BOR- Mid Term Policy Take Over

[Jerbond]

First off, I understand that taking over a policy mid term will not net a commission (until renewal) What are some other pitfalls that I can run into by taking over an account mid term? This is a Fireman's Fund policy, home, (2) cars, umbrella. I am trying to get a BOR for the guys comercial account, so I'm trying to pick up the personal lines at the same time. Because it's a big Com. policy, I'm not concerned with the loss in commission from the HO/Auto combo. Please advise on this so that I don't run into any roadblocks. Thanks

 

[drcoastline]

Where I come from most carriers will not allow you to BOR mid term to confusing in terms of endorsements and refunds. Where do they go? who gets commission on endorsement etc. Most are 30-60 days max to renewal. Also you open yourself up to E&O. When you take over an existing policy you are assuming any errors as well. Before you BOR look it over and make recommendations and get the insured to acknowledge in writing if they do not accept your recommendations.

 

[sgriswold]

I agree, it depends on the carriers. Some will do it. Others, like Hartford, will not. I hate doing mid-term BORs because not only do we not get commission but often we need to submit full ACORDS as well. What a pain.