Inpol Insurance Broker, JSC is a Czech corporation providing insurance services in the area of industrial and business risks.

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What is an insurance broker?
An insurance broker is a professional experienced in the complex problematics of insurance who represents his/her client in any dealings with insurance companies and in all activities and tasks that are required for the creation and management of insurance contracts, including the settlement of insurance events. An insurance broker always works in the best interests of his/her client and his/her goal is to reach the optimal balance between the quality and the cost of insurance risk coverage and to prevent any possible risk that may threaten his/her client from remaining uncovered by an insurance contract for any reason whatsoever.

How much will we pay for the services provided by an insurance broker?
The services provided by an insurance broker for a client who has granted the broker a power of attorney to represent him/her are free of charge as, according to custom, the fees for this service are compensated by the insurance company that receives the insurance contract after the initial selection process by the broker (on the basis of a commission contract between the insurance company and the insurance broker). The insurance company thus gains business and, additionally, any activities associated with the creation and management of an insurance contract are performed by the insurance broker for it.

On the basis of which criteria should we select an insurance broker?
The insurance broker (a natural person or corporate body) is entitled to operate their business only on the basis of registration at the Ministry of Finance of the Czech Republic – the body of state supervision in the insurance system pursuant to Act No. 38/2004 Coll., Act on insurance brokers and independent liquidators of insurance events in the valid wording. In addition, it is necessary to verify that the broker is a member of any of the professional associations (e.g. Association of Czech insurance brokers), the level of fulfilment of their own insurance of professional liability in the event of posing a risk to a client through their own fault. A very important item of information is the reference list of clients to whom they provide their services to and in which manner they are able to develop their activity in the region, where they have their registered office (location of the workplaces of the broker). An insurance broker acting with a client must have a minimum four years of practice in the insurance industry and hold the certificate for passing the exam at the highest level of their professional capability before the commission of state supervision in the insurance industry (ÈNB), if this capability does not result from completed university level study.

We would like to use the services of an insurance broker. Must we wait until any existing insurance contracts which we have concluded earlier with any insurance companies expire?
It is not necessary. As long as you grant your broker the power of attorney to represent you, he/she can begin his activities immediately, only announcing to the insurance companies with whom you have previously concluded any insurance contracts that effective from this point forward, he/she is representing you in any matters concerning insurance.

During settlement of an insurable event, the insurance company with which we have an insurance contract indicated under-insurance and paid us an insurance settlement significantly lower than we expected. Did the company have a right to do this?
Most probably, yes. In your case, there was probably an error in the appraisal of your property and therefore an erroneous level of cover was purchased, with the stipulation in the insurance contract that you yourself provided the appraisal. If the services of an insurance broker were used, the broker would be responsible for the property appraisal as well as setting the level of cover. In addition, the broker could effect such changes in the insurance contract so that in the event of an insurable incident the insurance company could not indicate under-insurance.

We are a company with government investments. Must we go through a public tender for the selection of an insurance broker?
No, because an insurance broker will provide his/her services free of charge and therefore will not be a recipient of state funds. It only depends on your judgement whether to perform an internal selection process based on a public announcement of an order or only approach a selected number of insurance brokers or a single broker.

Important Certificates

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