Our Services
What types of services does a broker provide?
- Access client needs and evaluate a firm's risk profile, practice areas, risk tolerance, etc.
- Use knowledge and expertise to determine suitable products
- Approach the appropriate markets for the risk
- Explain and analyze products, including language, terms, and coverages
- Negotiate language and terms with underwriters where appropriate
- Negotiate Price with underwriters, carriers and wholesalers
- Execute the transaction and bind coverage (include complying with the requirements of wholesalers, managing general agents, finance companies, and state agencies)
- Retain documentation
- Provide claims services
- Provide notice to carrier
- Explain and review policy language
- Explain the firm's options in cases of non-renewal
- Explain the consequences of cancellation and assist where possible with reinstatement
- Remain aware of changing trends in policy language (both broad and restrictive)
- To varying degrees, where possible customize or draft policy language for special needs and individual circumstances
- Remain aware of what small and large firms are doing with respect to managing risk insurance practices
- Make recommendations concerning appropriate coverage limits relative to risk, and advise of potential coverage gaps
- Assist the firm in renewing coverage in a timely manner
- Maintain long-term relationships with carriers and underwriters so that the best terms can be obtained for clients
