An intermediary , also known as a middleman or go-between , is defined differently by context. In law or diplomacy , an intermediary is a third party that offers intermediation services between two parties. In trade or barter , an intermediary acts as a conduit for goods or services offered by a supplier to a consumer, which may include wholesalers , resellers , brokers , and various other services.
35-683: Bennetts is a specialist insurance broker for motorcycles headquartered in Peterborough , with a contact centre in Coventry , owned by Lucida Group since May 2021. Bennetts was founded by Frederick J Bennett in 1930 in Coventry. Trading as F.J. Bennett and Sons, they initially provided general insurance services for customers in the West Midlands . By the early 1980s, trading as G.F. Bennett and Co and managed by Frederick's son Gordon,
70-434: A conduit for goods or services offered by a supplier to a consumer. Typically the intermediary offers some added value to the transaction that may not be possible by direct trading. Examples of intermediaries are wholesalers and resellers . Common usage includes the insurance and financial services industries where e.g. mortgage brokers , insurance brokers , and financial advisers offer intermediation services in
105-432: A dispute, allowing the avoidance of direct principal-to-principal contact. Where the two parties are geographically distant, the process may be termed shuttle diplomacy . Where parties do not want formal diplomatic relations, an intermediary state may serve as a protecting power facilitating diplomacy without diplomatic recognition . In law, the job of an intermediary involves conveying messages between principals in
140-453: A dispute, preventing direct contact and potential escalation of the issue. In law, intermediaries can facilitate communication between a vulnerable witness , defendant and court personnel to acquire valuable evidence. Intermediaries can facilitate communication between a vulnerable witness or defendant and court personnel to acquire valuable evidence and to ensure all parties have a fair trial. In trade, an intermediary middleman acts as
175-504: A government body. In some provinces, such as Ontario , insurance brokers have self-governing bodies responsible for licensing and regulation. Insurance broker became a regulated term under the Insurance Brokers (Registration) Act 1977 , which was designed to prevent firms holding themselves as brokers but in fact acting as representative of one or more favoured insurance companies. The term has no legal definition following
210-587: A number of industry bodies that issue professional accreditations to members that comply with best standards of professional practice and integrity and maintain up to date skills and knowledge. The two main accreditations are the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) Certified Insurance Professional (CIP) and National Insurance Brokers Association (NIBA) Qualified Practicing Insurance Broker (QPIB) qualifications. Dealing with an insurance broker as opposed to directly with an insurer
245-424: A renewal date. For example, the state of California requires license renewals every 2 years, which is accomplished by completing continuing education courses. Most states have reciprocity agreements whereby brokers from one state can become easily licensed in another state. As a result of the federal Gramm-Leach-Bliley Act , most states have adopted uniform licensing laws, with 47 states being deemed reciprocal by
280-402: A significant beneficial impact on insurance negotiations obtained through a broker (vs. those obtained from an agent). Any person acting as an insurance agent or broker must be licensed to do so by the state or jurisdiction that the person is operating in. Whereas states previously would issue separate licenses for agents and brokers, most states now issue a single producer license regardless if
315-734: A significant role in helping companies and individuals procure property and casualty (liability) insurance , life insurance and annuities , and accident and health insurance . For example, research shows that brokers play a significant role in helping small employers find health insurance, particularly in more competitive markets. Average small group commissions range from two percent to eight percent of premiums. Brokers provide services beyond procuring insurance, such as providing risk assessments, insurance consulting services, insurance-related regulatory and legislative updates, claims assistance services, assisting with employee enrollment, and helping to resolve benefit issues. However, some states consider
350-540: Is a representative organisation for brokers in the UK. It has over 1800 members. In the United States , insurance brokers are regulated by individual states. Most states require anyone who sells, solicits, or negotiates insurance in that state to obtain an insurance broker license, with certain limited exceptions. This includes a business entity, the business entity's officers or directors (the "sublicensees" through whom
385-596: Is an active sponsor of motorcycle championships, race teams, events and individual racers. Bennetts have a longstanding association with the British Superbike Championship as title sponsor for the 2005-2008, 2018-2020 and 2023-2024 seasons. Bennetts is the official insurance partner to the Isle of Man TT races and title sponsor of the Isle of Man Classic TT races. They are also the headline sponsor of
SECTION 10
