Disclosure

Insurance Disclosure
Broker Point of Sale Commission Protocol
Any questions, concerns or general inquiries please email topping@toppinginsurance.com

There has been much talk over the past year about the profits recorded by Canada’s insurance companies. We’d like to take this opportunity to explain to you, our valued customer, where we fit into the equation; in other words, what we do to purchase insurance products and services that are available, affordable, and understandable.

Simply put, our role is to provide you with the best insurance value, one that combines maximum coverage, excellent service and the lowest available price. In addition, we pride ourselves on providing 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, fully committed to using our professional experience to best represent your individual interest.

Brokerage compensation, the money we receive to select your best insurance value and to represent your interests, are included in your insurance premium. To illustrate how Topping Insurance determines its level of compensation, we’ve listed a number of insures that we represent. Included is the range of compensation we receive from each as a percentage of your overall premium.

Personal Insurance Companies

Auto

Property

Aviva Canada Inc.

7.5% to 12.5%

20%

Facility Association (Royal)

7.5% to 10%

20%

ING Insurance Company*

7.5% to 12.5%

20%

Kingsway General Insurance Company

5% to 10%

N/A

Perth Insurance Company

5% to 12.5%

20%

Pilot Insurance Company

7% to 17.5%

15% to 24%

Royal & SunAlliance Insurance*

7.5% to 12.5%

20%

Western General Mutual Insurance

7.5% to 14%

20%

 
The 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, as we have in the past.
To maintain our strong relationship with quality insurers, we work with each to provide the type of business they desire - in order for us to maintain strong relationships with. The insurers with an asterisk (*) noted below recognize our efforts through a Contingent (Profit) Commission contract. Payment of this Contingent (Profit) Commission depends on a combination of growth, profitability (loss ratio), volume, retention, and any increased services that we might provide on behalf of the insurer. Given this wide range of factors, Contingent (Profit) Commission cannot be guaranteed. (For more information on Contingent (Profit) Commission, we invite you to visit the individual company’s Web site).

Your insurer will be providing you with a Consumer Code of Rights and Responsibilities. It will be forwarded to you with your new business policy. As always, if you have any questions regarding this notice or any other aspect of your insurance, we invite you to contact us.

The following items must be included:

1) Statement on Services Provided
E.g. “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.”

2) Personal Insurance Automobile and Property
Statement on broker compensation showing insurers by class and range of commissions provided along with a statement advising that, should commissions be increased, the consumer will be notified, e.g. Brokerage compensation is part of your insurance premium. For your benefit, we have listed below Automobile Insurers that we represent and have included the range of compensation each provides as a percentage of your overall premium that appears on your invoice.

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.

3) Commercial Insurance
A Point of Sale document for commercial insurance will include commission schedules for those companies writing the class of business being offered similar to a personal insurance document.

4) Contingent (Profit) Commission Statement will include bases for contingent commission and how they’re dependent primarily on entire book of business profit (loss ratio).


Commercial Insurance Companies

Commercial Auto

Commercial Property/
Boiler/Liability

Aviva Canada Inc.

7.5% to 12.5%

15% to 20%

Facility Association (Royal)

7.5% to 10%

N/A

ING Insurance Company

7.5% to 12.5%

15% to 20 %

Pilot Insurance Company

7% to 17.5%

15% to 25%

Royal & SunAlliance Insurace*

7.5% to 12.5%

15% to 20 %

In order for us to maintain strong relationships with quality for us to maintain strong relationships with quality insurers, we work with each to provide the type of business they desire. The insurers must be marked with an asterisk (*) to signify that they recognize the broker’s 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 one behalf of the insurer. Contingent (Profit) Commission is not guaranteed. For detailed information on Contingent (Profit) Commission, please go to the individual company’s Web site.

5) Information on Ownership and Other Financial Links
Brokers will declare to their customers if they have any other financial links that could be considered a conflict of interest, such as:

  • Any direct or indirect ownership interest by an insurer or financial conglomerate
  • Any loan, credit facility, or other financial relationship direct or indirect

6) Working with Insurance Companies
Our disclosure commitments are made in the best interest of our customers. We encourage you to also consult the commitments made by the insurance industry and individual companies by consulting their Web sites or other available information.