If an independent intermediary completes a property survey for an insurer, what role do they play?

When an independent intermediary completes a property survey for an insurer, they act as an agent for the insurer. This means that they are working on behalf of the insurer to gather necessary information about the property, evaluating its condition, and potentially assessing risk factors that could affect underwriting decisions.

In this role, the intermediary has a fiduciary duty to represent the insurer’s interests but must also adhere to ethical and professional standards while conducting the survey. This involves providing accurate and unbiased information about the property, which aids the insurer in determining appropriate coverage options and premium pricing.

The intermediary does not serve as the principal for the property owner in this context, as their primary obligation is to the insurer who commissioned the survey. Their role is not to act on behalf of the property owner nor represent their interests when conducting the survey; their findings and recommendations are intended for the insurer's evaluation process. This clear distinction highlights the intermediary's position as an agent working for the insurer rather than the property owner.