Brokers Compensation Disclosure
How Brokers Are Paid
Brokers may receive compensation from insurance companies and/or clients through one or both methods listed below.
Fees: Quotes include fees for services in addition to filed premiums. Brokers provide a range of services in addition to insurance policy procurement and servicing including custom billing programs, safety programs, audit resources, resume writing assistance, review of construction contracts and expanded service hours. The purchase of insurance is NOT required to procure these services. Fees are refundable and voluntary.
Commissions: A retail commission is paid to your broker by the insurer as a percentage of the premium charged to the insured for the policy. The amount of commission may vary depending on several factors, including the type of insurance product sold and the insurer selected by the client. Retail commission rates can vary from transaction to transaction. Commissions are earned as premium is paid and are not refundable.
Compensation for Administration and Other Services: Edemnify and/or its affiliates provide certain service arrangements for brokers. Edemnify may receive separate compensation relating to the administration and management of these arrangements.
Because most transactions are completed over the phone, the remuneration of your policy is disclosed verbally. At your request, the remuneration brokers receive in respect of your policy can be provided in writing.