Countermanding bor letter sample 2025

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The document is a Broker of Record Letter that formally appoints a specific agency or broker to manage insurance for a specified property and policy period. It includes options for the new broker to request either a waiver of the customary 10-day courtesy period for the original broker to respond or to maintain that period. The letter requires signatures and contact information from both the appointing party and the new broker.

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What is a rescinding broker of record letter?

The BOR letter suspends your current brokers ability to negotiate on your behalf with the insurance company and terminates the business relationship between you and your current agent/broker.

What is a bor letter?

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.

What is the rescission period for broker of record?

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.

What is the difference between an AOR and a bor?

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.

What is a broker of record termination letter?

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.

How do you write a rescind letter?

Use the first sentence in the first paragraph to clearly state that you are retracting the resignation letter that you previously sent. Include the date that you sent the letter to establish a timeline of your communications. Be clear that you no longer want to resign and avoid any ambiguous language or idioms.

How do I rescind a broker of record letter?

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.

Countermanding bor letter sample 2025

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