Broker of Record📖

Initial Inquiries & Carrier Contact

Before initiating the BOR process, it's crucial to gather preliminary information from the carrier:

1. Mid-Term BOR Acceptance:  Does the carrier accept mid-term BORs? This is a critical question, as some carriers only allow BOR changes at renewal. Confirm this before proceeding.

2. Can we even BOR? Direct Personal Auto: Progressive direct personal auto policies cannot be BOR'd.

3. Carrier-Specific BOR/insured letterhead Form: Does the carrier have a specific BOR form (e.g., like Progressive)? Some carriers require their own proprietary form in addition to, or instead of, the ACORD 36.

4. Post-BOR Policy Servicing:  How do we service the policy if a BOR is processed? Clarify the carrier's procedures for handling policy servicing (COIs, ID cards, endorsements, etc.) after a BOR is completed.

5. Mid-Term BORs: Even if a mid-term BOR is accepted, commissions might not be paid until renewal.

6. For Progressive Commercial Autos BORs follow the process below in conjunction with the Progressive Steps   

Document Preparation & Signatures

🏷️Apply the Broker of Record Labels in the discussion

1. Core Documents: Obtain necessary signatures on the applicable documents:

   • ACORD 36 or Carrier-Specific Form: Use the correct form for the specific carrier. Progressive has a specific one.

   • Insured's Statement (If Required): If the carrier requires a separate statement from the insured, use the "Letter to Underwriting" template in Ezlynx and adapt it accordingly.

   • Always use our StreetSmart Broker of Record Memo in agency forms 

Submitting the BOR & Carrier Interactions

1. Submission: Email the signed documents to the carrier or MGA. Ask the carrier to waive any waiting period.

2. Carrier Confirmation & Requirements:

   • Receipt Confirmation: Confirm the carrier has received and processed the BOR request.

   • Application Request: Request a copy of the original or current application (along with loss runs, recommendations, underwriting memos, audits, etc we want the whole file)

3. Policy Servicing (Post-BOR): Remember, policy servicing can only begin after the BOR is officially in effect.

4. Ezlynx Policy Setup:

   • Initial Premium: Set the initial premium in Ezlynx to $1 until full commission is received.

   • Full Commission Update: Update the premium to the correct value once full commission is received.

   • Producers: Producers taking over policies via BOR should follow the $1 premium process until full commission and ensure they are listed as a service team member with a producer code override rule.

Post-BOR Processing

1. Application Acquisition: Obtain a signed ACORD or carrier-specific application from the insured.

   1. Line of Business Specific Forms: Ensure you have the required forms for the specific line of business:

      1. Workers' Compensation: Signed pp1b form.

      2. Personal Auto: Signed coverage selection form.

      3. Other LOBs: Consult your team lead.

2. Policy Changes: Handle post-BOR policy changes as endorsements, following standard procedures.

Handling Progressive Commercial Auto BORs

Progressive BORs have specific handling requirements:

1. Initial Contact: Text the insured to inform them you will call them in 5 minutes.

2. Three-Way Call: Call Progressive and initiate a three-way call with the insured.

3. Document Release: Request that Progressive release all policy documents, including updated loss runs, applications, UNDERWRITING MEMOS and the current declarations page.

4. Violation/Accident Information: Obtain a list of all driver violations and accidents.

5. Download Confirmation: Confirm with the Progressive representative when the policy will download into your agency management system.

6. Commercial Policy Exception: If the policy is a commercial policy, and the insured bound it directly through Progressive within the last 60 days, you may be able to BOR and receive commission credit.

7. General Rule: For most other Progressive policies, you will likely need to wait until renewal to process the BOR 

For GEICO