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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.   

  • 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.
     

  • 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 insuredís 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.
     

  • 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 insuredís 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).

 
 
 

 

 

 

 

 
 
 
 
 
 
 
 

Dryden Mutual Insurance Company l 12 Ellis Drive l Dryden, NY 13053
Phone: 800-724-0560
l Fax: 607-257-0312 l mail@drydenmutual.com                                                                                  NAIC Company Code: 13919