As a licensed insurance brokerage in Ontario, Elkove Inc. is regulated by the Registered Insurance Brokers of Ontario (RIBO). We are committed to acting with integrity, professionalism, and transparency in every client interaction.
In accordance with RIBO’s Code of Conduct and disclosure requirements, we provide the following information to help you make informed decisions about your insurance.
1. Duty of Care
We adhere to the CISRO Principles of Conduct for Insurance Intermediaries, which outline the professional standards expected of all insurance brokers in Canada.
You can also review the RIBO Fact Sheet About Your Registered Insurance Broker for more information about the role of insurance brokers and your rights as a client in Ontario.
2. Compensation & Commissions
Our brokerage is primarily compensated through a commission paid by the insurance companies whose products we place on your behalf. The commission percentage varies by insurer and type of policy.
In some cases, we may also receive contingent or profit-based compensation, referral fees, or other incentives. Full details of any applicable compensation arrangements will be disclosed to you in writing at the time of quotation and again at renewal if changes occur. You can also find this information under the Broker Compensation section.
3. Third-Party Financial Interests
Elkove is an independent insurance brokerage. We do not have any ownership interest in, nor are we financially tied to, any insurance or other company. Our recommendations are not influenced by insurer ownership or financial arrangements, and are based solely on the products and markets available to meet your insurance needs.
We will disclose to you if any insurance company, holding company, or other affiliate with which we place business holds a financial interest in our brokerage. This ensures you are aware of any potential conflicts of interest.
4. Sales Incentives
If there are any sales incentives offered by insurers or affiliates that may influence our product recommendations, we will clearly disclose these to you.
5. Other Relationships & Arrangements
We are committed to transparency regarding any of the following situations:
- Exclusive arrangements with a specific insurer
- Membership in an insurance network or brokerage group
- Offering or arranging premium financing
- Placing risk with insurers not licensed in Ontario
- Payment or receipt of referral fees
If applicable, these relationships will be explained to you before you purchase coverage.
6. Timing & Record-Keeping
We provide all disclosures before you agree to purchase insurance and in writing so they are clear and easily understood. Our brokerage maintains thorough records of these communications as required by RIBO.
Our Commitment to You
At Elkove, our clients’ interests come first. We are committed to professionalism, transparency, and ethical conduct in every step of the insurance process. If you have any questions about our Code of Conduct or disclosures, please contact us at 416-979-3434.
BROKER COMPENSATION
Our role is to provide you with the best insurance value that combines coverage, service and price. We also provide personalized, quality service that includes professional insurance advice, ongoing policy maintenance and claims support. When any issue arises regarding your insurance coverage, we are your advocate, using our professional experience to best represent your individual interest.
Our compensation is included in your insurance premium. For the services that we provide, we primarily receive commissions and contingency amounts paid by insurance companies or other insurance intermediaries. Where agreed in advance, we may also be compensated by specific service fees paid by clients or third parties. Additionally, an insurer may also charge their own underwriting fee. If you are being charged a fee over and above the premium, we must disclose this to you in advance of your insurance transaction.
Commission – Commission is normally calculated as a percentage of the premium paid to the insurer. The insurer pays us the commission amount for the services that we provide to our clients. Our commission is included in the premium that you pay. It is paid to us on the effective date of the insurance policy.
Click here for our commission rates, which varies by line of business.
Contingent Commission – In order for us to maintain strong relationships with quality insurers, we work with each to provide the type of business they desire. Payment of this Contingent Commission depends on a combination of growth, profitability (loss ratio), volume, retention and increased services that we provide on behalf of the Insurer. Contingent Commission is not guaranteed. Not all companies offer contingent commissions. Please note that contingent commissions are not paid at the account or policy level. For more information on contingent commissions, please go to the individual company’s website.
Fees Paid by Clients – In certain circumstances, involving complex insurance solutions and requiring additional resources, products or services, a fee may be negotiated for additional services. Fees charged will be outlined in a proposal and approved by the client in advance.
Other Compensation and Benefits – We may receive compensation or other monetary benefits from insurers in other ways, including participation in promotions, sales incentives to individual brokers such as nominal gift cards, financial support for marketing or employee training, interest paid to us by financial institutions earned on fiduciary or trust accounts in which we hold your premium payments until they are sent to the insurance company, and fees paid to us for additional services that we provide such as claims adjudication.