Get the free Broker of Record Letter

Broker of Record Letter (On Insured's letterhead) Date Insurance Company name RE: Named Insured Policy number×Policy Period Dear Underwriter, Please appoint the retail agency name and PMC Insurance

How to fill out broker of record letter

How to fill out broker of record letter:

1. Start by addressing the letter to the current insurance broker or agent. Include their name, title, and the name of the insurance agency they represent.
2. Begin the letter with a polite and professional greeting, such as "Dear [Broker's Name]," or "To Whom It May Concern."
3. Clearly state the purpose of the letter, which is to authorize a new broker of record for your insurance policies. This means you are granting permission for a different broker or agent to take over the management and servicing of your insurance policies.
4. Provide your full name, contact information, and policy numbers in the letter. It is important to accurately identify yourself and your policies to avoid any confusion.
5. Express your reasons for wanting to make a change in the broker of record. This could be because of dissatisfaction with the current broker's services, seeking better rates or coverage options, or any other valid reason. Be concise and specific in explaining your decision.
6. State the name and contact information of the new broker of record that you wish to appoint. Include their name, agency name, address, phone number, and email address if available. You may need to reach out to the new broker beforehand to confirm their willingness to assume responsibility for your policies.
7. Clearly indicate the effective date for the transfer of broker of record. This is the date from which the new broker will take over the management of your policies. It is essential to ensure a seamless transition and avoid any gaps in coverage.
8. End the letter with a polite closing, such as "Sincerely," or "Best Regards," followed by your full name and signature. If sending the letter electronically, you can type your name instead of a handwritten signature.

Who needs a broker of record letter?

A broker of record letter is usually required when an individual or business wants to switch insurance brokers while keeping their existing policies intact. This letter is necessary to inform the insurance company that a new broker will be taking over the management and servicing of the policies.

Common reasons for needing a broker of record letter include:

1. Seeking better rates or coverage options: If you believe that a different broker may be able to secure more favorable insurance rates or provide improved coverage options for your needs, you may choose to switch brokers.
2. Dissatisfaction with current broker services: If you are unhappy with the level of service, responsiveness, or expertise provided by your current broker, you may want to find a new broker who better meets your requirements.
3. Business changes or relocations: If your business undergoes changes, such as expanding to new locations, adding new operations, or undergoing mergers/acquisitions, you may need to change brokers to ensure that your insurance needs are adequately addressed.
4. Personal preference: Some individuals or businesses simply prefer to work with a different broker due to personal relationships, recommendations, or industry expertise.

In any case, it is important to understand the specific requirements set by your insurance company regarding the process of switching brokers and providing a broker of record letter. It is recommended to consult with the new broker and the insurance company to ensure a smooth transition and avoid any potential complications.

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What is broker of record letter?

A broker of record letter is a document signed by an insured party that allows a new broker to take over an existing insurance policy.

Who is required to file broker of record letter?

The insured party is required to file the broker of record letter in order to change brokers.

How to fill out broker of record letter?

The broker of record letter should include the insured party's name, policy number, current broker information, and new broker information, along with the signature of the insured party.

What is the purpose of broker of record letter?

The purpose of a broker of record letter is to officially designate a new broker to handle an existing insurance policy.

What information must be reported on broker of record letter?

The broker of record letter must include the insured party's name, policy number, current broker information, and new broker information.