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Binding Authority

Broker has no binding authority and coverage will not be back dated. Account is bound after approval from Ironwood. Ironwood will confirm binding to broker by fax or e-mail on date of binding. Binding cover note will include a policy number.

The producer is responsible for collection of the down payment amount as stipulated on the quotation for new business and renewals. A copy of the deposit check or confirmation of check by fax/email must accompany the binding request. The down payment must be received within 5 business days after the date of the request to bind. If the down payment is not received within this time frame, a Rescinding Bind Notice will be issued and the risk will not be re-bound without the underwriter approval.

Please note that upon binding coverage all down payment checks must be made payable directly to the insurance company.

NOTE: If rescinded, no contract of insurance will be recognized, as the insured is deemed unable to perform and consummate the contract.

New Business

Applications can be submitted 90 days in advance of inception.

Submissions can be sent by the following:

Workers Compensation submissions should include:

E&O submissions should include:

REI submissions should include:

The signing producer must be an appointed broker with Ironwood and licensed to transact insurance in California. Deposit and all forms requiring signature must be received by Ironwood within 5 days of binding. If the down payment is not received within this time frame, a Rescinding Bind Notice will be issued and the risk will not be re-bound without the underwriter approval.

Please note that upon binding coverage all down payment checks must be made payable directly to the insurance company.

Claims

SHOULD BE IMMEDIATELY REPORTED to the carrier or their administrator.

Invoicing

Invoice due dates are established by the effective date of the first policy issued on an account. Policies can be billed on a monthly reporting form or a 9 pay bill. Billing options are based on the carrier, size, or class of business.

Cancellation

  • Non-Payment of Premium
  • Non-report of payroll, failure to permit the Insurer to audit payroll
  • Material misrepresentation
  • Failure to cooperate with the investigation of a claim
  • Non-Compliance with loss control recommendations
  • Material change in ownership and/or operations

Short Rate Cancellation: The policy is cancelled short rate when cancellation is at the Insured’s request.

Brokers have no binding authority