Rescinding broker of record letter 2025

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It is a serious document that accomplishes the following: Terminates the relationship between you and the current broker and suspends the current brokers ability to negotiate on your behalf with the insurance company.
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 insureds letterhead.
Broker of Record Letter vs. Such a letter may be written to be very specific, such as naming the insurance company from which the broker may obtain information. However, a letter of authorization usually wont include the authority to negotiate on behalf of a policyholder.
The five business day rescission period expires at 11:00 PM on the rescission expiration date and a BOR letter will be considered received up until that time. If not received by then, the incumbent brokers new submission will be closed.
In summary, a broker of record letter can accomplish the following: Terminates the relationship between policyholder and broker. Suspends the current brokers ability to negotiate on the policyholders behalf with the insurance company.
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People also ask

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.

bor letter