Who typically represents the insured in arranging insurance but does not have binding authority?

The role of a broker is to act as an intermediary between the insured and the insurer. Brokers typically work on behalf of the insured to find the best insurance coverage and terms available, but they do not possess binding authority. This means they cannot finalize or bind insurance contracts on behalf of the insurer without prior approval. Instead, their function is to advise and assist clients in navigating the insurance landscape and to negotiate terms with various insurers.

The distinction between brokers and agents is crucial here. Agents usually have the authority to bind coverage on behalf of the insurance company, representing the insurer rather than the insured. Adjusters are involved in the claims process, assessing losses and determining the payout amounts, but they do not represent clients in arranging insurance. Insurers are the companies that provide the insurance policies, but they do not represent the insured in the arranging process either. Thus, the broker's unique position as a representative of the insured without binding authority makes this the correct answer.