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Our firm is committed to operating in an open and transparent way.
Powers Craft Parker & Beard receives "standard commission"
from the insurance carrier, 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 in lieu of, or in addition
to, commissions. When this arrangement exists we disclose to our
clients this information, including the amount of the fee.
Powers Craft Parker & Beard may also receive additional compensation
through supplemental compensation payments from some of the 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.
In addition, we also own stock in one insurance company, Chubb,
which we feel has had no material effect on premiums paid by any
client insured by Chubb.
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.
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