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Broker of
Record Procedure
It is the goal of Dryden Mutual Insurance Company to
have a consistent procedure in handling Broker of Record situations. To
ensure this outcome, we have established the following procedures:
When you become aware that you will be obtaining a Broker of Record,
please contact an underwriter to see if there are any outstanding
underwriting issues with the policy. Examples of this would be
outstanding audits, unresolved loss control issues, unsatisfactory
payment or loss history. Because you are not yet the agency of record,
we cannot provide complete details, however, we will let you know of a
critical issue and suggest a way to resolve it, if possible. Try to
avoid mid-term Broker of Record situations. It is our preference to
wait until the renewal of the policy to begin the Broker of Record
change process.
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Broker of Record upon the renewal effective
date of the policy, PRIOR to the renewal being released to the
insured & current agent on record the following must be submitted:
A Broker of Record letter signed by the insured along with a
completed application signed by the insured. Once this information
is received we will advise the incumbent agent. After 10 days if we
do not receive a countermanding Broker of record letter from the
incumbent agent we will recognize your agency as the agency of
record for the policy and the policy renewal will be issued with
your new agency code, provided that your agency has submitted the
requested underwriting information.
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Broker of Record upon the renewal effective
date of the policy, AFTER the renewal policy has already been
released to the insured & current agent on record, the following
must be submitted: A Broker of Record letter signed by the
insured along with a completed application signed by the insured and
a cancellation request signed by the insured. Once this information
is received we will advise the incumbent agent. After 10 days if we
do not receive a countermanding Broker of record letter from the
incumbent agent, we will recognize your agency as the agency of
record for the policy. The insured’s current policy will be
cancelled and a new policy will be issued with your new agency code,
provided that your agency has submitted the requested underwriting
information.
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Broker of record mid term- Although we
ask you to avoid this type of Broker as much as possible, we do
understand there may be times it is necessary. The following must
be submitted: A Broker of record letter signed by the insured
along with a completed application signed by the insured and a
cancellation request signed by the insured. Once this information
is received we will advise the incumbent agent. After 10 days if we
do not receive a countermanding Broker of record letter from the
incumbent agent, we will recognize your agency as the agency of
record for the policy. The insured’s current policy will be
cancelled and a new policy will be issued with your new agency code,
provided that your agency has submitted the requested underwriting
information.
If you
have any questions regarding the above, please feel free to contact our
Underwriting department(s). |
