TRANSPARENCY & CONSUMER INFORMATION
At STIRCO Insurance Brokers Ltd., we believe our clients deserve clear, transparent information about who we are, how we are compensated, and what professional standards guide our advice.
As a Registered Insurance Broker of Ontario (RIBO) brokerage, we are committed to acting in our clients' best interests and providing professional insurance advice based on your unique needs.
Industry Standards & Consumer Resources
The following resources explain the professional standards and expectations that apply to insurance intermediaries in Canada and Ontario:
CISRO Principles of Conduct for Insurance Intermediaries
The Canadian Insurance Services Regulatory Organizations (CISRO) Principles of Conduct outline the professional standards, ethical expectations, and consumer protections that insurance intermediaries are expected to follow.
View the CISRO Principles of Conduct
RIBO Consumer Fact Sheet
The Registered Insurance Brokers of Ontario (RIBO) Consumer Fact Sheet provides information about the role of insurance brokers, licensing requirements, and what clients can expect when working with a RIBO-licensed broker.
View the RIBO Consumer Fact Sheet
How STIRCO is Compensated
Insurance broker compensation from the insurance companies is included within the premium charged by the insurance company and is not an additional fee charged to you.
When we place or renew your insurance coverage, the insurer pays STIRCO a commission based on the premium for your policy. This commission helps support the professional advice, coverage recommendations, claims assistance, policy servicing, and ongoing support we provide to our clients.
The commission percentage varies by insurer and product line.
Commission Disclosure
The following insurers are represented by STIRCO Insurance Brokers Ltd. The commission ranges shown below apply to both new business and renewal policies.
We may place your insurance with a Managing General Agency (MGA) that is acting on behalf of one or more insurance company. The range of commission compensation they provide us is 10% - 20%. Their policies may also include a policy fee. This is a processing cost for the MGA. Additionally, some of these policies may include an inspection fee.
On occasion, with certain programs and more complex risks, where additional resources, products or services are required of our office, we will charge a Brokerage Fee.
Fees charged for the placement of insurance will be clearly outlined and explained in advance and approved by you.
Contingent (Profit Sharing) Compensation
Some insurers may provide STIRCO with a Contingent Commission, also known as Profit Sharing.
This compensation is separate from standard commissions and is not guaranteed. It may be based on a combination of factors, including:
-
Growth of business placed with the insurer
-
Policy retention levels
-
Premium volume
-
Claims experience and profitability
-
Administrative and service support provided by STIRCO
Participation in these programs does not alter our obligation to provide objective advice and recommend insurance solutions based on our clients' needs.
For additional information regarding contingent commission programs, please visit the websites of the individual insurers.
Premium Financing & Payment Options
To help make insurance premiums more affordable and manageable, STIRCO Insurance Brokers Ltd. offers premium financing solutions through third-party finance providers.
We currently work with:
-
FIRST Insurance Funding of Canada
-
Imperial PFS Canada
Premium financing allows eligible clients to spread the cost of their insurance premiums over time rather than paying the full premium upfront. When a premium finance agreement is used, the financing company pays the insurance premium on your behalf and collects payments directly from you according to the terms of the finance agreement.
Compensation Disclosure
STIRCO may receive compensation from premium finance providers for financing arrangements placed through our office. This compensation generally ranges from 1.0% to 1.5% of the financed premium amount and is paid by the finance company. This compensation does not result in any additional cost to the client beyond the financing terms agreed upon with the lender.
Important Information
-
Premium financing arrangements are separate from your insurance policy.
-
Interest charges, financing fees, payment schedules, and terms are established by the finance company.
-
Not all applicants will qualify for financing, and approval remains at the discretion of the finance provider.
-
Full financing terms and costs will be disclosed by the finance company before any agreement is finalized.
If you have questions regarding premium financing or alternative payment options, please contact our office and we would be pleased to assist you.
Our Commitment to You
Our responsibility is to provide professional advice and insurance solutions that are appropriate for your circumstances. The compensation arrangements between STIRCO and insurers do not change our commitment to acting with integrity, professionalism, and transparency.
If you have any questions about broker compensation, insurer relationships, or the products we recommend, please contact our office and we would be pleased to discuss them with you.
STIRCO Insurance Brokers Ltd.
905-233-2429
info@stircoinsurance.com