Question: How does your company put forward a proposal for a strata insurance policy based on last year’s premium from a competitor without full knowledge of the commission structure or even if there was any commission in the policy?
Answer: Any quotes we submit clearly spells out how we arrange our quotes.
We don’t put forward proposals for last year’s premiums. So, how we will put proposals forward is very simple. If they are available, insurers first seek to get quotes from the market. The second option that is available, and that I do talk to my clients about, is that there are certain insurers that will reserve to the holding broker.
Firstly, obviously, the holding insurer will do that, and there are some insurers that will only quote one broker at a time. We can still provide clients an indication of what our pricing would be for those policies if they provide us with a copy of the quotes that they’ve received from those companies. Any quotes we submit, obviously, clearly spells out how we arrange our quotes.
This post appears in the August 2021 edition of The NSW Strata Magazine.
Tyrone Shandiman Strata Insurance Solutions E: tshandiman@iaa.net.au P: 07 3899 5129
This information is of a general nature only and neither represents nor is intended to be personal advice on any particular matter. Shandit Pty Ltd T/as Strata Insurance Solutions strongly suggests that no person should act specifically on the basis of the information in this document, but should obtain appropriate professional advice based on their own personal circumstances. Shandit Pty Ltd T/As Strata Insurance Solutions is a Corporate Authorised Representative (No. 404246) of Insurance Advisernet Australia AFSL No 240549, ABN 15 003 886 687.