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Broker Fees

Broker fees are frequently assessed by insurance brokers and/or wholesalers. These fees are paid by the consumer to the broker or wholesaler and are frequently in addition to any commission the broker receives from the company. Why pay unnecessary fees when you don't have to.

Advice: Use a broker that does not charge brokers fees.

Seek Competitive Bids

If you involve the services of more than one broker you will receive a broader picture of what may be available in the market place. In addition, it creates a competative environment that will serve to reduce your premiums.

Advice: Obtain proposals annually from at least two different brokers.

Hidden Premium Finance Charges

Some brokers receive a hidden fee from premium finance companies. These fees can be passed along to the consumer by way of higher interest rates.

Advice: Use a broker that does not receive hidden premium finance charges.

Exclusive Broker of Record Letters (BOR)

Depending upon the language of the letter, a broker of record letter either authorizes a broker to exclusviely obtain quotations on behalf of a client or authorizes the broker to obtain quotes from specific carriers. These letters primarily benefit the broker by reducing the competition. More competition translates to lower premmiums.

Advice: Use a broker that does not require exclusive broker record letters.

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