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Professional/General Liability - Questions.....
Posted on 2/2/22 at 9:38 am
Posted on 2/2/22 at 9:38 am
Any of you work in commercial insurance who might want to answer a couple questions?
Our business is in the process of considering a new broker as we don't feel that our current broker has advocated for us appropriately.
One of the things I've been told by prospective other brokers is that they won't be able to get quotes from the same carriers that my current broker has already requested quotes from...I kinda get it, but also.....good lord what a racket.
Our business is in the process of considering a new broker as we don't feel that our current broker has advocated for us appropriately.
One of the things I've been told by prospective other brokers is that they won't be able to get quotes from the same carriers that my current broker has already requested quotes from...I kinda get it, but also.....good lord what a racket.
Posted on 2/2/22 at 12:25 pm to meAnon
The premise of Agent of Record letters astounded me when I first became aware of them.
I "get" it now, but it still favors the status quo.
Everything in the insurance and securities world does.
The folks in the industries with mass wrote the law and the legal policies.
I "get" it now, but it still favors the status quo.
Everything in the insurance and securities world does.
The folks in the industries with mass wrote the law and the legal policies.
This post was edited on 2/2/22 at 12:26 pm
Posted on 2/2/22 at 12:25 pm to meAnon
Don't work in the market, but faced a similar situation about 5 years ago. The way we were able to get around that was by assigning the new broker as the broker on the account. It eliminated the possibility of the old broker being able to compete to keep the business, but in my situation I knew the old broker was just riding the premiums.
Hell, he tried to come back with quotes ~50% less than what we paid in prior years, and the new guy was still able to beat those prices without knowing about them
Hell, he tried to come back with quotes ~50% less than what we paid in prior years, and the new guy was still able to beat those prices without knowing about them
Posted on 2/2/22 at 2:20 pm to Weekend Warrior79
quote:
old broker was just riding the premiums.
Yep. Like soccerfut aluded to-it astounds me that I can't have 2 brokers competing for my business. AND that my old (current) broker could potentially go out and get quotes just to block them from being able to
This post was edited on 2/2/22 at 2:21 pm
Posted on 2/4/22 at 9:53 pm to meAnon
Depends on the markets. PL and GL markets will typically require an AOR or BOR to get quotes from markets the other agent has blocked. Some Workers Comp markets will give both agents quotes. If you don’t think your current agent is doing the best job, you could let the other agent AOR specific markets that he or she would want. Just be wary that it takes 10-15 calendar days for the AOR to go through. So if you are getting close to your ex date it can put you in a jam. I hate that you are having this experience with your current agents. It can be very frustrating when too many people have their hands in the cookie jar.
Posted on 2/6/22 at 11:59 am to meAnon
First suggestion is that you pick your Broker based upon value added services, experience and niche specialty. Second set of factors that you should look at include local support staff on hand that can assist with account Mngt , COI, claims, etc. Once you’ve made your selection based upon this criteria, signed the BOR to this specific broker. Let them do their thing at that point. Not sure of what your business operations consist of, but you wanna broke her that works both with domestic and London underwriters. This will give you a more markets to access purposes of obtaining best terms and conditions for coverage and pricing. Do you need someone for me with the nuances of your type of business and the benchmark of others in your business.
Posted on 2/6/22 at 1:09 pm to soccerfüt
quote:
The premise of Agent of Record letters astounded me when I first became aware of them.
My wife has worked as both a CSR and an account manager for a commercial insurance producer and I was astounded to learn that the agent goes to the broker who then goes to the underwriter. Two levels of bureaucracy each marking it up between the underwriter and the end client/risk insured.
This post was edited on 2/6/22 at 1:11 pm
Posted on 2/7/22 at 3:53 pm to meAnon
quote:as the next post says some carriers (Very very few) will give both brokers the same quote if both complete the full submission. But most of the time its one quote to a single agent for each carrier. If it was issued to agent A but you want it given to agent A, you need to tell the carrier via agent of record letter.
it astounds me that I can't have 2 brokers competing for my business
Insurance quotes are not a tangible product like a refrigerator or a car where you may not know what the seller is making off the sale and thus they compete and may undercut each other. The carrier is issuing a quote with rates vs exposure that equals a premium and the agent is paid a specific percentage. They also dont like having a second agent come in with different exposures and then they dont trust the risk (you) and dont issue a quote at all.
The reality is if your current guy has earned getting fired, fire them by BOR and move on. If they are coming to you every year and throughout the year talking about your program, do you want to market X line or negotiate with the current carrier, talking about exclusions and endorsements and if you call them with a question they can answer.... id have them come sit down and talk through it. Grass isnt always greener and there are many agents good at selling new business for themselves then the fumble for a few years screwing up your program till you fire them as well.
Posted on 2/7/22 at 3:54 pm to boosiebadazz
quote:
the agent goes to the broker who then goes to the underwriter
sounds like surplus lines and its a different animal altogether.
Posted on 2/7/22 at 7:54 pm to meAnon
quote:
it astounds me that I can't have 2 brokers competing for my business
Why would an insurance company work with 2 separate brokers on the same account?
From the perspective of the insurer, a BoR makes total sense.
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