What does Direct Procurement mean? Read on to discover the definition & meaning of the term Direct Procurement - to help you better understand the language used in insurance policies.
The purchase of insurance by an insured directly from an insurer, rather than accessing coverage through a broker. This procedure is commonly used by large commercial buyers of insurance that reside in states or countries that permit insureds to purchase nonadmitted insurance.
We hope the you have a better understanding of the meaning of Direct Procurement.