Disclosures

This information is provided to assist in your decision to do business with our organization. We want to outline and summarize the most important considerations for clients and potential partners.

This is summary level information and may be considered a good faith effort to put our practices in writing and disclose our various relationships. Discussions related to coverage are also at a summary level and will not supersede the terms of the policy, contract or service agreements. Please refer to the actual policies quoted for specific terms, conditions, limitations, and exclusions that will govern in the event of a loss.

Our various documents, forms, procedures, contracts etc. are provided with the intent of full compliance with any and all regulatory bodies; however, if any one provision is deemed unenforceable, we do not intend to waive the other aspects of the various agreements. Each provision should be viewed as independent and severable from any other agreement or representation.

ABOUT OUR COMPANY

Syndicated Services is a corporation licensed to transact insurance in various states and is domiciled in North Carolina (license # 10001226213) to market insurance and insurance related products. For Florida only, Syndicated Resource Holdings Group, Inc. does business as Syndicated Insurance Agency of Florida (license #L091318). In 2014, a holding company was formed, Syndicated Resource Group Holdings. Workers Compensation Agent Exchange is a division of Syndicated Services Inc. PayGo Plus, LLC is a wholly owned subsidiary of Syndicated Resource Group Holdings, Inc, Inc.   All references to  Syndicated Resource Group Holdings, Inc., Syndicated Services Inc., WC Agent Exchange , or PayGo Plus may also include affiliates, subsidiaries and divisions.

National Producer # 16294105 CA License #OH38583 / For Syndicated Resource Group Holdings, Inc. DBA: Syndicated Services, Inc. and Syndicated Insurance Agency / For Florida only, Syndicated Resource Group Holdings, Inc. DBA: Syndicated Insurance Agency of Florida. Syndicated Resource Group Holdings, Inc. License #L091318 / For Georgia only, Syndicated Resource Group Holdings, Inc. DBA: Syndicated Services, Inc. and Syndicated Insurance Agency. Syndicated Resource Group Holdings, Inc. National Producer #17397028 License #203121

MARKETING AND DISTRIBUTION

Our distribution system is dependent on licensed insurance agents who are contracted with us and who receive commissions based on their referral of clients for our products and services. We will keep all information confidential and take appropriate actions to protect the interest of our contracted brokers and the clients they refer. We will not enter into a referral or marketing relationship without the execution of company approved documents, evidence of proper licensing and proof of professional liability insurance.

We enter into agreements with various organizations from time to time to provide mutually beneficial marketing relationships.

AGENT RELATIONSHIP

In some circumstances, we may act as an agent of the insurer and not for the client or our contracted agent. These circumstances arise where we have an authority to secure an insurance policy under a binder agreement with the insurer. This means we can enter into the contract on the insurer\’s behalf and in these situations any advice we provide to you is given on the insurer\’s behalf.

FEES FOR OUR SERVICES

Our clients and brokers are entitled to know how and what we will charge for our services and what other benefits we receive. The way we are compensated will depend on the advice and level of service being provided.

Where allowed by law and when used, Broker Fees are payable in addition to the premium. Where we receive commission, it will be an amount calculated as 0 – 25% of the premium. The commission is included in the premium quoted. We will disclose all fees as a separate and distinguishable line item on invoices and receipts. Certain jurisdictions will limit or prevent certain products from utilizing a broker fee.

If any insurance is canceled before the expiration date of the period of insurance, we will refund the gross return premium, but will retain fully earned fees as provided in the original proposal. In some cases, we must wait for return premium from the insurer prior to issuing a refund. We will act diligently to expedite the return of premiums.

When premiums are collected in combination with other offerings, they will be reconciled as soon as it is administratively feasible, the premiums will be held in trust until remitted to the carrier. In most cases, we retain the commission and remit the balance to the insurer. We will earn and retain interest on the premiums held prior to the remittance to the carrier.

CONSULTING SERVICES

In some cases, we are acting in the role of a consultant but we will always communicate if our advice or discussions are subject to a fee. We will charge an hourly fee for any these services that we provide. Fees for these services vary in accordance with the nature and volume of the work undertaken. You could expect these fees will range from $100 per hour to $300 per hour. Written confirmation of the calculation of fees and commissions for advisory services will be fully disclosed.

PROFIT SHARE

We may enter into Intermediary Profit Share agreements with certain insurers. Provided that we meet certain criteria, including profitability, we will receive additional commission by way of a share of the profit we generate for those insurers. This will be a payment from these insurers based on the profit that they earn on certain business; and/or on the volume of certain business we provide to them, we may be paid a percentage of the profit on our portfolio or an agreed amount. This will depend on the level of profit achieved. If there is no profit, we will not receive any additional payment.

