Broker Of Record
What Does Broker Of Record Mean?
A broker of record is an insurance agent designated by a policyholder to represent, oversee, and manage their insurance policy. This individual communicates with the insurance provider on the client’s behalf and may receive all communications, notices, and quotes intended for the client. Additionally, they may suggest adjustments to existing policies.
Insuranceopedia Explains Broker Of Record
A broker of record essentially serves as the intermediary between the client and the insurer. They may work on behalf of an individual or a company to manage the client’s policies and typically earn a commission or other form of compensation from the insurer. Without a broker of record, a client might need to invest significant time managing their insurance policies, overseeing risks, developments, changes, claims, and more.
