Broker of Record
...a resource for those that find themselves here...
What is a BOR?
The term BOR refers to Broker of Record. Sometimes referred to also as an Agent of Record. There are times when a commercial insurance customer (it can be personal insurance, too) needs to assert their preference to have a particular broker/agent working on their behalf.
ACORD 36
What does a Broker of Record Letter Do?
Ultimately, the signing of a Broker of Record letter designates your chosen Insurance Agency as it relates to a specific insurance carrier. That means only that specific agency is allowed to transact/quote/issue a policy on your behalf. Such authority would typically remain in force until you deem otherwise necessary.
REASONS TO SIGN A BOR
THINK TWICE ABOUT SIGNING a BROKER of RECORD LETTER if :
- Your current insurance agency never seems to call back
- Your basic questions seem to never get answered.
- Your policy number hasn’t changed in years.
- Everything just seems to be a problem when you call or email.
- The easy Certificates of Insurance take days to get back.
- You feel like your current agent never has time for you.
- Difficult Questions are not answered thoroughly and effectively.
- Your Current Agency seems to never have it together.
- Your current agency does not allow you to generate your own certificates.
- Leaving messages at the office for a call back is routine.
- Insurance Consultations never seen to happen, you just pay your bill.
- You feel pressured to sign.
- You are not sure EXACTLY what is happening.
- It feels like everyone is asking you to sign the BOR.
- Everything seems downplayed
- The New Agency’s phone number is an ‘800’ Number.
- The new agency refuses to give you their cell phone number.
Need Something Else?
Some Insurance Companies may not allow you to switch your Insurance Agent
Captive Insurance Agents have the most difficult time transferring business from one agent to another due to a customer request for a new agent. When a customer requests a new agent for their old auto insurance policy, they may not be able to have their policy assigned to a new agent. Yes, it is usually problematic and involves much unneeded bureaucracy.
Problems to consider before signing a BROKER or AGENT of RECORD DOCUMENT
Sometimes we see customers switch from a directly appointed agent to a non appointed agent. Meaning that your new insurance agency does not have direct access to the insurance company representatives listed on the Broker of Record form you signed. This situation can be troublesome at times.
For your own piece of mind, determine whether the policy that your assigning to a new broker will be received exactly as current, or will it be rewritten with new terms attached. Sometimes insurance companies require their agents to have the ACORD 36 form signed, but then require the agents to requote the current policy and re-issue the same policy in order for the transfer of agents to take hold. When such activity is required, new pricing and policy terms are front and center. Just be aware and ask good questiosns to the insurance agent. If you don’t feel they are giving you any consultative advice, it is probably a good idea to choose another broker.
Well, in a perfect world the policy in place has the exact perils included for your positive claim result. However, we believe all claims submitted cause unwanted aggravation for you; So, when you couple that along with the fact that you are making a major policy decision by switching agents; it is kind of like….’just hoping it all ends up okay.’
Probably not.
Then your New Insurance Agent may have no idea of the error.