Defending Agents’ Rights

To The Editor:

As independent agents in New Jersey, weve seen companies transfer our books of business at an increasing rate as companies discontinue writing auto insurance and transfer policy information to other insurers. The policy information included in these transfers is our bread and butter. It is our reputations, our relationships and our property, upon which we have built our livelihoods.

Agents acquire policy information at their own expense to service accounts and renew coverage for their customers. Taking years to develop, this information is so vital that when a producer sells their agency, the value of renewal commissions generated on the agencys books of business is used in establishing the value and sale price of the agency.

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