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.