TO OUR CUSTOMERS:
OUR BROKER COMPENSATION
Thank you for your business. As your Independent Insurance Broker, we purchase insurance products and services on your behalf 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 personalized, quality service that includes professional insurance advice, ongoing policy maintenance and claims support. When any issues arise regarding your insurance coverage, we are your advocates, using our professional experience to best represent your individual interest.
Brokerage compensation is part of your insurance premium. For your benefit, we have listed below PROPERTY Insurers that we represent and have included the current range of compensation each provides as a percentage of your overall premium.
Dominion of Canada* 20% Chieftain Insurance* 12.5%
Intact* 20% Wawanesa* 20%
The AUTOMOBILE Insurers that we represent and the current range of compensation each provides as a percentage of your overall premium are:
Facility (Royal)** 6.5 to 11% Echelon 8.5 to 15%
Intact* 10 to 12.5% Wawanesa* 7.5 to 12.5%
Jevco 8.5 to 12.5% Dominion of Canada* 10 to 12.5%
Chieftain Insurance* 12.5%
**commission is capped at $310.00
This commission percentage if paid annually for both new business and renewals.
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 Commission in not guaranteed, for detailed information on Contingent Commission, please go to the individual company’s website. Meridian Insurance Group Inc. has also arranged an interest-bearing loan provided by Intact Insurance for expansion purposes.
Thank you for your continued patronage.
Meridian Insurance Group Inc.