Commission Disclosure Statement
Information about our compensation structure and how we conduct business.
How We Conduct 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. Commissions are paid to us on an annual basis for both new business and renewals. We have listed below the insurers that we represent and have included the commission that each provides as a percentage of your overall premium:
PERSONAL LINES - Automobile (may include Recreational Vehicles), Property (may include Farm & Watercraft) and Excess Liability (Umbrella)
| |
Automobile |
Property |
Umbrella |
| AXA Insurance Company * |
12.5 |
20 |
20 |
| Aviva/Elite Insurance Company * |
12.5 |
20 |
15 |
| Chubb Insurance Company * |
10.0 |
20 |
20 |
| Chieftain Insurance Company |
12.5 |
20 |
|
| Dominion of Canada |
12.5 |
20 |
20 |
| Genmark |
N/A |
12.5 |
|
| Guarantee Company of N.A * |
17.0 |
20 |
|
| Halwell Mutual Insurance Company * |
12.5 |
20 |
|
| ING Insurance Company * |
12.5 |
20 |
15 |
| ING Novex Insurance Company * |
10 |
15 |
|
| Jevco Insurance Company |
15 |
N/A |
|
| Kingsway Insurance Company * |
5-13.5 |
N/A |
|
| KMS |
N/A |
12.5 |
|
| Lombard Canada * |
12.5 |
20 |
20 |
| Lloyds Canada * |
N/A |
25 |
|
| Lloyds Substandard * |
N/A |
20 |
|
| Pafco Insurance Company |
12.5 |
15 |
|
| Pilot Insurance Company * |
15 |
24 |
20 |
| Premier Marine |
N/A |
15 |
|
| Royal & Sun Alliance |
12.5 |
20 |
15 |
| Royal & Sun Alliance Facilit |
10 |
N/A |
|
COMMERCIAL LINES – Automobile, Commercial General Liability, Composite Mercantile Policies and Bonds
| |
Automobile |
CGL |
CMP |
Bonds |
| ACE Ina |
12.5 |
10 |
15 |
|
| A.M. Fredricks Underwriting |
|
10 |
|
|
| American Home Assurance |
10 |
15 |
15 |
|
| Allianz Global Risk |
|
15 |
|
|
| Atlantic Marine Underwriters |
|
15 |
15 |
|
| Aviva Insurance Company * |
12.5 |
20 |
20 |
12.5 |
| AXA Insurance Company * |
12.5 |
15 |
20 |
|
| Beacon Underwriting |
|
|
15 |
|
| Boiler Inspection & Insurance |
|
|
15 |
|
| Canada Worlwide Brokers |
|
10 |
12.5 |
|
| Chubb Insurance Company * |
10 |
15 |
20 |
|
| Chutter Insurance |
|
15 |
|
|
| Citadel Insurance Company * |
12.5 |
20 |
20 |
12.5 |
| Coast Underwriters Limited |
12.5 |
15 |
20 |
|
| Cowan Inc. |
|
|
15 |
|
| Creechurch International |
|
15 |
15 |
|
| Dominion of Canada * |
12.5 |
20 |
20 |
|
| Elliot Special Risks |
|
15 |
15 |
|
| Encon Ins. Managers Inc. |
|
15 |
7.5 |
|
| Export Development Corp. |
|
|
|
10 |
| Frank Cowan Company |
12.5 |
10 |
15 |
|
| Genmark Insurance |
|
12.5 |
12.5 |
|
| Global Aerospace |
|
10 |
|
|
| Grain Insurance |
|
|
20 |
|
| Guarantee Company of N.A. * |
|
20 |
20 |
25 |
| ING * |
12.5 |
20 |
20 |
|
| K & K Insurance |
10 |
10 |
10 |
|
| KMS Insurance Services |
|
12.5 |
12.5 |
|
| Kingsway General |
10 |
|
20 |
20 |
| Knox Vicars McLean |
|
10 |
10 |
|
| Lombard Ins. * |
12.5 |
20 |
20 |
25 |
| Markel * |
10 |
10 |
10 |
|
| Pafco Insurance Company |
12.5 |
20 |
20 |
|
| Pilot Insurance Company * |
12.5 |
|
20 |
|
| Royal & Sun Alliance * |
12.5 |
20 |
20 |
25 |
| Royal & Sun Alliance Facility |
10 |
|
|
|
| St. Paul Guarantee |
22.5 |
15 |
|
22.5 |
| South Western Group |
|
15 |
15 |
|
| Summit Underwriting Group |
|
15 |
15 |
|
| Wholesale Insurance Group |
|
12.5 |
12.5 |
|
| Zurich Canada |
12.5 |
20 |
20 |
|
Contingent Profit Commissions (CPC)
In order for us to maintain strong relationships with quality insurers, we work with each to provide the type of business they desire. The more reputable insurers we represent means the more choices we are able to offer consumers.
The insurers with an asterisk noted above recognize our efforts through a Contingent Profit Commission contract. Payment of this CPC may depend on a combination of growth, profitability, volume, retention and increased services that we provide on behalf of an insurer. CPC is not guaranteed. For detailed information on CPC, please go to the individual company's website.
Exclusive Contracts with an Insurer
We are an independent insurance brokerage, and as such have access to many insurance companies. It is our responsibility to shop the market and obtain “the best product , the best price and the best service” for consumers.
Sometimes we will create a specific insurance program that will be made available through only one insurer. For example, our MedPro Plan TM, is a personal lines product that is only available through Lombard Canada . This is a home and auto insurance program designed specifically for medical professionals. Although we still have access to Lombard Canada and other insurers for home and auto insurance products, this particular program is only offered by the one insurer.
The Autograph Program is a personal automobile insurance product available exclusively through Elite Insurance Company. Autograph is being launched in 2005 as a test pilot.
Similarly, we have three commercial lines products that are only offered through Lombard Canada : The Dealership Program, Buydown Program and Movers Program.
Should there be an increase in any commission we receive from your insurer, or any other material change that affects compensation arrangements, this disclosure statement will be amended accordingly.
If you have any questions regarding this, or any other aspect of your insurance please contact us.