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The intermediaries in the market are insurance brokers, agents, consultants and a variety of oiher people operating with differing titles. In some respects they all vary slightly in what they do, how they do it and in their responsibility for their actions.

Agent.

An agent in law is one who acts for another but in insurance the term is usually reserved for the individual or firm whose main occupation is in another field.

Broker.

A broker is an individual or firm whose full-time occupation is the placing of insurance with insurers.

There are two categories of brokers:

(a) Lloyd's brokers: they are the only persons permitted to place business at Lloyd's.

They a)so place business in the company market;

(b) other brokers (just termed "brokers").

Both categories are full-time professionals who must be registered in accordance with the Insurance Brokers (Registration) Act 1977.

They normally act as agents for the insured (Lloyd's brokers always so), and are generally remunerated by a higher rate of commission than agents. By calling themselves "brokers" they are holding themselves out to be experts in the field of insurance and have a higher duty of care to their clients than agents.

Insurance Consultant.

Another category of intermediary is the insurance consultant, who may act in a similar manner to an insurance broker.

 

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