Disclosure
To our customers:
As an independent insurance broker, we purchase insurance products and services on your behalf that are affordable, and understandable.
Westland MyGroup is a registered tradename under Westland Insurance Group Ltd, headquartered in Surrey, British Columbia. Westland MyGroup is licensed in NB, PE, NS, ON, MB, SK, AB, BC.
Westland MyGroup is affiliated with MyGroup Insurance Broker Limited, a division of Westland Insurance Group Ltd. MyGroup Insurance Broker Limited is licensed in NL NB, PE, NS, ON, AB, BC, NU, Yukon and NWT.
To our customers:
How we get Paid for our Services
| Insurance Company or Intermediary | Personal Auto and Umbrella | Personal Property | Commercial Auto and Surety | Commercial Property |
|---|---|---|---|---|
|
*Aviva Insurance Company |
9 – 12.5% |
12.5 – 20% |
10 – 12.5% |
15 – 20% |
|
*Economical Mutual Insurance Company |
10 – 12.5% |
17.5 – 20% |
10 – 12.5% |
20% |
|
*Intact Insurance Company |
10 – 12.5% |
15 – 20% |
10 – 12.5% |
20% |
|
*Portage LaPrairie Mutual Insurance Company |
10 – 12.5% |
15% |
10 – 12.5% |
20% |
|
*Perth |
10 – 12.5% |
15% |
n/a |
n/a |
|
*RSA, Facility |
10 – 12.5% |
20% |
6 – 12.5% |
15 – 20% |
|
Agile Underwriting Solutions |
n/a |
15% |
n/a |
15 – 20% |
|
*Wawanesa Mutual Insurance Company |
10 – 12.5% |
20% |
10 – 12.5% |
20% |
|
CAA Insurance Company |
10 – 12.5% |
15 – 20% |
n/a |
n/a |
Sales Incentives
From time to time we will be offered a sales incentive by our insurance companies to encourage us to grow our portfolio with them. These incentives may include:
- An overall sales bonus to the brokerage based on our growth with this carrier. These bonuses can range from .5% to 1% of the amount of growth.
- Incentives or rewards to our staff provided directly by the insurer, such as a nominal gift card.
- Inclusion of our brokerage in a planning council or other strategic event where we are given the opportunity to provide our insight and feedback directly to the insurer senior executive
Contingent (Profit) Commission
In order for us to maintain strong relationships with quality insurers, we work with each to provide the type of business they desire. The insurers with an asterisk (*) noted above recognize our efforts through a Contingent Commission contract. Payment of this Contingent Commission depends on a combination of growth, profitability (loss ratio), volume, retention and increased services that we provide on behalf of the Insurer. Contingent Commission is not guaranteed. For detailed information on Contingent Commission, please go to the individual company’s website.
Brokerage compensation is part of your insurance premium. Westland MyGroup is paid a commission or fee for our services to you. Fees are paid to Westland MyGroup by clients, in lieu of commission.
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.
Your insurer will provide you with a Consumer Code of Rights and Responsibilities brochure which will be included with your new policy.
If you have any questions, please contact us.