BROKER OF RECORDS
We trust that this outline of our procedures will be viewed as our intent to be fair to all parties concerned. As the Wholesaler on these accounts, it is our purpose to protect the consumer whenever possible and eliminate any disappointments or confusion
The following is our procedure when presented with a Broker of Record request:
- The Broker of Record (BofR) letter must be signed and dated by the Insured, naming the new agent and Western Security Surplus Insurance Brokers, Inc. (WSS).
- WSS will notify the Holding Broker of any BofR letter and, as a courtesy, give that Broker 10 days to produce a rescinding letter and retain the account.
- WSS will not accept BofR letters with less than 10 days prior to expiration.
- WSS will not accept BofR letters with a mid-term effective date.
- When we accept a properly executed BofR letter, terms will not be discussed with the new Broker until the 10 day waiting period has passed.
- Any exception to this procedure must be approved by the senior management of WSS and the terms of this exception must be accepted in writing by all brokers involved in the account.