Disclosure Agent/Broker Compensation
Usborne & Hibbert Mutual Fire Insurance is your company, owned by you, and we are committed to serving you with professionalism and integrity. The Insurance Industry recently demonstrated its commitment to keeping consumers fully informed – we have nothing to hide.
In keeping with this Code, we feel that you have the right to know how our distributors are compensated. Usborne and Hibbert Insurance distributes its insurance products through licensed agents (distribute only Usborne & Hibbert products) and brokers (distribute Usborne & Hibbert’s products along with others). Our agents and brokers live in the communities that Usborne & Hibbert serves. Our policyholders are therefore able to choose the type of insurance professional that best suits their needs and expectations.
Our broker / agent agreements require that your broker / agent exercise the utmost diligence, honesty and good faith in the performance of their duties so that they can provide you with the expert advice, choice and service you require.
We compensate our Agents via commission which is a fixed percentage of the premium you pay. In some cases, we have Agents who are compensated by salary.
We compensate our Brokers in two different ways. We pay them a commission which is a fixed percentage of the premium you pay. Our Brokers may also earn a contingent profit commission which is recognition to those brokers who contribute to profitable business with Usborne & Hibbert. Contingent profit commissions are not guaranteed and are based on the profitability of the portfolio of business placed with us. If earned, the contingent commission is paid annually.
Usborne & Hibbert does not offer any other form of compensation, remuneration or loans, nor does it hold any equity in any brokerage that distributes our insurance products.