Thank you for placing your insurance through CHES Special Risks Inc. As an insurance intermediary, 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 service that includes professional insurance advice, ongoing policy maintenance and claims support. When any issue arises regarding your insurance coverage, we are your advocate, using our professional experience to best represent your interests.
As an insurance intermediary, we are compensated in a variety of ways including commission and contingency amounts paid by insurance companies, administrative fees received from clients, and, in some cases, fees paid by other third parties. A breakdown of the different compensation methods can be found below.
Commission Income: Compensation from commission is part of your insurance premium and is paid to the brokerage by the insurance company. We have separate commission agreements with each insurance company we represent and the amount we are paid varies by business line.
Contingency Income: For CHES to maintain strong relationships with our insurance companies, we work with each of them to provide the type of business they deem desirable. The insurance companies may recognize our efforts through a Contingent Profit Commission contract. Payment may depend on a combination of growth, profitability (loss ratio), volume, retention and increased services that we provide on their behalf. It is called “contingent commission” because it is not guaranteed income to us. Given the complex criteria involved there is no way to determine the exact impact that any individual insurance policy could have on contingency commissions and individual employees involved in placing or servicing your insurance are not compensated directly for any contingent income received. For further information on Contingent Profit Commissions, you may go to the various insurance company websites. The insurance companies also post the Code of Consumer Rights and Responsibilities on their websites.
Fees paid by clients: For complex business insurance programs a fee may be negotiated for the placement of insurance coverage and additional services or products. These fees are presented up front in a proposal and approved in advance of binding coverage. On occasion, we may receive both commissions and client-paid fees for placing insurance, which would be disclosed in writing. For example, we may receive commission payments as part of a client’s insurance premium and may receive a client-paid fee for additional services.
Proudly independent: CHES does not have any exclusive arrangements or loans which require us to place a specified portion of our business with one insurance company. Our independence allows us to always work in the best interests of our clients.
Affiliations: CHES Special Risks Inc. is affiliated with NFP Insurance Services Corp. and Totalis Program Underwriters.
Conflicts of interest: CHES commits to avoiding conflicts of interest, and where a conflict cannot be avoided, to disclosing the conflict to our clients prior to binding of coverage.
If you have any questions regarding our brokerage compensation or any other aspect of your insurance program, please do not hesitate to contact us at compliance@chesspecialrisk.ca.