Broker Of Record Letter

Broker Of Record Letter is form letter used to indicate to an insurance company a policyholder’s preference as to which insurance agent will have exclusive rights to the insured.

When you submit a “BOR” you fire your current agent for that insurer and exclude all other agents/brokers from accessing that insurance company.

Most commercial insurers will only work with a single agent for a particular insured. The BOR process is how you, as the insurance buyer, can move from one agent to another.

Typical BOR language: “By this letter we appoint XYZ Insurance Agency as our broker of record. This letter supersedes all past notifications and is effective immediately.”

Some agents have started adding language to limit “BOR Wars.” “This assignment of broker will not be rescinded and is effective from now until February 15, 2011.” Some insurers will not accept such declarations.