Statement of Broker Services and Compensation
Our Service:
Chambers Insurance Professionals Inc. takes pride in being a privately owned and completely independent brokerage. We operate without direct or indirect ownership by any insurance company or external entity. This allows us to offer you the most suitable insurance products available, free from outside influences on our decision-making processes.
Our role is to present you with optimal insurance solutions, emphasizing the ideal balance of coverage, service, and cost. If challenges arise during your policy term, we function as your advocate. We are committed to delivering exceptional personalized service, expert guidance, and thorough policy management.
Our Compensation:
Our compensation is incorporated into your insurance premium. Below is a summary of the lines of business we represent, along with the corresponding compensation percentages that are reflected on your invoice. This commission percentage is paid annually for new business, renewal business, and any mid-term policy transactions resulting in an additional premium.
Personal Automobile 5% – 12.5% Commercial Automobile 5% – 12.5%
Personal Property 5% – 20%Commercial Property: 10% – 20%
Personal Watercraft 5% – 20%Commercial Marine/Cargo 5% – 20%
Professional Liability 5% – 15%Commercial Liability: 10% -20%
In addition, as part of our contract with select insurers, our efforts may be recognized through a Contingent Profit Commission contract. Payment of this Contingent Commission is dependent on a combination of growth, profitability (loss ratio), volume, retention, and the enhanced services that we provide on behalf of the insurer. It is determined by the collective profitability of the entire portfolio with that insurer, rather than on individual policies, and Contingent Commission is not guaranteed.
Aviva Group of Companies Intact Insurance Optimum Insurance
Definity/Economical HD Mutual Pembridge Insurance
Intact Insurance Jevco InsuranceOther Managing General Agents
On occasion, insurance companies may extend incentives to individual brokers, including contest entries and various hospitality experiences. Our brokers remain committed to providing unbiased and objective advice to our customers and despite any such incentives, our primary focus remains on serving the best interests of our clients
Policy Fees:
In some cases, for complex risks where premium financing is necessary or where there is limited or no commission provided for a service offered by us, a policy fee may be applied to your invoice. This fee always will be disclosed separately to your premium on your invoice.