Agent/Broker Standard of Care
Between Mr Peterson Jr and Mr Underdown, The Insurance Archaeologists™ have extensive experience in the insurance industry. As an insurance expert witness they have testified in many cases on the issue of Agent/Broker Standard of Care. Testimony based on over 40 years of experience in the industry as an Adjuster, Claims Manager, Risk Manager and as an Insurance Consultants, The Insurance Archaeologists™ have dealt with a variety of local, regional, and national agents and brokers.
The Insurance Archaeologists™ have testified in cases involving agent/broker compensation and has testified in a case where the broker was charging fees, taking commissions, and also receiving a part of the premium finance fees. The Insurance Archaeologists™ position is that there is nothing wrong with charging fees or commissions, and/or collecting part of the premium finance premium, as long as the information is adequately disclosed to the client/insured.
Agent/Broker Contingency Commissions
In an unpublished opinion on contingency commissions Mr. Underdown has opined that there is nothing inherently wrong with contingency commissions as long as they are adequately disclosed to the client/insured. There are times when it may definitely be beneficial to the prospective insured, because an agent or broker who places substantial amount of business with one insurance company may be able to obtain better pricing than a competitor.
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