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Reso 2011-1796
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Reso 2011-1796
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Last modified
11/21/2011 3:57:44 PM
Creation date
11/21/2011 3:57:43 PM
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CityClerk-Resolutions
Resolution Type
Resolution
Resolution Number
2011-1796
Date (mm/dd/yyyy)
11/17/2011
Description
Risk Insurance: Fishing Pier w/Brown & Brown/Lloyds of London
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<br />IMPORTANT NOTICE <br /> <br />THIS BRIEF DESCRIPTION OF INSURANCE COVERAGE IS BEING PROVIDED AS AN ACCOMMODATION ONLY AND IS NOT <br />INTENDED TO COVER OR DESCRIBE ALL POLICY TERMS. FOR MORE COMPLETE INFORMATION ON THE SCOPE AND <br />LIMITS OF COVERAGE, PLEASE REFER TO THE POLICY DOCUMENT. <br /> <br />Compensation. In addition to the commissions or fees received by us for assistance with the placement, <br />servicing, claims handling, or renewal of your insurance coverages, other parties, such as excess and <br />surplus lines brokers, wholesale brokers, reinsurance intermediaries, underwriting managers and similar <br />parties, some of which may be owned in whole or in part by Brown & Brown, Inc., may also receive <br />compensation for their role in providing insurance products or services to you pursuant to their separate <br />contracts with insurance or reinsurance carriers. That compensation is derived from your premium <br />payments. Additionally, it is possible that we, or our corporate parents or affiliates, may receive contingent <br />payments or allowances from insurers based on factors which are not client-specific, such as the <br />performance and/or size of an overall book of business produced with an insurer. We generally do not <br />know if such a contingent payment will be made by a particular insurer, or the amount of any such <br />contingent payments, until the underwriting year is closed. That compensation is partially derived from <br />your premium dollars, after being combined (or "pooled") with the premium dollars of other insureds that <br />have purchased similar types of coverage. We may also receive invitations to programs sponsored and <br />paid for by insurance carriers to inform brokers regarding their products and services, including possible <br />participation in company-sponsored events such as trips, seminars, and advisory council meetings, based <br />upon the total volume of business placed with the carrier you select. We may, on occasion, receive loans <br />or credit from insurance companies. Additionally, in the ordinary course of our business, we may receive <br />and retain interest on premiums you pay from the date we receive them until the date of premiums are <br />remitted to the insurance company or intermediary. In the event that we assist with placement and other <br />details of arranging for the financing of your insurance premium, we may also receive a fee from the <br />premium finance company. <br /> <br />~ <br /> <br />Wholesale Broker/Managing General Agent: Peachtree Special Risk Brokers <br /> <br />.... <br /> <br />This intermediary is owned in whole or part by Brown & Brown, Inc., the parent company of Brown & <br />Brown Miami Division. Brown & Brown entities operate independently and are not required to utilize other <br />companies owned by Brown & Brown, Inc., but routinely do so. In addition to providing access to the <br />insurance company, the Wholesale Insurance Broker/Managing General Agent may provide additional <br />services including, but not limited to: underwriting; loss control; risk placement; coverage review; claims <br />coordination with insurance company; and policy issuance. Compensation paid for those services may be <br />up to 15% of the premium you pay for coverage, and any compensation paid for those services is derived <br />from your premium payment. The fee, if any, for the Wholesale Insurance Broker's/Managing General <br />Agent's services above is $No Fee. <br /> <br />.J <br /> <br />-' <br /> <br />Questions and Information Requests. Should you have any questions, or require additional <br />information, please contact this office at 1-800-432-8844 or, if you prefer, submit your question or request <br />online at [http://www.bbinsurance.com/customerinquiry.shtml]. <br /> <br />c' <br /> <br />-< <br /> <br />10 <br />
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