An insurance broker buys and sells products or assets on behalf of the insurance buyers, called the insured. Insurance brokers work as an intermediary between the insurance buyer and the insurance company to provide the insured with guidance and assistance when considering insurance.
Insurance brokers use their professional knowledge, experience and understanding of the insurance products and market to help you find the insurance plans that suit your needs. They also research, compare and negotiate with various insurance companies regarding costs, terms and coverage options to find the right plan to suit your budget and requirements.
Since an insurance broker works as a third-party, they receive a commission for their services. The broker’s compensation is usually provided by the insurance provider as a percentage of the policy premium, however the broker may also charge a fee for their services. Before agreeing to work with an insurance broker, be sure to discuss all of the fees that may be incurred for their services and any additional fees, such as processing fees.
Because an insurance broker is an intermediary, response time greatly depends on the insurance company which may extend your wait time for insurance. To avoid this you can deal directly with the insurance companies in Cayman.
Below we have provided a list of highly recommended insurance brokers in the Cayman Islands.