Initially, insurance brokers were a very rare type of person that only financiers or insurance companies could afford. But nowadys individuals and companies hire Ontario based insurance brokers to manage their decisions and manage their insurance portfolios to get the most out of them.
If someone has taken out insurance, they are usually only dealing with the same broker, as the broker is specifically tasked with managing its portfolio for this customer. Insurance brokers then have a duty to provide additional information to customers if needed.
Depending on company policy, the broker may also have the authority to investigate the validity of the claim by requesting the defective component if the damage is of the nature of the claim, or by seeking advice from an appraiser.
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Sometimes an insured customer needs to update their portfolio and make changes to it. Whether it's a small personal change like a new address or phone number, or a major change in inventory, it's also the insurance broker's responsibility.
Some of the most important changes a broker needs to make in a client's portfolio are when the client's insurance value goes up or down. For example, the insured buys a new item and the item must be included in the insurance policy. All this is reported to the broker.
In very rare cases it may even be desirable or necessary for the broker to change the insured person to an entirely new policy with better coverage and conditions.