The Importance of Understanding the “Broker of Record” designation.

banner-special.fw

During the last thirty-years, LCIS has become the leading landscape insurance broker in the Western U.S. for good reason…we value every relationship from small to large size accounts. And, we always put our clients needs first.

In today’s world of shopping for commercial insurance, there is a race to access insurance carrier markets. In some cases, we find out a client has signed over a Broker of Record letter (BOR) to another agent. The BOR letter invokes some serious consequences. It 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.

Unfortunately, in the majority of cases our insured’s do not know what this really means, and how it affects the process and relationship with their insurance contact at LCIS as well as the exclusive business strategy partners our clients have access to. The work we invested as a team gets handed off to a competitor to get the credit and access to a market. This causes a break in communication from the insurance carriers direct to the needs of the client. At LCIS we educate our clients about the BOR process and subsequently, the majority of our clients understand and stay loyal to LCIS and our team.

The insurance industry faces many challenges with claims, pricing and the capacity of open markets. Our staff at LCIS works as a team to provide the best service and policies to our clients. Our objective is to provide these services at a level that is unmatched by our competitors. Including giving back portions of our profits to our Members in the form of rebates. We share our success with our Member/owners. LCIS Sales Producers will offer quarterly reviews to our Members to be proactive, not reactive, to our client’s needs and challenges. We believe that by helping solve our client’s insurance needs they will have more time to invest in managing their own businesses, without the added headache many insured’s face with their current insurance program.

Please let us know if you are considering signing over a BOR to one of our competitors to make sure LCIS is not already shopping that carrier for you, and your LCIS Sales Producer will consult closely with you in order that they can work with internal LCIS claims, service, marketing and operations to develop a strategic plan to approach carrier partners for quotes.

Comments are closed.