#1732772594671420-406: Is an insurance company's representative by way of agent-principal legal custom. The agent's primary alliance is with the insurance carrier, not the insurance buyer. In contrast, an insurance broker represents the insured, generally has no contractual agreements with insurance carriers, and relies on common or direct methods of perfecting business transactions with insurance carriers. This can have
455-441: Is distinct from an insurance agent in that a broker typically acts on behalf of a client by negotiating with multiple insurers, while an agent represents one or more specific insurers under a contract. As of 2019, the largest insurance brokers in the world by revenue are Marsh & McLennan , Aon plc , Willis Towers Watson , Arthur J. Gallagher and Hub International . In Australia, all insurance brokers are required under
490-479: Is no requirement to disclose the commission of the broker to the customer, but in New York , a regulation ("Regulation 194") was adopted in 2011 which required disclosure. Brokers or agents may decide to reveal their commission upon request. In most states, agents cannot charge a fee in addition to their commission, although Texas is one of the exceptions. Though not an absolute separation; an insurance agent
525-512: Is something many customers (particularly businesses) choose to do in Australia for reasons including: the ease of having the "shopping around done for them"; having the opportunity for premium funding which allows for larger insurance policies to be paid in installments rather than all at once; dealing with one broker for all policies from the car insurance to professional indemnity insurance rather than dealing directly with several insurers; and,
560-810: The Ardonagh Group ) had agreed to purchase Bennetts from Saga for £26 million. However, it was subsequently reported that: "The sale of Bennetts motorcycle insurance to the Ardonagh Group has been reversed by the Competition and Markets Authority". Subsequently The Ardonagh Group were obliged to sell Benetts by the CMA and it was purchased for an undisclosed sum in May 2021 by Right Choice Holdings, which then evolved into Lucida Group incorporating Bennetts, Right Choice Insurance Brokers (RCIB) and Moorhouse. In
595-560: The Financial Services Reform Act 2001 to be licensed by the federal government's Australian Securities and Investments Commission (ASIC). Reputable and experienced insurance brokers in Australia will generally also hold additional qualifications such as a certificate or diploma in financial services which requires the completion of in depth studies in a specific area, the most common being general insurance or insurance brokering. Within Australia there are also
630-621: The National Association of Insurance Commissioners . A state may revoke, suspend, or refuse to renew an insurance broker's license if at any time the state determines (typically after notice and a hearing) that the broker has engaged in any activity that makes him untrustworthy or incompetent. Because of industry regulation, smaller brokerage firms can easily compete with larger ones, and in most states, all insurance brokers generally are forbidden by law from providing their customers with rebates or inducements. Insurance brokers play
665-468: The "entertainment business". After insurance coverage for a lawsuit was denied because Third Eye Blind was and is, after all, in the entertainment business, the California Court of Appeal ruled in a published opinion that a subsequent court ruling establishing that the insurer had wrongfully denied coverage—that the insurer had a duty to defend the band and had breached that duty—did not absolve
700-680: The Isle of Man Lightweight TT race and a personal sponsor of Isle of Man TT racer John McGuinness ("King of the Mountain"). Previously, Bennetts has been title sponsor of the Suzuki team in the British Superbike Championship , a personal sponsor of various high profile riders, including Neil Hodgson , James Toseland , Cal Crutchlow , Scott Redding and young riders Joe Francis and Rory Skinner . Bennetts backed long-distance motorcyclist and author Nick Sanders in his 'Final Ride', which Motorcycle News described as: "Nick’s circumnavigation of
735-479: The Saga group of companies. The Guardian newspaper described Saga's acquisition as: "Saga roars into middle-aged biker market with new acquisition." In a related article, the newspaper noted Saga had paid: "£26m to snap up the motorbike insurer Bennetts, which specialises in providing cover for trophy rides such as Harley Davidsons, Triumphs and Ducatis." On 17 February 2020, it was announced that Atlanta Group (part of
SECTION 20
#1732772594671770-467: The autumn of 2022, the company began offering car insurance. Bennetts is an insurance broker , comparing prices from a panel of insurers who underwrite the insurance policy and set pricing, as well as handling claims. As an intermediary, fees are a necessary source of income to cover the costs of arranging and administering policies on behalf of customers. A full explanation of Bennetts fees and charges can be found in their terms and conditions . Bennetts
805-487: The broker of its duty to advise the band it needed something more than a basic CGL policy (namely, errors and omissions insurance ). In 2004, New York Attorney General Eliot Spitzer found apparent cases of bid-rigging by the major brokers, where the brokers arranged with insurers to provide "fake" quotes in exchange for providing favorable risks amidst contingent commission arrangements. In 2008, AIG paid $ 125 million to settle with 9 states. In most states there
