Insurance Broker Agreement

An Insurance Broker Agreement is a contract between an insurance broker and a client, outlining the terms and conditions of the broker’s services and compensation. The agreement typically includes the scope of the broker’s authority to solicit and negotiate insurance coverage on behalf of the client, the types of policies and insurers to be considered, the commission or fee structure, and any obligations or limitations on the broker’s liability. Insurance broker agreements are an important part of the insurance procurement process and help to establish clear expectations and accountability between the parties.