Remuneration and Other Income

Our principal remuneration for bringing about or arranging the insurance will be either by way of brokerage commission, being a proportion of the premium paid which is allowed to us by the Underwriter(s) for introducing the insurance to them, or a fee agreed with you.

You may separately agree to remunerate us by way of a fee for placing and administering the insurance and/or providing claims and other insurance related services.

Brokerage commissions and fees for bringing about or arranging the insurance are considered fully earned when the insurance incepts, irrespective of when the premium for the insurance is payable to the Underwriter(s) and are not refundable in the event of cancellation or early termination of insurances.
In addition to the above, you should be aware that as a result of bringing about or arranging the insurance, we and/or other members of our Group may receive additional income from the following sources:-

• Interest earned on insurance monies passing through our client money bank accounts;
• Expense allowances or commissions from Underwriters for managing and administering certain lineslips, covers, binding authorities and other similar facilities, including claims which may arise thereunder, all of which we believe enable access to expert Underwriters, more efficient service and competitive terms to be provided across a portfolio of business (see Placing Services section for a description of these facilities);
• Profit commissions or profit shares paid by Underwriters on specific facilities and arrangements for a limited class of business;
• Administrative service fees which may be paid for limited specific services we provide to Underwriter(s) as part of the placing or claims process.
• We will deal with you openly and, when requested, we will disclose the amount of any additional income (or where that is not feasible, a reasonable estimate of the additional income or its basis of calculation) from the above and any other sources which we may receive in relation to insurance we arrange.
• We would also ask you to note that we may have arranged or be requested to arrange, facultative or treaty reinsurances for the Underwriter(s) with whom we effect the insurance. These reinsurances are separate and distinct contracts where we act as the agent (or sub-agent) of the Underwriter(s) concerned, and for which remuneration may be paid separately by the Underwriter(s) or their reinsurer(s) and are outside the scope of our agreement with you.