Our Financial Relationship and Compensation
As a client of McKee and McKee Insurance Brokers Ltd., we wish to 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. We are pleased to report that our Brokerage is independently owned, and has neither a financial relationship, nor a network affiliation with any Insurer. We proudly represent several of the finest Insurers in Canada (listed below), none of which impose any restrictions on our volume or mix of business.
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 issue arises regarding your insurance coverage, we use our professional experience to best represent your individual interests.
Brokerage compensation is part of your insurance premium. For your benefit, we have listed below Insurers that we represent and have included the range of compensation each provides as a percentage of your overall premium:
The Dominion*: 10%-12.5%
Economical Mutual*: 10%-12.5%
Facility (Nordique): 1.5%-max.$250.00
RSA (Royal & SunAlliance)*: 10%-12.5%
WA (Western Assurance)*: 10%-14%
The Dominion*: 20%
Economical Mutual*: 20%
RSA (Royal & SunAlliance)*: 20%
WA (Western Assurance)*: 20%
This commission percentage is paid annually for both new business and renewals. Should there be an increase in the commission schedule we receive from your insurer, or, any other material change that affects compensation arrangements, we will notify you.
Clients with commercial business will receive a Point of Sale document including commission schedules for those companies writing the class of business offered similar to a personal lines document.
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. From time to time, an Insurer may offer a limited sales promotional initiative and payments for promotional marketing and/or employee training and development.
Your Insurer will be providing you with a Consumer Code of Rights and Responsibilities, which will be forwarded to you with your policy. Our disclosure commitments are made in the best interest of our consumers. We encourage you to also consult the commitments made by the insurance industry and individual companies by consulting their websites. If you have any questions regarding this or any other aspect of your insurance please contact us.