1. Submit BORs to BOR@amrisc.com.
2. AmRisc does not accept mid–term Broker of Record (BOR) letters due to the inherent accounting, audit and E&O problems that can develop, especially when the retail agent changes. Any exception to this procedure requires prior approval of the CMO, Division CEO or President. AmRisc only acknowledges Broker of Record from appointed producers.
3. BOR letters are to be on the Insured’s letterhead, dated and signed by an officer of the company with the officer title shown. The BOR should recognize the retail agent, wholesaler and AmRisc. It is acceptable to have a separate letter (or email) from the retailer recognizing the wholesaler and AmRisc. When the agent remains the same, but the wholesaler is changing, the Agent’s letterhead (or forwarded email) is acceptable. The BOR must be accompanied by a complete submission, otherwise AmRisc will not quote to the new wholesaler.
4. BOR LETTERS MUST BE RECEIVED GREATER THAN 10 DAYS PRIOR TO THE NATURAL EXPIRATION DATE. If the expiration date is greater than ten (10) calendar days away, give the existing AmRisc wholesaler five (5) calendar days to rescind the letter. If the expiration date is ten (10) calendar days or less away, no BOR will be accepted. For example: AmRisc receives on or before 12.21.2017 a BOR and submission for an account with an effective date of 1.1.2018. The BOR will be acknowledged and 5 day rescission period allowed. If BOR is received on 12.22.2017 or after (i.e.10 days or less), the BOR is not accepted.
5. Upon receiving a properly executed BOR, immediately notify the existing AmRisc wholesaler of the receipt of the BOR, date produced and the signing party. You may send the BOR to the existing wholesaler. By e-mail to the “new” wholesaler, AmRisc should acknowledge receiving the BOR and advise them of the rescission period. Should this involve two different AmRisc wholesale underwriters, they should immediately communicate with one another.
6. RENEWALS are considered clear to the incumbent wholesaler and WILL NOT BE MOVED DIRECT to the retail distribution channel (i.e. CHRONOS). Moving the account reservation to a new wholesaler will require a properly executed BOR letter as described above. Notification of the 5-day BOR rescission period as described above should only be communicated by the AmRisc underwriting team to the incumbent wholesaler. This maintains our longstanding incumbent RENEWAL protection for AmRisc wholesalers.
7. Quoted terms and conditions are based on data from each submission in isolation and the account’s terms and conditions can change with any subsequent submission.
8. The CRITICAL issue is that both AmRisc wholesalers be advised of the rescission period and its expiration. AmRisc should not discuss any details of the account in the interim. It is equally critical that all AmRisc underwriters communicate throughout.
9. It is necessary to get a complete submission from the new AmRisc wholesaler to cover AmRisc’s E&O requirements. Check to make sure the new information matches or amend the quote accordingly. The AmRisc quote to the new wholesaler should be based on the info submitted by that new wholesaler.
10. Should the underwriter have questions regarding the procedure or a particular account, please seek the advice of the CMO, Division CEO or President. Communicate and act in a professional manner with customers and one another, and most problems will be avoided.

AmRisc is the sole interpreter of the above procedure and reserves the right to revise or adapt the above procedure as circumstances dictate. These exceptions will require prior approval of Division President, Division CEO or Chief Marketing Officer.

The most current update (even if not yet published) will prevail. Last Updated 1.1.2018