Disclosure of Insurer Relationships & Our Broker Compensation

As your independent insurance broker, we purchase insurance products and services on your behalf from Canada’s leading insurance companies.

Our role is to provide you with the best insurance value combining coverage, service and price.

We provide personalized, quality service that includes professional insurance advice, ongoing policy maintenance and claims support. When any issue arises regarding your insurance coverage, we are your advocate, using our professional experience to best represent your individual interests. Our independence allows us to provide unbiased advice based on your personal circumstances.

How we are paid for the services we provide

Insurance companies provide us with compensation (“commission”) annually for both new and renewal business. This commission is paid annually as a percentage of your overall premium, or as a separate fee arrangement with you, the customer.  Should there be an increase in the commission we receive from your insurance company, or any other material change that impacts commission, we will notify you directly. The company amounts, and range of commission varies across insurance companies and class of business. We are happy to share specific details of our commissions upon request.

Some of the insurance companies we work with provide us additional compensation through Contingent Profit Commission. Payment of this Contingent Profit Commission generally depends on a combination of growth, profitability (loss ratio), volume, retention and increased services that we provide on behalf of an insurance company. It is based upon our entire portfolio with that insurance company and not on individual policies. Contingent Profit Commission is not guaranteed.

For detailed information on Contingent Profit Commission, please visit your insurance company’s website.

Cowan Insurance Group is affiliated with the Guarantee Company of North America, the Frank Cowan Company Limited, and Fountain Street Finance Incorporated through common ownership. Each of these companies operates under separate management.

Your Rights & Responsibilities

At Cowan Insurance Group we’re committed to protecting your rights as consumers. These include the right to privacy, to be fully informed and treated with respect, and to have timely claims handling and complaint resolution. As a consumer, you also have important responsibilities under the insurance contract. You are responsible for understanding your needs, asking questions, and providing accurate information to your broker and insurer.

You can read more about your rights and responsibilities on the Insurance Bureau of Canada’s website: Code of Consumer Rights and Responsibilities.

Please contact us for more information about your consumer rights and responsibilities.