Hi All,
Having some concerns about this BOR change I'm trying to complete. I'm a new "agency partner" for ABC insurance. They use XYZ as their mga/cluster. I was referred by a family friend to this huge commercial client who has 2 commercial property policies with allied and one with EMC. The client said they are unhappy with their current agent and would like me to be their broker of record. Their current agent also uses XYZ as their mga/cluster for their Allied/EMC appointment.
I asked one of the owners of my agency and they said since it is an "internal" transfer, everything should be quite easy. A few days later after submitting the record ACORD forms to complete the BOR change, I was notified that I would need to complete an entirely new application. Does this sound right?
I'm new to the independent side after being captive for 5.5 years but this doesn't sound right to me. I'm thinking maybe ABC/XYZ owners know the original writing agent for the policies and wishes to not move his client over to me? I don't see the need to write an entire new application when the name on the document will still show XYZ. Not sure if this matters, but the AP is a little over $20k.
Would Allied/EMC really require a new application for BOR change, when the MGA/Cluster will remain the same on the policy?
Sorry for the long post!
Having some concerns about this BOR change I'm trying to complete. I'm a new "agency partner" for ABC insurance. They use XYZ as their mga/cluster. I was referred by a family friend to this huge commercial client who has 2 commercial property policies with allied and one with EMC. The client said they are unhappy with their current agent and would like me to be their broker of record. Their current agent also uses XYZ as their mga/cluster for their Allied/EMC appointment.
I asked one of the owners of my agency and they said since it is an "internal" transfer, everything should be quite easy. A few days later after submitting the record ACORD forms to complete the BOR change, I was notified that I would need to complete an entirely new application. Does this sound right?
I'm new to the independent side after being captive for 5.5 years but this doesn't sound right to me. I'm thinking maybe ABC/XYZ owners know the original writing agent for the policies and wishes to not move his client over to me? I don't see the need to write an entire new application when the name on the document will still show XYZ. Not sure if this matters, but the AP is a little over $20k.
Would Allied/EMC really require a new application for BOR change, when the MGA/Cluster will remain the same on the policy?
Sorry for the long post!