Insurance is a contract of UTMOST GOOD FAITH between all parties of the contract:
YOU (the client) and YOUR INSURANCE COMPANY.
SN Insurance Brokers Inc. recognizes the value of capital growth and business expansion in a very competitive industry. In order to finance new initiatives and start new programs, our company and its shareholders may borrow money from Canadian Banks, Trust and/or Insurance Companies which support these operations. The financial requirements of repayment of such loans do not require, and will not influence the placement of business with any insurer.
Broker Compensation by Insurance Companies
Insurers are extremely selective as to whom they choose to establish a broker contract. They seek relationships with professional brokers capable of understanding the complex areas of risk management, policy wordings and limitations. Both insurers and clients place a tremendous amount of responsibility on brokers to arrange appropriate protection.
Accordingly, insurers compensate brokers for their role in:
Attracting the class of risk which the insurer is interested in writing.
Providing complete detail as determined by the insurer.
Prescribing the type of protection which meets both the needs of the client \ and the interest of the insurer.
Maintaining all service issues and communication.
Remitting the required premium after deducting a fixed tariff, commission,
or fee, as prescribed by the contract from the insurer.
The basic compensation for providing these services range as follows:
Personal automobile insurance contracts range from 5% to 15% of premium,
or a flat fee of $250 regardless of the amount of the premium.
Liability and property insurance contracts range from 7% to 25%.
Occasionally a flat fee is charged as identified in an invoice.
Risk Management and Consulting Services: $150 to $250 per hour.
Contingent profit commissions are additional compensatory income available to the broker if the portfolio of business written with any individual insurer is “profitable” to the insurer. This is a standard tool used by insurers to help encourage brokers to select above average clients.
Insurers occasionally offer small gifts and gratuities to Insurance Brokers as an incentive for placing business with them. In spite of this practice, we wish to maintain good relationships with all of our Insurers. Therefore, these gratuities in no way influence the volume of business we place with an insurer. Unequivocally, the needs of our clients govern our risk placement decisions.
Program Business is often written with unique coverage and at rates which are typically well below retail rates. The commissions we receive as brokers are generally industry standard; although in group insurance we typically receive 20% less than the standard commission. Notwithstanding, we have some group program arrangements whereby we may reallocate a portion of our commissions which we receive to a group sponsor in lieu of promotion and administration costs which the sponsor may incur on our behalf. Such allocations can range between 2.5% and 5% of the premium.
At SN Insurance Brokers we may receive approximately 1% of the premium as a “contingent profit” from our insurers:
– Aviva Canada
– Intact
– Economical
– Travelers
– SGI
– Wawanesa
If you have any questions regarding this or any other matter pertaining to our business, please contact our Privacy Officer, Sachin Narang at 289-317-1352 x 101 or email them at info@sninsurance.ca
Facts about your Registered Insurance broker
“PROLINK” and “PROLINK—Canada’s Insurance Connection” are trade names for PROLINK Insurance Inc. (doing business as PROLINK Insurance
Advisors in British Columbia and Les Assurances PROLINK in Quebec).
SN INSURANCE BROKERS INC.
DISCLOSURE STATEMENT—YOUR PRIVACY IS PROTECTED
Canada’s national privacy legislation, the Personal Information Protection and Electronic Documents Act, applies to all insurance
brokerages collecting, using or disclosing personal information. SN INSURANCE BROKERS INC. is a part of the PROLINK GROUP
and we pledge to protect your privacy and safeguard your personal information.
You have access to our detailed privacy policy on our web site: pbnet.ca/sn-insurance-inc
The following Corporations are Subsidiaries and/or Affiliates of PROLINK:
• PROLINK Insurance Inc.
• PROLINK Financial Group Inc.
• PROLINK Broker Network Inc. (including 60
brokerage partners)
• PROLINK Finance Company Ltd.
• SN INSURANCE BROKERS INC.
Ownership:
SN INSURANCE BROKERS INC. is an independent insurance broker. PROLINK Broker Network owns a minority interest.
Insurance is a contract of UTMOST GOOD FAITH between all parties of the contract:
YOU (the client) and YOUR INSURANCE COMPANY.
Visit www.PBNet.ca for more information.
Sources of Financing:
SN INSURANCE BROKERS INC. recognizes the value of capital growth and business expansion in a very competitive industry. To
finance new initiatives and start new programs, our company and its shareholders may seek financing from Canadian Banks,
Trust and/or Insurance Companies to support these operations. The financial requirements of repayment of such loans do not
require and will not influence the placement of business with any insurer or Financial Institution.
Broker Compensation by Insurance Companies:
Insurers are most selective when choosing an insurance broker with whom they establish a brokerage contract. They seek
relationships with professional brokers capable of understanding the complexity of risk management, policy wordings and
limitations. Both insurers and clients place the responsibility on brokers to arrange appropriate protection for our clients.
Accordingly, insurers compensate brokers for:
• Attracting the class of risk that the insurer is interested in writing.
• Providing complete details as determined by the insurer.
• Prescribing the type of protection to meet the needs of the client and the interest of the insurer.
• Addressing all service issues and maintaining communications.
• Remitting the required premium after deducting a fixed tariff, commission, or fee, as prescribed by the contract from
the insurer. “PROLINK” and “PROLINK—Canada’s Insurance Connection” are trade names for PROLINK Insurance Inc. (doing business as PROLINK Insurance
Advisors in British Columbia and Les Assurances PROLINK in Quebec).
The compensation for providing these services is as follows:
• Personal automobile insurance contract compensation ranges from 5% to 15% of premium, or a
flat fee of $250 regardless of the amount of the premium.
• Liability and property insurance contract compensation ranges from 7% to 25%. Occasionally a flat fee is charged
as identified in an invoice.
• (OPTIONAL) Risk Management and Consulting Services: $150 to $250 per hour.
Contingent profit commissions are additional compensatory income available to the broker if the portfolio of business written
with any individual insurer is profitable to the insurer. This is a standard tool used by some insurers to help encourage brokers
to select above average clients.
We may receive approximately 1% to 2% of the premium as a contingent profit commission from the following insurers.
Our insurers* occasionally offer small gifts to insurance brokers in appreciation of the relationship. These gratuities in no
way influence the volume of business we place with an insurer.
• AVIVA Canada
• Berkley
• Chubb
• Chieftain
• INTACT
• Echelon
• Economical
• Encon
• Northbridge
• Royal and Sun Alliance
• Sovereign
• Coachman Insurance Company
• Travelers
• Trisura
• ZURICH Canada
• Perth
• Wawanesa Insurance
• SGI Insurance
*Our affiliation with PROLINK Insurance Inc. and the PROLINK Broker Network offers access to these insurers.
Unequivocally, the needs of our clients govern our risk placement decisions.
Reallocation of Commissions to Group Sponsors for Promotion and Administration Costs:
Program Business (a.k.a. Group Business) is often written with unique coverage and at rates that are typically 20% less than
standard rates. Notwithstanding, we have some group program arrangements whereby we reallocate a portion of our
commissions to a group sponsor in lieu of promotion and administration costs which the sponsor may incur on our behalf.
Such allocations can range between 1% and 2% of the premium.
If you have questions regarding this or any other matter that pertains to our business:
Please contact our Privacy Officer:
Sachin Narang
SN INSURANCE BROKERS INC.
416-278-5100
Life Insurance Services that is Life insurance, Critical Illness insurance, Disability insurance, Segregated Funds, Health and Dental Benefits are provided by SN Financial Inc.
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