NOTICE TO CLIENTS ABOUT OUR BROKER COMPENSATION (Commercial)
Thank you for your business. Adriatic is an INDEPENDENT BROKER and a proud member of the Insurance Brokers Association. We are truly independent and are not owned in whole or in part by any insurance company, and further we do not have any loans or guarantees from any insurance company. We believe broker independence is an important issue because insurance companies have been buying into brokers which may influence the decision on what company brokers, who are not independent, would recommend. As YOUR INDEPENDENT BROKER we purchase insurance products 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 commercial insurers that we represent and have included the range of compensation each provides as a percentage of your overall premium.
*AVIVA CANADA INC. 7.5% TO 20%
*AXA INSURANCE CANADA 7.5% TO 20%
*DOMINION OF CANADA 10% TO 20%, FACILITY (ROYAL) 6% TO 10%
*GUARANTEE COMPANY OF NORTH AMERICA 10% TO 25%
*INTACT INSURANCE COMPANY 7.5% TO 20%
*LOMBARD CANADA LTD. 7.5% T0 20%
*ST. PAUL TRAVELERS FIRE & MARINE INSURANCE COMPANY 15% TO 20%
*THE SOVEREIGN GENERAL INSURANCE COMPANY 10% TO 22.5%
*WAWANESA MUTUAL INSURANCE COMPANY 7.5% TO 20%
*ZURICH NORTH AMERICA CANADA 7.5% TO 20%.
This commission percentage is paid annual for both new business and renewals.
Should there be an increase in 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 an asterisk * noted above recognize our efforts through a contingent (profit commission contract, (and or sales incentives).
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.
Your insurer will be providing you with a consumer Code of Rights and Responsibilities which will be forwarded to you with your new or renewal policy. If you have any questions regarding this or any other aspect of your insurance, please contact us.
NOTICE TO CLIENTS ABOUT OUR BROKER COMPENSATION (Personal)
Thank you for your business. Adriatic is an INDEPENDENT BROKER and a proud member of the Insurance Brokers Association. We are truly independent and are not owed in whole or in part by any insurance company, and further we do not have any loans or guarantees from any insurance company. We believe broker independence is an important issue because some insurance companies have been buying into brokers which may influence the decision on what company brokers, who are not independent, would recommend. As YOUR INDEPEDENT BROKER we purchase insurance products 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 and Homeowner insurers that we represent and have included the range of compensation each provides as a percentage of your overall premium.
* AXA Insurance Canada, 7.50% to 20%
* Chubb Insurance Company of Canada 10% to 20%
* Dominion of Canada, 10% to 20%
* ING Insurance Company of Canada, 10% to 20%
* AVIVA-Pilot Insurance Company, 7% to 24%
* Wawanesa Mutual Insurance Company, 10 to 25%
Facility (Royal), 7.5% to 12.5% (subject to a maximum of $250.)
This commission percentage is paid annually for both new business and renewals.
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 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.
Your insurer will be providing you with a Consumer Code of Rights and responsibilities which will be forwarded to you with your new or renewal policy. If you have any questions regarding this or any other aspect of your insurance, please contact us.
