Taking Over Book of Business, Help!

[dttrd]

Hello All

I am new to this forum but not to insurance. I have been an agent for about 2 years and I have come upon a great opportunity. A good friend of mine has a father that is very ill and is about to pass away in a few days. He is basically on life support right now. His father has had his own agency for over 10 years and has a very good book of business. My friend approached me about taking over the agency with his sister. I would not have to buy or pay anything to go into business with them. My question is how does his appointments and book of business transfer over to his daughter and I when he passes away? Any advice would be greatly appreaciated.

Thanks

 

[pomfin]

Hello All

I am new to this forum but not to insurance. I have been an agent for about 2 years and I have come upon a great opportunity. A good friend of mine has a father that is very ill and is about to pass away in a few days. He is basically on life support right now. His father has had his own agency for over 10 years and has a very good book of business. My friend approached me about taking over the agency with his sister. I would not have to buy or pay anything to go into business with them. My question is how does his appointments and book of business transfer over to his daughter and I when he passes away? Any advice would be greatly appreaciated.

Thanks

I assume the agency has an agency contract with carriers and the book of business is with the agency. So changing the owner will take over the business. Of course you have to be appointed with those carriers to be able to continue the residuals if his father passed away.

 

[Cornelius]

Consult an Attorney. Don't sign anything unless you know what your liabilities are. Did his daughter mention his Estate Plan/Succession plan?

 

[mcmillian-1]

Consult an Attorney. Don't sign anything unless you know what your liabilities are. Did his daughter mention his Estate Plan/Succession plan?

I would Agree get an attorney..this is business and if its not on papper it does not exist.

 

[rich0606]

If you only have 2 yrs experience, you probably won't get most of the appointments with the companies. However, I can't see them sharing the renewals with you if you aren't paying anything.

Rich
lifespringllc.com