full disclosure by Broker and agreement by the County but no more Ancillary Insurance Placements than 5/ 12