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Some suggest they are independent because then they are free to represent the client not the Carrier/Agency. Yet though every contract/appointment I signed as an independent clearly stipulate as a Broker for XYZ Company I represent them when offering their product and usually a booklet or pamplet comes along with the contract stipulating on the ethics of agent conduct for XYZ Company.
Now that I have gone through an incident involving this very issue, and was told in no uncertain terms by the Carrier that I can't work against their interest, just how free is the Independent Broker when certain Issues rear their ugly heads?
Inother words, if I walk in and I know I'm selling Product B from a list of Companies A and F, and once the application of Company F comes out I now represent that company and the interest of the company is now binding upon me, not the interest of the client. Now "interest" is not to suggest customer service, I'm sure that Company F wants and even demands good customer service but not service that would negatively effect the "Company" or "Us" that is stipulated in every contract and application I know of.
This basically has to do with what I hear from some Independents here and other places. They as in some agents/brokers use their Independent Broker status as to suggest that they can at the end of the day work for the client not the Company. As in some suggest will act in the best interest of their client not the Underwriting Company. Now I've learnt in a very straight forward manner (no lines were cross and the company quickly let me know no lines should be cross or....) that if a serious problem arises and the interest of the Company is being weighed legally against the interest of the Client as the writing Agent/Broker my interest is legally binding to the Company as the Writing Agent. Now I keep hearing some agents and brokers suggesting other then what I know to be true, either in their brochures, talking points and claims made on these boards, just thought I would throw this up for discussion and get the views of others that may have had such expierences. Just glad I learn my lesson and no serious damage was done to myself and now understand what I can promise and what I can not promise and be truthful about it to my clients.
Now that I have gone through an incident involving this very issue, and was told in no uncertain terms by the Carrier that I can't work against their interest, just how free is the Independent Broker when certain Issues rear their ugly heads?
Inother words, if I walk in and I know I'm selling Product B from a list of Companies A and F, and once the application of Company F comes out I now represent that company and the interest of the company is now binding upon me, not the interest of the client. Now "interest" is not to suggest customer service, I'm sure that Company F wants and even demands good customer service but not service that would negatively effect the "Company" or "Us" that is stipulated in every contract and application I know of.
This basically has to do with what I hear from some Independents here and other places. They as in some agents/brokers use their Independent Broker status as to suggest that they can at the end of the day work for the client not the Company. As in some suggest will act in the best interest of their client not the Underwriting Company. Now I've learnt in a very straight forward manner (no lines were cross and the company quickly let me know no lines should be cross or....) that if a serious problem arises and the interest of the Company is being weighed legally against the interest of the Client as the writing Agent/Broker my interest is legally binding to the Company as the Writing Agent. Now I keep hearing some agents and brokers suggesting other then what I know to be true, either in their brochures, talking points and claims made on these boards, just thought I would throw this up for discussion and get the views of others that may have had such expierences. Just glad I learn my lesson and no serious damage was done to myself and now understand what I can promise and what I can not promise and be truthful about it to my clients.
