Our Broker Compensation

To our Clients:

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 advocates, 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 Automobile & Property/Casualty Insurers that we represent and have included the range of compensation each provides as a percentage of your overall premium.

ING Canada                      12.5% to 20%
Wawanesa                        7.5%% to 20%
Dominion of Canada              10% to 20%
Echelon                         12.5%
Facility** (Nordic)             7.5% to 11%
Kingsway                        5% to 13.5%
Markel                          10%
Lombard                         7.5% to 20%
Coachman                        12.5% to 20%
Jevco                           12.5%
Pafco / Pembridge               10% to 20%
Gore Mutual                     12.5% to 25%
Optimum Frontier	        10% to 20%

** Commission is normally capped at $250.00 **

We also do business with other speciality insurers and our commission ranges from 0% to 15%

This commission percentage is paid upon the effective date 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.

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 company’s website.

Lake Of The Woods Insurance currently has a loan guaranteed by Dominion of Canada Insurance Company, that, we used to expand our business. In no way does this interfere with the choice we make concerning your insurance coverage. We are not influenced by Dominion of Canada, nor are we expected to place any amount of business with that particular insurer as a result of this loan.

Your Insurer will be providing you with a Consumer Code of Rights and Responsibilities, which will be forwarded to you with your next policy declarations page. If you have any questions regarding this or any other aspect of your insurance please contact us.

Lake of the Woods Insurance