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Insurance Broker Stewardship Report Outline

We suggest it is a good risk management practice to ask your insurance broker(s) to prepare, at least annually, a Broker Stewardship Report. The leading insurance brokers generally do this for their largest risk management accounts; however, the format varies. Some consumers may not meet the broker's criteria (not a national account, too small, no retentions or captive, etc.).

So, you may have to ask.

We prepared this table of contents for four brokers to use so that the new Chief Financial Officer of our client did not have to spend a lot of time figuring out what was inside each of the reports. We also asked the brokers to disclose their commission income which is something you won't get unless you ask for it. After the reports were prepared, we facilitated one-hour meetings in which the brokers presented their reports.

As a result, our client was able to form an informed first impression as to the capabilities of the brokerage firms that were on his payroll.


Report Outline

  1. Executive Summary
    • Overview of the insurance you broker
    • Highlights of what you accomplished last year
    • Presentation of any new people working on the account
    • Innovative ideas for improvement of coverage or new services
  2. Overview of the Insurance Transacted, and Claims, Risk Control and Other Services
    • Discussion and table listing policies you broker comparing this year's new limits and premiums to the prior year's
    • Synopsis of claims, risk control and other service activities you provided
    • Highlight any changes or improvements you made, measured against stated goals for the year
    • Suggestions for improving the coverage (e.g. offering new insurance products)
  3. Account Service Team
    • Highlight any new people added to the account service team and/or any news about the firm itself (e.g. mergers)
    • Org chart listing phone and fax numbers
    • Statement as to your approximate annual commission income
    • Suggestions for improving services ( e.g. offering to perform new services)
  4. One Page Description of Each Policy, Listing:
    • Type of Coverage
    • Insurance Company
    • AM Best Listing
    • Policy Number
    • Expiration Date
    • Named Insureds
    • Additional Insureds
    • Type of policy (e.g. claims-made and, if so, retroactive date)
    • Limits (as necessary broken down into its component parts, e.g. per claim, annual aggregate, products, blanket building and contents, flood and 'quake sub-limits etc.)
    • Important Exclusions
    • Premium (including monthly installments inclusive of financing costs and whether or not a multiple year premium)
  5. Attachments: Your annual report, service brochures, health care newsletter, etc.