I am switching brokers and my old compay is insisting that I pay for an entire year of eo insurance, coverage runs from july 1 to july first.

Question is do I have to pay the entire amount or could I just pay the prorated price? It is my understanding that according to Insurance Regulations that you are not entitle to pay for a policy that is no longer being serviced.

thanks for your input

The Payment Procedure should be clearly spelled out in your Independent Contractor's Agreement; not invented on the fly.

I'd wonder why they didn't collect the full year's premium prior to 6/30/10, BEFORE the Policy commencement date. They appear to be a mite tardy now.

Once they have it, you'll probably not have much of a chance of getting it back; but it sounds like you're the one holding the money, and owing for the 7/1/10 thru 8/18/10 period.

These are desperate times, and people are starting to do desperate things.