Brokerage

WIth Brokerage Services, we are contracted by a specialty carrier, not admitted to the direct insurance marketplace, to be that carrier's broker representative to develop and facilitate insurance placements of interest, acceptance and bound by that insurer.

Some of the value added services we provide include: 

Pre-Underwriting:

  • Reviews submission from the retail broker
  • Analyzes the submission to determine the best carrier(s)
  • Reviews and analyzes claim history
  • Prepares catastrophe modeling, if needed
  • Prepares the submission from the information provided by the Retail Broker
  • Summarizes account information for quick underwriter review

 Account Negotiation:

  • Each account is negotiated with one or multiple specialty carriers
  • Discussions with underwriters illustrating the merits of each account
  • In-person presentations to underwriters
  • Willing to have combined retail broker and underwriter meetings to facilitate the process
  • Negotiates price and terms based on current market conditions
  • Networks with all RPS offices to find the best terms in the marketplace
  • Compares terms on lead and excess placements

Proposal Quotation Preparation:

Details the terms provided by the underwriters for quotation including:

  • Proposal or quote expiration date
  • Complete names of participating carriers
  • A.M. Best's ratings and admitted/non-admitted status of all carriers
  • Premium payment terms
  • Statement of tax filing responsibility
  • Auditable rates, terms and exposures used
  • Provides a copy of the policy form as needed
  • Negotiates final price, terms and conditions with the input of the retail broker
  • Binds coverage with confirmations to both carrier and retail producer

Policy Services: 

Following the receipt of a policy:

  • Reviews policy accuracy
  • Provides evidence that the policy has been checked against the binder and underwriter's written quotation
  • Signs and dates when the review took place
  • Requests corrections from the underwriters
  • Processes endorsements for amended rates, updated schedules or needed changes
  • Produces expiration notices, including information needed to market the renewal.

RPS Solvency Policy:

  • Monitors carriers through A.M. Best Company
  • Deal with high quality carriers
  • Will notify retail brokers of a material drop in rating

 
Accounting:

  • Issues statements of accounts or invoices
  • Collects premiums
  • Pays carrier
  • Files surplus lines taxes, where appropriate
  • Coordinates audits between broker and carrier

 

Claims:

  • Provides the retailer with the claims office contact information to report claims
  • Intervenes, when necessary, in the claim process