To clients of Insurance Store (operated by Howard Noble Insurance Limited)
OUR BROKER COMPENSATION
As your Independent Insurance Broker, we recommend insurance products and services 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 professional insurance advice, ongoing policy maintenance and claims support. When an issue arises regarding your insurance coverage, we are your advocate. We use our professional experience to represent your personal interest.
Brokerage compensation is part of your insurance premium. For your benefit, we have listed below the insurers that we represent and have included the range of compensation each provides as a percentage of your overall premium.
Aviva Insurance Company* 10% – 20%
Chubb Insurance* 15%
Commonwell Mutual Insurance* 10% – 20%
Economical Mutual Insurance Company* 7% – 20%
Edge Mutual Insurance Company* 10% – 20%
Gore Mutual Insurance Company* 10% – 20%
Heartland Farm Mutual* 10% – 20%
INTACT Insurance* 10% – 20%
Northbridge Insurance 10% – 20%
Royal & SunAlliance Insurance of Canada* 10% – 20%
Trillium Mutual Insurance Company* 10% – 20%
Western General* 10% – 20%
This commission percentage is paid annually for both new policies and policy renewals.
Should there be an increase in the commission schedule from your insurer, or any other material change that affects compensation arrangements, we will notify you.
Insurance Store also deals with over two dozen intermediaries providing access to different insurers through special programs and other agreements. Speak with your broker if you believe this situation may apply to 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 provided 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 that will be forwarded to you with your policy. If you have any questions regarding this, or any other aspect of your insurance, please contact us.
Insurance Store (operated by Howard Noble Insurance Limited)
While our advice and recommendations are not impacted, we want to advise you that we have a loan guaranteed by Gore Mutual Insurance Company that was used to expand our business. Gore Mutual is our parent company and is also one of the insurance companies we represent. We want to confirm that this relationship has no impact on our decision to place your insurance with any one company.