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Compensation Disclosure Statement
You are a highly valued customer of the James G. Parker Insurance Group. Our staff takes pride in the services we provide for you. As one of the top 100 largest insurance agencies in the nation we are able to act as either an independent insurance agent or an insurance broker. Because of this, we have relationships with many insurance companies and insurance wholesalers. As a result, in most cases, we are able to offer you a variety of coverage choices, and a customized plan to meet your unique needs.
In most instances, our firm is paid a commission, which is fixed or based on a percentage of the premium that you pay for the policy. This commission percentage is set by the insurance company, not by us, and is included as a part of the insurance premium you pay.
Our firm may also be eligible for various forms of incentive compensation including contingent commissions, and other awards or bonuses. Incentive compensation is based upon a variety of factors that may include; the level of premium written, retention, growth, overall profitability, or other performance measures established by the insurers with whom we do business. Any such compensation is factored into the overhead of the insurer and does not otherwise have an impact on the price you pay for insurance.
When we place a policy with an insurer it is usually impossible to know whether or not that policy will or will not contribute to our potential eligibility for future compensation from the insurer. Also, any additional or incentive compensation we receive from the insurer is paid to the firm and not to the individual employee of the firm who is working with you to obtain the insurance products or services you have requested.
In some instances when we act as an insurance broker, the commissions paid by either the insurer or insurance wholesaler are inadequate to cover the cost of the services we provide. In these cases we charge a separate itemized fee. Our agency also offers for a fee, other services such as claims management, safety services, OSHA compliance assistance, human resource consulting, etc. When you select these additional services we will itemize and disclose all such fees.
The James G. Parker Insurance Group works with a variety of competing insurance companies and insurance wholesalers. We attempt to obtain quotes from those insurers and insurance wholesalers that we believe to be the best suited for your company's needs based on the requirements you provide us. We will communicate to you all quotes we receive on your behalf. Please remember, however, that YOU are ultimately responsible for determining which insurance company you want to underwrite your policy, what coverages you need, and the amount of insurance you need.
We are happy to provide you with additional details about our services, our relationship with your insurance company, or our compensation. If you would like more information about our compensation or have any other questions, please contact us. Thank you for selecting the James G. Parker Insurance Group as your insurance representative.
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