- Coordinating loss control surveys where appropriate
3. Compensation Disclosure
The selected Broker shall fully disclose all forms of compensation related to the County’s insurance program.
Compensation may include:
- Annual brokerage fee paid by the County.
- Commissions paid by insurers.
- Combination of fees and commissions.
Proposals must clearly identify:
- Annual service fees (if applicable)
- Commission percentages by coverage line
- Any administrative or consulting fees
- Any compensation received from insurers or intermediaries related to the County’s policies
The County reserves the right to require compensation to be structured as:
- Fee-only brokerage services, or
- Commission-only brokerage services; or
- A hybrid structure
Invoices for fees must clearly identify the services provided and shall be subject to County approval.
4. Contingent or Incentive Compensation
The Broker must disclose whether it receives any contingent, supplemental, or bonus commissions for insurers or intermediaries.
Such compensation may be based on factor including:
- Total premium volume
- Growth or retention rates
- Claims loss ratios
- Overall book performance
Upon request, the Broker must provide the County with information describing the nature and source of any such compensation.