Placement service agreement (PSA, MSA)

{
  "id": "MLC-T-INS-002573",
  "term": "Placement service agreement (PSA, MSA)",
  "field": "Insurance and risk management",
  "definition": "A formal contract between an insurance broker and a client that outlines the scope of services the broker will provide in securing insurance coverage. The Placement Service Agreement, also called a Master Service Agreement (MSA), details the broker's responsibilities, the client's obligations, and the compensation structure, such as fees or commissions. This agreement establishes the legal and commercial terms of the broker-client relationship before any policies are placed.",
  "url": "https://mlchart.com/terminology/insurance/placement-service-agreement-psa-msa/"
}