Broker of Record Procedures

Mover’s Choice has established the following procedures to clarify the broker of record process being used in our underwriting department. In all four scenarios below a complete submission must have been received from the initial broker to block our market. In turn, the newly requested agent providing the broker of record letter must provide a complete submission to validate the change in brokers. Broker of Record Letter’s will not be accepted under any circumstances on submissions that have had a premium quotation released from our office.

Definition of a Complete Package Submission: Mover’s Choice Supplemental Application, Acord Application for all lines, Vehicle Schedule, Drivers List with MVRS, 4 Years of Loss History, Annual Financial Statement, and a Copy of Movers Bill of Lading and/or Warehouse Receipt.

Definition of a Complete Workers’ Compensation Submission: Mover’s Choice Workers’ Compensation Supplemental Application, Acord Commercial Application 125, Acord Workers’ Compensation Application, 4 Years of Loss History, Experience Modification Worksheet, and a Annual Financial Statement.

Definition of Appointed Broker: Mover’s Choice has received the completed Agency Supplemental Application, Current Agency State Insurance License which is valid and current, and a copy of the Brokers E&O Insurance Declaration Page or a certificate of insurance showing E&O Coverage that is current. Agent must have a signed Agency Agreement on file between the appointed broker and Paul Hanson Partner Specialty Insurance Solutions. The Appointed Agent must have a minimum of $100,000 in premium volume with the Mover’s Choice Program before we will accept a broker of record from any appointed agent.

Scenario #1 — A complete submission with a broker of record letter is received by a currently appointed broker (see definition above) on an account with a effective date more than 10 days from renewal and Mover’s Choice has not released a quotation. The original broker will be notified that they have up to 5 days to rescind the broker of record otherwise the quotation will be released to the new broker. If during this 5 day rescinding period underwriting prepares a quotation, it will be released to the newly assigned broker.

Scenario #2 — A complete submission with a broker of record letter is received by a currently appointed broker (see definition above) on an account with a effective date less than 10 days from renewal and Mover’s Choice has not released a quotation. The original broker will be notified that they have up to 5 days to rescind the broker of record but due to the timing of the request a quotation could be issued to the newly appointed broker.

Scenario #3 — A complete submission with a broker of record letter is received by a currently appointed broker (see definition above) on an account that has already been quoted but has not reached its effective date. In this situation the broker of record will not be valid.

Scenario #4 — A complete submission with a broker of record letter or broker of record letter without a submission is received by a currently appointed broker (see definition above) on an account that has already been bound and is passed its effective date. Basically a Mid-Term Broker of Record Request. In this situation, the original broker will be notified that they have up to 5 days to rescind. In this scenario the new broker will not be paid the commission on the account but will be required to service the account, the original broker will receive the commission and will not be required to service the account. Commission to the new broker will not occur until renewal. In addition, Mover’s Choice will not allow the new broker to cancel re-write this policy for any reason that will result in commission payment to new broker on the account.