Rhode Island Insurance Continuing Education
The Legal Relationship between a Broker and an Insurance Agent.
The role of a broker differs from that of an agent. A true broker is in the business of bringing insurance buyers and sellers together. A broker acts in the interest of the insurance applicant in regard to the procuring of insurance and filling out the insurance application. However, a broker acts on behalf of the insurance company when collecting the insurance premiums and delivering the policy.
There are many large brokerage firms, such as Alexander and Alexander, Willis Coroon and Marsh & McLennan, that play an important part in the placement of property and liability insurance. These firms often specialize in placing large, multinational corporate accounts and pride themselves on their knowledge of highly unusual insurance markets.
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How Directors And Officers Insurance Prevents Loss
Corporate and nonprofit leaders who have good fiduciary responsibility are the primary people who need directors and officers insurance. They also should be the first people who advocate purchasing directors and officers insurance as the coverage will protect not only the organization, but also the directors and officers personal assets.
The Responsibilities of Board Membership
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