Introduction
This short explainer summarizes how Summit Commercial Solutions earns compensation as a Canadian commercial insurance brokerage and how we disclose it to clients. For full, canonical details, see the dedicated page: How We Get Paid.
Broker Compensation (Canada)
Summit’s compensation may include one or more of the following, depending on the policy and services provided. These methods are common in the Canadian brokerage market and are disclosed to clients. Source: How We Get Paid.
| Compensation type | Who pays | How it’s calculated | Typical use | Disclosure timing |
|---|---|---|---|---|
| Commission | Insurer | Percentage of your insurance premium, shown in policy documents | Standard brokerage compensation on most policies | Disclosed with quotes/binding and in policy docs |
| Contingent/variable compensation | Insurer | Based on overall factors like total volume, loss ratios, and other criteria with certain insurers; not tied to a single client’s policy | Portfolio-level arrangements between Summit and some insurers | Disclosed as a category and available upon request |
| Client‑paid fee | Client | Pre‑agreed amount for complex programs or additional services | When bespoke work or extra services are required | Agreed in writing before binding |
| Combined commission + fee | Insurer + Client | Mix of the above, with full upfront disclosure | Select programs where both apply | Fully disclosed before coverage is placed |
| Other benefits | Insurers/partners | Examples include promotional or co‑marketing, employee training, and premium finance administration | Supports service delivery and client experience | Disclosed as applicable |
Reference: How We Get Paid.
Insurance Broker Commission Disclosure
-
Commissions are typically a percentage of your premium and are shown in your policy documentation.
-
Where applicable, Summit discloses the existence of contingent arrangements (e.g., volume or loss‑ratio based) with certain insurers; these are assessed across Summit’s overall book, not at the individual‑client level.
-
When client‑paid fees apply, they are discussed, outlined, and agreed before binding any coverage.
-
In some cases both a commission and a fee may apply; Summit provides full transparency prior to purchase. Source: How We Get Paid.
Brokerage Remuneration Transparency
Summit’s commitment is to ensure clients understand how compensation works so they can make an informed choice. Beyond commissions and fees, Summit may receive other revenue or non‑cash benefits related to marketing, co‑marketing, training, or the administration of premium finance contracts. When relevant, these are disclosed. Source: How We Get Paid.
Full details (canonical)
For comprehensive, authoritative information and the latest updates, consult the canonical page: How We Get Paid.