In the negotiation of insurance renewals, who acts as the principal when Swift and Fast Ltd is working with an insurance broker?

In the context of insurance negotiations, Swift and Fast Ltd acts as the principal when engaging with an insurance broker. As the principal, Swift and Fast Ltd is the entity seeking insurance coverage and is responsible for making decisions regarding the terms, conditions, and acceptance of any insurance policy offered by the insurer.

The role of the insurance broker is to act on behalf of the principal to facilitate the procurement of suitable coverage and negotiate terms that align with the principal's needs. This dynamic establishes Swift and Fast Ltd's position as the main party in the transaction, guiding the broker's actions and decisions during the negotiation process. Other individuals, such as Steve and Megan, despite their potential involvement, do not represent the company as the primary decision-makers in the negotiation with the insurer. Therefore, it is the company itself, Swift and Fast Ltd, that is recognized as the principal in this instance.