840-403: The business entity operates), and individual employees. In order to obtain a broker's license, a person typically must take pre-licensing courses and pass an examination. An insurance broker also must submit an application (with an application fee) to the state insurance regulator in the state in which the applicant wishes to do business, who will determine whether the insurance broker has met all
875-531: The company focussed on providing motorcycle insurance. Additionally, The Times newspaper noted: "It also offers Travel Insurance provided by Aspen Syndicate which underwrites for Lloyds Insurance." In 2000, Bennetts launched a quote and buy on-line facility. It was acquired by the BGL Group in 2001. In 2009, Bennetts was one of “more than a dozen” insurance companies criticised for only offering insurance to people with an existing motorcycle licence. In 2011,
910-421: The company launched a commercial portal dedicated to motorcycling, followed in 2012 by a social networking group, Bike Social. On 28 January 2015, it was announced that Saga Group was to purchase Bennetts from BGL Group for a reported £26.26m, completed on 1 July 2015. On 1 December 2019, Bennetts stopped trading through Saga Services Limited, changing to Bennetts Motorcycling Services Limited, remaining part of
945-483: The ease of having claims managed by the broker who deals directly with the insurer on the client's behalf. In Canada, insurance brokers are regulated on a provincial and territorial basis. Insurance brokers and insurance agents are licensed and regulated by the same entity in most of Canada; either an arms-length organization, such as the General Insurance Council of Saskatchewan , or directly by
980-579: The onset of new regulation in 2001. This drove a more transparent regime, based predominantly on upfront negotiation of a fee for the provision of advice and/or services. This saw the splitting of intermediaries into two groups: general insurance intermediaries/brokers and independent financial advisers (IFAs) for life insurance, investments and pensions . General insurance brokering is carried out today by many types of authorized organisations including traditional high street brokers and telephone or web-based firms. The British Insurance Brokers' Association
1015-418: The person is acting on behalf of the insured or insurer. The term insurance producers is used to reference both insurance agents and brokers. As in many industries, there is a trend toward disintermediation where consumers buy directly from the insurer without an intermediary. However, the $ 46 billion online vehicle , home, and life insurance markets for retail consumers have accelerated since 2012, with
1050-473: The provision of services that are unrelated to the insurance procured through the broker to be an impermissible rebate or inducement. Negligence on the part of insurance brokers can have severe effects upon clients when they discover their insurance coverage is worthless. In one case, Near North Entertainment Insurance Services provided alternative rock band Third Eye Blind with a commercial general liability (CGL) insurance policy that excluded coverage for
1085-730: The repeal of the 1977 Act. The sale of general insurance was regulated by the Financial Services Authority from 14 January 2005 until 31 March 2013 and by the Financial Conduct Authority since 1 April 2013. Any person or firm authorized by the Authority can now call themselves an insurance broker. Insurance brokerage is largely associated with general insurance (car, house etc.) rather than life insurance , although some brokers continued to provide investment and life insurance brokerage until
Bennetts - Misplaced Pages Continue
1120-481: The rise of insurance comparison websites. Publicly traded companies Amazon, Walmart, and Google continue to disrupt how consumers purchase insurance with varying success. Google, later exited the online insurance comparison market in 2016, and Allstate threatened to shutter their online consumer brand Esurance after disappointing profits. Intermediary In diplomacy and international relations , an intermediary may convey messages between principals in
1155-439: The state requirements and will typically do a background check to determine whether the applicant is considered trustworthy and competent. A criminal conviction, for example, may result in a state determining that the applicant is untrustworthy or incompetent. Some states also require applicants to submit fingerprints. Once licensed, an insurance broker generally must take continuing education courses when their licenses reach
1190-489: The supply of financial products such as mortgage loans , insurance, and investment products. In relation to energy supplies , third party intermediaries provide energy-related advice, assistance in purchasing energy and management of energy needs. In barter , the intermediary is a person or group who stores valuables in trade until they are needed, parties to the barter or others have space available to take delivery of them and store them, or until other conditions are met. In
1225-658: The world on his Yamaha Ténéré 700, which began in 2019 and was interrupted by the Covid lockdowns when he reached Australia the following year. Sanders resumed his trip in March 2022, finally returning to the UK in January 2023." Insurance broker#In the United Kingdom An insurance broker is an intermediary who sells, solicits, or negotiates insurance on behalf of a client for compensation. An insurance broker
#670329