At Theoret Martel Insurance Brokers, we are committed to providing transparent and straightforward communication with our clients. In line with our dedication to full disclosure and integrity, we would like to take this opportunity to explain how our brokerage is compensated for the services we provide.
As insurance brokers, we serve as intermediaries – a vital link between you and the insurance companies we represent. Our primary goal is to ensure that you have access to the best coverage, at the best premium possible. We understand that each client is unique, and we are dedicated to offering tailored solutions that fit your specific circumstances, whether personal or business. We also provide personalized, quality service that includes professional insurance advice, ongoing policy maintenance, and claims support.
In order for us to maintain strong relationships, we are compensated, primarily in the form of commissions paid by the insurance companies we work with. These commissions vary from company to company and on the type of policy written. Please see the table below of the current insurance companies that we represent and the range of compensation each provides as a percentage of your overall policy premium.
We may also receive compensation through contingency arrangements with the insurance companies that are marked with an asterisk (*) below. Payment of this contingent 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 commission is not guaranteed.
Insurance Company | Automobile Commission Range | Property Commission Range | Commercial Commission Range |
|---|---|---|---|
Aviva | 10-12.5%* | 20%* | 20%* |
Intact | 10-12.5%* | 20%* | 20%* |
Economical | 10-12.5%* | 20%* | 20%* |
The Commonwell | 10-12.5%* | 20%* | 20%* |
Northbridge | 10-12.5% | 20% | 20% |
Jevco | 5-15% | – | – |
Hagerty | 12.5% | – | – |
Elite | 15% |
20% | – |
Nordic Facility | Max $370 | – | – |
Premier | – | 15% | 15-17% |
April Marine | – | 20% | – |
Totten | – | – | 15% |
Victor | – | – | 15% |
Wynward | – | – | 20% |
South Western | – | – | 10% |
Sum Insurance | – | – | 15% |
At times, we have the need to place coverage with companies known as Managing General Agents (MGA) that have access to products and insurance companies that we do not represent that are particularly suitable to a client’s needs. The commission we receive for these policies are disclosed on an individual basis.
On occasion, we use external premium finance companies (First Insurance Funding and IFS) to allow our clients a more flexible payment option. These finance companies may compensate as to cover our cost in arranging the financing.
Lastly, please note that Equisure Financial Network Inc., a subsidiary of Intact Financial Corporation holds a minority financial interest in our brokerage. That being said, they have no involvement in day-to-day operations, management or strategic direction of Theoret Martel Insurance. Furthermore, we receive no sales incentives for selling policies with any of our insurance companies, including Intact Insurance Company.
We want to assure you that our top priority and legal obligation is always to serve your best interests. We are committed to recommending the most appropriate policies based on your unique needs and preferences, without being influenced by the compensation we receive from insurance providers.
If you have any questions regarding how our brokerage is compensated or how it might affect your coverage options, please do not hesitate to reach out to us. We value your trust and look forward to continuing to serve you with the highest level of professionalism and transparency.