COMPENSATION DISCLOSURE STATEMENT
At Woodruff Sawyer, we place business on our clients’ behalf based upon the breadth and depth of coverage, financial stability of the insurance company, and cost of providing coverage. As your broker, we provide marketing, risk analysis and claim services.
Our primary compensation for the placement and servicing of accounts is insurer commissions, a service fee, or a combination of both. In addition to this primary compensation, we may receive additional revenue from the following areas:
- Additional or supplemental commission payments that can be based upon factors such as profitability, premium volume, retention, and/or growth.
- Interest earned on premiums received from clients and forwarded to the insurer(s) through our bank accounts, as well as premium finance fees.
- Payments to defray the cost of loss control, third party administration and other client services.
Commissions disclosed at the time the policy is written are base commissions as of the effective date of the coverage. If there are service fees to be charged in lieu of or in addition to these commissions, the amount of those fees and the services to be provided will be disclosed to the client in advance.
Standard commission and additional commission paid by the carrier typically change annually and often during a policy’s effective dates due to the market conditions, insurer profitability by line, overall financial performance, and operational efficiency. The amount of actual compensation from the insurer(s) to us for the placement and servicing of a client’s insurance can vary over the term of the policy. Upon written request, we will provide a statement of commissions received at any time throughout the year.
If you have any questions regarding our Compensation Disclosure Statement or would like to receive a statement of commissions received respecting your account, please contact your Woodruff Sawyer account representative.