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Regulatory Disclosures

Transparency and accountability to our clients is paramount at Portside Marine Insurance. We ensure this by strictly complying to industry standards and regulations set by RIBO, CISRO, BC Insurance Council, Alberta Insurance Council, Insurance council of Saskatchewan and the Insurance Council of Manitoba. Communicating relevant information from our regulators is essential to our commitment.

Regulatory Organizations

Portside Marine Insurance operates under the guidance of the CISRO (Canadian Insurance Services Regulatory Organizations) and RIBO (Registered Insurance Brokers of Ontario).

RIBO is in charge of licensing, ethical conduct, professional standards, and financial responsibilities of independent insurance brokers in Ontario.

CISRO make sure business practices and qualifications for insurance intermediaries across Canada are consistent.

Insurance Council of BC  is appointed by the provincial government to ensure licensed insurance agents, salespeople and adjuster adhere to professional standards of competence, ethical conduct and integrity.

Alberta Insurance Council protects Alberta insurance consumers by ensuring the professional qualification, licensing and regulation of insurance agents, brokers and adjusters.

Insurance Council of Saskatchewan regulates insurance agents, brokers, adjusters and agencies in Saskatchewan.

Insurance Council of Manitoba‘s mandate is to protect Manitoba insurance consumers by regulating licensees, agents, brokers, incidental sellers of insurance (ISI), and adjuster to ensure public protection standards are maintained.

Key Regulatory Documents

Below are some of our key insurance regulatory documents that you can review;

Compensation and Commission

We aim to provide the best insurance value for our clients with excellent service and competitive pricing. Compensation is a part of your insurance premium and allows us to provide personalized service and advocate on your behalf.

Below is a list of insurers we work with and the range of compensation we receive from each:

  • Travelers Canada: 20% *
  • Aviva: 20% *
  • Intact Insurance: 20% *
  • NFP Insurance Brokers: 5%
  • Forward Insurance Managers: 15%
  • Chubb Insurance: 10 – 20%

Insurers recognize Contingent Commission contract

Commission is paid annually for renewals and new business. Any changes to the commission structure or alterations affecting compensation will be communicated to you promptly.

Contingent Commission

Our contingent commission is primarily dependent on the entire book of business profit (loss ratio).

To ensure strong relationships with insurers, we work with them to produce the type of business they desire. The insurers that have an asterisk (*) noted above acknowledge our efforts with a Contingent Commission contract.

Payment of this Contingent Commission may depends on a combination of growth, profitability (loss ratio), retention, volume, and increased services that we provide on behalf of the insurer. Contingent Commission is not guaranteed. For more information on Contingent Commission, please go to the individual insurer’s website.

Referral Fee Disclosure

Depending on the province you reside, the person that referred your boat to us is going to be receiving compensation for that referral (unless you reside in a province where referral fees are prohibited).

The compensation is not tied to the purchase of insurance. The referral compensation is solely for connecting us with you for the opportunity to earn your business. The compensation is $25 per referral and will not be passed on to you as the client.

The person that referred you to us is considered an “unlicensed third party”. They do not have an insurance license and can not engage in insurance activities. The employee from our office that is providing you a quote is licensed to sell insurance.

This disclose is to comply with the Insurance Council of British Columbia’s rules to meet the standards within the Financial Products Disclosure Regulation under the Financial Institutions act. 

For any other inquires please reach out to us at [email protected]