Commission Disclosure Statement
York provides standard personal and commercial insurance products through a select
group of independent brokers. We ensure that our brokers under contract operate to
the highest professional standards, maintained by both ourselves and our independent
partners. In return for performing broker services, they earn compensation as part of
the insurance premium, paid in the form of a commission.
Brokers have a duty to disclose their commission earnings on a given policy to their
client if so requested. The commissions paid by York are:
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Private Passenger Automobile (*) 10-12 ½%
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Personal Household and Property (**) 20%
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Personal Umbrella 20%
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Commercial Property 20%
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Commercial Casualty 20%
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Commercial Automobile 10-12 ½%
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* Alberta 15%
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** Alberta 20%
Profit Share Commissions (PC)
As part of our contracts with brokers, York recognizes broker efforts through the potential
payment of Profit Share Commissions. Profit Share Commission payments are not guaranteed,
and are based on a share of the profitability of business submitted by the broker over an
extended period - usually three years.
Profitability is measured by comparing premium revenue against expenses (eg claims cost, broker commission, overheads etc).
Between 2001 and 2003, York paid profit sharecommissions of 0.7% of total revenues.
Other Services
A small number of York brokers carry out additional services on our behalf.
These may include data entry and other processing tasks. This additional work
is compensated by payment of an agreed fee or commission.
On occasion, as part of normal business practice, we may invite
individuals from broker offices to participate in entertainment events.
