Role of CIB: Commerce and Industry Brokerage Inc. (“CIB”) provides prospective purchasers of insurance access to the Macquarie Insurance Facility (“MIF”) and its panel of insurers. CIB’s work on behalf of the insured does not displace the responsibilities of the insured’s broker; CIB has not undertaken responsibility for preparing submissions, requesting quotes, collecting and paying premium taxes or fees and binding risks. CIB also undertakes no responsibility for advising on whether the insurance coverage purchased is appropriate for the insured’s needs or represents the best terms and conditions available.
Compensation. CIB may be entitled to receive a commission of up to 5% of the premium on any policy sold (or renewed) where it has provided introductory services to a MIF panel insurer. CIB may receive this compensation either directly from the insurer or via the broker.
In addition, CIB may provide various services to brokers in consideration of which a broker may pay a fee. These services may include introductions, data management and reporting.
MIF may also earn a profit commission based on the profitability of property risks placed through Macquarie Infrastructure Reinsurance Company Limited (“MIRC”) subject to meeting certain criteria.
More information regarding the extent and nature of the compensation received by CIB can be obtained by contacting any member of CIB’s MIF team.