Ok I need some help.
I am agent in Louisiana and I work for an independent agency where I get paid a percentage new and renewal(45%). I have a book that is about 2 million in premium.
I am looking at an opportunity to go to a new agency where I would be 50% owner. This is where I have plenty of questions:
They always say that you own your book but do you really own it?
I realize I would have to AOR/BOR all of my policies to the new agency which is fine but lets just say I can only pull about 50% of my book to the new agency, Does my current agency still have to legally pay me on the other 50% of my book that is still with them? If you really truly own your book and you have a verbal agreement with your current agency that pays you 45% then I don't see how legally they could not pay you on it.
If anyone has any knowledge on this it would be greatly appreciated.
Thank you,
I am agent in Louisiana and I work for an independent agency where I get paid a percentage new and renewal(45%). I have a book that is about 2 million in premium.
I am looking at an opportunity to go to a new agency where I would be 50% owner. This is where I have plenty of questions:
They always say that you own your book but do you really own it?
I realize I would have to AOR/BOR all of my policies to the new agency which is fine but lets just say I can only pull about 50% of my book to the new agency, Does my current agency still have to legally pay me on the other 50% of my book that is still with them? If you really truly own your book and you have a verbal agreement with your current agency that pays you 45% then I don't see how legally they could not pay you on it.
If anyone has any knowledge on this it would be greatly appreciated.
Thank you,