At Coughlin
Insurance Brokers we are committed to providing our clients with transparent,
honest, and fair services. As part of this commitment, we are required by the
Registered Insurance Brokers of Ontario (RIBO) to disclose information
regarding the compensation we receive from insurance companies. This
Compensation Disclosure Statement outlines how we are compensated and the
relationships we maintain with insurance providers.
Brokerage
Compensation
As an
insurance broker, Coughlin Insurance Brokers receives compensation in the form
of commissions from insurance companies for placing business with them. This
commission is typically a percentage of the premium paid by the client for the
insurance policy. The commission rate may vary based on the type of insurance
coverage, the insurance company, and other factors. Commission rates generally
fall within the following ranges:
Personal
Lines (Home, Auto, etc.): 10-20% of the premium
Commercial
Lines (Property, Liability, etc.): 15-25% of the premium
Commercial
Auto (Trucking): 5-15% of the premium
Life and
Health Insurance: 30-60% of the premium in the first year, and 5-10% in
subsequent years
Please note
that these ranges are for illustrative purposes and may vary depending on
specific circumstances. The commission is included in the premium paid by the
client.
In some
cases, we may also receive a contingency or bonus payment from insurance
companies based on factors such as the overall profitability and volume of
business we place with the insurer. These payments are not guaranteed and do
not impact the premium paid by the client.
Incentives
and Bonus Commissions Disclosure
As part of
our commitment to transparency and in accordance with RIBO requirements,
periodically we may participate in new business or renewal incentives offered
by insurance companies, including contest entries and/or bonus commissions. We
provide full disclosure of any commissions, bonuses, or prizes we receive as
part of our broker compensation to ensure our clients can make a fully informed
decision before purchasing a policy.
Referral
Fees
Occasionally,
Coughlin Insurance Brokers may refer clients to other professionals or
businesses, such as lawyers, accountants, or financial planners. In some cases,
we may receive a referral fee from these professionals for referring clients to
their services. Any referral fees received will not impact the premium paid by
the client or the services we provide to our clients.
Disclosure
of Brokerage Ownership
Coughlin
Insurance Brokers is an independently owned and operated insurance brokerage.
No Insurance company has any ownership, interest, or affiliation in our
brokerage.
Our Commitment to Out Clients
At Coughlin
Insurance Brokers, we are dedicated to serving the best interests of our
clients. Our compensation structure does not influence our recommendations or
the quality of service we provide to our clients. We work diligently to find
the most suitable insurance coverage for each client based on their individual
needs and circumstances.
Should you
have any questions or concerns about our compensation or the services we
provide, please do not hesitate to contact us at 1-800-663-2999 or info@coughlin.com.
Thank you
for choosing Coughlin Insurance Brokers as your trusted insurance broker.