MetLife Auto & Home has made several enhancements to its Independent Agency Agreement. The contract changes will be introduced in 2001. The revisions provide for the company to defend, indemnify, and hold the agent harmless under a comparative negligence standard, based on the extent that each party is at fault, rather than precluding indemnification of the agent by the company if the agent has contributed at all to the liability (contributory negligence standard).
Another positive provision, according to the Independent Insurance Agents of America, requires MetLife Auto & Home to renew polices expiring during the 12 months immediately following the termination of the independent agency agreement for a term of up to an additional 12 months. To be renewed, the policies must meet MetLife Auto & Home’s then-current underwriting criteria. The agreement also provides important protection for agents of their ownership of expirations.
Was this article valuable?
Here are more articles you may enjoy.
Viewpoint: After 3 Years of Retreat, Insurance Capacity Is Returning to California 
Amazon Seen as Shielded From Liability for Miami Cargo Plane Crash 
Private Credit Investors Clash Over £36 Billion BHP Dam Collapse Litigation 
Lockton Named in NBA Investigation Into Clippers Salary Cap Circumvention 
