The role of the broker
The VVG (Versicherungsvertragsgesetz – German Insurance Contract Act) defines an insurance broker as a person who undertakes the brokerage or conclusion of insurance contracts for the client without having been entrusted with this by an insurer. The broker is therefore the representative of the client's interests. The broker must base the advice on a sufficient number of insurance contracts and insurers on the market, unless the broker expressly informs the client of a restricted selection.
The advice and the reasons for the recommendation are documented. The broker is liable for errors in the advice and must therefore maintain professional indemnity insurance.
Brokerage agreement and broker's mandate
The brokerage agreement sets out which lines of insurance we look after for you, which services we provide and how we are remunerated. We record the brokerage agreement in writing so that both parties have clarity.
The broker's mandate authorises us to act in your name vis-à-vis the insurers, to obtain information, to request quotations and to prepare contract amendments. You make important decisions yourself, in particular on conclusions and terminations.
Portfolio transfer
Existing policies do not have to be terminated in order to change broker. With the broker's mandate, we notify the insurers that we will be looking after the policies in future. The content, premium and term of your policies remain unchanged. We then review the transferred portfolio and show you where action is required.
Remuneration: commission or fee
As a rule, we receive a commission (Courtage) for brokerage and ongoing service, i.e. remuneration paid by the insurer out of the premium. This does not result in any separate invoices for you. Where no commission is paid, for example in the case of commission-free tariffs (net tariffs), and, in the case of businesses, in other cases as well, a fee may be agreed. We set out the basis and amount with you in writing in advance.
Initial information and transparency
Before our cooperation begins, you will receive from us initial information containing our contact details, our status as an insurance broker, the licence under § 34d Abs. 1 GewO (Gewerbeordnung, German Trade Regulation Act), our registration in the intermediary register and the type of our remuneration. This way, you know from the outset whom you are dealing with.
Frequently asked questions
How does a broker differ from an insurance agent?
The agent acts on behalf of one or more insurers, the broker on behalf of the client. The broker selects from a sufficient number of offers on the market.
Do I have to terminate my policies if I switch to you?
No. The policies continue unchanged; only the ongoing service is transferred to us.
Can I terminate the brokerage agreement?
Yes. The termination provisions are set out in the brokerage agreement. Your insurance policies remain unaffected.
How can I verify your licence?
Insurance intermediaries licensed under § 34d GewO (Gewerbeordnung, German Trade Regulation Act) are entered in the intermediary register, which is open to public inspection. You will receive our registration details with the initial information.