Wymark Philosophy

From Lloyds of London Diary

Regarding the Insurance Broker

His duty is to represent the assured; to discover his needs; to put his risks before the underwriters in as favourable a light as possible; to obtain the best terms for him when the insurance is placed; and (if there should be a claim) to arrange the settlement, collect the money from the underwriters and pay it out in the right quarter.

He must know the market; be able to select the most suitable underwriters for each risk; be sufficiently acquainted with the law to secure the contract of an insurance in its right form; prepare the policy and get it signed by the underwriter; give his help and guidance in the preparation of and handling of claims; and generally act as philosopher and friend to the clients who entrust him with their business.