According to ICOBS 2, a broker should treat a customer acting in both private and commercial capacity as a:

In the context of ICOBS 2, a broker should treat a customer acting in both private and commercial capacity as a Commercial Customer. This is because regulations and industry standards require brokers to assess the customer's needs based on the nature of their transactions and the risk involved.

Customers who engage in commercial activity typically require a different approach regarding the insurance products offered, the advice provided, and the regulatory obligations that apply. These customers are often more knowledgeable about their insurance needs and have different expectations compared to purely private customers. Consequently, recognizing them as Commercial Customers ensures that the broker adheres to the appropriate standards of conduct expected in such dealings, including conducting thorough needs assessments and providing suitable advice that aligns with the complexities of commercial insurance.

Treating a customer with mixed interests as a Commercial Customer helps in protecting both the broker and the client, enabling more tailored service that addresses the specific commercial risks involved.