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A broker of record letter, also known as a \u201cBOR\u201d letter, or agent of record letter, is a letter that tells an insurance carrier that you have chosen a particular insurance broker to manage your insurance policies and handle your business insurance situation.
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.
Insurance producers or agents represent insurance companies. By contrast, insurance brokers represent insurance buyers. In other words, producers look for clients who will buy insurance products, while brokers look for insurance products that will meet their clients' needs.
A broker of record is an agent who is responsible for managing and representing a policyholder's insurance policy, often receiving a monthly commission from an insurance company for working as such. Communication and acting as a liaison for the policyholder are two aspects of this job.
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.
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People also ask

A salesperson can become a broker by taking additional courses and exams. A broker designation also allows someone to manage a brokerage. If they do take on that role, they are known as the Broker of Record.
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 letter is used to legally establish the relationship between broker, policyholder, and insurance company. A broker of record letter can be used to designate a broker of record for the first time or to replace an existing broker of record with a new one.
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.
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.

bor template