There are many factors affecting your insurance costs. For there to be some reduction achieved in your costs then one or more of these areas need to be affected. Past Losses are, of course, fixed; but your current exposure & your market representation are areas where we can help.
We do more than just place insurance for you…
- Financial Strength – We monitor insurer status with rating agencies and review available financial information.
- Appetite – Ongoing communication with insurers to ensure we are fully aware of their growth strategies and strategic initiatives.
- Consistency – including commitment to class as well as to the Canadian marketplace.
- Insurance Companies – We have direct access to all the major Property & Casualty insurers in Canada and many in the U.S.
- Sureties – We have experience working with both contract & guarantee bonding.
- Alternative Risk Transfers – We have utilized captives, fronting companies, excess & self-insured retention programs for our customers with non-standard needs and exposures.
- Employee Group Home & Auto Programs – We have over 25 years of experience as employee group insurance provider and bring a real benefit to employees at no cost to the employer.
- Scope of Coverage, Limitations and Exclusions – We have the education, training and experience to fully comprehend the implications of policy language.
- Innovation – New approaches for unique situations.
- Rating Stability – Future planning can ensure that our customers are insulated from extremes in the rating cycles.
- 24 Hours Service – Because that’s when claims happen.
- Monitor and Follow-up on all claims to confirm that they are settled fairly and promptly, and you are kept informed of the adjustment process.
- Management of the Claims Process – Close monitoring and review of reserves.
- Review & Analysis of claims history.
- Risk Assessment – We review with our client the processes, production machinery, EDP and other assets that expose them to a financial loss.
- Loss Control – Recommendations are made to either eliminate, reduce or transfer the impact of the exposure.
- Driver Record Review – We order & review motor vehicle licensing records for our client’s drivers.
- CVOR – We can assist in management and compliance issues.
- Contract Review for Insurance Implications – We analyze in detail contractual agreements that may expose our clients to risk.
- Third Party Insurance Certificate Review – To protect your insurance from inadequate or absent insurance or alternatives in place by your business partners.
- Strategic Approach to Market Place – Positioning our clients to maximize their desirability as customers, to the insurers.
- NEER Report Review – Your Workers Compensation costs can be affected by rating errors or higher than necessary claims costs. An analysis of your current NEER report can uncover unwarranted overpayments or surcharges, amounts that can be recovered. Let us arrange for a review of your current Workers’ Compensation situation to potentially identify problems that are costing you financially.
Excise Tax Liability
- The Excise Tax Act deems every corporation conducting business in Canada to be a resident and subject to the Act. There is a 10% Premium tax on insurance premiums for risks in Canada that applies only when insurance is placed either: through non-resident broker or agent or with insurance company not authorized by federal or provincial authorities.
- This includes those insured on master controlled programs where a non-Canadian parent company purchases insurance for a Canadian subsidiary. The insurance buyer, including international corporations, must file an excise tax return with Revenue Canada (form B243E) and remit the federal excise tax by April 30th each year. Penalties for failure to submit could include overdue tax; interest for current and prior years; disallowal of premiums as tax deductions. There are, in addition, Provincial taxes due. In Ontario the Provincial tax on insurance premium is 8% and applies to all but Auto premiums.