INTRODUCTION This Agency Manual has been designed for use as a tool to build a working Agency‑Company relationship. We have provided in‑depth information for every agent to use as a guidebook for agency information as well as underwriting information. Please review the manual and contact the underwriting department if there is an area we have overlooked. Our staff will be happy to assist you with any problems or questions. For ease in referring to Fulmont Mutual Insurance Company, please note hereinafter, it will be referred to as "the Company." Any deviation from our procedures as stated in the agency manual, rating manual or underwriting guidelines could result in suspension of binding authority or termination of the agency license. In order to best serve your needs, please refer to the following listing of personnel, their office responsibilities and their telephone extension (if available) when telephoning or writing to our Company.
NOTE -Cancellations for Underwriting Reasons: Refer to Underwriter for Type of Policy FIELD REPRESENTATIVES
[Return to Top]
DATA PROCESSING DEPARTMENT
ACCOUNTING DEPARTMENT
FM SCION SERVICE CORP. AGENCY
AGENTS' LICENSING REQUIREMENTS All agents must be licensed by the New York State Department of Financial Services - Insurance Division. We must have a copy of your current agent license on file in our office. An Agency Agreement and Contingent Commission Agreement must be signed and on file with the Company. An agent is required to carry Errors & Omissions insurance coverage. A copy of this policy will be requested yearly. The Company requires a copy of all sub-agents' licenses to be kept on file. It is the agents' responsibility as disclosed in Circular Letter #20 (1981) of the New York State Department of Financial Services - Insurance Division -State Insurance Law to notify the company as well as the Insurance Division of changes to your name, address, license number, licensing status or location of agent. BUSINESS CRITERIA All agents are expected to submit
quality, all-lines business. Broker of Record letters will not OPERATING TERRITORY Fulmont Mutual Insurance Company is licensed with the New York State Department of Financial Services - Insurance Division to write business in all counties of New York State . BINDING AUTHORITY Due to reinsurance restrictions, an agent's binding authority is limited to:
An agent may not exceed binding
authority without prior approval from the underwriting
of the agency license as a final recourse. You will be notified in writing of any misuse of binding authority. NEW AGENTS GOALS A new agent
is expected to have a minimum of $10,000. of written premium with the Company
at the end of one year. We feel that agents with a need for our facilities
should reach this goal at the end of their first full year as an agent. Fulmont Mutual Insurance Company offers a Contingent Commission Program, Bonus Retention Program and High Tech Agents’ Program which pays additional commission dollars to qualified agents. Refer to the Agents, Associates, & Employees section of our Website under Agent Programs for additional information. POLICY TYPES All policy types written and used by
the Company are New York State Simplified Language
COMMISSION SCHEDULE Effective 1/01/2011
*Substandard Business is defined as a marginal risk, being insured on a Standard Fire Policy only as an accomodation. **Inland Marine coverage must always be attached to a supporting policy. Therefore, commission is paid according to the supporting policy. Example: a Farmowners policy with Inland Marine attached will be paid 10%. *** A Broker is an individual or agency that is not licensed with the company as an agent. For example, when an agency agreement has been terminated, all policies left on the books are treated as a Broker. COMMISSION PAYMENTS: Commissions are paid on a "Cash Basis'." Commissions will appear on your statement following receipt of the premium. (Example: Premium received on 10/21/04, commission will be paid on 11/15/04 for the month ending 10/31/04.) Adjustments for return commission on cancelled policies will be made on the following month's commission statement. Commissions are paid to an agent when the actual installment (down payment, first or second installment) is paid.
Each month, your commission report will be placed on your “personal agent web page” section for viewing. If you wish to retain these reports, it is suggested that the report be copied to a word processing program, printed in hard copy, or printed to a view program on your computer. At the beginning of each year, Fulmont will remove the prior year commission reports. If you have return commission due the Company and there is no commission to be paid, your commission statement will be mailed to you and the return commission must be paid within 15 days of receipt. DISCRIMINATION CLAUSE/ANTI-REDLINING CLAUSE Fulmont Mutual Insurance Company does not discriminate on the basis of race, color, age, creed, sex, or location. Fulmont Mutual Insurance Company does not redline on the basis of location. REGULATION #90 strictly prohibits insurance companies from refusing to write insurance coverage in certain less favorable areas. TERMINATION OF AGENCY Occasionally, an Agency‑Company relationship must end. If the company requests termination of an agency agreement, procedures as listed in Section #3426 of the New York State Insurance Law must be followed. If an agent desires termination of his contract, we will follow the same procedures under Section #3426 for termination of an agent. We will issue cancellation notices 45-60 days in advance of the policy anniversary/renewal date. SALE OF AN AGENCY If you are planning to sell your agency, we would appreciate notification prior to the sale so we could contact the new principal to determine whether the business would remain with the Company and to obtain a new agreement, licensing information, etc. CONVERTING/ROLLING OVER A BOOK OF BUSINESS We are most interested in rolling over a book of business! Please contact the underwriting department prior to placement of the business for a smooth transition. FIELD REPRESENTATIVE The Company Field Representative will assist an agency with any questions or problems regarding the operation of the Company. The Field Representative will contact your agency occasionally or an agent may contact the Field Representative for an appointment AGENTS' ACTIVITY REPORTS There are various agent reports that are printed to your Personal Agent Web page. Some of these reports are: Insured accounts receivable, renewal list, complete list of your insured policies, open and closed loss reports. Most of these reports will be updated monthly and some of the reports are replaced monthly. The reports will remain there for a limited time. If there is additional information that you want to review – contact our data processing department and they may be able to accommodate you. For questions on the reports feel free to contact your Field Representative or the Underwriting Manager. PHOTO REIMBURSEMENT All Non High Tech agents will be reimbursed $5.00 per location for the photos required with an application. Photo reimbursement will be paid on a quarterly basis, and will be included with your commission payment. All High Tech agents will submit digital photos, emailed to the correct underwriter. Photo reimbursement will not be given for photocopies of a photo or for photos that are blurred or where the view of the risk is obstructed. 1099 MISCELLANEOUS INCOME The Miscellaneous Income form, 1099, is sent to all agents regardless of the amount of income received from the Company. The miscellaneous income form is based on commission checks paid during the calendar year, contingent commission bonus checks and the value of any prizes awarded. WEBSITE (INTERNET) The Company maintains a website on the Internet at https://www.fulmontmutual.com. We have incorporated a great deal of information at this website that we hope will be of interest and value to you and our policyholders. Parts of this site are designed for the general public, as it includes information about our Company, our products and our history. Other parts of the site are designed specifically for policyholders and agents. If you choose to explore these parts of the site, you will need to use the Company provided password and number that was assigned to you. We hope you enjoy your visit with us at our website, and we invite you to return for updated information on a regular basis. FACSIMILE MACHINE (FAX) The Company maintains a facsimile machine at the Home Office. The Company will accept all correspondence from agents from the facsimile machine, but the original correspondence, if it is an application, endorsement, claim notice or legal document must be mailed directly to the Company. The FAX number for our office is1-518-762-3171. [Return to Top] Revised 07/2014 Return to Agency Programs Bulleted List or Return to Agency Manual Bulleted List |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
