NSU will generally accept mid-term Broker of Record (BOR) requests as long as the new broker agrees to accept future responsibility for the account. A valid BOR must: 

• Be on the insured’s letterhead or on ACORD 36.
• Clearly express the insured’s intention to appoint the broker as their exclusive Broker of Record.
• Confirm that the letter of authorization rescinds all previous letters.
• Be received by NSU within 5 calendar days of the date of the letter.
• Include the requested effective date of the transfer.
• Be specifically addressed to NSU.
• Specify the insured’s name, line of coverage for new business and/or policy number for business in force with NSU.
• Include the printed name and title of signer.
• Be signed by an individual with the authority to enter the insured into a contractual agreement.

NSU provides the original broker with five days notice when we receive a BOR. The breakdown responsibilities of the new broker are as follows:

New Broker of Record

• Acts as servicing producer for the account as of the effective date of BOR assignment.
• Collects and returns policy premium and fees for transactions effective on or after BOR effective date.
• Remits unearned commissions to NSU for transactions effective on or after BOR effective date, without consideration of previous commission paid to the original broker. For example, if the policy cancels the day after the transfer, the new Broker becomes responsible for any return commission due.
• Takes responsibility for reporting any new losses to NSU and/or carrier on or after the BOR effective date.