What does Bor mean in insurance?

The Broker of Record (BOR) letter is one of the most powerful and abused documents in the insurance industry. Unfortunately, many less than scrupulous brokers convince lay insurance buyers to sign this document without explaining exactly what it accomplishes.

What is the broker of record process?

Your new insurance broker sends the signed BOR letter to the insurance carrier(s). The prior broker is notified of the change. The policies will be moved in 5-10 days3 unless the carrier receives a rescinding BOR or countermanding BOR letter from the prior broker that is signed by the insured.

What is the difference between AOR and Bor?

An Agent of Record (AOR) is generally the same thing as a Broker of Record (BOR). These letters or forms determine who represents your business to an insurance company.

What is the difference between a broker and a broker of record?

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.

What is a broker of record agreement?

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.

Who signs a broker of record letter?

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.

What is a broker of record letter?

A broker of record letter is used to legally establish the relationship between broker, policyholder, and insurance company. A broker of record letter can be used to designate a broker of record for the first time or to replace an existing broker of record with a new one.

What is the difference between AOR and Bor?

An Agent of Record (AOR) is generally the same thing as a Broker of Record (BOR). These letters or forms determine who represents your business to an insurance company.

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AGENT / BROKER OF RECORD LETTER Date: To the Attention of: London Aviation Underwriters, Inc. This is to certify that effective the day of , 20 , is my only authorized representative for the purpose.

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