Agent retired? Brokerage office sold or being sold? Level of customer service not where it used to be? ...but you'd like to keep your current insurance policy? In our blog today we're discussing a solution to the above questions: a broker of record change (BOR). If you're currently part of a different brokerage, you may be able to transfer to us! In fact, the process is quite simple; I'm here to walk you through the logistics and reassure you that you're not alone, we are here for you! We review all policies before renewal to make sure we're getting you the most competitive rates with the strongest coverage, so we know you're taken care of.
Transferring a broker of record (BOR) in property and casualty insurance involves changing the agent or broker responsible for managing an existing insurance policy. With this process, policyholders can maintain their current coverage while appointing a new broker to handle their account. The new broker takes over communication with the insurance carrier, in the case the policyholder is dissatisfied with their current broker’s service or is looking for better expertise, or a more personalized approach.
The transfer process typically begins with the policyholder meeting with the new broker, then we (your new agents!) will submit the request. This letter formally requests the reassignment of the policy to the new broker, specifying the effective date of the transfer. Some companies do have restrictions, such as the request being made within a specific timeframe (such as renewal).Once the carrier approves the transfer, the new broker gains access to the policyholder's account and can assist in policy management, including renewals, adding coverage changes, and managing claims.
What's great is that the BOR transfer has NO affect on the policy itself. The terms, conditions, coverages, and [sometimes] premium remain unchanged, as the process only involves transferring responsibility for managing the policy from one broker to another. This ensures continuity in coverage while allowing the policyholder to benefit from improved service or advice. Here at Rocky Mountain Insurance Center, we want to make sure you're taken care of; we review policies before the renewal date to ensure you're getting the strongest coverage at the most competitive rate!
If you're wondering why it would be worth the switch, even if you're neutral towards your current agent or broker, here are some of the reasons why Rocky Mountain Insurance Center is the best (in our opinion!) place to be insured:
- Independence: Brokers are independent professionals who work on behalf of the client, so we aren't tied to any specific insurance company.
- Advocacy Role: Brokers serve as advocates for the client during claims and disputes; we do this by helping policyholders navigate the claims process and helping to ensure they get their reimbursements.
- Shop Around: Brokers have the ability to shop multiple insurance companies to find the best policy for their clients.
- Licensing: Brokers have the ability to work with a wider range of insurance companies..
- Risk Analysis: Brokers often perform in-depth risk analysis for clients to ensure they get the most suitable coverage for their specific needs.
"It doesn't matter who insures you... until it does." We've got your back when it comes to coverage and rates. We are here because everyone deserves to be properly covered with a full understanding of their insurance, including what is and isn't covered. We are growing rapidly and now have NINE people in our office, so we are here for you! Call us at 720.335.6872 with any questions or to transfer to the best brokerage on the Front Range!
