Payment for Our Services
We receive a percentage commission from the Insurer which is calculated on the net premium of the insurance we are arranging. If we reach specific profit targets the Insurer may also pay us an additional bonus. Our profit is the sum we are left with from our premium income after we have paid claims and Insurers management fees.
In addition, we add a fee to the premium charged by Insurers to cover our administration of your insurance. Please refer to Fees and Charges within the Customer Information pages. Before your insurance arrangements are concluded we will provide you with a formal new business quotation or renewal invitation stating the total premium to be paid and identifying any discount, fee or tax separately from the premium.
The commissions we earn are attributed to the general running of the company, and include our own professional insurances, staff training, regulatory fees to the Financial Conduct Authority, salaries, maintenance of systems, office rent, utilities and the like.