Under regulations applicable to insurance brokers, effective January 1st, 2005 we are required to provide you with certain information that may affect your decision to use that broker.
This disclosure commitment is made in the best interest of the consumer and we encourage you to consult the press and the Insurer websites for additional information.
As independent Insurance brokers, we arrange insurance on your behalf with a range of insurance providers who provide us with a commission that is included in your premium. The commissions that we receive vary by Insurer and by class of business as listed below.
Facility personal automobile business:
Other classes of business:
We will inform you, should these amounts change.
5% to 12.5%
$250 flat fee
5% to 20%
In return for the commission received, we provide a variety of services as may be required from time to time and includes: Advice concerning your risk exposure and available protection, complete applications, run background checks and negotiate with a variety of insurers on your behalf to obtain the most favourable terms, issue certificates and binders to lienholders and mortgagees, handle policy changes, assist with claims and assist with professional guidance for your protection.
In addition, we may receive contingent commission from some insurers with whom we place business. Contingent commission is dependent on a combination of years of service, profitability, growth, size of portfolio, retention and the claims experience of all of the clients with the particular insurer. If earned, it rarely exceeds 1% of premium.
The following are current Insurance Providers with whom we do business and are qualified for contingent commissions:
Seven & One Insurance Brokers & Financial Services Inc. is a Canadian Insurance broker with extensive knowledge in General Commercial Insurance and Personal Insurance. Our experience and affiliation give us the edge in providing Insurance for our clients.