The Grenville Mutual Insurance Company has been operating in Eastern Ontario since 1892, making it one of the oldest Insurers in Canada.
Maintaining a close relationship with our member policyholders, Brokers and our exclusive agents is vital to us as a business for two reasons. First, because Grenville is a long-standing grassroots organization owned by its Mutual Policyholders, which means your loyalty helps deliver a mutual benefit. And, also because our new head office is located within our underwriting territory – right where you live.
Grenville Mutual distributes its insurance products in two ways:
Our network of Insurance Brokers throughout Eastern Ontario – Our Brokers are independent businesses, selling for a variety of insurance companies, who have entered into a contractual agreement with Grenville. They agree to provide you with the highest level of service and expertise.
Independent Exclusive Agents – These professionals sell for no other property and casualty company other than Grenville. They work to provide you with the highest level of service and expertise.
In both instances, our compensation policy is the same and very straight forward. We pay the following commission to your Broker or Agent, (based on a percentage of your premium before taxes).
- Farm Property/Liability: 20% Base Commission
- Residential Property/Liability: 20% Base Commission
- Commercial Property/Liability: 20% Base Commission
- Automobile: 12.5% Base Commission
Grenville Mutual also has a compensation agreement with Brokers and Agents called Contingency Profit Commissions (CPC). This is not a guaranteed commission rather one that is only paid if sound and measurable business practices are being followed. Quality of business, and controlled portfolio growth are factors that can effect this commission.
The CPC is paid after the year end results are known, and in the year 2007 amounted to 2.4% of Grenville Mutual’s gross premium income.
Grenville Mutual does not offer any other form of compensation, remuneration, service fees, nor does it hold any equity in any Brokerage or Exclusive Agency that distributes our insurance products.
With prior Board approval Grenville Mutual Insurance may enter into a financing arrangement with a Broker in support of business expansion and internal ownership restructuring. These infrequent financing arrangements are subject to a rate of interest comparable to those offered by the banking sector.
We have a long history serving our Policyholders in Eastern Ontario, and the fact that our Board of Directors comes from our Policyholders ensures that we maintain an exceptional level of accountability.