The Verge Insurance Group’s Post

An insurance broker is like your personal insurance shopper, while an insurance agent is more like a salesperson for a specific insurance company. The main difference between an insurance broker and agent is who they represent. Insurance brokers represent you, the client, while insurance agents represent one or more insurance companies. This means that while an agent can help you buy insurance from the companies they represent, a broker can help you compare policies from multiple insurance companies to find the best one for your needs. The purpose of a broker is to help clients find the best insurance policy at the best price from a wide range of insurance companies. They act as an intermediary between the client and insurance companies, helping clients navigate the complex world of insurance to find the coverage that best meets their needs. So asking Brokers out there, if the clients insurer changes their policy Terms and Conditions and the brokers clients insurance is affected by loss of coverage, what is the Brokers responsibility? Here's a list of the top 10 insurance brokers in Calgary, based on the information provided: 1. Lakeview Insurance Brokers 2. BlueCircle Insurance Brokers 3. Krywolt Insurance Brokers Inc. 4. Alpine Insurance & Financial 5. CJ Campbell Insurance 6. Westland Insurance 7. Anita Ip - Desjardins Insurance Agent 8. Maple Insurance 9. BrokerLink 10. Excel & Y Insurance Services #Hubinsurance #intact #ama #TD #alpine #cjcambell

📰 Breaking News: Flex Insurance enters into binding authority from certain underwriters at Lloyd’s Flex Insurance has secured a significant underwriting binder with a Lloyd's syndicate. The underwriting capacity is poised to drive growth and enhanced capability in the strata insurance market.  Effective 1 September 2024, Flex Insurance policies with sums insured up to $25 million will be underwritten by certain underwriters at Lloyd’s. Flex’s larger strata policies with sums insured of $25 million and above will continue to be underwritten by QBE Insurance, maintaining Flex’s strong relationship with one of Australia’s largest insurance companies.     In the press release announced today, Kimberley Jonsson, CEO of CHU Underwriting Agencies Pty Ltd said, “This partnership further strengthens Flex Insurance’s position as a dynamic player in the insurance industry, it also empowers our customers with greater choice and flexibility when it comes to selecting a strata insurance policy.”      Francesco Scamarcia, General Manager of Flex Insurance, said “We are thrilled to welcome Lloyd’s as our new capital provider alongside QBE. This positions us for sustained growth and innovation.”    Read the full press release here >> https://lnkd.in/gxM7MZpf #flexinsurance #stratainsurance #brokers #announcement

NIBA’s Code of Practice We’ve highlighted the role the National Insurance Brokers of Association plays in the #strata insurance landscape in the Daily Post A Little Bit about the National Insurance Brokers Association. So, because of the frequent dealings that strata buildings have with insurance brokers, the @NIBA Code of Practice is important to the 2024 Strata Insurance Crisis as it binds all NIBA members. The Code covers 12 main areas as follows: Section 1.0: What is the Code Section 2.0: How does the Code work Section 3.0:  Code subscriber commitment Section 4.0:  Engaging your broker Section 5.0:  Performing services Section 6.0:  Disclosing earnings Section 7.0:  Making claims and renewals Section 8.0:  Employees, agents and representatives Section 9.0:  When things go wrong Section 10.0: Vulnerable clients Section 11.0: Enforcement Section 12.0: Commitment to the Code So, it looks like sections 6.0 and 8.0 are the most interesting for #stratatitle buildings and other stakeholders and I recommend reading those parts, at least. You can read the @NIBA Code of Practice here. https://lnkd.in/gPY89pub * Item 24.103 in GoStrata Media’s info collection on the 2024 Strata Insurance Crisis.

Does CHU + QBE spell better Strata Insurance or just QUEBCH If you’ve been anywhere near an Australian #strata building, you’ll recognise the name CHU Underwriting Agencies Pty Ltd. They’re the largest strata insurance underwriter in the country and have been for a long time [if not forever]. And, for a lot that time, they’ve distributed underlying insurance coverage that’s provided by QBE Insurance. That relationship has been further cemented by a new 10 year agreement between CHU and QBE that was announced last week here. As Robert Kelly AM [CEO of the Steadfast Group Limited that owns CHU] said about the deal: ‘We’re pleased to see the continuation of this successful relationship, enabling CHU to continue providing its superior and award-winning insurance services within the strata sector.’ Which I’m guessing that means things will stay basically the same for CHU #stratatitle insurance when, perhaps, things actually need to change. So CHU + QBE doesn’t spell better strata insurance, just QUEBCH.

