What Is a Broker of Record?

The short answer (as of August 2026)

A broker of record is the insurance broker or agency a policyholder has formally authorized to manage its insurance — servicing the policies, communicating with carriers, and representing the client's interests. Only one broker holds that role per policy at a time. Changing it requires a broker of record letter (a BOR letter): a signed document from the policyholder directing the insurer to recognize a new broker as the broker of record. A BOR change transfers servicing of the existing policy to the new broker without changing the policy's coverage or terms.

What Is a Broker of Record?

The broker of record is the single broker or agency officially designated to handle a client's insurance with a given carrier. That designation carries real authority and responsibility:

• Servicing the policy. The broker of record manages the day-to-day — issuing certificates, requesting endorsements, answering coverage questions, and helping with claims.
• Representing the client to carriers. The insurer treats the broker of record as the client's authorized representative for that policy, and directs commissions and communications accordingly.
• One at a time, per policy. A policyholder can have only one broker of record for a given policy. This exclusivity is why switching brokers is a formal act, not just a phone call.

The role is about who manages your coverage, not what your coverage is. The broker of record is your advocate and administrator; the policy itself sits between you and the insurer.

What Is a Broker of Record (BOR) Letter?

A broker of record letter — a BOR letter — is the document that assigns or changes who your broker of record is. In practice, it's a short, signed letter from the policyholder to the insurer stating that, effective on a certain date, a named new broker is to be recognized as the broker of record for the specified policy or policies.

What a BOR letter does:

• Directs the insurer to recognize the new broker as the authorized representative on the identified coverage.
• Is signed by the policyholder — the named insured — because only the client can authorize who represents them.
• Takes effect for the existing policy, transferring servicing rights (and typically commission) to the new broker, usually after a short waiting period the carrier applies.

A BOR letter changes representation, not the contract of insurance. The policy's coverage, limits, premium, and terms remain exactly as they were; only the broker managing it changes.

How Does a Broker of Record Change Work?

Switching brokers on an existing policy follows a defined sequence:

• You decide to change brokers. Maybe you want more responsive service, deeper startup expertise, or a broker who can market your program more effectively at renewal.
• The new broker prepares a BOR letter identifying the policies to transfer and the incoming broker.
• You sign it as the policyholder and it's submitted to the carrier.
• The carrier processes the change, usually after a short waiting period (often around a week or so, but it varies by carrier), during which the change can be contested or rescinded.
• The new broker becomes broker of record for the existing policy going forward, and takes over servicing.

Because a BOR letter moves the existing policy rather than re-shopping it, it's the clean way to change brokers mid-term without disrupting coverage. If your goal is also to re-market the coverage, that's a separate step your new broker can pursue at renewal.

What a Broker of Record Change Means for You

For the buyer, a BOR change is lower-risk than it sounds, because of what it doesn't touch:

• Your coverage doesn't change. Same policy, same limits, same terms, same premium. Only who services it changes.
• There's no gap in coverage. The policy stays in force throughout; the BOR letter transfers servicing, it doesn't cancel anything.
• You gain a new advocate. The incoming broker can review the program, flag gaps, prepare certificates and additional insured endorsements, and plan how to market the coverage at renewal.
• You keep control. As the policyholder, you authorize the change and can decline or reverse it during the carrier's waiting period.

The main thing to weigh is timing: mid-term BOR changes transfer the current policy, while the biggest opportunity to improve pricing and terms usually comes when your new broker re-markets the program at renewal.

Make OnePark Risk Your Broker of Record

If your current program isn't getting the attention or expertise a startup needs, a broker of record change is the clean way to switch. OnePark Risk is an independent brokerage that manages startup and technology programs with multiple A-rated carriers, and we can take over your existing policies by BOR letter — then review and re-market the program at renewal. Request a coverage review and we'll walk you through the process.

Sources

• Glossary of Insurance & Risk Management Terms — International Risk Management Institute (IRMI)