Compensation Disclosure Statement

Galon Insurance Broker Compensation Disclosure

Thank you for purchasing your insurance coverage with Galon Insurance Brokers.  Our role as an independent insurance broker is to assess your insurance coverage needs, provide you with professional advice and choice related to insurance products.  We will recommend the best insurance products for you that combine coverage, price and service and we will advocate on your behalf when issues arise with your insurance coverage.

Our brokerage compensation comes in a variety of sources such as commissions, contingency amounts paid by insurance companies, broker fees, financing fees and other service fees.  A description of these fees is identified below.

Commissions:  Monies received from insurance companies calculated as a percentage of the insurance premium. These percentages vary from insurer to insurer and dependent on the type insurance sold.

Contingency Income: Income from contracted insurance companies we represent and are referred to as contingency as they are dependent on meeting certain criteria set out by the insurance companies.

Broker Fees: A fee charged by our brokerage in addition to the premium based on a flat charge amount or a percentage of the premium to compensate our brokerage fairly and equitably for additional work or services.  These fees will compensate us for such things as physical inspections by ourselves or third parties, issuing certificates of insurance, insurance placed through programs for specific classes of business or placement of insurance through Managing General Agent’s (Wholesaler’s).  Any Broker Fees charged will always be disclosed either in our insurance proposal, or prior to placement of insurance or renewal of a policy.

Policy Fees: Fees that are charged directly by a Managing General Agent (Wholesaler) in addition to the policy premium and will be identified on the policy as a Policy Fee as well as any invoice. We utilize managing General Agent’s to access non contracted Insurer’s or specialized insurance products designed for a specific class of business.

Financing Fees (“PAP Service Charge”): Financing fee is charged as a percentage of the total amount due including all premiums, fees and taxes. Financing fee may change depending on the term Financed.  Financing fees are clearly identified on all invoices or payment schedules.  Please note that a NSF fee of $40 will be applied to any dishonoured funds.

Other Service Fees: we provide other services such as Commissionaire of Oaths, Notary Public, Lien Searches.  These fees cover our time and administration costs in order to provide these extra services to our customers and will be disclosed prior to providing any additional services.

Our brokerage is committed to working for you and your interests as priority over any form of compensation and is committed to Integrity, Professionalism, Advocacy, Choice and Confidentiality in working for you.  Thank you for choosing Galon Insurance Brokers as your insurance broker.