Get Amwins Connect Administrators Sample Broker Of Record Letter 2018-2024

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.

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.

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.

Simply put, a broker of record is a person who interacts with your insurance company to manage your insurance and is legally authorized to act on your behalf, receive communications, and represent you.

A broker of record letter authorizes an insurance broker to negotiate on behalf of a customer with an insurance company to create new policies. A letter of authorization does not. A letter of authorization allows a specific person to settle a claim on behalf of an insured.