We are an independent, privately owned brokerage, Gold Standard Insurance works for you, and its not bound to a single insurance company, we represent some of the largest insurance carriers in Canada allowing us to provide you with the best coverage to fit your lifestyle at the best possible price. Our insurance professionals are licensed and trained to provide you with experienced based insurance advice, coverage, service and will advocate for you if an issue or claim should arise. There is no direct or indirect ownership interest by any insurance company or financial institution; our compensation structure will never impact our advice to you.
As we invest in our clients, we receive compensation for our services through a commission percentage, which is already built into your total premium. For transparency purposes below you will find a schedule of commissions organized by insurer and product type.
Commission percentages are paid annually to the broker and apply to new and renewed policies. Should there be any commission increase or other material change in compensation from your insurance carrier, you will be duly notified.
| Companies | Property | Automobile | Watercraft |
|---|---|---|---|
| April Marine | - | - | 15% |
| CHUBB | 15% | - | - |
| Echelon Insurance | - | 12.5% | - |
| Economical Insurance (Definity) | 20% | 10% – 12.5% | - |
| Facility Insurance | - | 6% - 11% (Capped at $250) |
- |
| Forward Insurance Managers Ltd. | 15% | - | - |
| Hagerty Insurance | - | 12.5% | - |
| Intact Insurance | 20% | 10% – 12.5% | - |
| Optimum | 20% | 12.5% | - |
| Pacific Marine | - | - | 15% |
| PAFCO Insurance | - | 12.5% | - |
| PAL Insurance | - | - | - |
| Pembridge | 20% | 12.5% | - |
| Premier Group | 7% - 15% | - | 7% - 15% |
| Travelers Insurance Company of Canada | 20% | 12.5% | - |
| Unica | 20% | 12.5% | - |
| Wawanesa Insurance | 20% | 12.5% | - |
*This company offers incentives under Contingent (Profit) Commission or Growth contracts.
Insurance providers carefully select and price business so that total premiums exceed the cost of claims paid to be successful. They may provide programs that incentivize growth, profitability, and retention in desired lines of business. Billyard Insurance Group may qualify for compensation under such Contingent Commission programs. Commission through these programs is calculated using proprietary formulas based on overall written premium, growth rates, profitability (loss ratio), and retention percentages.
- Broker Compensation, Commission Disclosure - principles of Conduct for Insurance Intermediaries - https://www.cisro-ocra.com/Documents/View/2471
- RIBO Facts about your Broker - https://www.ribo.com/wp-content/uploads/2022/04/RIBO_Conduct_Sheet_040622-fact_sheet.pdf
- RIBO Principles of Conduct - https://www.ribo.com/wp-content/uploads/2022/04/RIBO_Conduct_Sheet_040622-guidance.pdf
Additionally, our brokers. executives or other employees may be provided with the occasion to attend sales or educational conferences held or sponsored by our insurance company partners.
Please refer to the Consumer Code of Rights and Responsibilities to learn of the commitments made by your insurance company. This information is available to you at any time through our website, for which a link is provided to all our clients on all correspondence and has been placed on our staff email signature.
Should you have any questions about this declaration or questions related to your insurance, please contact us.