New Insurance Broker Quotes?

[Storm Silva]

Hello everyone I just got my property and casualty insurance license in California and put up my brokers bond. In California, you can not be both a broker and an agent in a transaction, and if you have an appointment with an insurance company you are always acting as an agent and not a broker. Here is a summary of the differences between the two.

Independent Agents

• Represent the insurer
• Have an appointment on file with the insurer
• Has the power to bind coverage
• Can not charge Brokers Fees
• Receives commision from the insurer
• Does not need to put up a surety bond with the State

Insurance Brokers

• Represents the insured
• Does not have an appointment on file with the insurer
• Does not have the power to bind coverage
• Can Charge brokers Fees
• Can receive commision from the insurer in addition to the broker fees
• Needs to put up a $10,000 surety bond with the State

So I was wondering if I want to always act as an insurance broker then I shouldn't get any appointments with insurance companies, but then how do I give quotes to buyers if I'm not appointed?

 

[Markthebroker]

It's pretty clear by your other posts, and by the questions you ask, that you don't work in insurance. What is your real goal in asking these questions?

 

[Storm Silva]

No, I don't work in insurance as I just got my license on Thursday, but I am trying to get into the industry. The information I posted I aggregated directly from the department of insurances website. I'm just trying to figure out the process for how brokers operate.

 

[Markthebroker]

Knowing nothing about insurance, and already buying a brokers bond, you are putting the cart waaaaaaaaaaaaaaaaaaaaaaay before the horse here. That's one of the things that made me so suspicious about your question. You need to interview with different insurance offices to work as an employee first to find out what is available, and if it is a good fit for you and to get some training.

Most people fail in this business. Many go bankrupt in the process. There are a few that succeed (I am one of them) and there are many others on this site. You should dip your toe slowly into the business bit by bit.

By knowing not even the basic concepts, but having bought a brokers bond, I feel like it's as if you have just bought an advanced piece of tactical scuba gear before you even learn to swim, to make an analogy.