Flood Insurance Rebating Program
Effective Date: April 1, 2009
Eligible Actuarial Class: Insureds purchasing Residential Condominium Building Association Policies (“RCBAPs”) written through the National Flood Insurance Program.
Rebate Amount: Ten percent (10%) of annual premiums paid (less federal fees) for National Flood Insurance Program RCBAPs.
Timing Of Rebate Payment: The rebate of 10% per annum will be paid by check issued by Brown & Brown of Florida, Inc. within sixty (60) days following Brown & Brown of Florida, Inc.’s receipt of commission payment from the insurance carrier responsible for issuance of the National Flood Insurance Program RCBAP. Brown & Brown of Florida, Inc. shall have no liability for rebates on commissions not received, nor any affirmative duty to take steps to collect any unpaid commissions on policies subject to this Rebating Program.
Refund Of Unearned Rebate: In the event that the entire annual rebate is not earned, the insured shall promptly refund any unearned rebate amount to Brown & Brown of Florida, Inc.
Compliance With Applicable Law: This Rebating Program has been designed in accordance with the requirements of Section 626.572 of the Florida Statutes. If for any reason this Rebating Program is found to be in violation of any state or federal statute or regulation, it shall, if practicable, be amended to comply with such law, or alternatively, shall be terminated.
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