Broker Compensation
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 Automobile, Property & Commercial insurers that we represent and have included the range of compensation each provides as a percentage of your overall premium:
Automobile
*Travelers 7.5%-12.5%, *Economical Insurance 10%-12.5%, *The Commonwell 12.5%, *Grenville Mutual 12.5%,*Heartland Farm Mutual 12.5%, *Intact 10%-12.5%, *Aviva 10%-12.5%, Echelon Insurance 10%-12.5%, The Nordic Insurance Company of Canada (Facility) max $370 Private Passenger/$185 Recreational (Commercial Automobile range $370 to 10% of premium)
Property
*Travelers 20%, *Economical Insurance 20%, *The Commonwell 20%, *Grenville Mutual 20%, *Heartland Mutual 12.5%, *Intact 20%, *Aviva 20%
Commercial
*Travelers 15%-25%, *Economical Insurance 20%-25%, *Aviva 15%-20%, *The Commonwell 20%,*Grenville Mutual 20%, *Heartland Farm Mutual 12.5%, *Intact 20%, Other Companies and MGA 15%-25%
This commission percentage is paid annually for both new business and renewals.
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 contract. 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. Contingent (profit) Commission is not guaranteed. For detailed information on Contingent Commission, please go to the individual company’s website.
Information about Registered Insurance Brokers
RIBO Fact Sheet
Principles of Conduct CISRO
