Types of intermediary delivery systems

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Reference no: EM133290501

Case: After acquiring a medium sized brokerage that was up for sale, Felipe and some business investors explore the possibility of expanding their operations. Felipe who is the spokesperson for the group, contacts Avalanche Insurance company to discuss arranging a contract with them, in order to place some of their clients business with Avalanche.

Avalanche insures many ski resorts, small hotels and motels across Canada, and in addition provides homeowners insurance, and coverage for small retail boutique stores selling sports apparel, equipment and other general merchandise. They also provide the broadest insurance coverage in the market for the policies they offer.

Avalanche's management team meet with Felipe to discuss his interest in placing business with the insurer.

Question 1: Describe and give reasons for using two types of intermediary delivery systems, or types of agents that would be an effective fit for both Felipe and Avalanche, which should produce efficient profitable results together.

Question 2: Describe the type of contract Avalanche would want Felipe to sign, because of the new relationship between them.

Question 3: After Avalanche signs the contract with Felipe, outline what sort of intermediary responsibilities would be laid out in the agreement for Felipe to follow.

Felipe wants Avalanche to give him binding authority on risks.

Question 4: Explain what binding authority means, and describe the procedures Felipe would have to follow in order to get it.

Reference no: EM133290501

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