The Broker of Record Agreement is a fundamental document in Canadian insurance practice that formalizes the appointment of an insurance broker to act on behalf of a client. This agreement is essential when a company wishes to establish a new broker relationship or change their existing broker of record. It grants the broker authority to negotiate with insurance carriers, manage insurance programs, and access policy information. The document must comply with provincial insurance regulations, federal privacy laws (PIPEDA), and relevant financial services legislation. The agreement typically includes comprehensive details about service scope, compensation structures, confidentiality requirements, and compliance obligations. It's particularly important in complex insurance arrangements where multiple policies or international coverage may be involved.
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1. Parties: Identifies and provides full legal details of the client and the broker
2. Background: Explains the context and purpose of the agreement, including the client's desire to appoint the broker
3. Definitions: Defines key terms used throughout the agreement
4. Appointment and Authority: Formally establishes the broker's appointment and scope of authority
5. Scope of Services: Details the specific services the broker will provide
6. Broker Responsibilities: Outlines the broker's duties, obligations, and standard of care
7. Client Responsibilities: Specifies the client's obligations and responsibilities
8. Compensation: Details the fee structure, commissions, and payment terms
9. Term and Termination: Specifies the duration of the agreement and termination provisions
10. Confidentiality: Addresses the handling of confidential information
11. Privacy Compliance: Details compliance with privacy laws and data protection requirements
12. Insurance and Liability: Addresses professional liability insurance and limitation of liability
13. General Provisions: Includes standard legal provisions such as governing law, notices, and amendments
1. Additional Services: Details any specialized or additional services beyond standard broker services
2. International Coverage: Included when the client requires insurance coverage in multiple jurisdictions
3. Risk Management Services: When the broker provides additional risk management consulting
4. Claims Handling: Detailed procedures for claims management if offered as a separate service
5. Electronic Communications: Specific provisions for digital communication and documentation
6. Catastrophe Response: Procedures for handling major incidents or catastrophic events
7. Conflict Resolution: Detailed dispute resolution procedures beyond standard arbitration
8. Subsidiary Coverage: When the agreement extends to client's subsidiaries or affiliated companies
1. Schedule A - Service Level Agreement: Detailed breakdown of service standards and response times
2. Schedule B - Fee Schedule: Detailed breakdown of fees, commissions, and payment structure
3. Schedule C - Designated Representatives: List of key contacts and authorized representatives from both parties
4. Schedule D - Insurance Programs: Details of specific insurance programs to be managed
5. Schedule E - Reporting Requirements: Specific reporting formats, frequencies, and requirements
6. Appendix 1 - Privacy Policy: Detailed privacy procedures and compliance requirements
7. Appendix 2 - Claims Procedures: Step-by-step procedures for claims handling and reporting
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Insurance
Banking
Manufacturing
Retail
Healthcare
Technology
Construction
Real Estate
Transportation
Energy
Professional Services
Hospitality
Education
Non-Profit
Agriculture
Relevant Teams
Legal
Finance
Risk Management
Procurement
Compliance
Operations
Treasury
Corporate Governance
Facilities Management
Insurance Administration
Relevant Roles
Chief Financial Officer
Risk Manager
Insurance Manager
Procurement Manager
Legal Counsel
Compliance Officer
Operations Director
Chief Risk Officer
Treasury Manager
Corporate Secretary
Finance Director
General Counsel
Insurance Coordinator
Risk Analyst
Facilities Manager
Chief Operating Officer
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