Agents, selling specialty insurance products doesn't have to be complex. This easy-to-reference guide breaks down our various products and helps you get started. https://bit.ly/3K3gunr #specialtyinsurance #insuranceagent #insurance 

SCA & Deakin Strata Insurance Research Unpacked: Supply Chain InfoGraphics   SCA NSW has prepared some infographics from its sponsored Deakin research.   Here we’re featuring the supply chain they’ve identified #stratatitle insurance which includes 7 key stakeholders:   ·      Reinsurers ·      General Insurers ·      Strata Insurance Underwriters ·      Insurance Brokers ·      Strata Managers ·      Valuers ·      Strata Buildings & Committees   So, the #strata building consumer is the last player [after 6 others have been involved], the only one spending money, the only non business organisation, and with the least informed.   Does this tell us all we need to know about the challenges with strata insurance ?   We’ve published Dr Nicole Johnson’s report A data-driven holistic understanding of strata insurance in Australia and New Zealand in the Daily Post An [Independent?] Report about Australian & New Zealand Strata Title Insurance.   https://lnkd.in/e8BJYg4X   * Item 24.038 in GoStrata Media’s info collection on the 2024 Strata Insurance Crisis.

A Little Bit about the Underwriting Agencies Council   To better understand #strata insurance issues, it’s important to know a little bit about the industry and sector groups that operate in and around the Australian insurance world.   One of the less well known but very influential industry groups is the Underwriting Agencies Council (UAC) Council that represents insurance underwriters operating in Australia [including for the strata sector].   The UAC’s 100+ members comprise the vast majority of Australian underwriting agencies that represent more than $6 Billion worth of annual insurance premiums [that’s a lot] and a quick look at their membership list reveals many underwriters that are familiar to #stratatitle stakeholders.   The UAC says its objectives are to:   * Monitor and developing positions on insurance regulation and issues affecting underwriters. * Represent underwriters with legislative or government bodies that impact on underwriters. * Represent underwriters on bodies or organisations with interests in, or impacting on, * Promote underwriters as an economically efficient means of insurance distribution. * Promote underwriters’ views, interests and arguments to organisations, the media and the Australian public. * Set guidelines that help the stability, security and reputation of underwriting businesses.   And, its history page tells a revealing story about why it exists and its objectives.   The UAC is a very focused and powerful group affecting strata insurance issues and outcomes. So, we’ll be publishing more information about what they are [and aren’t] doing in relation to the 2024 Strata Insurance Crisis.   https://lnkd.in/g4VzHqNf   * Item 24.086 in GoStrata Media’s info collection on the 2024 Strata Insurance Crisis.

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Trending this week 📈 #ITtrending Insurance Times reveals the headline results of its combined Five Star Rating Report: Commercial and Personal Lines 2024 ⭐ - more than 800 UKGI brokers have been rating commercial and personal lines insurers for the report. Savan Shah Markel Marsh Covéa Insurance AIG Allianz Arch Insurance (UK) Limited Aviva AXA Chubb Hiscox QBE Insurance RSA Zurich Insurance Ageas UK LV= Sabre Insurance Group NIG #ITresearch #ITexclusive #brokers #survey #insuranceindustry #insurancenews

Five Star Renewal! Risman Insurance Agencies!🌟 Nick Fyntrilakis, President and CEO of MAIA, presented Henry Risman, President of Risman Insurance Agencies, and his team with their Five Star renewal award at their Tewksbury, MA office—one of their seven locations! Congratulations! #maia #massagent #insurance #insuranceagents #insurancecompany #massagents #insuranceagent #independentagent #maiamember #fivestaragency #fivestarrenewal #rismanagencies #rismaninsurance #rismaninsuranceagencies