FirstUnited Insurance Brokers Limited
 
 
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About Us
 
 

Our Remuneration

The method of remuneration for our services to our clients is either in the form of a proportion of the insurance contract premium (known as the commission or brokerage) or a fee or, by agreement, a combination of both.

We may sometimes in the ordinary course of our business also earn income in a number of other ways by providing services to the market or suppliers we deal with on our clients’ behalf.

The level of our remuneration is determined by the terms of confidential business agreements with them but may be, for example, in the form of management/ administrative expenses allowed to us by insurers to cover our costs in administering Binding Authorities and Lineslips, and similar facilities for them or in the form of volume, growth or profitability payments for the performance of general marketing, product development, systems and processing functions and other such services on their behalf.

We also act as reinsurance brokers, and in that capacity may be instructed by insurers subscribing to an insured’s policy to place reinsurance business on their behalf.  This is a separate contract with the insurer who is responsible for our remuneration.

In the handling of positive premium balances for our clients, or in the process of collecting claims for them, we may earn interest/investment income or benefit from foreign exchange differentials.

 
 
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