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, who work to provide competitive quotes to you through your insurance broker. CIB’s work does not displace the responsibilities of your 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 your 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 certain services to a MIF panel insurer. CIB may receive this compensation either directly from the insurer or via your broker. Such commission may be based, in whole or part, on the sale of the insurance contract and CIB’s commission may vary depending on a number of factors, including the insurance contract, the insurer that you select, the volume of business CIB provides to the insurer and the profitability of the insurance contract that CIB provides to the insurer. CIB may also earn a profit commission based on the profitability of property risks placed through Macquarie Infrastructure Reinsurance Company (MIRC), subject to meeting certain criteria.
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.
More information regarding the extent and nature of the compensation expected to be received by CIB that is based in whole or in part on the sale of insurance (including the compensation expected to be received based in whole or in part on any alternative quotes facilitated by CIB) can be obtained upon request by contacting any member of CIB’s MIF team.