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Insurance Carrier: Farmers Ins
I purchased commercial ins for a 6 unit. I was never issued a policy. There was contact for over a year or more pictures were taken and in January of 2009, I gave additional monies for deposit. Still no policy issued. So now I have purchased a policy with the same ins. and a different agent. The first agent said I owe him a broker fee and will be deducted from my deposit . The first agent has never issued me a policy. Do I owe him a broker fee? He still has not refunded my deposit.
Insurance Expert Answer:
Your "agent" here actually appears to be a broker and claims he is entitled to be paid for the work he did in searching the market even though the search did not result in issuance of a policy or binder.
Here, given that the broker put you in jeopardy -- if there was a fire and there was no policy or binder in place you'd really have been in trouble -- we don't think the broker should be paid anything. He should make a full refund.