Insurance brokerage company is an insurance intermediary, conducting it’s activities in accordance with the rules of the profession, following good business practice. An insurance brokerage company monitors the terms of the contract aiming to achieve best insured’s protection and for that purpose continuously prepares the best insurance offers considering premiums-prices, scope of the coverage – insured perils, presenting policy elements & clauses such as deductibles & depreciation impact & exclusions of coverage, assists in claims management enabling best possible beneficial outcome for the insured, providing support to insured since day 1 of the day of loss in each step until indemnity is paid by the Insurance company..

Pursuant to the Insurance Supervisory Law, Insurance Supervisory Agency of the Republic of North Macedonia, is in charge of the supervision. In accordance with legal requirements, the insurance brokerage company submits the data in the required volume, manner and time frames to the competent government institutions throughout the year.

A brokerage company is a legal entity, self-governed on business manners employing independent group of experts in the field of insurance, with years of professional experience. An insurance brokerage company has business cooperation agreements with insurers in the country and abroad. This allows the insurance brokerage company to represent the interests of it’s clients in the best possible way. Your cooperation with an insurance brokerage company, which does not require you to pay any fees, may significantly save your time and resources (outsourcing insurance department of yours) which you would need to hire yourself. Insurance brokerage company bears full professional liability for it’s actions while servicing you or your business. The professionals employed by the insurance brokerage company are called insurance brokers.

The intermediary commission (brokerage fee), in line with the EU directives, from the expense loading within premium is paid by the Insurer (insurance company). This expense would have been occurred and paid anyway to any other sales channel of the insured involved (agent, agency, etc.) in that insurance contract, in case the insurance brokerage company has not been involved. Insurance brokerage company does not overloads the original premium.

A broker – intermediary acts in the name and on behalf of the Client (Insured) and represents his interests. An agent acts in the name and on behalf of the Insurer (Insurance Company) offering to the prospective Insured the terms and conditions under which he can insure his property and person with the Insurer.