Transparency in Action
Lott & Gaylor, Inc. derives compensation from your premium payments in the form of commission for the assistance with placement, servicing, claims handling and renewal of your insurance coverage’s. Additionally, it is possible that we may receive contingent payments or allowances from insurers based on factors which are not client specific, such as the performance and or size of an overall book of business that is produced with an insurer. We generally do not know if such a contingent payment will be made by a particular insurer, or the amount of any such contingent payments, until the underwriting year is closed. That compensation is partially derived from your premium dollars, after being combined (or “pooled”) with the premium dollars of other insured’s that have purchased similar types of coverage.
In some cases, we may derive compensation via an agency fee. If an agency fee is charged, it will be listed on the premium summary page, invoice or finance agreement along with the amount of the fee. These fees may in addition to contingency payments, commission payments or any other compensation. This fee may be included in, or in addition to any fee that the broker or wholesaler includes.