I like my policy but not my broker. Can I change one without changing the other?

What this means for you

• The policy is yours, not your broker’s. This is the part people are most often surprised by. Your broker does not own the contract and cannot hold it; they are the appointed representative on it, and you appoint them. Changing that is an instruction you give the carrier, not a favor anyone grants you.
• Nothing about the coverage moves. A change of representation is not a cancellation, not a rewrite and not a re-quote. Same carrier, same form, same limits, same premium, same expiry date. If somebody tells you that changing agents means starting over, they are describing a different transaction.
• It costs you nothing, because the commission is already in the rate. You are not adding a fee by having a broker, and you do not save one by having a bad broker. The money is paid by the carrier out of a premium you are paying either way — the only question is who receives it and what they do for it.
• Expect a waiting period, and expect a phone call inside it. Five to ten days is normal, and the carrier will use it to tell your current broker. That is the point of it: they get a chance to keep the account. Decide in advance whether you want that conversation, because you will get it.
• You can change your mind during the waiting period. A rescinding letter from you stops the transfer and the incumbent keeps the account. That is a genuine protection rather than a technicality — it is what makes the waiting period fair instead of a formality.
• Send it once, to one broker. Signing two is not shopping, it is a mess: the carrier is receiving contradictory instructions about who represents you, and the account can end up frozen while it is sorted out. Pick who you want, then sign for them.
• It moves servicing, not price. This is the honest limit of it, and it is the reason not to send one every time a renewal goes up. A new broker on the same policy cannot make that policy cheaper — they can service it better, and they can market it properly at renewal. If price is the problem, what you want is a marketing exercise at renewal, which is a different thing done at a different time.
• Ask the new broker what they are going to do that the old one did not. A broker asking for a signature should be able to answer that in specifics: markets they will approach at renewal, a coverage gap they have already spotted, a service standard they will hold to. If the answer is that they will look after you, you are changing the name on the file and nothing else.

Related questions

What is a broker of record letter?

A short written instruction from you to your insurance carrier, naming the agency that represents you from now on. It is sometimes called an agent of record letter, and the two mean the same thing. It transfers representation and the commission that goes with it; it does not transfer, change or reissue the policy.

What is the difference between an AOR and a BOR?

Nothing that matters to you. Agent of record and broker of record describe the same change, and which phrase a carrier uses is a matter of house style. Both are usually done on ACORD form 36, which is titled Agent/Broker of Record Change precisely because the industry cannot agree on one word for it.

How do I actually send one?

On your own letterhead, or on ACORD 36. Either way it needs the named insured exactly as the policy shows it, the carrier, the policy numbers you are moving, the new agency and the date it takes effect, and your signature. The incoming broker will normally prepare it and submit it — read it before you sign, and check that the policy numbers listed are the only ones you meant to move.

Will my current broker find out?

Yes, and quickly. The carrier tells them, because the waiting period exists to give them notice and a chance to respond. There is no version of this that happens quietly, so it is worth deciding whether you would rather tell them yourself first.

When will this not work?

Three situations, and they are worth checking before you sign anything. If your policy is with a captive or direct writer there is no independent agency to move it to — leaving means buying a different policy, not signing a form. Some carriers accept a change of agent only at renewal and will not act on one midterm. And a placement made through a wholesaler can be harder to move than a standard one, because there is a second relationship in the middle of it.

Why a direct policy works differently

Should I do it now or wait for renewal?

Wait, usually, if the problem is price, and do not wait if the problem is service. A new broker cannot reprice the policy you already have, so a midterm move buys you better service and nothing else. What changes the number is a proper marketing exercise at renewal, and for that the new broker wants about sixty days, which means the letter should go well before the renewal rather than on it.

Can I sign one without being told what it is?

You can, and people do, which is the reason this page exists as much as the other one. One signature moves control of your insurance to somebody else. If a form arrives during a conversation about something unrelated — payroll, benefits, a software demo — read what it says before signing it.

How this happens with payroll providers

Are you asking me to send you one?

Not on this page. We win accounts this way and we lose them this way, and the section above tells you when not to send one because that is also true. If you want us to look at what you have before you decide anything, we will tell you if the policy you already have is the right one.

Have us read your policy first