Broker of record change letter

“Only when an insured has decided to appoint another agent to handle his account. It should not be used if the intent is to simply authorize an agent to obtain a renewal quotation.”

“A broker letter cannot be filed where the new broker does not represent the insurer presently on the Policy.”

“Premium adjustments occurring within the policy term prior to the Broker of Record Letter’s effective date are the responsibility of the “old” broker.”

“He/she is also responsible, from the date of appointment, for the additional or return premiums”

“The new broker may also have to sign a letter from the insurance company, accepting responsibilities for future premiums, etc.”

“The Broker of Record Letter must show the name of the company and include the name of the person signing, his/her title and the date of signature. The letter should show the specific insurance company involved, the policy number(s), and in the case of commercial insurance, be on the insured’s letterhead.”

“Not all insurance companies automatically accept a Broker of Record Letter. Many companies have a waiting period, pending confirmation from the previous broker that he has, in fact, lost the business.”

“Broker of Record Letters must not be backdated.”

“If a broker wishes to approach an existing insurer for a renewal quotation, he should obtain a letter from the insured, simply authorizing the broker to approach the insurance company on his behalf.”

“is hereby authorized to obtain any and all information, including copies of policies as may be deemed necessary by”

“By signing this letter you are changing your insurance broker.”

“The first Named Insured shown in the Declarations may cancel this policy by mailing or delivering to us advance written notice of cancellation.”

“If this policy is cancelled, we will send the first Named Insured any premium refund due. If we cancel, the refund will be pro rata. If the first Named Insured cancels, the refund may be less than pro rata.”

“The first Named Insured shown in the Declarations is authorized to make changes in the terms of this policy with our consent. This policy's terms can be amended or waived only by endorsement issued by us and made a part of this policy.”

“An insurer shall deliver or send by first-class mail a copy of the notice of cancellation for nonpayment of premium described in Subsection (2)(c)(iii) to an agent of record of the policyholder on or before the day on which the insurer provides the notice to the policyholder.”

“if the insurer offers or purports to renew the policy, but on less favorable terms or at higher rates, the new terms or rates take effect on the renewal date if the insurer delivered or sent by first-class mail to the policyholder notice of the new terms or rates at least 30 days before the day on which the previous policy expires.”

“An insurer shall appoint an individual or agency with whom it has a contract as an insurance producer, limited line producer, or managing general agent to act on the insurer's behalf in order for the licensee to do business for the insurer in this state.”

“The Department provides public access to the contact information of the Department’s licensees so you can find an agent or agency in your area or verify that a specific agent or agency is currently licensed in Utah.”

“An insurer shall provide loss information to the first named insured within 30 days of the receipt of a written request from the named insured.”

“If you have been unable to resolve a problem with your insurance company or agent, you may contact our staff for assistance, or file a written complaint.”

“Your complaint will be forwarded to the party that you are complaining against for a response. We will review the response and provide you with our findings. The complaint process usually takes three to four weeks.”

“We handle the insurance side so you can handle the road. One call, one agent, no runaround.”