Disclosure

ICD Insurance Brokers Ltd. Disclosure Statement

ICD Insurance Brokers Ltd.
1 Steven Court. Unit #1
Newmarket, Ontario L3Y 6Z3
Phone: 905 830-9000
Fax: 905 830-9020

ONTARIO REGULATION 410/04 DISCLOSURE STATEMENT

RE: ICD Insurance Brokers Ltd.

Compliance with regulation 410/04

Regulations governing insurance brokers require that we make certain disclosures to you our clients and members of the public that we deal with.
  1. There is no direct or indirect ownership interest of any kind in our brokerage by an insurer or by us in an insurer.
  2. We hold no common ownership of another brokerage or an insurer by a financial conglomerate or other holding company or group of companies.
  3. ICD Insurance Brokers Ltd. has loan facilities which are supported under ROINS Financial Services Limited. This agreement has no influences on the placement of insurance policies.
  4. We have no financial or non-financial network affiliation.
  5. We are brokers with multiple markets and do not have one market or exclusive contracts only.
  6. We are not under any volume or mix of business requirements.
  7. We have and will have various contractual relationships with various carriers from time to time, which may include the carrier we have placed you with, who provide for payment of contingent commissions. In order for us to maintain strong relationships with quality insurers we work with each to provide the type of business they desire. Payment of this contingent commission depends on a combination of growth, profitability, volume, retention and increased services that we provide on behalf of the insurer. It is based on our entire portfolio of business with that insurer and not on individual policies. Contingent commission is not guaranteed.
  8. On occaision, some of our insurers will over incentive programs to encourage us to submit more new business, however, we maintain our principal to place clients coverage with the insurers who best suits their needs regardless of these incentives. 
  9. 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 *

     

     
    12.5% - 25% based on line type

     

     
    Intact  Insurance *

     

     
    12.5% - 20% based on line type

     

     
    Chieftain Insurance*

     

     
    12.5% - 20% based on line type

     

     
    Chubb Insurance

     

     
    12.5% - 20% based on line type

     

     
    Travelers*

     

     
    12.5% - 20% based on line type

     

     
    Economical Insurance Group*

     

     
    12.5% - 20% based on line type

     

     
    Ecclesiastical Insurance Office Group

     

     
    15% - 20% based on line type

     

     
    Jevco General Insurance

     

     
    5% - 20 % based on line type

     

     
    Perth Insurance

     

     
    12.5% - 20% based on line type

     

     
    Royal and Sun Alliance*

     

     
    12.5% - 20% based on line type

     

     
    Royal and Sun Alliance Facility

     

     
    7.5 % capped at $250.00 for personal auto

     

     
    Heartland Mutual*

     

     
    12.5% - 20% based on line type

     

     
    Unica*

     

     
    12.5% - 20% based on line type

     

    We also broker for a number of Sub-Standard markets which pay a lesser commission than our regular markets listed above. In some cases where a commission is not paid it is practice that we charge a Broker Fee which is fully disclosed when the Insurance is quoted.

    This 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.

    For further information with regard to these items or any other questions you may have please contact the undersigned.

    Robert G. Zolumoff 
    President
    ICD Insurance Brokers Ltd.

Disclosure

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