PISL will place risks with specialty markets when it is in our client’s best interest. In most cases, these specialty markets provide compensation at a lower rate than the Insurers we represent. In some cases, it may be necessary for us to charge a fee in lieu of or in addition to the commission payable under the insurance policy. In all cases, we will disclose both the fee and any commission payable under the insurance policy.
In order for us to maintain strong relationships with quality insurers, we work with each to provide the type of business they desire. From time to time, insurance companies offer incentives to brokers, including contest entries, trips and other forms of hospitality. Such sales incentives are typically based on performance criteria established by the insurer. The insurers with an asterisk (*) recognize our efforts through a Contingent Commission contract or an override agreement. Payment of this Contingent Commission is NOT guaranteed, and depends on a combination of profitability (loss ratio), and / or growth (usually over a number of years) and / or increased services that we provide on behalf of the Insurer. In some instances, the occurrence of a few large losses on our book of business can disqualify us from receiving a contingent profit payment for one or more years. For information on Contingent Commission, please go to the individual company’s website.
PISL is majority owned and controlled by the Hutchison Family of North Bay, lifelong Northerners. Westmount Financial Inc. (WFI), a wholly owned subsidiary of Economical Mutual Insurance (EMI) is a minority shareholder in PISL. WFI-EMI also provides PISL with acquisition financing and as of this date PISL has a loan from WFI-EMI that was used to fund new acquisitions. Your insurer will be providing you with a Consumer Code of Rights and Responsibilities, which will be forwarded to you with your next policy declarations page. If you have any question regarding this or any aspect of your insurance please contact us.
Knox-Hutchison Insurance Brokers, MIS Municipal Insurance Services, Dynamic Insurance Brokers O/B Provenance Insurance Services Ltd.