The McLean Hallmark Group comprises of Navigators, McLean Hallmark Insurance Group Ltd., McLean Hallmark Financial Ltd. and Ontario Underwriting Services
McLean Hallmark Commercial Commission Disclosure – January 2011
1. Professional Services we provide:
McLean Hallmark’s 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, value-added business advisory services and 24-hour 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.
2. Our compensation for arranging Commercial Lines of Insurance:
Brokerage compensation is typically part of your insurance premium. Below, we have listed the significant Commercial Insurers represented by McLean Hallmark and the range of compensation each provides as a percentage of the overall premium appearing on your invoice. The commissions listed cover a wide range of Commercial Lines products. For example, standard commissions for Commercial Automobile and Commercial Property are 10% and 20% respectively. All other products are within that range.
|Ace/ INA 10-15%||Elliott Special Risk 10-20%||Markel Insurance 10%|
|Allianz 10-15%||Global Aerospace 10-15%||Old Republic Insre of Cda 10%|
|Chartis Insre 10-15%||Grain Insre 15%||*Optimum Insurance Co. 15-20%|
|*Aviva Ins. Co of Canada 12.5-20%||Ecclesiastical Insurance 15-20%||*RSA 12.5-20%|
|*Axa Insurance 12.5-20%||*GCAN General 10-20%||*Sovereign General Insre 12.5-20%|
|Axis Insre 10-20%||*Gore Mutual Insurance 12.5-20%||*Travelers 10-25%|
|Boiler Inspection & Insre 10-20%||*Guarantee Co North Am 15-25%||Trisura Guarantee 15-20%|
|Berkely Canada 15%||*INTACT 10-20%||TRU 10%|
|Catlin Canada 10-15%||Jevco 10-20%||*Wawanesa Mutual Insre 12.5-20%|
|*Chubb Insurance 10-20%||Liberty International Cda 10-20%||*York Fire & Casualty 12.5-20%|
|Commonwealth Insurance 10-20%||Lloyd’s of London 10-22.5%||*Zurich Insurance 10-20%|
|Creechurch 15-20%||*Lombard Canada 10-20%|
These commission percentages are 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. For example, in certain circumstances, McLean Hallmark requests that the Insurer charge a Premium without the broker commission included, and then indicates to customers the brokerage fee that will be charged to compensate McLean Hallmark for our efforts on your behalf.
3. What is Contingent (Profit) Commission, and how is it calculated?
In order for us to maintain strong relationships with such 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, based on our whole book of business with them, not your individual policy. 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. There is no guarantee that McLean Hallmark will receive any Contingent Commission. For detailed information on specific Contingent Commissions, please go to the individual company’s website.
4. The ownership of McLean Hallmark and the absence of other financial links.
McLean 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 McLean Hallmark by an insurer or financial conglomerate, and there are no loans, credit facilities or other financial relationships direct or indirect between McLean Hallmark Insurance and any insurer or financial conglomerate. McLean Hallmark is truly an independent brokerage, whose allegiance is to you our customer!
5. To learn more about 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 or other available information.