Get Broker Of Record Letter
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How to fill out the Broker Of Record Letter online
The Broker Of Record Letter is an essential document that designates a new agent or broker for an insurance policy. This guide will provide clear, step-by-step instructions to help you complete the form online with ease.
Follow the steps to successfully complete your Broker Of Record Letter online.
- Click ‘Get Form’ button to obtain the form and open it in the editor.
- Fill in the policy/quote number, property insured, and policy period in the designated fields.
- In the section stating the effective date, enter the date when the new appointment will be applicable.
- For the agency or broker name, provide the name of the agent or brokerage you are appointing.
- Select one of the options regarding the courtesy period, indicating whether you request ACE to waive or maintain the customary 10-day period.
- In the 'Sincerely' section, enter your name, title, and the full street address where you can be contacted.
- Ensure that you sign the document where indicated.
- Complete the agency/broker information section, providing the necessary address details, contact person, and phone and fax numbers.
- If applicable, include the ACE producer code.
- Once all fields have been filled, review the information for accuracy. You can then save your changes, download the letter, print it, or share it as needed.
Complete your Broker Of Record Letter online today!
Your new agent will draft the BOR and ask you to sign it. Then, the new agent will submit the letter on your behalf to the insurance company. This letter is a legal contract that ends your relationship with your current agent. The letter also serves as a legal contract permitting your new agent to act on your behalf.
Fill Broker Of Record Letter
An insurance BOR informs an insurance company that a particular broker is now managing the insurance coverage for your business and is replacing the broker. Simply sign a BOR letter appointing them as broker, allowing them access to the insurance market to obtain a quote. A broker of record letter is a legal document used to set the relationship between then broker, policyholder, and the insurance company. The letter must express the employer's intention to appoint the broker as the exclusive broker of record. A BOR letter on a new business submission will be accepted up until PM prior to the effective date of the submission.
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