Brokers

Insurance agents and brokers

For information regarding the distinction between insurance brokers and other types of agents, such as managing agents, together with guidance on the role of a Lloyd’s broker and the differences between producing and placing brokers, see Practice Note: Insurance agents and brokers.

The contractual relationship between a broker and managing agents should be documented by means of a signed Terms of Business (TOBA) agreement. See the following Precedent and drafting notes: Terms of Business Agreement (TOBA)—insurer and managing agent/broker.

Functions and duties of insurance brokers

The primary function