OUR REMUNERATION. We are remunerated for Our services in the following ways: Commission When We arrange a policy with an insurer on Your behalf, We may receive commission from the insurer which is a percentage of the total annual premium.
OUR REMUNERATION. Our remuneration for the services we provide to you will be either brokerage, which is a percentage of the insurance premium paid by the assured and allowed to us by the insurer with whom the insurance contract is placed, or a fee as agreed with you. If appropriate, and with your consent, we may receive a fee and brokerage. Brokerage and fees are ordinarily earned for the period of the contract at inception, and unless otherwise agreed with you, we will retain all fees and brokerage in respect of the full period of the contract in relation to contracts placed by us including in circumstances where the assureds’ insurance contract has been terminated and your insurers have returned prorated net premium. Consistent with long- established market practice, we will deduct our brokerage and other commissions from the premium once received. We shall disclose the form of compensation we will earn before insurance is purchased. It may, at times, be appropriate (and for the assureds’ benefit) for us to use other parties such as wholesale brokers, excess and surplus lines brokers, underwriting managers, managing general agents or reinsurance intermediaries. These parties may also earn and retain commissions for their role in providing products and services for you. If any such parties are Xxxxxx Xxxxxx Xxxxxx Companies, we will disclose the form of compensation they will earn before insurance is purchased. You may also choose to use a premium finance company or other service provider in connection with the insurance we place for you or the services we provide. If we receive any remuneration from any such service provider by reason of your use of their service, we will disclose to you the amount of that remuneration before you make a final decision to use that service provider In the ordinary course of business we may also receive interest on client and insurer monies from the date we receive the funds until we settle to those due to receive them. We confirm that we shall retain that interest rather than pay it to you or the insurer (as the case may be) Placement-Specific Market-Derived Income We or other Xxxxxx Xxxxxx Xxxxxx Companies have contracts with various insurers under which we provide certain services, such as those under binding authorities, managing general agency and lineslip arrangements (for example, providing statements of the business accepted and the issuance of certificates of insurance cover). We may also provide reinsurance broking services for in...
OUR REMUNERATION. We are remunerated for Our services in the following ways: Commission When We arrange a policy with an insurer on Your behalf, We may receive commission from the insurer which is a percentage of the total annual premium for the work involved in placing or renewing an order and finalising the product with them on your behalf. Any commissions received are not offset against any fees, either in part or in full. A summary of our Commission arrangements with product producers is available in our offices and on our website at xxx.xxxxxxxxx.xx
OUR REMUNERATION. The remuneration we receive for our services will be brokerage (a percentage of the premium allowed by the insurer) and, or administration fee where we carry out work on behalf of insurers in preparing and issuing Certificates, New Business and Renewal Documents. We may also receive a combination of commission and or Broker Fee. Broker Fees can be at our discretion charged where we may receive a low commission percentage or where the insurance product is provided to ourselves ‘net’ of any brokerage commission by the insurer or wholesale broker partner. Broker Fees may also be charged on individual risks, again at our discretion. Any such fees will be advised to you before you incur the liability to pay them and will be separately itemised. Broker Fees already paid at the outset of a policy are non-refundable. We reserve the right to withhold Certificates and other policy documentation from being released until receipt of full payment. In addition to brokerage or an agreed fee basis of remuneration we may also receive benefit from income that we are able to generate due to the volume of our accounts placed within certain insurers combined with its underwriting performance, which are not identifiable to any specific account. In addition to brokerage or an agreed fee basis of remuneration we may also receive benefit from: • Income that is received from providers of Premium Financing companies • Fees or commission in the event of a policy being cancelled mid-term and not replaced by another policy
OUR REMUNERATION. We may receive our remuneration by way of commission from the companies with whom we place business on your behalf. We may accept additional commissions from financial institutions to whom we transmit such orders – these are not, typically, deductions from products and are subject to statutory disclosure. We also receive commissions from product producers on an ongoing basis which contribute to providing you with ongoing services. Commissions payable to us in relation to arranging certain life assurance, pension policies and PRSAs, are disclosed in a Disclosure Notice provided to you at the point of sale and/or at the cooling off stage. Initial commission is typically payable by the insurer to Mount Street Trustees Ltd for life assurance protection policies and the amount payable is related to the possible policy term eg 9% per possible policy year but usually subject to a maximum of 90% of the year one premium. We may be remunerated for some or all of our services by way of fees instead of or in addition to commission. Generally speaking, we will negotiate a share of the annual management charges that an investment manager charges. In circumstances where the annual management charge is not enough to cover our time we charge an hourly rate of €150-€250 depending on the nature of the work, in addition to the annual management fee charge. We will outline our fee structure prior to providing you with a service.
OUR REMUNERATION. We normally receive commission from the insurance provider as a percentage of the premium and an administration fee where we carry out work on behalf of insurers in preparing and issuing Certificates, New Business and Renewal Documents. Any such fees will be advised to you before you incur the liability to pay them and will be separately itemised. We also receive commission from providers of Premium Financing companies, where with your agreement we have made such arrangements on your behalf. We may also receive additional income from insurers by way of volume, growth or profitability payments. In the event of a policy being cancelled mid-term and not replaced by another policy, we reserve the right to retain any administration fees or commission earned on the original transaction. Confirmation of Cover Cover will not commence until your proposed risk has been accepted and the premium paid. Confirmation that cover has been effected or renewed (including any mid-term changes that may arise) will be confirmed in writing.
OUR REMUNERATION. Our remuneration for the services we provide to you will be either brokerage, which is a percentage of the insurance premium paid by you and allowed to us by the insurer with whom your insurance contract is placed, or a fee as agreed with you. If appropriate and to the extent permissible by applicable laws, and with your consent, we may receive a fee and brokerage. Brokerage and fees are ordinarily earned for the period of the contract at inception, and unless otherwise agreed with you, we will retain all fees and brokerage in respect of the full period of the contract in relation to contracts placed by us including in circumstances where your insurance contract has been terminated and your insurers have returned prorated net premium. Consistent with long-established market practice, we will deduct our brokerage and other commissions from the premium once received. We shall disclose the form of compensation we will earn upon request. It may, at times, be appropriate (and for your benefit) for us to use other parties such as reinsurance intermediaries. These parties may also earn and retain commissions for their role in providing products and services for you. If any such parties are subsidiaries of Xxxxxx Xxxxxx Xxxxxx PLC, we will disclose the form of compensation they will earn upon request. In the ordinary course of business we may also receive interest on client and insurer monies from the date we receive the funds until we settle to those due to receive them. We confirm that we shall retain that interest rather than pay it to you or the insurer (as the case may be).
OUR REMUNERATION. Our remuneration will be either a fee as agreed with you or a commission, which is a percentage of insurance premiums, paid by you and allowed to us by the insurer with whom the insurance contract is placed. You have the right to request details of all commissions earned by us. If appropriate, and with your consent, we may receive a fee and commission.
OUR REMUNERATION. 2.1. In the provision of our Credit Broking Services we do not charge you a fee directly.
OUR REMUNERATION. Our Principal, Xxxxx & Xxxxx Ltd, usually receives a commission from the insurer with whom we place your business and this is expressed as a percentage of the premium you pay and in such a case, the commission will be paid to Xxxxx & Xxxxx Ltd either when we are in receipt of cleared funds from you or, when the insurer has received cleared funds from them.
