Accommodation Line
Barron's Insurance Dictionary:
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Accommodation Line
Agreement by an insurance company to underwrite business submitted by an agent or broker even though that business is substandard. The object is to continue to attract profitable business of that agent.
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Investopedia Financial Dictionary:
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Accommodation Line
An addition or change to a standard insurance contract. The change is suggested, or requested, by either the broker or the insured as an addition to the plan to fit their individual needs. In this type of agreement, the broker usually receives a higher commission (or bonus), the client receives greater coverage and the insurer maintains the business of a valued customer.
Investopedia Says:
This type of addition is granted to the most highly valued of customers and brokers. It can be looked at as a kind of 'thank you for your level of business' from the insurer for the customers loyalty to their company. The cost of the addition to the insurer will be less than the cost assumed if the client takes his/her entire account to a competing compay.
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Barron's Insurance Dictionary
Dictionary of Insurance Terms. Copyright © 2008 by Barron's Educational Series, Inc. All rights reserved.
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