All Broker of Record (BoR) letters must be on the insured’s letterhead signed by an active owner/officer of the named insured, including the printed name.
Only original Broker of Record letters are acceptable. A faxed copy can be submitted in order to begin the 10-day waiting period before the quote can be released to the new broker. During this period, the incumbent agent will have the opportunity to submit an original countermanding letter. Original BoRs and countermanding letters MUST be received in Roamnet’s offices within 10 days of the receipt date by Roamnet of the initially faxed BoR.
All Broker of Record letters must be received 15 days prior to the policy expiration date.
When an agent receives a Broker of Record notification, 10 days will be allowed to submit an original countermanding letter. Only one countermanding letter will be accepted.
If the Broker of Record letter is received within 15 days of the expiration date, both brokers will have the quote released to them. The policy will be issued and commissions paid to the producer designated by the insured as the desired agent. This can be done via a letter from the insured on the insured’s letterhead or by the insured’s check for the deposit. An agency check is not acceptable.
A Complete Submission must accompany the Broker of Record:
BOP – A standard BOP/Package ACORD completely filled out, and a minimum of 3 years of hard copy loss runs valued within 60 days. For our Automotive services Program, will need the Roamnet Proprietary Application completed and submitted.
Workers Compensation – A standard WC ACORD application and a minimum of 3 years of hard copy loss runs, valued within 60 days. For our Automotive Services Program, will need the one-page Roamnet WC Supplemental completed and submitted.
Payrolls will not be decreased from the original submission and quote.