TERMS OF PAYMENT – INVOICES

Where we invoice clients for the premium, statutory charges and our fees for arranging insurance, clients must pay us within the terms outlined on the invoice or, in the case of a renewal, before the due date of the contract of insurance.

If clients do not pay the premium on time, the insurer may cancel the contract of insurance and the will not be insured under the terms and conditions of the policy. The insurer may also charge a short term penalty premium for the time on risk. Where a new policy or endorsement to an existing policy has been arranged by us, our fees will be applied.

CONFLICTS OF INTEREST

We are committed to a high standard of ethics and we will do everything possible to disclose all aspects of our business in which have actual, apparent, potential or perceived conflicts of interest which may arise to promote the following primary outcomes:

(a) confident and informed decision making by consumers;

(b) fairness, honesty and professionalism by those who provide financial services; and

(c) fair, orderly and transparent markets for financial products.

VARIABLE COMMISSIONS

We also receive variations in the level of brokerage or commission offered between some insurers with whom we place insurance. We will not recommend a particular insurer to you because they pay us a higher rate of commission.

PREMIUM FINANCING

Syndicated Services, Inc. has multiple facilities for premium financing to provide our clients with financing of insurance premiums over an extended period. Where we recommend or arrange funding for clients with a premium finance company, we may be remunerated. The remuneration for premium financing is generally paid in consideration for referring this business to them and for the document preparation and information transfer. We will not recommend premium funding for a client unless we consider it is appropriate for the circumstances.

PAY AS YOU GO

Syndicated Services, Inc. has developed products and procedures which provide invoicing, premium calculation and remittance to various insurance carriers. While some carriers require an approved payroll processor to administer this form of premium payment, there are several carriers which are set up to allow us to act as an intermediary and accept payroll information from a variety of sources including in-house software for the preparation of payroll.

A fee is charged for the Pay as You Go service (aka PayGo). There are multiple variables which may be used to calculate the fee. All clients participating in this program will pay a per period processing fee. Most of our carriers charge us an administrative fee for this set up and the majority of revenue collected from the per period fee is used to offset these charges.

In addition to commissions and administrative fees, we may charge additional fees to clients if we are permitted by the client\’s state of domicile. Every invoice will disclose the fees and premiums charged. There are a number of terms which should be familiar to all parties when using this billing methodology.

Non Working Deposit defined as fully earned fees which are not applied to the earned premium. This number may include broker fees as outlined above. This line item may not be applied to audits, renewals and additional premiums etc.

Net Rates are different from the filed rates listed on the policy. The Net Rates roll in all of the items that modify the resulting policy premium from the normal class premium; this includes taxes, fees, and surcharges, in addition to any schedule credits or debits, experience mods, increased limits, or and premium discounts. Net Rate is for illustration purposes and the simplicity of easily understanding the premium calculation. ​

Adjusted Rates are different from the Net Rates as defined above. Adjusted rates will include all program expenses as detailed on the original proposal for service but they may not correlate to the various credits, debits, rates and modifications as listed on the policy.

All states have variations with regard to the way fees may be calculated. Clients and brokers are encouraged to visit the appropriate Department of Insurance website for specifics related to broker fees and the various disclosures required. The insured must sign a statement or proposal for service outlining the fees and services provided and distinguishable from the filed and approved premiums for such insurance policy or policies.

RESOLVING YOUR COMPLAINTS

If a client or broker is not satisfied with our service we recommend that you use the complaints procedure set out below. These procedures are available free of charge to you. We would always recommend that you let us know if you aren\’t satisfied. Often, we can resolve issues without the need of burdening regulatory authorities or costly legal procedures. The first step in resolving an issue is to make certain that all parties understand the nature of the problem.

Any dispute should be referred to the compliance and service officer for our company. Written e-mail complaints may be submitted to [email protected]. An officer of the company will review the information and give you a response within three working days.

If your complaint is not resolved by the above procedures you retain the right to take the matter to mediation, arbitration or through the legal system where you may have to pay your own legal costs.

All complaints and disputes concerning insurer\’s decisions about coverage or claims on Insurance Policies or Policies arranged under Binding Authorities have their own dispute resolution procedures which can be found in the appropriate Policy Wording or Product Disclosure Statement.

PROFESSIONAL INDEMNITY INSURANCE (Errors and Omissions)

Syndicated Services Inc. is covered under Professional Indemnity Insurance which is required by the carriers which we represent. We also require all brokers and agents to carry a sufficient level of coverage. The insurance (subject to its terms and conditions) will continue to cover claims relating to employees who no longer work for us. Coverage is provided on a claims made basis.