Transparency
How We Get Paid
Summit Commercial Solutions takes pride in transparency. For our efforts, we are compensated in a variety of ways, primarily in the form of commissions and contingent amounts paid by insurance companies and, in some cases, fees paid by clients or third parties.
However we are paid, our commitment is to one party: you.
Complete Transparency
We are always working towards our main mission: to create value through transparency and change the way people feel about insurance. The methods by which we are compensated are described below.
Disclosure Statement
Our Commitment to You
Summit Commercial Solutions Inc. is an independent, Canadian commercial insurance brokerage. We are a team of licensed brokers, and we work for our clients — not for any insurance company. We represent a broad range of insurers across Canada and place each risk with the market that offers the right coverage, service, and price. That independence is the foundation of our business, and it is why we disclose our compensation and our ownership in full on this page.
Trimont Financial Corp., a subsidiary of Wawanesa Insurance, holds a minority, non-controlling ownership interest in Summit Commercial Solutions Inc. No other insurance company has any ownership or financial interest in Summit.
This does not change how we work. Summit represents the many insurers listed in the commission disclosure below, and our placement recommendations are driven by one thing: the right coverage, service, and price for your risk. A minority shareholder has no influence over which market we recommend.
- Our brokers act as your advocate — our duty is to the client, not to any insurer.
- No tied selling: you are never required to place business with Wawanesa or any affiliated company to work with Summit.
- When we place business with Wawanesa, it is on the same terms as every other market we represent — because it is the right market for the risk.
- Our compensation from Wawanesa is disclosed in the tables below, alongside every other insurer.
Methods of Compensation
Commission Income
Commission, usually calculated as a percentage of the premium paid to the insurer for the individual policy, is paid to us by the insurer for the distribution and servicing of your insurance policy.
- Our commission is factored into your premium
- These figures are presented in your proposal and insurance policy documents
- The brokers who place and service your insurance policy may be paid compensation that varies directly with the commissions we receive
Contingent Amounts
Contingent commissions are typically based on the total premium volume placed with an insurer with payment to the broker contingent on a predefined ratio of claims paid to premium volume.
- Some insurers may include eligibility criteria such as premium growth, loss ratio, or retention
- Not all markets include contingent commissions
- Contingent commissions are not paid at the account or policy level
Fees Paid by Clients
On occasion, with more complex business insurance programs, policies, and where additional resources, products, or services are appropriate, a fee may be negotiated for placement of insurance coverage or additional services.
- Fees charged for the placement of insurance will be outlined in a proposal or engagement letter prior to placement of coverage
- Fees are always disclosed and agreed upon in advance
- We are transparent about when and why fees apply
Commission Disclosure
Below we have provided a list of insurance companies we represent and have included the range of compensation each provides as a percentage of your overall premium. This commission percentage is paid annually for both new business and renewals.
| Insurer | Commission | CPC | Website |
|---|---|---|---|
| Aviva Canada | 10% – 30% | Yes | www.avivacanada.com |
| Beazley Canada | 10% – 20% | No | www.beazley.com |
| Berkley Insurance | 10% – 15% | No | www.berkleycanada.com |
| Boxx Insurance | 10% – 15% | No | www.boxxinsurance.com |
| CFC Underwriting | 10% – 20% | No | www.cfc.com |
| Chubb Insurance Company | 10% – 25% | Yes | www.chubb.com |
| Definity (Economical Insurance) | 7.5% – 20% | Yes | www.economical.com |
| Four Points Insurance | 10% – 30% | Yes | www.fourpointsins.com |
| HDI | 10% – 20% | No | hdi.global |
| Intact Insurance | 10% – 35% | Yes | www.intact.ca |
| Lloyds of London | 10% – 27.5% | No | www.lloyds.com |
| Mutual Fire Insurance Company of British Columbia | 10% – 30% | Yes | www.mutualfire.com |
| Nordic Insurance (Facility) | 10% – 12.5% | No | www.facilityassociation.com |
| Travelers Canada | 10% – 30% | Yes | www.travelerscanada.ca |
| Trisura Guarantee | 10% – 35% | Yes | www.trisura.com |
| Victor Canada | 10% – 20% | No | www.victorinsurance.com |
| Wawanesa Insurance * | 10% – 30% | Yes | www.wawanesa.com |
| HSB Canada (BI&I) | 10% – 20% | No | www.munichre.com/hsbcanada/en.html |
For detailed information on Contingent Profit Commission (CPC), please visit the individual company's website.
* Trimont Financial Corp., a subsidiary of Wawanesa Insurance, holds a minority, non-controlling ownership interest in Summit. See the disclosure statement above. Compensation from Wawanesa is on the same terms as every other market we represent.
If you have any questions about how we are compensated, please contact us.