Asset Purchase Agreement Insurance Agency

In order to facilitate the change of business, the parties may include agreements on how and the people who will inform customers of the purchase and sale, as well as other issues that may affect the business transition, such as the transfer of telephone lines, the transfer of mail, the withdrawal or placement of reports on the agency`s former website. Etc. Early resolution of these problems will contribute to a smooth business transfer. The payment of commissions and the accounting of the return commission are carried out on an ongoing basis. The agreement should include clear conditions for the allocation of commissions due or payable, liability for return commissions, expenses, costs and debts, and absolute data relating to these accounts and how these accounts are settled. Attention to details such as this in the agreement will help avoid disagreements and misunderstandings after closure. First, the buyer should verify (and insurance and warranties should indicate) that the seller`s current and former employees have no interest in ownership of the assets and that the expiry times were obtained directly by the seller and not by a brokerage company or other agreement. A buyer also wants to know whether the seller`s staff and manufacturer are subject to written non-invitation, confidentiality or non-competition agreements and the specific terms of those agreements. The value of the assets can quickly decrease if a former employee absolicits the company. Do you buy and sell shares or assets? If the assets, the agreement should include all assets that are included, as well as those that are expressly excluded. Expiration times are probably the greatest asset, but don`t forget physical property, for example.

B the computer software you may need to access the expiry records. These include intangible information such as the right to use telephone numbers, fax numbers, web addresses and the name of the sales agency. To avoid disputes over the allocation of insurance policies in a business transaction, it is clear that insurance policies – not just policy revenues – are allocated if the intention is to allocate the seller`s existing insurance coverage to the buyer, the transfer clauses in the purchase contract must be clear, that policies – not just policy revenues – are allocated. And to make this clear, specificity is needed with regard to policies (according to a timetable) and it is necessary to specify which policies will be covered. Depending on the size and complexity of the acquired business book and the relative knowledge of the buyer and seller, the buyer can only require the seller`s cooperation after the sale or need more support. The agreement should require the cooperation of the seller and determine the scope and duration of the cooperation. The buyer and seller may also agree to a advisory agreement specifying certain obligations and allowances. The asset purchase agreement in the section describing the acquired assets provides, among other things, that the purchaser would acquire all rights, securities and interest from the seller on “all products payable under an insurance policy that acquires assets acquired as a result of all the facts prior to the closing date.” In the “Insurance” section, the contract provides that all rights that the seller may have vis-à-vis his insurers with respect to the acquired assets are transferred to the buyer at closing.