Broker Disclosure

WHO WE ARE AND WHAT WE DO

The companies of the Verge Insurance Group have been providing our clients with sound advice on all of their insurance needs. We have a team of qualified, educated Brokers who share their knowledge and expertise with you, our clients. Ongoing education, training and development are the key to providing you with quality advice. We have access to not just one insurance company but to many. We also know enough about the various coverages available from those companies to give you professional and unbiased advice as to which policy will suit your commercial needs. When it comes to coverage, exclusions and comparative costs, we know insurance. We will provide you with a commercial insurance program that suits your business needs with the right company, price, product and service.

  • We do more than just place insurance for you. We complete a full risk assessment of your operation and help you understand the potential exposures to loss. We review your commercial insurance program and make recommendations when necessary. We update your policies periodically to reflect your business’ ongoing changing circumstances and needs.

  • We assess the insurance marketplace prior to your policy renewal to ensure that your commercial insurance program with your current carrier is still the best fit. We help you maintain a competitive position by providing you with the most effective marketing strategy for your insurance program. We carefully compare policy coverages, limitations and conditions because it’s our job to work for you, our client.

  • If you have a claim, we become the link between your business and the insurance company. We will follow up with the adjuster to make sure that the claim is proceeding smoothly and ensure a prompt, fair settlement for you.

HOW WE ARE COMPENSATED FOR THE SERVICE WE PROVIDE

Brokerage compensation is part of your insurance premium. We have listed the insurance companies that we represent along with the range of compensation as a percentage of your overall premium. We will notify you should there be a change in the commission rate we receive from your insurance company.

Insurance Company Rates of Commission

Personal Lines:

Property Insurance:

INTACT INSURANCE* – 15% -20% CHUBB INSURANCE* – 15% – 20%

COACHMAN INSURANCE* – 15% – 20% ECONOMICAL INSURANCE* – 17.5%-20%

GUARANTEE* – 15%-25% NOVEX INSURANCE* – 15% – 20%

AVIVA* – 15% – 20% ROYAL & SUNALLIANCE* – 20%

WESTERN ASSURANCE* – 20% CAA* – 20%

UNICA* – 17.5% – 20% SGI CANADA* -20%

PEMBRIDGE* -15% – 20%

Auto Insurance:

INTACT INSURANCE* – 7.5%-12.5% COACHMAN INSURANCE* – 12.5%

CHUBB INSURANCE* – 10% NOVEX GROUP INSURANCE* – 10%-12.5%

ECONOMICAL INSURANCE* – 7.5%-12.5% GUARANTEE* – 9%-15%

RSA FACILITY** – 7.5%-11% UNICA* –12.5%

AVIVA* – 7%-15% SGI CANADA*- 12.5%

WESTERN ASSURANCE* – 14% CAA* – 12.5%

SGI CANADA*- 12.5% JEVCO* – 5% – 10%

PEMBRIDGE* – 10%-12.5% PAFCO* – 10%

**Commission on Facility business is capped at $310

Commercial Lines:

Insurance Company

Auto

Property

Casualty

Bonds

*Aviva

10-12.5%

10-20%

15-20%

20%

Abex

15%

17.5

Boiler Inspection

15-20%

*Chubb

10%

10-20%

10-20%

*SGI Canada

10-12.5%

10-20%

10-20%

*Economical Insurance

10-12.5%

10-20%

20%

*Guarantee Company

13%

20%

20%

15-25%

*Intact Insurance

10-12.5%

10-20%

10-20%

15%

*Travelers

10-12.5%

10-20%

20%

*Travelers Canada

10-12.5%

10-20%

10-20%

Halwell Mutual

20%

*Unica

12.5%

20%

Western General

10%

12.5%

20%

Facility

$200/vehicle cap

*indicates Contingent Profit Commission agreement is in place

In addition to the above list of insurers, The Verge Insurance Group of companies also deals with many Managing General Agencies and Wholesale Brokers which provide access to different insurers through special programs and other agreements.

Insurance companies seek to maintain their profitability and thereby have competitive pricing to retain their current customers and attract new customers. Because of this, many insurers offer contingent profit commissions which are calculated separately from standard commissions to recognize business placed with the insurer that produces a profit. These arrangements are not directly attributable to individual accounts but reflect the pooled experience of all accounts with that insurance company. Contingent profit commission represents between 1-2% of written premium by The Verge Group.

The contingent profit commission is not a guaranteed amount. These amounts can and have been totally eliminated by one claim.

Regarding the transfer of a portfolio, we would like to make you aware we no longer represent Intact Insurance. We have made arrangements to renew your coverages with the appropriate Insurance carrier as disclosed in your letter. Each insurance carrier provides comprehensive products and services that more than measure up to those of our competitors. Our office will receive a one-time reimbursement from anywhere from 0 – 25%  for the costs associated with this transfer which will not affect you, the policy holder.

We believe that each and every one of our customers plays an important part in the success of our firm and deserves the highest quality of service, options and advice. We want to assure you that we review each individual account and have chosen your new insurer with your best interests in mind. With this change, we are confident of continuity of similar or better coverage and you can be confident that you are receiving proper recognition of your past experience with Intact Insurance.

It would be a pleasure to answer any questions you may have or assist you with any policy changes. Please contact us at (905) 688-9170 to speak with your dedicated Personal Insurance Specialist.