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PRIVACY POLICY

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LAST UPDATE OF THIS PRIVACY POLICY - October 10, 2017

BEFORE USING OUR SITES, PLEASE READ THIS PRIVACY POLICY CAREFULLY.
 

Magna Insurance Corporation is committed to protecting your privacy and the confidentiality of your personal information. Personal Information, such as the name, address, e-mail address and telephone number of an identifiable individual, that is collected, used or disclosed by Magna Insurance Corporation, will only be done so in accordance with this Privacy Policy. We are responsible for all Personal Information under our control and have designated a Privacy Officer who is responsible for our compliance with our Privacy Policy. We will protect your Personal Information by various physical, technological and organization safeguards. When your Personal Information is no longer needed, security safeguards will also be employed to ensure the safe destruction of your Personal Information.

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We collect, use and disclose Personal Information (including to and from insurance intermediaries) for the following Identified Purposes:

  • Obtaining and submitting insurance quotes and processing insurance policies on your behalf;

  • Establishing and maintaining communication with you;

  • Facilitating and arranging payment of fees and premiums;

  • Overseeing the handling of your claims;

  • Complying with the law or requests of law enforcement agencies or regulators;

  • Detecting and preventing fraud or other illegal activities; and

  • Notifying you of products or services that might interest you.

 

The following actions by you indicate your consent to our existing and future use of your Personal Information for Identified Purposes as set out in our Privacy Policy, until you notify us of your withdrawal of your consent:

  • Your voluntary provision of Personal Information directly to us, for the purpose of transacting an insurance contract;

  • Your express consent or acknowledgement contained within a written, verbal or electronic communication or application process;

  • Your receipt of this Privacy Policy; or

  • Your consent given through your authorized representative such as a legal guardian, agent or holder

  • of power of attorney.

 

You may, upon giving reasonable notice to us, withdraw or vary your consent to the collection, use or disclosure of your Personal Information. In some cases, withdrawing consent for us to collect, use or disclose your Personal Information could mean that we can continue to provide you with insurance services or information. We will inform you of any consequences of withdrawing consent. If you wish to withdraw your consent, please call us a 403-943-0466.

 

POLICY CHANGE

If we alter our Privacy Policy, any change will be posted on this page of our Site so that you are always informed of how personal information is collected, used and the circumstances under which we may disclose it.

 

ACCEPTANCE OF OUR PRIVACY POLICY:

By submitting your personal information, you agree that it will be governed by our Privacy Policy. By using this Site or any other site of this Company, you signify your acceptance of our Privacy Policy and that you adhere to the terms and conditions posted on the Site

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COMPENSATION DISCLOSURE

As your Independent Insurance broker, our goal is to provide you with the best insurance products for coverage, service, and price. Our role is to provide you with personalized service, advice, policy maintenance and to advocate for you when you experience a claim.

Brokerage compensation forms part of your insurance premium. The following outlines the lines of business that we can provide and the range of applicable compensation, as a percentage of the premium, that you pay.

 

Commercial Property / Equipment Breakdown 10% - 20%

Professional Liability 10% - 20% 

Ocean Marine / Cargo 10% - 20%

Surety 10% - 40%  

Fidelity/Crime 10% - 20%

Ocean Marine/Cargo 10% - 20%

Management Liability 10% - 20%       

Umbrella / Excess Liability 7.5% - 20%

 

Commission is paid annually for both new and renewal business and any mid-term policy transaction that incurs additional premium. If there is an increase in the compensation provided by your insurance provider, we will notify you.

 

In addition, Insurers recognize our efforts through a Contingent Commission contract. Payment of this Commission is dependent on a combination of growth, profitability, loss ratio, volume and retention. It is based on our entire portfolio of business with that Insurer and not on individual policies. Contingent Commission is not guaranteed.

 

From time to time, insurance companies may offer incentives to individual brokers, including contest entries, trip and other forms of hospitality. Such sales incentives are typically based on performance criteria established by the insurer. We are committed to providing objective advice to our customers, notwithstanding the receipt of any such incentives. We are primarily concerned with servicing our clients’ best interests.

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If you have any questions regarding this, or any other aspect of your insurance, please contact us. We are happy to answer any of your questions.

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