Compensation Disclosure Statement
Our firm is committed to operating in an open and transparent way.
Powers Craft receives “standard commission” from insurance carriers, which is paid as a specific percentage of premiums, per line of business, and is set by the carrier. Commission rates may vary among insurance carriers and differ between lines of business.
Sometimes our firm will charge a fee instead of, or in addition to, commissions. When this arrangement exists, we disclose this information to clients, including the amount of the fee.
We may also receive additional compensation through supplemental compensation payments from some insurance carriers. Eligibility for, and the amount of, these payments, if any, is based on pre-established thresholds that consider the overall profitability of the business we place with insurers and other factors.
This supplemental compensation is never tied to any individual policyholder, and there is no meaningful method to determine in advance the impact that any particular policy has on these payments. If, in a given year, our firm does not meet the thresholds established by the carriers, we are not eligible for any supplemental payments.
If you would like additional information about any of the compensation we receive in connection with insurance coverage placed or services provided, please contact our office.