Independent insurance brokers (producing brokers) are invited to submit their guaranteed cost workers' compensation prospects to us. A producing broker doesn't need a 5Star appointment to receive quotes but does need an appointment prior to binding business. Please see Become A Producer for details.
Producing Broker Responsibilities
Producing brokers have no binding authority and shall act only in the exclusive capacity of an "Insurance Broker." Coverage can only be bound by 5Star after receipt of a bind authorization from its underwriter. At a minimum, producing brokers are responsible for:
- Evaluating the exposures and needs of their clients.
- Sending written instructions, requests and applications to 5Star Work Comp.
- Reviewing policies with their clients to determine accuracy and adequacy of coverage.
- Provided and assisting clients with any changes in policies that may be necessary or desired and providing same to 5Star.
- Issuing standard ACORD Certificates of Insurance and submitting to 5Star within five working days.
- Maintaining current agents and brokers' errors & omissions insurance with limits of no less than $1,000,000 per claim and $1,000,000 annual aggregate.
- Maintaining current P & C Insurance licenses for each state wherein coverage is placed.
We generally do not write business with estimated annual premium less than the following:
- $ 10,000 Construction
- $100,000 Staffing Agencies
- $50,000 Roofing Contractors
- $5,000 All Other
- ACORD 130
- Detailed Description of Operations
- Supplemental Application Form
- Four years of currently valued loss runs (within 90 days of effective date) if the prospect has been in business for four or more years. Risks in business for less than four years, including new ventures, are welcome in many casesAdd Content...