Ownership:
PROLINK is an independent insurance broker principally owned by 18 active employees of the company. AVIVA Canada Inc. holds a minority interest in PROLINK Insurance Inc.
Source of Financing:
PROLINK recognizes the value of capital growth and business expansion in a very competitive industry. To finance new initiatives and start new programs, our company and its shareholders may seek financing from Canadian Banks, Trust and/or Insurance companies. The financial requirements for repayment of such loans do not require, and will not influence the placement of business with any Insurance company or Financial Institution.
Utmost Good Faith:
Insurance is a contract of UTMOST GOOD FAITH between all parties of the contract, including YOU (the client) and YOUR INSURANCE COMPANY.
Broker Compensation by Insurance Companies:
Insurers are most selective when choosing an insurance broker with whom they will establish a brokerage contract. They seek relationships with professional brokers capable of understanding the complexity of risk management, policy wordings, and limitations. Both insurers and clients place the responsibility on brokers to arrange appropriate protection for our clients.
Accordingly, insurers compensate brokers for:
- Attracting the class of risk that the insurer is interested in writing.
- Providing complete details as determined by the insurer.
- Prescribing the type of protection to meet the needs of the client and the interest of the insurer.
- Addressing all service issues and maintaining communications.
- Remitting the required premium after deducting a fixed tariff, commission, or fee, as prescribed by the contract from the insurer.
The compensation for providing these services is as follows:
- Personal automobile insurance contract compensation ranges from 5% to 15% of premium, or a flat fee of $250 regardless of the amount of the premium.
- Liability and property insurance contract compensation ranges from 7% to 25%. Occasionally a flat fee is charged as identified in an invoice
- (OPTIONAL) Risk Management and Consulting Services: $150 to $250 per hour.
Contingent profit commissions are additional compensatory income available to the broker if the portfolio of business written with any individual insurer is profitable to the insurer. This is a standard tool used by some insurers to help encourage brokers to select above average clients.
At PROLINK, we may receive approximately 1% to 2% of the premium as a contingent profit from the following insurers & companies:
