A wholesale insurance broker is an intermediary between a retail broker and an insurer. As an agency or retail agent there are many advantages of utilizing a wholesale broker for wholesale insurance for prefab homes or any other type of insurance.
Wholesale insurance brokers usually specialize in one particular line of coverage, such as property insurance. Some of these brokers also specialize in unusual or hard-to-place insurance. A wholesale broker has extensive knowledge in dealing with difficult-to-place risks that some insurers are not willing to accept. An example for such insurance could be manufactured homes or condominium insurance. Often times it is difficult to find insurance for properties located in high-risk zones, such as along coastlines or in areas that see a lot of natural disasters. Specialization and specialized expertise is highly valuable in today’s specialty insurance market. Many wholesale brokers have underwriting experience that allows them to respond faster to any inquiries. Retail agents can profit from creating relationships with wholesale insurance brokers as this allows them to expand their footprint throughout a specific area or state and it gives them the chance to serve their clients better. For the insured, it is important to choose a retail agent that has extensive connections to wholesale insurance brokers for their hard-to-place risks because this can sometimes be the only way they can find proper insurance.
Dealing with a wholesale insurance broker is beneficial in many ways for both agency and insured. No matter if trying to find wholesale insurance for prefab homes or another type of property insurance, wholesale insurance brokers can help get coverage for a large variety of specialty and difficult-to-place risks.