| October, 2010. |
To Our Customers, 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. 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, using our professional experience to best represent your individual interest. Brokerage compensation is part of your insurance premium. For your benefit, we have listed below the Insurers that we represent and have included the range of compensation each provides as a percentage of your overall premium.
Auto coverages 7.5% to 12.5% Property Coverage 15 to 20% Liability Coverages 10% to 20% Boiler and Machinery Coverages 15% to 20% † Facility Association Auto 7.5% to 10% There are occasions when because of market capacity, we will place coverage with other insurance brokers, intermediaries or insurers with whom we do not have a contractual relationship (binding authority). Commissions are paid on these placements and will be declared to you on a case-by-case basis, but are usually lower than indicated above. 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. We deal with a variety of insurers to meet the diverse needs of our clients. 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 insurance company’s website. Crain & Schooley is principally owned by individuals who are employed by it. Crain & Schooley Insurance Brokers Ltd. has contractual commitments with Economical Mutual Insurance Group to achieve gross written premium levels. These commitments do not enhance our compensation nor prevent Crain & Schooley from recommending coverage with other carriers with whom we have a business relationship. As a fully independent insurance brokerage our obligation will always be meeting the needs and best interests of our clients as the primary consideration in the placement of insurance coverage. Yours truly, Megan Schooley, BA(Hons), BAA, CAIB President, Crain & Schooley Insurance Brokers Ltd. |
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