Insurance Broker Agreement

An Insurance Broker Agreement is a legal contract between an insurance broker and a client that outlines the terms and conditions of their business relationship. The agreement typically specifies the scope of services to be provided by the broker, such as identifying insurance needs, soliciting quotes from insurers, and placing coverage on behalf of the client, as well as the compensation to be paid to the broker, usually in the form of commissions or fees. The agreement may also address issues such as the broker’s fiduciary duties, the handling of client funds, and the confidentiality of client information.