He is known as the underwriter, as he writershis name under the risk on the insurance policy. The lead underwriter makes the major decisionswhen it comes to accepting the policy, and will be the main man to agree to any claimson the policy. Once the terms of the policy are agreed to,it is made legal, and the client is happy and the ship sets sail - but not before payingthe insurance premium to the broker, who will take about 10%, and pass the rest on to theunderwriter.
But what should happen if pirates board theship, steal the cargo, and burn it at sea? Well, the client (if he is still alive, ifnot, a representative of the client) will speak to the insurance broker and the brokerwill visit with the lead underwriter and tell him the bad news. The rest of the underwriters (there may wellbe as many as 20 on a big policy) are told the news and then the broker must negotiatethe best claim settlement for the client or his or her representatives.
The underwriters pay the money to the broker,who passes it on to the client, without deducting any cut. The broker makes his money once the premiumis paid, and will help negotiate the best claims for his clients through gentlemanlyhonor and the prospect of future business. Now it may not be all bad news for the Underwriter. If he is wise and not greedy, he may havereinsured the policy. Reinsurance puts the underwriter in the positionof the client.
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