Disclosure Letter


To clients of Insurance Store Inc. (“Insurance Store”)

Our Broker Compensation

As your Independent Insurance Broker, we recommend insurance products and services that are available, affordable, and understandable.

Our role is to provide you with insurance value that combines coverage, service and price. We also provide professional insurance advice, ongoing policy maintenance and claims support. When an issue arises regarding your insurance coverage, we are your advocate. We use our professional experience to represent your personal interest.

Brokerage compensation is part of your insurance premium. For your benefit, we have listed below the insurers that we represent and have included the range of compensation each provides as a percentage of your overall premium.

Aviva Insurance Company* 10% – 20%

Coachman 12.5% – 20%

Chubb Insurance 15%

Commonwell Mutual Insurance* 10% – 20%

Echelon* 12.5% – 20%

Economical Mutual Insurance Company* 7% – 20%

Edge Mutual Insurance Company* 10% – 20%

Gore Mutual Insurance Company* 10% – 20%

Heartland Farm Mutual* 10% – 20%

INTACT Insurance* 12.5% – 20%

Kent & Essex Mutual Insurance Company* 12.5% – 20%

Northbridge Insurance* 12.5% – 20%

SGI Canada* 12.5% – 20%

Speciality Insurance Markets 10% – 20%

USLI Insurance Company 15% – 17%

Western General* 10% – 20%

Wynward 12.5% – 20%

Zurich 12.5% – 20%

This commission percentage is paid annually for both new policies and policy renewals.

In order for us to maintain strong relationships with quality insurers, we work with each to provide the type of risks they seek. 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 provided 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.

With respect to our Gore Employee Group Program, Insurance Store receives 0% commission.

Should there be an increase in the commission schedule from your insurer, or any other material change that affects compensation arrangements, we will notify you.

Insurance Store also deals with over two dozen intermediaries providing access to different insurers through special programs and other agreements. Speak with your broker if you believe this situation may apply to you.

Your insurer will provide you with a Consumer Code of Rights and Responsibilities that will be forwarded to you with your policy. If you have any questions regarding this, or any other aspect of your insurance, please contact us at info@insurancestore.ca

While our advice and recommendations are not impacted, we want to advise you that we have a loan guaranteed by Gore Mutual Insurance Company (“Gore Mutual”), one of the insurance companies we represent, that was used to expand our business. Gore Mutual is our indirect parent company, indirectly owning 100% of Insurance Store through its wholly-owned subsidiary, Insurance Store Holdings Inc., and while we conduct our business independently at arms-length, Gore Mutual provides strategic, operational, and administrative guidance and support.

We want to confirm that this relationship does not impose any restrictions on market selection, exclusivity requirements, or volume or mix of business requirements; does not provide Insurance Store with any sales incentives; and has no impact on our advisory services to you nor on our decision to place your insurance with any one company.