What is a broker of record?

What is a broker of record on professional liability insurance for architects/engineers?

The broker of record may also apply to other types of policies, such as business owner policy and workers compensation.  The broker of record is the agent who is responsible for managing and representing the insured (policyholder) on a specific insurance policy.

The broker of record is typically determined because the agent has submitted the professional liability new or renewal application to a specific insurance company.  This is determined by the insurance company by what agent has submitted the application first or if the agent is already the imbuement agent on the current policy, they are considered the broker of record.  The insurance companies only allow for one agent on the policy and will only release one quote.

If your firm has submitted the application to multiple insurance agencies, you will still only receive one response from each insurance company.  This does not allow your firm to receive quotes from multiple insurance agents and the same insurance company.  For example, Travelers will only allow one quote to be released.

If your insurance agent does find out if the professional liability application has been submitted from another agent, they may ask for a broker of record letter so they can also submit your application to a specific insurance company.  That letter will look like the following and will need to be included on your firms’ company letterhead.

Name of Insurance Company

c/o PUI Agency of Colorado, Inc.

PO Box 3412

Littleton, CO 80161

RE:       Broker of Record

            Policy # 111222333: 

Dear Insurance Company:

We, ABC Architects, recognize PUI Agency of Colorado, Inc. as our broker of record.  Please call with any questions.

Your principal’s signature will also need to be included.

If your firm has questions about broker of record letters, please call or email your Professional Underwriters agent for assistance.broker of record

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