Statement of Broker Services and Compensation

 

Updated December 2024

As your Independent Insurance Broker, our role is to provide you with the best insurance products that combine coverage, service and price. We provide you with personalized service, expert insurance advice, ongoing policy maintenance and act as an advocate when any issues arise regarding your Insurance coverage.

Brokerage compensation is part of your insurance premium. For your reference, the following outlines the Lines of Business we represent, including the range of compensation each provides as a percentage of the premium that appears on your invoice.

  • Commercial Property / Equipment Breakdown 10%-20%
  • Fidelity / Crime 10%-20%
  • Professional Liability 10%-27%
  • Ocean Marine / Cargo 10%-20%
  • Commercial Automobile 2.5%-12.5%
  • Umbrella / Excess Liability 7.5%-15%
  • Management Liability 10%-17.5%
  • Surety 10%-30%
  • Commercial General Liability 10%-25%
  • Personal Automobile 7.5%-12.5%
  • Personal Property 15%-20%
  • Personal Watercraft 15%-20%

This commission percentage is paid annually for both new business, renewal business and any mid-term policy transaction that generates additional premium. Should there be an increase in the compensation provided by your insurance provider, we will notify you.

In addition, the insurers noted below recognize our efforts through a Contingent Commission contract. Payment of this Contingent Commission is dependent 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. For detailed information on Contingent Commission, please refer to the individual insurer’s website. Contingent Commission is not guaranteed. Holman Insurance Brokers Ltd. may, from time to time, enter into non-standard arrangements which could have compensation terms that fall outside these ranges. We may carry out additional services such as data entry, processing claims payments, conducting site surveys and providing a market opportunities analytics platform. This additional work is compensated by payment of an agreed fee or commission.

  • Aviva Insurance Company of Canada
  • Intact Insurance
  • Lloyd’s
  • Travelers Insurance Company of Canada