Reso 2009-1472 - Laserfiche WebLink

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Pursuant to its cxmtract wlth PGTT, PGC5 receives a dalms administration fee for ttlose accounts which PGCS servIces of up to 5% of the non- property portion of the premiums you pay to PGIT. PGIT also utilizes wholesale Insurance brokers, some of which (such as Peachtree Spedal RIsk Brokers and MacDuff Underwriters) are owned by Brown & Brown, Inc., for the placement of PGIT's insurance polldes, and for Individual risk placements for some PGIT members (excess and surplus lines, professional liability coverage, etc.) The wholesale Insurance broker may provide the following services: RIsk Placement Coverage review daims liaison wlth Insurance Company Policy Review Current Mar1<et Intelligence The wholesale Insurance broker's compensation Is derived from your premium, and is largely dictated by the insurance company; It typcally ranges between 10% and 17% of the premiums you pay to PGIT for your coverage. Some wholesale brokers used by Brown to place your CXlVerage may also act as Managing General Agents for various insurance companies, and may be compensated directly by those Insurance companies for their services In pladng and maintaining coverage with those particular companies. The wholesale Insurance brokerage utilized In the placement of your property Insurance was Peachtree Spedal Risk Brokers, which Is a company owned by Brown & Brown Inc. Furthermore, any professional liability coverage afforded by the package of insurance you purchased was acquired through Apex Insurance Services, which Is also a company o~ned by Bro\'<11 & Brown Inc. . ~-- IMPORTANT NOTE: This quote covers two (2) annual twelve month pertods, from 10/01/2009 12:00:00 AM to 10/0112010 12:00:00 AM and from 10/01/2010 ~ 12:00:00 AM to 10/01/2011 12:00:00 AM. The following conditions apply In addition to all other conditions of this quote: A. All Aggregate limits reset for the pertod 10/01/2010 12:00:00 AM to 10/01/2011 12:00:00 AM. Losses applying to the annual period from 10/01/2009 12:00:00 AM to 10/01/2010 12:00:00 AM Will erode the Aggregate(s) for the first annual period, but wlD not erode the Aggregate{s) for the period from 10/01/2010 12:00:00 AM to 10/01/2011 12:00:00 AM. B. The premium for the period 10/01/2010 12:00:00 AM to 10/01/201112:00:00 AM wnl be determined based on updated exposure values for this period. C. Rates for the period 10/0112010 12:00:00 AM to 10/011201112:00:00 AM will be Identical to those for the period commendng 10/01/2009 12:00:00 AM, subject to the following: 1. If PGIT's cost of securing excess Insurance decreases by more than 10% on any line of coverage, PGIT will reduce rates on that line of coverage for the period 10/01/2010 12:00:00 AM to 10/01/201112:00:00 AM. 2. If PGIT's cost of securing excess insurance increases by more than 200/0 on any line of CXlVerage, PGIT will Increase rates on that line of roverage for the period 10/01/2010 12:00:00 AM to 10/01/2011 12:00:00 AM. 3. Nee Experience modification factors wln be applied as promulgated. D. In the event of cancellation of any line of bustness prior to 10/01/2011 12:00:00 AM, a penalty equal to 60 days premium of such line{s) of business shall become earned, any provisiOn of the agreement to the rontrary notwithstanding. 1. This penalty Is earned and payable regardless of when notice of such cancellation Is given, or effective date of such cancellation. 2. This penalty is waived on any line of coverage that is affected by C2 If the coverage Is terminated at 10/01/2010 12:00:00 AM. .".-,.;" TIle Il1er descrf\:Xlon or ClM!lIge cortalnlld In ltU clcc\Imert Is belng llIOYided H an a<<cmmodallcn only and Is net IntI!rxblIll ttNer or c1e101bo .u eo..r.ge Agm!rnent terms. Fot""'"' CClmjllete ani del311ed InlOrmallcn I$th;lIllIM smpe and ImIb of CIl\'t!ra!Il!. ~ rerl!f lIrl!l:lly to the Coverage AQrftmI!flI CICcuments. Spedmen forms .re ....lable upon ~uat. Page 3