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Depending on the agent, you likely have 5-10 days after signing the letter to rescind (cancel) it. To do that, you will sign a rescinding broker of record letter, which will essentially make the original BOR you signed null and void.
The Broker of Record (BOR) letter is one of the most powerful and abused documents in the insurance industry. Unfortunately, many less than scrupulous brokers convince lay insurance buyers to sign this document without explaining exactly what it accomplishes.
A Broker of Record (BOR) letter is a contract where someone designates an insurance agent (or broker) as their representative to an insurance company. Their new insurance agent drafts the BOR letter and presents it to the insurance company once it is signed and returned.
How do I submit a BOR? Your new agent will draft the BOR and ask you to sign it. Then, the new agent will submit the letter on your behalf to the insurance company. This letter is a legal contract that ends your relationship with your current agent.
In insurance, a broker of record is an agent designated by the policyholder to represent and manage a policyholder's insurance policy. A broker of record may receive copies of all communications to the policyholder and may receive all quotes, policies, and notices on behalf of the policyholder.
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People also ask

What is a BOR? It's your \u201cBroker Of Record.\u201d This is an insurance industry term that many people don't know about, but it could be the most important thing to learn as a business owner.
May 15, 2016. The BOR letter suspends your current broker's ability to negotiate on your behalf with the insurance company and terminates the business relationship between you and your current agent/broker.
How do I submit a BOR? Your new agent will draft the BOR and ask you to sign it. Then, the new agent will submit the letter on your behalf to the insurance company. This letter is a legal contract that ends your relationship with your current agent.

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