Insurance Broker Agreement

Insurance Broker Agreement Template for Denmark

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Document background

The Insurance Broker Agreement is essential for formalizing the relationship between professional insurance intermediaries and their clients under Danish law. This document is typically used when a company or organization seeks to engage the services of a licensed insurance broker for managing their insurance needs. The agreement must comply with the Danish Insurance Mediation Act, the Financial Business Act, and relevant EU regulations, including GDPR. It details the scope of brokerage services, compensation structures, regulatory obligations, and risk management procedures. The document is particularly important in Denmark's regulated insurance market, where brokers must maintain specific licenses and follow strict professional conduct rules. The agreement serves as both a commercial and regulatory tool, ensuring transparency in the broker-client relationship while meeting supervisory requirements.

Suggested Sections

1. Parties: Identification of the Insurance Broker and the Client, including registration numbers, addresses, and regulatory authorizations

2. Background: Context of the agreement and brief description of the parties' intention to enter into an insurance brokerage relationship

3. Definitions: Key terms used throughout the agreement, including regulatory terms specific to Danish insurance law

4. Scope of Services: Detailed description of brokerage services, including risk assessment, insurance placement, claims assistance, and ongoing management

5. Broker's Obligations: Core duties including due diligence, market research, disclosure requirements, and compliance with Danish insurance regulations

6. Client's Obligations: Requirements for information provision, disclosure of material facts, and cooperation with the broker

7. Compensation: Fee structure, commission arrangements, and payment terms in compliance with Danish transparency requirements

8. Regulatory Compliance: Commitments to comply with Danish Insurance Mediation Act and other relevant regulations

9. Confidentiality: Obligations regarding confidential information and compliance with GDPR requirements

10. Liability and Indemnification: Scope of broker's liability, professional indemnity requirements, and limitations under Danish law

11. Term and Termination: Duration of agreement, renewal terms, and termination provisions

12. Governing Law and Jurisdiction: Confirmation of Danish law governance and jurisdiction for disputes

Optional Sections

1. Conflict of Interest: Specific provisions for managing and disclosing conflicts of interest, recommended when broker works with multiple insurers or has various revenue streams

2. Sub-Broking Arrangements: Terms for engaging other brokers or intermediaries, needed when broker may need to involve specialized brokers

3. International Services: Additional provisions for cross-border services, required when client has international insurance needs

4. Electronic Communications: Specific terms for digital communication and online services, recommended for modern broker operations

5. Risk Management Services: Additional risk advisory services beyond standard broking, optional for enhanced service offerings

6. Claims Advocacy Services: Detailed provisions for claims handling services, recommended for complex insurance arrangements

Suggested Schedules

1. Schedule of Services: Detailed breakdown of specific services to be provided, including any excluded services

2. Fee Schedule: Detailed fee structure, commission rates, and payment terms

3. Broker's Professional Credentials: Copies of licenses, registrations, and professional qualifications

4. Service Level Agreement: Specific performance metrics and service standards

5. Data Processing Agreement: GDPR-compliant terms for handling personal data

6. Authorized Representatives: List of authorized contacts for both parties

7. Insurance Markets: List of approved insurers and markets the broker will approach

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Insurance Broker Agreement Template for Denmark

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