Palisades, PIANJ Develop Alternate Independent Agent Contract

January 10, 2003

The Professional Insurance Agents of New Jersey Inc. (PIANJ) announced it and Palisades Safety and Insurance Association have developed an alternative contract option to former agents of Harleysville Garden State, Twin City Fire and Great American Spirit Insurance Co.

The alternative contract, which is being extended to agents who had been offered Palisades’ Limited Agency Agreement as part of recent consolidation transactions, was developed to address concerns raised by PIANJ with respect to language in the Limited Agency Agreement about agents’ ownership of renewals.

Under the alternative contract, Palisades agrees to the terms and conditions (including ownership provisions) set forth in the transferring company’s agreement. All of these agreements place ownership of expirations with the agent.

PIANJ encourages members that receive the alternative agreement and who have questions about their contract to discuss them with the company or contact the PIANJ Industry Resource Center at (800) 424-4244.

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