The Frank Cowan Company is an underwriting agent. We have underwriting arrangements with insurance companies to develop and provide a comprehensive insurance program to meet the needs of our clients. We underwrite complete programs.
Currently our underwriting arrangements are with the following insurance companies: Intact Insurance Company (effective January 1, 2021); Temple Insurance Company; Underwriters at Lloyds and The Boiler Inspection and Insurance Company of Canada.
These insurance companies pay us a management fee with the expectation that we will manage our book of business the same way that they would. We provide all of the services that a property and casualty insurance company would with the exception of actually holding the risk. These services include: underwriting; risk management and inspection; claims management and examination; client management; information technology and finance. In essence the insurance companies trust our expertise and knowledge to effectively manage a select book of business.
We believe in the value of an independent insurance broker, who is able to provide appropriate advice and counsel to clients locally. We do not enter into specific contract arrangements with brokers. This allows our products to be accessed by clients in their own locale. We pay a commission for business placed with us through independent insurance brokers. Our commission rates per line of coverage range from 5% up to 15%, depending on the program, the level of service provided and the size of the risk.
Contingent Profit Commissions (CPC)
We do not enter into or pay contingent profit commissions to brokers.
Frank Cowan Company Limited is a member of Intact Financial Corporation.
If you have any questions regarding broker compensation or any other aspect of your insurance please contact us. We are always available and willing to assist you with any questions or concerns you may have.