Insurance Broker Of Record Letter
To whom it might concern.
Insurance broker of record letter. A broker of record letter is used to legally establish the relationship between broker policyholder and insurance company. Like any legal document understanding the effects of the wording of the bor can be challenging for the typical commercial insured. Broker of record letter appoint us no extra charge broker of record letter employer group health plans we can be your broker servicing agent and here s over a dozens why it s beneficial for you on an existing policy coverage if you simply write to the insurance company and ask them. Unfortunately many less than scrupulous brokers convince lay insurance buyers to sign this document without explaining exactly what it accomplishes cautions stuart hope.
Master broker agrees to provide horizon bcbsnj with a duly executed broker of record letter signed by each customer in a manner specified by horizon bcbsnj an. The broker of record letter bor in insurance is a tool insurance agents and brokers utilize to assume the negotiation of your insurance account. Designation of broker of record required. This appointment rescinds all previous appointments if any.
The letter should show the specific insurance company involved the policy number s and in the case of commercial insurance be on the insured s letterhead. Microsoft word bor template waive rescinder period doc created date. Insurance policies listed by policy insurance company effective dates and type of insurance. As of this date agency name is appointed broker agent of record for insured with respect to its type insurance program coverage listed above.
The broker of record letter must show the name of the company and include the name of the person signing his her title and the date of signature. A broker of record letter can be used to designate a broker of record. And this authorization will remain in full force and effect until canceled in writing by us. Just put this letter on your letterhead.
The letter should show the specific insurance company involved the policy number s and be on the insured s letterhead or on blank paper. Suspends the current broker s ability to negotiate on your behalf with the insurance company.
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