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Disclosure about Personal Commissions December 2004 1. Statement on Services Provided:
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 are your advocate and use our professional experience to best represent your individual interest. To learn more, please visit our website (www.hallmarkins.com)
2. Personal Lines Automobile and Property:
Brokerage compensation is part of your insurance premium. For your benefit, we have listed below Personal Property and Automobile Insurers that we represent and have included the level of compensation each provides as a percentage of the overall premium that appears on your invoice. The commission for auto policies is the lower number, while home policies are the higher number.
AXA Canada* 12.5% & 20%
Chubb* 12.5% & 20%
Guarantee Co. of North America* 12% & 20%
Gore Mutual* 12.5% & 25%
ING* 12.5% & 20%
Kingsway* (substandard auto) 5%
Jevco (motorcycles only) 15%
Lloyds (home only) 22.5%
Pafco (auto only) 12.5%
Wawanesa* 12.5% & 20%
Royal & Sun Alliance* - 12.5% & 20%
York Fire* 12.5% & 20%
Traders General Group Programs* 7% & 15%
Young drivers auto plans 10%
Nordique Insurance (Facility Auto) flat fee of $250.00
This commission percentage is paid annually for both new business and renewals. If there is an increase in the commission schedule we receive from your insurer, or, any other material change that affects compensation arrangements, we will notify you.
3. 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 Commission contract. Payment of any Contingent Commission is related to our entire book of business with a particular insurer, not your individual policy. Whether such commissions are provided to us can depend on a combination of growth, profitability (loss ratio), volume, retention and increased services that we provide on behalf of the Insurer. There is no guarantee that Hallmark will receive any Contingent Commission. For detailed information on Contingent Commission, please go to the individual companys website.
4. Information on Ownership and other Financial Links:
Hallmark Insurance is a privately owned company and does not have any financial links with any insurance companies. There is no direct or indirect ownership in Hallmark by an insurer or financial conglomerate, and there are no loans, credit facilities or other financial relationships direct or indirect between Hallmark Insurance and any insurer or financial conglomerate. Hallmark is truly an independent brokerage, whose allegiance is to you - our customer!
5. Working with Insurance Companies
Our disclosure commitments are made in the best interest of consumers. We encourage you to also consult the commitments made by the insurance industry and individual companies by consulting their websites many of which are listed elsewhere on this site or other available information.
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