How we get paid

Nick Godfrey Insurance takes pride in the services our brokerage provides you, our client, for insurance brokerage and other related services. For our efforts we are compensated in a variety of ways, primarily in the form of commissions, in some cases, fees paid by clients or third parties. The means by which we are compensated are described below.

Commission income – Commission, normally calculated as a percentage of the premium paid to the insurer for a specific policy, is paid to us by the insurer for the distribution and servicing of your insurance policy. Our commission is included in the premium paid by you.

Fees paid by clients – On occasion, with more complex business insurance programs and where additional resources, products or services are appropriate, a fee may be negotiated for placement of insurance coverage or additional services. Fees charged for the placement of insurance will be outlined in a proposal and approved, usually in writing, prior to the insurer binding coverage. On occasion, we may receive both commissions and client-paid fees for placing insurance or consulting services which will be disclosed in writing to you in advance. In certain circumstances clients pay us mutually agreed-upon fees for additional services, such as third party education programmes or business transition consulting.

Customer Centric Carriers – We have access to the hundreds of products and services provided by many Canadian insurers, Third Party Administrators and independent consultants; however, we believe our ability to provide the best combination of products, service, value and ongoing access to capacity is enhanced by focusing on a manageable number of relationships. These strategic relationships include many of the most respected national and regional insurance companies and Third Party Administrators in the insurance industry. Although we will continue to access our other insurance company relationships where appropriate, we expect that many of our clients’ insurance needs may be met through our primary Strategic Carriers. More information regarding our Strategic Carrier relationships is available upon request.

Our goal is to be your insurance broker of choice. We know you have many brokers to choose from, so to earn your confidence, we hold ourselves to the highest standard of service.

Please also feel free to ask any questions about our compensation generally, or as to your specific insurance proposal or placement, by contacting me directly at 905-815-7186 or book a call using our booking link on the Contact Us page.