The Big "I" reviewed the recently updated Travelers Agency Contract, which Travelers has released in stages since April 2017.
Travelers sought input from the Big "I" before finalizing and releasing the new contract. The Big "I" appreciates the opportunity to address areas of the contract that are important to agents, and thanks Travelers for implementing some of the association's suggested revisions, including but not limited to:
- Travelers must terminate the contract before exercising its right to take the agent's expirations. (Section 7.C.iv.d.)
- Travelers's indemnification obligations to the agent survive termination of the contract. (Section 9.A.)
- Travelers must provide the agent with 10 business days to cure certain defaults before Travelers may terminate the contract. (Section 8.B.ii)
- The agent has the opportunity to investigate any data breach before determining whether the agent has a contractual obligation to inform Travelers of the breach. (Section 5.D.)
The review also includes Travelers's responses to certain points the Big "I" raised during its review of the contract.
As with past Big "I" reviews, this one focuses on insurance-related provisions and issues and is intended to help members understand the terms of the contract. The review, and the association's input to Travelers, should not be considered a substitute for reading and understanding the entire contract. Raise any concerns about the contract to Travelers and the Big "I" Office of General Counsel.
The Big "I" makes this and other company contract reviews available as a free benefit to all Big "I" members. To access a copy, navigate to the Resources dropdown menu, select Legal Advocacy and visit the Contract Review section. The review is titled "Travelers Agency Contract – reviewed August 2017."
Contact Scott Kneeland or Joseph Doherty with any questions.