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AMENDMENT NO. 1
TO THE
SPECIALTY UNDERWRITERS’ ALLIANCE, INC.
PARTNER AGENT PROGRAM AGREEMENT
This amendment
modifies the Specialty Underwriters’ Alliance, Inc. Partner
Agent Program Agreement by and between Company and Partner Agent,
dated October 11, 2005 (the “Agreement”). Any
capitalized terms defined in the Agreement and used herein shall
have the same meaning in this Addendum as in the Agreement. Except
as amended hereby, the Agreement remains in full force and effect
after the date hereof and each of the parties by its execution
hereof ratifies and confirms the provisions of said
Agreement.
Now, therefore,
in accordance with Section IX, D of the Agreement and in
consideration of the mutual agreements and covenants hereinafter
set forth, the parties wish to amend the Agreement as
follows:
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1.
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Section VI, PREMIUMS AND
ACCOUNTING, paragraph C. is deleted in its entirety and replaced
with the following:
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“All premiums collected by
Partner Agent are the property of Company and shall be held in
trust on behalf of Company in a fiduciary capacity. Partner Agent
ma
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