DISCLOSURES

We are in the business of trust. Since we don’t have anything to hide and earning your trust is very important to us, we decided to be transparent about how we conduct business. This information will help you understand our compensation and sources of funding.

  1. BROKER COMPENSATION DISCLOSURES – AUTO AND COMMERCIAL INSURANCE

As your independent Insurance Broker, we facilitate your purchase of insurance products and services. Our goal is to offer you services that are available, affordable and understandable.

Our role is to provide you with the best insurance value and 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 a part of your insurance premium. This commission percentage is paid annually for both new business and renewals.

We have listed below the Insurance Companies that we represent and have included the range of compensation each provides as a percentage of your overall premium. These ranges are similar by category of insurers and customer profile.

Personal Auto Insurance Compensation

Aviva Canada* 10% – 12.5%

Chieftain* 12.5%

Economical Insurance* 10% – 12.5%

Echelon Insurance* 5% – 12.5%

Jevco Insurance 5% – 12.5%

Intact*   7.5% – 12.5%

Royal & Sun Alliance* 10% – 12.5%

Pafco Insurance 5% – 12.5%

Pembridge Insurance* 10% – 12.5%

Perth Insurance* 5% – 12.5%

Travelers Canada* (formerly Dominion of Canada) 10% – 12.5%

Facility Association (managed by Royal & Sun Alliance) **

** commission is capped at $250.00 for annual policies or $125.00 for a 6 month term.

Personal Property Insurance Compensation

Aviva Canada* 20%

Chieftain* 20%

Economical Insurance* 20%

Intact* 20%

Royal & Sun Alliance* 20%

Pafco Insurance  20%

Pembridge Insurance* 20%

Perth Insurance 20%

Travelers Canada* (formerly Dominion of Canada) 20%

Specialty property 15% – 20%

Commercial Auto Insurance Compensation

Aviva Canada* 7.5% – 12.5%

Economical Insurance* 10% – 12.5%

Echelon Insurance* 5% – 12.5%

Jevco Insurance 5% – 12.5%

Intact*   7.5% – 12.5%

Royal & Sun Alliance* 7.5% – 12.5%

Pembridge Insurance* 7.5% – 12.5%

Perth Insurance* 7.5% – 12.5%

Travelers Canada* (formerly Dominion of Canada) 7.5% – 12.5%

Facility Association (managed by Royal & Sun Alliance) **

** commission is capped at $250.00 for annual policies or $125.00 for a 6 month term.

 

Commercial Property and Liability Insurance Compensation

Aviva Canada* 15% – 20%

Economical Insurance* 15% – 20%

Intact*   15% – 20%

Royal & Sun Alliance* 15% – 20%

Travelers Canada* (formerly Dominion of Canada) 15% – 20%

Other Specialty insurers including Lloyds – 10% – 25%

In some instances we obtain commercial policies at wholesale premiums. We charge a commission on these policies. Our commissions are in line with the commissions included in regular policies and range from 15% – 25% of premiums.

Should there be any change in the commission we receive from your insurer or any other material change that affects compensation arrangements, we will disclose the changes.

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 an asterisk (*) noted above recognize our efforts through a Contingent Profit Commission.  Payment of this 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. The Contingent Profit Commission is not guaranteed. For detailed information please refer to the individual company’s website.

Your insurer will be providing you with a Consumer Code of Rights and Responsibilities which will be forwarded with your policy. If you have any questions regarding this or any other aspect pertaining to your insurances please do not hesitate to contact us.

2. FINANCING AND LOANS

Similar to other businesses we use financing and other forms of funding in our business. Our lenders are banks or other financial institutions. From time to time we might use insurance companies as lenders. Many insurance companies are supporting the growth of the broker channel and the insurance industry by providing liquidity and loans. We currently have a loan guaranteed by Intact Insurance that was used to expand our business.

We are always looking at ways to improve our capital structure so that we can better compete in the current marketplace. A strong capital structure allows us to manage a financially solid brokerage, attract talented employees in order to better serve our customers and deliver the services they expect.