Trust is important to us. We go above and beyond to insure that our clients trust us and vice versa.
The producer (Insurance Agency) and the Insurer have a fiduciary duty. A fiduciary is a legal or ethical relationship of trust between two or more parties. A fiduciary takes care of money for another person especially when handling premiums for insurance policies or applicants. Other responsibilities that the producer has to the insurer are:
-The producer must keep premiums in a trust account that is spate from other funds and forward it to the insurer promptly.
-They must report any material facts that may affect underwriting
-They are responsible for soliciting, negotiating, selling, and cancelling the insurance policies with the insurer
-Duty to only recommend the purchase of suitable policies.
The difference between the insurance agency and insurer is that an insurance agency is your advocate, is going to fight for you and work with you in the event that something happens or you have a life change and need a particular product, whereas the insurance company is the provider of the insurance and is more concerned about making sure they run their business in a way that if something happens they can pay you for that damage. So you, insurance consumer, the insurance agency sits between you, you are the insurance consumer, and the insurance company who you ultimately have the contract with.