A wholesale insurance broker acts as an intermediary between a retail broker and an insurance carrier. Wholesale insurance brokers rarely have direct contact with the insured; rather, the retail broker will manage that relationship and will sell the insurance to the client.
The International Risk Management Institute (IRMI) says: “Wholesale brokers often possess specialized expertise in a particular line of coverage or in a line of coverage that’s unusual and/or have greater access to or influence with certain insurance markets – which is especially valuable when dealing with a difficult-to-place risk.”
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