The functions and duties of insurance brokers—policy placement


Published by a ÀÏ˾»úÎçÒ¹¸£Àû Insurance & Reinsurance expert
Practice notes

The functions and duties of insurance brokers—policy placement


Published by a ÀÏ˾»úÎçÒ¹¸£Àû Insurance & Reinsurance expert

Practice notes
imgtext

This practice Note provides a high level introduction to the functions and duties of insurance brokers and explains the roles of insurance brokers and their duties in relation to the placement of insurance policies. It also provides practical guidance as to how brokers can prevent or mitigate negligence claims against them and provides links to more specific related content.

For information and guidance on the regulation of insurance distribution, see Practice Notes: FCA Handbook—introduction for the insurance and reinsurance sector, Insurance conduct regulation—COBS and ICOBS, PRA Rulebook—introduction for the insurance and reinsurance sector, Insurance Distribution Directive (IDD)—essentials and Effecting and carrying out contracts of insurance.

Functions of insurance brokers

The primary function of insurance brokers is to obtain agreement and understanding between insured and insurers in order to effect (or ‘place’) appropriate insurance cover pursuant to the instructions of its client.

This primary function is carried out as an agent of the insured, but brokers also carry out various other tasks. Whether the broker is agent of the insured or insurer depends on

Powered by Lexis+®
Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Policy definition
What does Policy mean?

The grounds of a house.

Read more

Popular documents

Reinsurance brokers—placing back-to-back reinsurance

Reinsurance brokers—placing back-to-back reinsuranceThis Practice Note provides a high level introduction to the role of reinsurance brokers when placing reinsurance that is intended to be ‘back-to-back’ with the underlying policy. It provides guidance as to how the duties owed by reinsurance

Claims against insurance brokers—scope of duty and impact of contributory negligence (Infinity Reliance v

Insurance & Reinsurance analysis: In Infinity Reliance v Heath Crawford, the court considered a negligence claim brought by the claimant (‘Infinity’) against its insurance broker (‘HC’), in relation to various alleged breaches of duty which were said by Infinity to have resulted in it being

If planning permission imposes restrictions on a licensed premises opening hours, once operational can

If planning permission imposes restrictions on a licensed premises opening hours, once operational can the personal licence holder apply for a Temporary Events Notice (TEN) to open for longer hours than those permitted in the planning permission?To use any property for a licensable activity both

Micklefield clauses

Micklefield clausesWhat is a Micklefield clause?It is common for employee share plans to provide that, on termination of employment (or when an employee is given or receives notice of termination of employment), subsisting share awards will be forfeited and subsisting share options will lapse.It is