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RULES OF BEST PRACTICE -COOPERATION OF INSURANCE BROKERS WITH
INSURANCE CARRIERS
Insurance Brokers and Insurance Companies, acting in the best
interest of the assured Clients, by providing them, among others:
- Comprehensive and complete insurance protection,
- Fully professional services,
- Fair adjustment and payment of losses
hereby adopt the following RULES and declare their will to abide
by them in conducting their business activities:
1. Broker will make all reasonable efforts to ensure timely delivery
of risk description to allow the insurer sufficient time to prepare the quote;
The Insurer will make all reasonable efforts to provide broker with the answer
in such time as to enable him timely presentation of the offer to the Client.
2. The quote inquiry will contain information needed for risk
evaluation, inclusive of information on loss history, scope of requested
insurance coverage and expected brokerage commission; Insurance Company will
provide the quote according to the broker's inquiry and basing on specifications
provided, unless it is not willing to quote on the proposed risk or on the
proposed program.
3. When submitting quote inquiry, broker will submit to the Insurer
a letter of assignment from the Client; The Insurer will respect the scope of
such assignment released to the broker by his Client.
4. Broker will submit to selected by him insurance carriers identical
risk specifications concerning the same risk; Having received identical quote
inquiries from two or more duly empowered intermediaries the insurance company
will give them identical proposals.
5. Broker will advise the Insurance Company of the Client's final
decision as to acceptance or refusal of the offer made by the Company;
Insurance Company will advise the broker promptly in case it is not interested
in quoting on a risk subject of the inquiry.
6. On request, the Insurance Company will advise the broker of the
loss record on a given Client's policy, provided the broker is acting on the
grounds of a duly executed letter of assignment from such Client.
7. When releasing an insurance quote Insurance Company will state
how long its offer will remain in force.
8. Insurance Company will not give individual recommendation to
any broker (to the detriment of other brokers).
9. In case identical quote inquiries are received by the Company
from the broker and also directly from the Client, the Company will not give
the Client a quote more favorable than that given to the broker.
10. Broker will make a quote request to only one office of the
Company and the Company will respond through a designated one office.
Rules of Best Practice were adopted by brokers and insurers
(Polish Chamber of Insurance) during the III Congress of Brokers - 2000.
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