Brokers Disclosure
License And Jurisdiction
Barber Stewart McVittie and Wallace Insurance Brokers LTD. (BSMW) is duly licenced to conduct business as an Insurance brokerage in the province of Ontario, subject to regulation by the Registered Insurance Brokers of Ontario (RIBO) in Compliance with the R.I.B. Act.
Companies We Represent
We work with a range of insurance companies and service providers to meet the needs of our clients. Companies with whom we do business include: AIG, Aviva, Chubb, Economical, Ecclesiastical, Everest, Gore, Intact, Jevco, Perth, RSA, and Travelers. As is common in the industry we also deal with qualified and reputable Managing General Agencies (MGA).
Our Independence
BSMW Financial is an independent firm. We are not bound to represent any one insurer or service one provider over another. We do however have a financial relationship with Aviva Canada.
Our Revenue
Brokerage compensation is part of your insurance premium. For your benefit, we have listed below Insurers that we represent and have included the range of compensation each provides as a percentage of your overall premium.
- Aviva Insurance 7.5% – 20% based on line type
- Chieftain Insurance 7.5% – 20% based on line type
- Chubb Insurance 7.5% – 20% based on line type
- Economical Insurance Group 7.5% – 20% based on line type
- Ecclesiastical Insurance 7.5% – 20% based on line type
- Everest Insurance 7.5% – 20% based on line type
- Intact Insurance 7.5% – 20% based on line type
- Jevco General Insurance 5% – 20 % based on line type
- Perth Insurance 7.5% – 20% based on line type
- Royal and Sun Alliance 7.5% – 20% based on line type
- Travelers Insurance 7.5% – 20% based on line type
The above-noted commission percentage is paid annually for both new business and renewals. Should there be an increase in the commission schedule we receive from your Insurer or any other material change that affects compensation arrangements we will notify you.
The brokerage may qualify to earn bonuses or other benefits but these are inducements are not guaranteed.
Conflicts Of Interest
We are committed to providing our clients with written disclosure in the event we are aware of any potential conflicts of interest that might impact our objectivity and/or the advice we provide to our clients.
Additional Information
If you require any more information about our qualifications or our business relationship, please do not hesitate to ask.
Compliance Requirements
- Code of Conduct
- Required Disclosures
- Do Not Call and Anti-Spam (CASL)
- Records & File Management
- Responding to insurance company requests
- Regularly Audits and Legal Proceedings
- Membership if professional Associations
- CASL / Do not call
- Privacy – PIPEDA