Disclosure


Dynamic Insurance Brokers o/b 1969493 Ontario Limited (DYN) is a wholly owned subsidiary of Hutchison Insurance Services o/b Provenance Insurance Services Ltd (HIS – PISL). George R. Hutchison is the CEO and President of HIS – PISL and the CEO of DYN.  Grant Dinan, Robert Dinan and Randy McCulloch serve as Operations Managers and Directors of Operations of DYN.


DYN like HIS – PISL is an independent insurance broker. We purchase products and services on your behalf. Our goal is to locate the best value in terms of coverage, price and service.


From time to time DYN and other companies within our ownership group may avail itself of acquisition financing, growth and marketing funding, training, joint ventures, partnerships and other wide ranging arrangements and facilities from one or more of the Insurance Companies that we place insurance business with. Clients of our group are advised that one or more of these relationships between the companies in our group and one or more Insurance companies we place business with may exist and evolve at any time. It is our stated corporate policy however, that while we may work closely and cooperatively with one or more Insurance Company, we would not enter into any agreements whereby we directly or indirectly are obligated in any way, to favour one or more of the Insurance Companies over another in return for access to these facilities! To do so, would in our opinion be placing the interest of our insurance clients behind that of one or more Insurance Company and THAT IS SOMETHING WE WOULD NEVER DO! Clearly and unequivocal our fiduciary responsibility as your trusted Independent Insurance broker is to represent your vital interest as an insurance client above all else. We pledge to you our valuable client that when we recommend a particular insurance company to provide insurance coverage for you or your firm or organization, it will be based on what is best for you, not an Insurance Company and certainly not for us!


Brokerage compensation is part of your insurance premium. Please see the compensation below. We have included the range of compensation each provides as a percentage of your overall premium that appears on your invoice. DYN may from time to time enter into non-standard arrangements which could have compensation terms that fall outside these ranges. We may carry out additional services such as data entry, processing claims payments and conducting site surveys. This additional work is compensated by payment of an agreed fee or commission.


Company

Auto

Property

Liability

Aviva Insurance Company of Canada*

7.5 – 12.5%

20%

15 – 20%

Aviva Elite Insurance Company of Canada*

7.5 – 12.5%

20%

15 – 20%

Economical Insurance*

5 – 12.5%

20%

20%

Gore Mutual*

7.5 – 12.5%

20%

20%

Facility Association (Royal & Sun Alliance Insurance Company of Canada)

6 – 11%

Perth Insurance*

5 – 12.5%

20%

20%

Hagerty

7.5 – 12.5%

Travelers Canada*

7.5 – 12.5%

20%

20%

Algoma

7.5 – 12.5%

20%

20%

Echelon General Insurance Company*

12.5%

Optimum Insurance*

7.5 – 12.5%

20%

20%

Pembridge – Pafco*

7.5 – 12.5%

20%

20%

Encon

8 – 15%

8 – 15%

Miscellaneous

0 – 17.5%

0 – 17.5%


DYN will place risks with specialty markets when it is in our client’s best interest. In most cases, these specialty markets provide compensation at a lower rate than the Insurers we represent. In some cases, it may be necessary for us to charge a fee in lieu of or in addition to the commission payable under the insurance policy. In these cases, we will disclose both the fee and any commission payable under the insurance policy.


In order for us to maintain strong relationships with quality insurers, we work with each to provide the type of business they desire. From time to time, insurance companies offer incentives to brokers, including contest entries, trips and other forms of hospitality. Such sales incentives are typically based on performance criteria established by the insurer. The insurers with an asterisk (*) recognize our efforts through a Contingent Commission contract or an override agreement. Payment of this Contingent Commission is NOT guaranteed, and depends on a combination of profitability (loss ratio), and / or growth (usually over a number of years) and / or increased services that we provide on behalf of the Insurer. In some instances, the occurrence of a few large losses on our book of business can disqualify us from receiving a contingent profit payment for one or more years. For information on Contingent Commission, please go to the individual company’s website.


If you have questions, please contact DYN at (705) 523-2030.