How We Get Paid.

Summit Commercial Solutions takes pride in the services our brokerages provide to you, our client, for insurance brokerage and other related services and we are always working towards our main mission: To create value through transparency and change the way people feel about insurance. For our efforts we are compensated in a variety of ways, primarily in the form of commissions and contingency amounts paid by insurance companies and, in some cases, fees paid by clients or third parties. The methods by which we are compensated are described below.

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, and these figures are presented in your proposal and insurance policy documents - providing complete transparency. The brokers who place and service your insurance policy may be paid compensation that varies directly with the commissions we receive.

Contingency 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.  It is important to note that contingent commissions are not paid at the account or policy level.
We may receive contingent profit from the following companies:
- Wawanesa Insurance
- Aviva Insurance
- Four Points Insurance
- Mutual Fire Insurance Company of British Columbia

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 and approved, usually in writing, prior to the insurer binding coverage. Usually the fee will be charged on its own, in the place of any commission. On occasion, we may receive both commissions and client-paid fees for placing insurance, which generally will be disclosed in writing to you in advance, and outlined in your proposal. In certain circumstances clients pay us mutually agreed-upon fees for additional services such as risk management services.

Other Compensation and Benefits
We may receive revenue or further benefits from our insurance brokerage and risk management activities in other ways, including, but not limited to, from insurance company promotional events, payments from insurers for promotional marketing, co-marketing and/or employee training and development, and fees or a percentage of the interest paid to us for the administration of premium finance contracts.

We want you to choose Summit to be your trusted insurance advisor – and we intend to make your decision an educated and transparent one.