Purpose

To clarify the insurance broker’s role in the management of the organization’s risks and define their communication responsibilities to (FINITE TECHNOLOGIES, INC.)

Scope

All insurance brokers.

Broker’s Responsibilities

Our insurance brokers are responsible for obtaining quotes of insurance for insurance placements required by (FINITE TECHNOLOGIES, INC.). They act as our intermediary with insurance companies and will characterize our risks in a manner which will create favorable pricing on the insurance required. They are responsible for submission of underwriting applications and information to the insurance companies, negotiating coverage and price, obtaining the insurance policies purchased, review all terms and conditions of the insurance policies, and obtaining and verifying all necessary and requested changes to the insurance policy. In addition they will;

• Confirm insurance coverage is bound; provide copies of binders, policies and invoices.
• Coordinate inquiries on specific coverage issues.
• Provide summaries of insurance.
• Assist in claims administration including reporting, coordinating, investigating, status reports, final approval, closure notice and loss runs.