Broker Compensation

Disclosure statement Regarding Broker compensation.

Chambers Insurance Professionals Inc. is privately owned, and a completely independent brokerage. We have no direct or indirect ownership by any Insurance Company.

As an Insurance Broker, our job is to find the proper insurance products and services on your behalf that are available and most affordable.

For the insurance services we provide to you, we receive a percentage of your annual insurance premium as a commission, paid to us by your Insurance Company. Our typical commission is 12.5% on Ontario Automobile Insurance Policies and 20% on Personal and Commercial Property Policies. This commission percentage is paid to us, each policy term, for both new policies and renewals. Additionally, we have contingent profit agreements in place with several of the insurers we represent. With these agreements we may qualify for additional compensation if we meet certain requirements related to growth, retention and loss ratios. 

The above compensation structure does not factor into the insurance advice our brokers provide to you.  The advice provided is always based on our best understanding and assessment of your individual insurance needs.

For more detailed information, feel free to contact us.

CPC – Contingent Profit Commission

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 that we provide 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.

Fees paid by clients: For complex business insurance programs a fee may be negotiated the placement of insurance coverage and additional services or products. These fees are typically presented in a proposal and approved in advance of binding coverage. On occasion we may receive both commissions and client-paid fees for placing insurance, which would be disclosed in writing. For example we may receive commission payments as part of a client’s insurance premium and may receive a client-paid fee for additional services such as third party administration of employee benefits or risk management.