ITIC Circular: FONASBA and BIMCO launch new Agency Appointment Agreement
FONASBA and BIMCO announce the launch of a new Agency Appointment Agreement document.
The Agency Appointment Agreement provides an effective means of setting out the details of an agency appointment. Many agency appointments are still agreed on the basis of a telephone conversation or simple exchange of emails and this new form formalises that exchange by clearly setting out the details of both parties, the basis of the remuneration and, importantly, stating the responsibilities and obligations of the parties to the agreement.
Andrew Jamieson, ITIC’s Claims Director and a member of the drafting committee commented that use of the Agency Appointment Agreement will provide a clear benefit to both agents and their principals. Too often the legal identity, let alone the responsibilities and obligations of parties can be difficult to ascertain from a jumble of emails. The new form provides a balance approach that the parties can use with confidence.
ITIC would like to draw your attention to this wording.