Disclosures Agreement


Our clients and prospective clients are entitled to any information about our business relationships that pertain to a transaction or recommendation we may furnish to you. Any material perception of influence over our decision-making process around placing, or recommending to place, a contract of insurance on your behalf needs to be disclosed.


PLATFORM Insurance Management Inc. (PLATFORM) provides insurance brokerage and other insurance-related services to you, our client. Our compensation may take the form of commissions (typically as a percentage of the premium), client fees (paid either instead of or in addition to commissions), third party fees and contingency commissions paid to us by insurers which we describe below in greater detail.

Commission Income is the amount of the premium retained by PLATFORM as compensation for originating, determining with you the amount & scope of coverage, and servicing your insurance policy throughout the policy term. Commissions may range from 7.5% to 30%, depending on the type of insurance policy or surety contract provided. Commission percentages for each type of coverage are typically consistent among most insurance companies but may vary due to a variety of factors from time to time.

Contingency Commissions are amounts of money that may be paid to PLATFORM, usually annually, relating to PLATFORM’s ability to achieve certain business metrics established between the insurer and PLATFORM. Contingency Commissions vary from insurer to insurer but are typically aligned to securing new customers, renewing existing customers, and maintaining a profitable relationship. There is no practical method in which PLATFORM can forecast what any contingent commission amount may be as a function of any one client in any given year. No PLATFORM employee is compensated as a direct function of any contingent commission PLATFORM may receive.

Fee Income from time to time, typically on large, complex insurance programs over multiple jurisdictions, PLATFORM may negotiate a fee with a client rather than earn a commission (as described above). The fee is usually a function of the level of services and resources determined between the client and PLATFORM. Occasionally, PLATFORM may negotiate both a fee and earn a commission for placing insurance on a client’s behalf. As a rule, the commission amount and the fee amount will be disclosed to you before you instruct us to place insurance coverage on your behalf.

Other Income PLATFORM provides other services to our clients through third-party service providers where we are paid or reimbursed fees. Clients who pay by credit card, for example, incur up to 2.5% of the amount charged as an additional fee (which is remitted to the credit card company). Where PLATFORM arranges premium financing, the premium finance provider may pay us a percentage of the interest as an origination fee.



PLATFORM transacts with dozens of insurance companies on our client’s behalf. From time to time, PLATFORM and/or its shareholders may secure financing in the form of loans to assist and enable PLATFORM’s perpetuation, development and growth. Insurer-provided financing may contain incentives, similar to the contingent commissions disclosed above, that align the terms of the loan to certain business metrics established between PLATFORM and the insurer-financing provider. There is no practical method in which PLATFORM can forecast what any insurer-finance impact may be as a function of any one client at any given time.

PLATFORM is licensed as an agent by the Insurance Corporation of British Columbia (ICBC) with respect to the placement of insurance in British Columbia in accordance with the Insurance (Motor Vehicle) Act. PLATFORM has no financial interest in ICBC and ICBC has no financial interest in PLATFORM. PLATFORM is remunerated by ICBC by way of a commission (as discussed above), and/or by way of a fee paid by you for services rendered.


The majority of PLATFORM’s parent company shareholders are also the majority shareholders of RAISE Underwriting Limited (“RAISE”), a wholesale insurance broker and Managing General Agent (“MGA”) whose clients are primarily other insurance brokers, including PLATFORM. PLATFORM engages RAISE (and other non-owned wholesale brokers and MGAs) to place insurance contracts on PLATFORM clients’ behalf when coverage is either not available or where terms are otherwise unfavourable with insurance companies. Wholesale Insurance commissions earned by RAISE range from 2.5% to 10% of the premium. In the circumstance where PLATFORM places a contract of insurance through RAISE, both PLATFORM and RAISE earn commission income. RAISE may also charge a policy fee in addition to any commission which varies in order to bring the aggregate of the commission and fee earned by RAISE to between 7.5% and 10% of the premium.

The majority of PLATFORM’s parent company shareholders are also indirect owners and/or have a financial interest in BOXX Underwriting Inc. (“BOXX”). BOXX is a specialty cyber-insurance wholesale & direct-to- market insurance broker PLATFORM engages to place cyber insurance and related products on behalf of PLATFORM’s clients.


Additional information regarding any disclosure or conflict of interest concern may be directed either to PLATFORM’s CEO, Charles Quenneville (cquenneville@platforminsurance.com) or to PLATFORM’s Chairman, T. Neil Morrison (nmorrison@platforminsurance.com).