Hi, my name is Barry Sterling, Owner of Sterling Select Insurance Agency. With years of operating in the insurance world, I wanted to share with you what EXACTLY a Broker of Record (BOR) and an Agent of Record (AOR) form is and how they can be used to help better manage your insurance portfolio.
A Broker of Record is a document that appoints a specific agent or agency as the holder and servicer of the account. That agent or agency, then receives commission on renewal of the policy. The BOR makes official that the agent is working on behalf of the insured or client. This allows for more negotiation of coverages and premium on the policy which may be of benefit to you, the policyholder.
In today’s habits of doing business, it is not uncommon that when people think of insurance, they think of the big company carriers. The Progressives’, Allstates’, Nationwide, Safeco, and Travelers of the world. So, as a consumer, we tend to follow the buying habits of our parents or other people we have come to trust. However, even though all these companies may offer the “same” type of products, but truly every carrier is different. What a BOR or AOR allows you to do is designate a licensed agent and agency to operate and service your policy as needed per request. Performing the BOR/AOR process does not create any change in current coverage or premium, just in who the appointed agent and agency is. However, it also prevents the prior agent or agency from access to the policy as well.
Why is this a benefit for the consumer? When you BOR or AOR your policy to an independent broker, they will be able to audit the broader marketplace to identify opportunities for savings or broader coverage at fair value. We can identify any synergies of your insurance portfolio and serve as your “home base” for insurance.
If you’re tired or uncomfortable with your current agent or agency, but do not differ on insurance carrier, ask (firstname.lastname@example.org) or call (785-260-0166) for a BOR form today and we will be happy to service your account!