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VOLCAN ADVERTISING & ENTERTAINMENT
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Last modified
4/28/2022 9:48:48 AM
Creation date
1/15/2019 11:56:25 AM
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Contracts
Company Name
VOLCAN ADVERTISING & ENTERTAINMENT
Contract #
A-2017-051-02
Agency
PARKS, RECREATION, & COMMUNITY SERVICES
Council Approval Date
3/21/2017
Expiration Date
12/31/2019
Destruction Year
2024
Notes
A-2017-051-01
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===RAW <br />AmER1CAN SPECIALTY' <br />AMERICAN SPECIALTY SERVICE AND COMPENSATION DISCLOSURE <br />In order to provide a clear understanding of our services and potential sources of compensation, we <br />are pleased to provide the following information. <br />American Specialty is dedicated to providing specialized insurance and risk management services for <br />the sports and entertainment industry. We work with clients and/or their designated brokers or <br />agents. When we work with an insured's designated broker or agent, we enter into a formal <br />Broker/Agent Agreement that outlines our respective responsibilities. <br />The services we provide are outlined below. Such services are negotiated with each individual client <br />and/or such client's designated broker or agent. <br />INSURANCE SERVICES - As an Underwriting Manager, we work for certain insurers and provide <br />underwriting, policy service, claims management, and risk management services as authorized by <br />such insurers. For these services, we receive a commission and may participate in underwriting <br />profit. When we act in a brokerage capacity, we place business with select insurers and receive a <br />commission from these insurers. <br />CLAIMS MANAGEMENT SERVICES - We act as Third Party Administrator for certain insurers as per <br />agreed guidelines and receive compensation for services rendered. For self -insured retention or self - <br />funded retention programs, our services and compensation are outlined in a Claims Services <br />Agreement which we execute with clients. Any other claims services we provide, such as on -site <br />claims management or claims audits for insurers or clients, are negotiated on an individual basis and <br />memorialized in individual agreements. <br />RISK MANAGEMENT SERVICES - We provide specialized risk management services. Our services <br />and compensation are outlined in individual agreements with our clients. <br />CRISIS MANAGEMENT SERVICES - We provide specialized crisis management services to assist our <br />clients in assessing, developing, and testing their crisis plans. We also offer crisis phone services <br />which provide our clients with the outsourced capability to manage communication demands in the <br />aftermath of a crisis. Our services and compensation are outlined in individual agreements with our <br />clients. <br />PREMIUM FINANCE - In the event that we arrange the financing of your insurance premium, we may <br />also receive a fee from the premium finance company. <br />American Specialty and other parties also owned in whole or in part by Brown & Brown, Inc. (such as <br />retail agents/brokers, excess and surplus lines brokers, wholesale brokers and reinsurance <br />intermediaries), may receive compensation for their role in providing insurance products or services <br />to American Specialty or our clients. This compensation may include payments which are not client - <br />specific, such as payments based upon the performance and/or amount of business placed with an <br />insurer. Whether such payments will be made by a particular insurer, or, if made, what the amount of <br />any such payments will be, is generally not known until after the close of each underwriting year. <br />Additionally, we and our affiliated companies may earn investment income on monies held in <br />premium and/or claims accounts. <br />©American Specialty Insurance & Risk Services, Inc. dba A.S.I.R.S.I. Insurance Agency; American Specialty <br />Insurance & Risk Services Agency; and, A S Insurance & Risk Services Agency (9/11/2019) <br />
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