SCHUNCK GROUP
SCHUNCK GROUP
SCHUNCK GROUP
SCHUNCK GROUP
Role as insurance broker
The difference between insurance broker and insurance agent

An insurance broker takes mediation and finalising of insurance contracts for the insured party, without being connected to an insurer or their representative (§ 59 Para. 3 VVG)

An insurance agent is connected to an insurer in order to mediate or finalise insurance contracts (§ 59 Para. 2 VVG). Insurance agents deal on behalf of insurance companies and represent the interests of the insurer.



In contrast to insurance agents, insurance brokers act on behalf of the insured party. In the event of a breach of their duty, brokers are also liable to insurance companies.

The SCHUNCK GROUP is an authorised insurance broker with permission according to trade regulations (§ 34d Para. 1) and therefore acts on the behalf of and in the interest of its customers.

 

History of the insurance broker

The tradition of the insurance broker is long. The origin of the insurance broker dates back to the completion of the first insurance agreement in the 14th century. The first insurance contract to be mediated by an insurance broker dates back to 1590.

In the beginning of brokerage, exclusively sworn brokers were allowed to act for their clients. The earliest evidence of the duty of service of an oath that should underline the importance of a broker, dates back to 1567.

The duties of the so-called fault finding system were mostly general in those times, such as a ban on brokering on Sundays and holidays. In addition, there were principles such as discretion, loyalty and honesty that are still the basis of the brokerage industry