Insurance Broker Contract

Insurance Broker Contract Template for Denmark

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Document background

The Insurance Broker Contract is a crucial document used to formalize the appointment of an insurance broker and define the parameters of the broker-client relationship under Danish law. This agreement is necessary when a company or organization seeks to engage professional insurance intermediary services in Denmark, ensuring compliance with the Danish Insurance Mediation Act and related regulations. The contract covers essential elements including scope of services, regulatory compliance, remuneration structures, and professional obligations, while incorporating specific requirements of Danish insurance law and EU directives. It's particularly important as it establishes clear lines of authority, responsibility, and liability between the broker and client, while ensuring transparency in accordance with Danish financial services regulations.

Suggested Sections

1. Parties: Identification of the insurance broker and the client, including full legal names, registration numbers, and addresses

2. Background: Context of the agreement and brief description of the broker's services and authority

3. Definitions: Key terms used throughout the agreement, including regulatory terms under Danish law

4. Appointment and Scope of Services: Formal appointment of the broker and detailed description of core insurance broking services to be provided

5. Broker's Obligations: Key responsibilities including due diligence, market analysis, claims assistance, and compliance with Danish insurance regulations

6. Client's Obligations: Client's responsibilities including information disclosure, premium payments, and cooperation requirements

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

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

9. Confidentiality and Data Protection: Obligations regarding confidential information and GDPR compliance

10. Professional Liability: Professional indemnity insurance and liability provisions

11. Term and Termination: Duration of agreement and termination provisions

12. Governing Law and Jurisdiction: Specification of Danish law as governing law and jurisdiction for disputes

Optional Sections

1. Risk Management Services: Additional section when the broker provides specific risk management consulting services

2. Claims Handling Authority: Detailed section when the broker is given specific authority to handle claims on behalf of the client

3. International Services: Section for cross-border insurance arrangements and international service provision

4. Sub-Broking Arrangements: Required when the broker may need to engage other brokers for specific markets or risks

5. Premium Financing: Section covering arrangements for premium financing services if offered

6. Electronic Communications: Specific provisions for digital communication and online services when relevant

7. Sanctions Compliance: Additional compliance provisions for clients with international operations

Suggested Schedules

1. Schedule of Services: Detailed breakdown of all insurance broking services to be provided

2. Fee Schedule: Detailed fee structure and commission arrangements

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

4. Broker's Professional Indemnity Insurance Details: Details of the broker's own professional indemnity coverage

5. Data Processing Agreement: GDPR-compliant data processing terms and procedures

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

7. Compliance Documentation: Copies of relevant licenses and regulatory authorizations

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Insurance Broker Contract Template for Denmark

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