FMO Renewals

[Virtualinagency]

I feel like I have been robbed...I have one carrier that is with anothr FMO that I have been looking to switch from....they terminated my contract with them(not the carriers) simply because I had not submitted business for 3 months....they are keeping all my renewals ...they never mentioned that to me nor do i see it in my contract...anyone have or had such an experience? I think its ludicrous!

 

[Frank Stastny]

I feel like I have been robbed...I have one carrier that is with anothr FMO that I have been looking to switch from....they terminated my contract with them(not the carriers) simply because I had not submitted business for 3 months....they are keeping all my renewals ...they never mentioned that to me nor do i see it in my contract...anyone have or had such an experience? I think its ludicrous!

Stop feeling "like you have been robbed", you have been robbed.

When you signed your initial contract there was a portion of it that dealt with assigning your commissions. You may not have know exactly what it said but apparently you signed the portion that made them the "agent of record". The commissions and renewals are only paid to the agent of record. It doesn't sound like that would be you.

If in fact that is what happened look upon it as an "education", there isn't anything you can do about it now. Sometimes life's tuition can be very expensive. In the future don't ever sign a contract with anyone without first knowing who the agent of record is. If it isn't you then run like like hell.

 

[WinoBlues]

A vengeful person would go on a rape and pillage crusade on that book of business. Just saying.
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[Frank Stastny]

A vengeful person would go on a rape and pillage crusade on that book of business. Just saying.
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When do we leave?

 

[Josh]

You need to take a look at your contract to see what it says. They could be completely within their rights, might not, tough to say without seeing the contract.

 

[producer417]

Yeah, your contract might say YOU cannot pillage that book of business.

Don't ask me to help, though. I'm new and still mostly clueless. (I take my licensing test next week.)

 

[thespur1]

A vengeful person would go on a rape and pillage crusade on that book of business. Just saying.
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i would do the same

 

[Frank Stastny]

(I take my licensing test next week.)

The test is not as difficult as it is tricky. Read every question word for word three times before selecting your answer.

When you read the question the first time, immediately an answer will come to mind. It's probably going to be the wrong one.