Our Broker Compensation
Thank you for your business. As your Independent Insurance Broker, we purchase insurance products and services on your behalf that are available, affordable and understandable.
Our role is to provide you with the best insurance value that combines coverage, service and price. We also provide personalized, quality service that includes professional insurance advice, ongoing policy maintenance and claims support. When any issue arises regarding your insurance coverage, we are your advocate, using our professional experience to best represent your individual interest.
Brokerage compensation is part of your insurance premium. For your benefit, we have listed below Property Insurers that we represent and have included the range of compensation each provides as a percentage of your overall premium.
Company |
Commission |
Contingent Profit |
|
Automobile |
Property |
||
| Dufferin Mutual Insurance Company |
N/A |
20% |
* |
| Lloyd’s Underwriters various |
N/A |
25% |
* |
Specifically in regards to Audit Shield offering, given this is a specialized and specific policy, it is issued exclusively via one insurer. Included in the rate sets provided is an administration fee ranging from $1.00 to $99.00 (depending on the category of client) which contributes to our cost of providing our implementation services.
Commission percentage, and any fee, is paid annually for both new business and renewal business. Should there be an increase in the commission schedule we receive from your insurer, or any other material change that affects compensation arrangements, we will notify you.
In order for us to maintain strong relationships with quality insurers, we work with each to provide the type of business they desire. The Insurers with the asterisk noted above recognize our efforts through a Contingent (Profit) Commission contract. Payment of the Contingent (Profit) Commission may depend on a combination of growth, profitability (loss ratio), volume, retention and increased services that we provide on behalf of the Insurer. Contingent (Profit) Commission is not guaranteed. It is not related to any one particular customer or group of customers. For detailed information on Contingent Commission, please go to the individual company’s website.
Your insurer will be providing you with a Consumer Code of Rights and Responsibilities which will be forwarded to you with your policy. If you have any questions regarding this or any other aspects of your insurance please contact us.