Question 1

What is a Broker of Record?

Accepted Answer

A BoR is a professional who manages your insurance policies on your behalf.

Question 2

How does a Broker of Record letter work?

Accepted Answer

A broker Record letter authorizes a new broker to take over your insurance policies.

Question 3

Can I change my Broker of Record?

Accepted Answer

Yes, you can switch brokers by signing a new BoR letter and notifying your insurance company.

Question 4

What is the difference between a BOR and an Agent of Record?

Accepted Answer

A broker record manages the entire policy, while an Agent of Record handles specific transactions.

Question 5

Is there a fee for changing my Broker of Record?

Accepted Answer

Most brokers earn commissions from insurance companies, so there is often no fee for changing your broker.

Day: September 28, 2024

What is a Broker of Record? Everything You Need to Know