What an independent insurance broker does
An independent broker represents the client in arranging insurance and can approach insurance companies with which the brokerage is authorized to do business. The role is to understand the risk, provide professional advice, explain available options and help administer the policy.
Independent does not mean access to every insurer or a promise that multiple quotations will always be available. Each insurer applies its own filed or approved rules and underwriting appetite.
Advice begins with a needs assessment
A useful review considers more than the current premium. The broker may ask about property, use, drivers, operations, contracts, values, prior insurance, losses and expected changes. Complete information helps identify suitable limits, deductibles and optional coverage.
RIBO explains that consumers have the right to professional advice and clear information. Clients also have responsibilities, including reviewing the policy and reporting material changes.
Comparing options means comparing wording
Where more than one option is available, review:
- Coverage grants, limits and sublimits
- Deductibles and waiting periods
- Exclusions, warranties and conditions
- Settlement basis and policy period
- Payment terms and insurer service considerations
The lowest premium may reflect a meaningful difference. Ask the broker to explain material trade-offs rather than assuming policies with similar names are interchangeable.
Broker and insurer have different roles
The broker gathers information, provides advice, submits authorized applications and helps with service. The insurer accepts or declines the risk, issues the contract, collects or receives premium and determines coverage under a claim. An adjuster investigates and evaluates a reported loss on the insurer’s behalf.
Westoak can help a client understand the reporting process, but cannot promise a claim outcome or override the insurer’s policy decision. Our Claims Help page explains the first steps after a loss.
Verify licensing and ask about compensation
RIBO provides public broker and brokerage searches. Consumers can ask which insurers a brokerage represents, how the broker is compensated and whether a potential conflict exists. Westoak’s RIBO fact sheet collects the relevant public references.
Review the relationship as needs change
Notify the broker before a renovation, new driver, business activity, acquisition or other material change. Contact Westoak when you want to review existing coverage or prepare a new submission.