Fees, Expenses or Other Amounts Payable
Woodward Insurance Brokers LTD does not specifically charge fees, expenses or any other amount for the financial advice provided to you however, we have an invoice fee of $17.25 for each invoice provided by us on fire and general type products. For single vehicle insurance, the invoice fee is $26.45 instead of $17.25.
Fees may be charged for additional services you wish us to provide. These will be mutually agreed on before services are provided. Where brokerage commission is not allocated within a fire and general product we will charge a usual commission normally allocated on that type of product and will be presented as an invoice fee added and combined with the $17.25 invoice fee together.
Conflicts of Interest and Commissions and Other Incentives
We are paid in the form of a commission by the insurance providers about whose polices we give advice and place business. If you decide to buy a life type risk, the insurer will pay a commission to Woodward Insurance Brokers LTD. The commission is based on the amount of the premium paid to the insurer by applying a percentage, but this is built into your insurance premiums.
For Life Type Risk Insurance Products:
- Initial and Bonus Commission – A percentage applied to the value of the first years’ insurance premiums. In the case of bonus commission this may be a percentage applied to the initial commission or premium. This is all built into the premiums paid for the insurances.
- FAP commission – A percentage applied to the initial commission, Bonus or premium.
- Ongoing Commission – A percentage of the value of your premiums following the 1st renewal thereafter, unless as earned commission structure is taken, in this case from day 1. Some insurers may start paying us the ongoing commission at a earlier point.
In regards to fire and general products, we will make and retain a percentage of the company or earthquake premium paid for within the insurance. This is called brokerage commission and is built into your insurance premiums.
For Fire and General Insurance Products:
- Initial Brokerage Commission – A percentage of the value of your insurance premium each year
- If your insurance premiums are paid on frequency (funding) we will be paid a commission.
- Where brokerage commission is not allocated within a fire and general product we will charge a usual commission normally allocated on that type of product and will be presented as an invoice fee added in combination with the $17.25 invoice fee together.
Should any other conflicts of interest be identified or arise, we will contact you and work together with you to find a suitable solution to manage that conflict of interest.