Insurance agents and brokers

Produced in partnership with Ruth Hosking of Quadrant Chambers

Practice notes

Insurance agents and brokers

Produced in partnership with Ruth Hosking of Quadrant Chambers

Practice notes

What is the difference between an agent and a broker?

Where insurance is transacted through an intermediary, that intermediary is usually either an insurance agent (who normally acts as an agent of a particular insurer or insurers) or an insurance broker (who normally acts as an agent of the insurance buyer).

Insurance agents

Insurance agents have contractual agreements (known as appointments) with insurers that set up the guidelines for the policies they can offer and the terms of their remuneration. A ‘captive agent’ is an agent dedicated to one insurance company’s product while an 'independent agent' can align themselves with multiple insurers. The insurance agent therefore aims to attract insurance business for their principal(s).

Insurance brokers

As a representative of the insurance buyer, a broker is independent. Brokers prepare applications to insurers on behalf of the brokers' clients. During the implementation period, brokers acquire a temporary policy, known as a ‘binder’, signed by a representative of the insurance company. After the transition period (which is usually 30 or 60 days), a policy of insurance is issued that

Ruth Hosking

Barrister, Quadrant Chambers

Ruth’s practice encompasses the broad range of general commercial litigation and arbitration. Her particular areas of specialism include shipping, civil fraud, private international law, insurance and commodities.

Ruth has appeared in the House of Lords (as it then was), Court of Appeal, High Court and has represented clients in a variety of international and trade arbitrations (including ICC, LCIA, LMAA, GAFTA and FOSFA). She has been involved in a number of high profile cases, including "The Achilleas", a leading case on the contractual principles of remoteness of damage and "The Atlantik Confidence", the first case in which an English Court has determined that a person was barred from relying on the limits provided by the Limitation Convention.

Ruth is ranked as a 'Leading Junior' in the latest editions of Chambers UK and The Legal 500. Praise given in previous editions include "quick to respond, pragmatic and honest" and "excellent". In 2018, Ruth was shortlisted for the Legal 500 Shipping Junior of the Year. In 2022, Ruth was awarded Shipping Junior of the Year at Chambers UK Bar Awards and was shortlisted for Junior of the Year at the Legal 500 Awards.

Prior to coming to the bar Ruth studied for an LLM in commercial & corporate law specialising in restitution, corporate insolvency, conflict of laws and marine insurance at UCL; and was a visiting law tutor at King's College London teaching tort (including economic torts) from 2001-2002.

Jurisdiction(s):

United Kingdom

Key definition:

Agent definition

What does Agent mean?

A person acting on behalf of an entity or person, not acquiring personal liability themselves.

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