4.5 KiB
Contract with Fortress Business Underwriters for Bizllm
Terms
- Agreement Effective Date: This contract is effective as of February 1, 2025.
- Duration: This agreement will remain in effect for a term of 24 months, concluding on January 31, 2027.
- Subscription Type: Fortress Business Underwriters agrees to subscribe to the Professional Tier of Bizllm, at a cost of $12,000/month, totaling $288,000 for the duration of this contract.
- Payment Terms: Payments are due on the 5th of each month. Late payments will incur a penalty of 2% per month.
- Scope of Use: License covers up to 50 named users within Fortress Business Underwriters' organization, with additional user licenses available at $150/month per user.
- Termination Clause: Either party may terminate this agreement with 60 days' written notice prior to the end of the term. If terminated early, a termination fee equal to 25% of remaining contract value will apply.
Renewal
- Automatic Renewal: This agreement will automatically renew for an additional 24-month term unless either party provides written notice of non-renewal at least 60 days before the expiration date.
- Price Adjustments: Subscription fees may be adjusted for the renewal term based on Consumer Price Index (CPI) changes or enhanced feature availability, with 90 days' prior notice provided to Fortress Business Underwriters.
- Upgrade Options: Client may upgrade to Enterprise Tier at any time with 30 days' notice and prorated pricing adjustment.
Features
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Access to Professional Tier Features: Fortress Business Underwriters will have access to all Professional Tier features, including:
- Multi-Line Underwriting Engine for general liability, professional liability, property, workers' comp, and cyber insurance
- Business Intelligence Integration with automated data gathering
- Cyber Risk Assessment with digital security posture evaluation
- Workers' Compensation Optimization tools
- Commercial Property Evaluation with catastrophe modeling
- Professional Liability Specialization for multiple industry sectors
- Portfolio Management Dashboard with predictive analytics
- Agent and Broker Portal with commission tracking
- Claims Management Integration with AI-powered subrogation identification
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Advanced Analytics: Access to enhanced reporting capabilities including loss ratio analysis, geographic heat maps, and competitive benchmarking tools.
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API Access: Limited API access for integrating Bizllm with existing underwriting workbenches and agency management systems (up to 100,000 API calls/month).
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Custom Workflows: Ability to configure up to 10 custom underwriting workflows tailored to Fortress's specific business lines and risk appetites.
Support
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Technical Support: Fortress Business Underwriters will receive priority technical support from Insurellm, including:
- Dedicated account manager with monthly check-ins
- 24/7 emergency technical support hotline
- Response time guarantee: 2 hours for critical issues, 8 hours for standard issues
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Training: Insurellm will provide:
- Initial comprehensive onboarding (40 hours) for up to 20 staff members
- Quarterly advanced training sessions on new features and best practices
- Access to online learning portal with video tutorials and documentation
- Annual certification program for power users
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Updates and Maintenance:
- Monthly platform updates with new features and enhancements
- Scheduled maintenance windows: Saturday 11 PM - Sunday 3 AM EST
- Minimum 72 hours advance notice for all planned maintenance
- Zero-downtime updates for non-critical improvements
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Integration Support: Dedicated integration specialist to assist with:
- Connection to policy administration systems (Duck Creek, Guidewire, etc.)
- Data migration from legacy underwriting platforms
- Third-party data provider integrations (Verisk, LexisNexis, CoreLogic)
Signatures:
Michael Torres Title: Chief Revenue Officer Insurellm, Inc. Date: February 1, 2025
Robert Chen Title: Chief Underwriting Officer Fortress Business Underwriters Date: February 1, 2025
This contract outlines the terms of the relationship between Insurellm and Fortress Business Underwriters for the Bizllm product, establishing a partnership to transform commercial insurance underwriting operations.