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Insurance is a product that everybody can use…So shouldn’t everybody be able to understand it?

You can stand to benefit from knowing a few of the phrases and terms that insurance agencies and companies toss around.

Welcome to the final installment of 4 Insurance Terms You Should Know. If you haven’t gotten a chance to read up on the first three terms, feel free to go back through our previous blog posts.

Check out our final term below.

Broker of Record – The “broker of record” is the agent or broker that you choose to work with to access a given company.  If you like the company that you are insured with but wish to switch agencies, you can do so by providing the insurance company with a broker of record letter naming the agency that you wish to work with. 

Through the years, we have taken over the servicing of many policies via broker of record letters as our clients have attempted to consolidate their insurance into one source.  We are always appreciative of the opportunity to quote business that we don’t currently write for our current clients and prospects.  Sometimes, the insurance company that you are with through another agency is just the right company, and we can’t improve on the pricing that you are getting.  If that is the case, we’ll tell you, rather than write your coverage with an inferior product for less money.  Often, because we work with so many companies, we can take over as your broker of record for the policy(ies) in question.

For more information on consolidating your coverage feel free to give us a  call at 607-535-6501.

This wraps up our blog series, “4 Insurance Terms That You Should Know”, but we’ll continue to post useful information right here on our blog and on our Facebook page.

Tune in next week when we discuss how and why to become more familiar with your coverage(s).

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