The purpose of this Disclosure Statement is to ensure our clients make informed decisions regarding placement of insurance coverages by including all material facts regarding any financial arrangements McGoey Brothers Insurance Brokers Ltd. may have with its contracted insurance markets.
This Disclosure Statement supports transparency and independence in all our client dealings including market recommendations. Our advice and market selection is based on insurer candidates that best meet our clients’ insurance and risk management requirements.
Contingent Commissions
In order for McGoey Brothers Insurance Brokers Ltd. to maintain strong relationships with quality insurers, we work with each to provide the type of business they desire. The automobile and property insurers denoted below recognize our efforts through a Contingent Commission contract. Payment of this Contingent Commission depends on a combination of growth, profitability (loss ratio), volume, retention and increased services that we provide on behalf of the Insurer. It is based on our entire portfolio of business with that insurer and not on individual policies. Contingent Commission is not guaranteed.
Dominion of Canada: Home, auto and commercial
Wawanesa: Home, auto and commercial
Intact Insurance: Home, auto and commercial
North Waterloo Farmers Mutual: Farm Home, auto and commercial
Optimum Frontier Home, auto and commercial
Aviva: Commercial auto property and liability
Echelon: High risk auto and antique car program
Premier Marine: Boats and high risk homes
Jevco Insurance: Motorcycles and high risk auto
| Company |
Auto |
Home |
Commercial |
Farm |
Motorcycle |
High Risk |
| Aviva |
|
|
12.5-20.% |
|
|
|
| Chieftain |
12.5% |
12.5% |
|
|
|
|
| Dominion of Canada |
7.5-12.5 % |
20.% |
12.5-20.% |
|
|
|
| Echelon |
5-13.5% |
|
|
|
|
|
| Facility |
|
|
6-10.% |
|
|
7.5-12% $250.00 max |
| Intact |
7.5-12.5 % |
20.% |
12.5-20.% |
|
|
|
| Jevco |
|
|
|
|
12.5% |
5-12.5% |
| North Waterloo |
7.5-12.5 % |
20.% |
12.5-20.% |
20.% |
|
|
| Optimum Frontier |
7.5-12.5 % |
20.% |
12.5-20.% |
|
|
|
| Premier Marine |
|
15% |
|
|
|
|
| Wawanesa |
7.5-12.5 % |
20.% |
12.5-20.% |
|
|
|
Our Insurance Companies
We encourage you to also consult the commitments made by the insurance industry and individual companies by consulting their websites or the Consumer Code of Rights and Responsibilities as provided by them.