Why Use an Independent Broker? Role of the Broker
As an independent insurance broker, J. Maxime Roy, Inc. represents the client rather than the insurance company. We have brokerage relationships with Ex-Im Bank and all of the leading global insurers offering trade credit, political risk, international insurance, and bonding. As specialty brokers, our responsibility is to find the best coverage at the best price to meet our clients' needs. We guide our clients through the process to make the right decision that reduces risk and enhances sales. We listen to our clients; we get to know their business to recommend the right policy that mitigates the risks of cross-border transactions. We utilize our global insurance network of underwriters to design a "best-fit" coverage that balances the primary factors of cost and coverage. We shop the market on behalf of our clients. As an independent specialty broker, our allegiance is to the customer advocating their best interests to the insurance companies. Independent brokers (as compared to captive insurance agents) are not obligated to place insurance with any one company.
As a specialist in trade credit and political risk insurance, we know the market. We are able to help our clients make the best selection based on the variables of price, coverage, financial stability of the insurer, the claims-paying reputation of the insurer, and the general level of service of the insurer.
Regarding compensation, insurance companies pay the broker a commission for arranging and servicing the policy. Insurance companies that offer trade credit and political risk insurance do not offer lower rates to customers who buy directly without the assistance of a broker.
We provide ongoing service and consultation to customers after the policy has been issued. Some of these services include:
- Working with clients and the insurers to ensure the policies continue to provide adequate coverage.
- Assisting clients with policy reporting requirements
- Assisting clients with claims filing and follow-up
- Working with clients and their bankers to facilitate the financing of domestic and foreign accounts receivable