Short answer
You can usually switch insurance agent without changing policy terms. A broker of record letter appoints a new agent on the policy you already have. In most cases, your insurer, coverage, policy number and retroactive date stay the same, though carrier procedures vary.
What does a broker of record letter do?
A broker of record letter, often called a BOR, is a short signed letter that tells your insurer which agent you want servicing your policy. Once the insurer processes it, your new agent can service the policy, request documents and speak with underwriters for you. Processing times vary by insurer, and your new agent can tell you what to expect.
You may hear this called a change of insurance broker mid-term. In most cases, the policy continues as written while the servicing agent changes.
Will I lose prior acts coverage if I change agents?
Usually not. Your retroactive date belongs to the policy, and a BOR change doesn’t normally replace the policy. Your prior acts coverage generally continues as the policy wording provides.
The coverage terms, limits and exclusions come from the policy itself, so check the wording or ask your new agent to confirm.
Example: a hypothetical long-time policyholder
An engineering firm has carried the same professional liability policy for several years. The owner hasn’t spoken with the agent in a year and can’t easily get certificates turned around. The owner assumes switching means reapplying and risking the coverage history.
In this hypothetical, the firm signs a BOR letter and the new agent obtains the policy documents and sets up certificates. The policy, retroactive date and limits stay as written. Whether anything else changes depends on the insurer’s procedures, policy terms and underwriting.
What stays the same and what changes?
In most cases, these items stay the same:
- Your insurance company and policy
- Your coverage terms and limits
- Your retroactive date and prior acts coverage
- Your billing schedule
These items change:
- Who you call for certificates, changes and questions
- Who speaks with the underwriter at renewal
When does a switch make sense?
Many firm owners consider a change when:
- They can’t remember who their agent is.
- Certificates and endorsements take too long.
- Nobody reviews the policy at renewal.
- They want an agent who knows design firms.
What to expect during the switch
- Your new agent sends you a letter to sign.
- The insurer confirms the change, and your previous agent may reach out.
- Your new agent receives copies of your policy and sets up your certificates.
Our about page explains who we work with, and you can start a conversation through our get a quote page.
What to check
- Who is your current agent of record, and when did you last hear from them?
- What is your retroactive date, and does it appear on your policy?
- When does your policy renew?
- Are any certificates or endorsements outstanding?
- Does your policy or insurer have specific BOR requirements?
Related questions
Will a broker of record letter change my premium?
In most cases, no. The premium comes from the insurer and the policy, and a BOR change doesn’t usually rewrite either. Confirm with your new agent.
Do I need to tell my current agent?
The insurer processes the letter, and your previous agent may be contacted. Many owners let the new agent handle the paperwork.
Can I change agents in the middle of a policy term?
Usually, yes. A BOR letter can often take effect mid-term, though insurer procedures differ.