What Does Broker of Record Mean?
A broker of record is an insurance agent a policyholder designates to represent, oversee, and manage their insurance policy. This individual deals with the insurance provider on the client's behalf and may receive all communications, notices, and quotes for the client. In addition, they may suggest adjustments to existing policies.
Insuranceopedia Explains Broker of Record
A broker of record is basically the middle man between the client and the insurer. They might serve an individual or a company to manage the client's policies and earn a commission or some other form of compensation from the insurer. Without a broker of record, a client might have to spend significant amounts of time managing their insurance policies and overseeing risks, developments, changes, claims, and so on.