- Any compensation received from insurers or intermediaries related to the County’s policies
The County reserves the right to require compensation to be structured as:
- Fee-only brokerage services, or
- Commission-only brokerage services; or
- A hybrid structure
Invoices for fees must clearly identify the services provided and shall be subject to County approval.
4. Contingent or Incentive Compensation
The Broker must disclose whether it receives any contingent, supplemental, or bonus commissions for insurers or intermediaries.
Such compensation may be based on factor including:
- Total premium volume
- Growth or retention rates
- Claims loss ratios
- Overall book performance
Upon request, the Broker must provide the County with information describing the nature and source of any such compensation.
5. Use of Brokerage Intermediaries
The Broker may utilize intermediaries such as:
- Wholesale brokers
- Surplus lines brokers
- Reinsurance intermediaries
- Managing general agents
If intermediaries are used:
- Their role must be disclosed to the County
- Any compensation paid to such intermediaries must be disclosed prior to binding coverage
6. Term of Service
The initial term of brokerage services shall be one (1) year, beginning with placement of the County’s insurance program for the 2027 policy year, unless otherwise extended by mutual agreement.
The County may renew the agreement annually upon satisfactory performance.