Inherited Book of Business
Posted: Fri May 28, 2010 6:47 am
My mother has been in commerical insurance her whole life and she recently passed away. Her book of business was left to my sister and I. As we understand it, the book of business is worth $1MM/year. The company she worked for has to buy the book of business from us. With neither of us being from the insurance world, and my mother's reluctance to sign a contract detailing how the business would be bought, I am seeking advice or any knowledge you can share on how books of business are bought and what is considered when the agency buys the business. Also, the agency has confirmed that they have renewed all her business for this year.
Thank you for any information or help you can provide!
Thank you for any information or help you can provide!