Get Safeco Fillable Broker Of Record Form

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.

An agent of record, or broker of record is a simple document signed by a business owner in order to specify which agent they want to represent their business with one or more insurance companies.

What is a rescinding Bor letter? Depending on the agent, you likely have 5-10 days after signing the letter to rescind (cancel) it. To do that, you will sign a rescinding broker of record letter, which will essentially make the original BOR you signed null and void.

The level of education distinguishes a broker from a salesperson. A salesperson can become a broker by taking additional courses and exams. A broker designation also allows someone to manage a brokerage. If they do take on that role, they are known as the Broker of Record.

A broker of record letter is formal agreement or letter used to legally indicate an agreement and a relationship between broker, policyholder and insurance company. In some cases, a broker of record letter indicates that an existing agent is being replaced with a new agent by the policyholder.

A broker of record letter, also known as a “BOR” letter, or agent of record letter, is a letter that tells an insurance carrier that you have chosen a particular insurance broker to manage your insurance policies and handle your business insurance situation.

An agent of record is the individual insurance agent or insurance agency authorized by an insured to represent the insured in the purchase, servicing, and maintenance of its insurance program with a designated insurer.

The Broker of Record form ( form number 36) may be used in lieu of a Broker of Record letter.