In accordance with Provision 4.58A of the Consumer Protection Code 2012 all intermediaries are required to make available a summary of the details of all arrangements for any fee, commission, other reward or remuneration paid or provided to the intermediary which it has agreed with product producers.
The purpose of this summary is to declare the fees, commission and if relevant other rewards or remuneration which is receivable and which Specialist Underwriting Services Ltd pays to our brokers/intermediaries.
Commissions/remuneration payable to our brokers
The income of the Firm is commission allowed from the GWP by the regulated Insurer on behalf of which we underwrite and distribute. That commission is split between the Firm and the clients appointed broker.
The agreed rates of commission to the producing broker per product is as follows;
Restaurant/Cafes/Gastro Pubs 15%
Shop 15%
Property Owners 15%
Commercial Combined 10%
Fees
The Firm on occasion charges an administration Fee up to a maximum of €750
Commission/remuneration to the firm
The Insurer product producers allow commission on Gross Written Premium (GWP). The commission on a transaction or policy is variable. We share the commission with the Policyholders appointed broker (the Producing broker) which is typically 15%
Profit commission (payable retrospectively on successful underwriting results)
The firm may also earn an additional payment known as profit share. This is payable retrospectively by the Insurer, several years after the close of the business year (allowing for development of claims after the Period of Insurance), in the event that the Underwriting performance is better than anticipated.
This will not be shared with producing brokers and no conflict of interest shall so arise. This profit commission when payable may adjust the firm’s earnings on a sliding scale to a maximum upside of an additional 1-2% of commission on GWP. This income is highly conditional and is typically payable 24-36 months after the close of the Underwriting Year, and subject to repayment on subsequent deterioration of results on the Underwriting Year on which it is payable.