Ownership of expirations, including related records and data, is perhaps the most critical issue for independent agents to consider in their company appointment contracts. Indeed, an agency derives much of its value from its expirations.
Legal precedent and industry practice is clear that between the carrier and independent agent it is the agent who retains ownership and control over the records, work product and data—both physical and electronic—associated with its book of business, unless the contract expressly provides otherwise.
However, it remains important for agents to address the ownership and usage rights of expirations and related data in express contract terms.
For more information, including sample contract language from the Big “I" Office of the General Counsel, please read, “Independent Agents Own Their Data But Contract Language Is Still Important"