Comprehensive, affordable coverage for personal or business customers
Why is it a wise decision to use the services of an independent insurance broker? Working with an independent broker offers many advantages…
Agents are authorized to sell only the products of the companies they work for. An independent broker, on the other hand, maintains relationships with several insurance companies. He or she will carefully assess your insurance needs, then search for the product that best meets your requirements. If your circumstances demand it, your broker will negotiate a tailor-made policy for you.
Your broker will make every effort to ensure you receive the most extensive coverage possible for the price paid. In fact, IBAO member brokers are bound by IBAO’s Code of Ethics to obtain the best possible coverage for their clients.
Simply put, working with a broker allows you to purchase customized insurance that would be impossible to access on your own, or to comparison shop for the product that gives you the best possible coverage.
Independent brokers pride themselves on offering personalized, caring service to their clients. They understand the confusion and stress felt when a loss occurs. They will help guide you through the claims process.
If you ask your broker for help, you can rest assured that you won’t reach one stranger after another at a call centre. Instead, you will be supported through a stressful period by your broker and his or her knowledgeable staff, individuals who have taken the time to build trust in their business relationships with you.
Licensed brokers must demonstrate a full complement of technical and personal skills as mandated by the Registered Insurance Brokers of Ontario (RIBO). Established by the Ontario government in 1981, RIBO is a self-governing body that regulates the licensing, professional competence, ethical conduct, and insurance-related financial obligations of all general insurance brokers in Ontario.
To remain licensed, a broker must meet RIBO requirements in daily practice and obtain additional education credits annually. IBAO offers all the programs necessary for brokers to meet those standards.
When you deal with a broker, you deal with a skilled, highly educated professional whose knowledge of the insurance field is comprehensive and current.
Both the ethical code of conduct and laws under which licensed brokers operate stipulate that they are obligated to uphold your privacy. When you work with an independent broker, confidentiality is guaranteed. To read the Code of Ethics that IBAO member brokers agree to uphold, please click here.
Broker disclosure commitments are made in the best interest of you, the consumer.
Regardless of who you use to assist with your buying decisions, be certain you are well informed. When dealing with an Agent or Direct Writer, make sure you understand the relationship they have with their insurer, as most work for only one insurer and are not able to provide you with alternatives. When you are dealing with a call center or 1-800 numbers, ask them where they are located, where you are calling, will they visit your home to discuss your needs; if you call back, who will you speak with if you have a problem?
The role of the broker is to provide you with the best insurance value that combines coverage, service, and price. Brokers also provide personalized, quality service that includes professional insurance advice, ongoing policy maintenance and claims support. When any issue arises regarding your insurance coverage, brokers are your advocate using their professional experience to best represent your individual interests.
As a consumer, you must ensure you are knowledgeable of the relationship that exists between your Broker and the Insurer being recommended. Understanding brokerage compensation is an important part of your buying decision. Brokerage compensation is part of your insurance premium. The level of compensation that is included in your premium will be provided to you by the broker at the point of sale. Every Broker in Ontario will provide you with a statement on broker compensation. At the point of sale, the Broker will show each of their insurers by class and include range of commissions for each insurer the Brokerage represents. In addition, should commissions be increased, you will be notified.
Below is an example of the information you should be provided with each new policy at the point of sale:
We have listed below Automobile / Property Insurers that we represent and have included the range of compensation each provides as a percentage of your overall premium that appears on your invoice.
|
West Wawanosh Mutual* |
X% to Y% |
|
Wawanesa* |
X% to Y% |
|
Dominion of Canada* |
X% to Y% |
|
Economical Mutual* |
X% to Y% |
|
Facility** (Royal) |
X% to Y% |
|
Gore* |
X% to Y% |
*company offers contingent profit commissions
**commission is capped at $250.00
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.
For commercial insurance, the Point of Sale document will include commission schedules for those companies writing the class of business being offered similar to a personal lines document.
In order for our member brokers to maintain strong relationships with quality insurers, they work with each to provide the type of business the insurers desire. The sample above makes reference to a Contingent Profit Commission (CPC). Payment of this Contingent Commission may depend on a combination of growth, profitability (loss ratio), volume, retention and increased services that our member brokers provide on behalf of the Insurer. Contingent Commission is not guaranteed. For detailed information on Contingent Commission, please go to the individual company’s website.
Brokers in Ontario will also declare if they have any other financial links that could be considered a conflict of interest such as:
We encourage you to also consult the commitments made by the insurance industry and individual companies by consulting their websites or other available information.
“Your Best Insurance is an Insurance Broker.”
To ensure your broker maintains the highest standard of professional competence and conduct, just look for our symbol. IBAO members are proud to be included amongst the brokers allowed to use this symbol. It is a registered trademark of the Insurance Brokers Association of Canada (IBAC). (All independent insurance brokers in Canada who are members of their provincial brokers association are IBAC members as well.) Whenever you see this symbol, rest assured you are receiving advice from a trained professional committed to providing the following services:
Remember, “Your Best Insurance Is An Insurance Broker”
McCAM Insurance is an independent brokerage committed to providing you quality Personal Insurance, Commercial Insurance and Life Insurance including Homeowners, Automobile, Life and Personal Liability coverages. With McCAM you're getting big-company protection with the small brokerage attention you deserve. Each account and client is of the utmost importance to us. From the new business to the renewal process, every client and account is personally handled with professionalism and personal service.
We service Ajax, Brock, Clarington, Markham, Pickering, Richmond Hill, Scarborough, Scugog, Stouffville, Oshawa, GTA Toronto, Unionville, Uxbridge, and Whitby. Contact us today and lets us show you our wide range of products and services that meet the changing needs of our clients.