Broker Disclosure

Who we are

PolicyScanner is a branch partner of Fairstar Insurance Group Inc., an insurance brokerage registered with the Registered Insurance Brokers of Ontario. The insurance we arrange for you is placed through Fairstar Insurance Group Inc., and every broker who gives you advice or arranges your insurance is individually licensed by RIBO. You can check a brokerage’s or a broker’s registration on RIBO’s public register.

As registered brokers, we follow the Registered Insurance Brokers Act, its regulations and RIBO’s Code of Conduct, and the Principles of Conduct for Insurance Intermediaries set by Canada’s insurance regulators (CISRO), which require us to put your interests first and treat you fairly.

Whose side we are on

We act for you, not for any insurance company. We work with a number of insurers, compare what they offer for your situation, and recommend the coverage that fits your needs — including, where it is right for you, the lower-cost options. The insurer makes the final decision on whether to cover you and at what price.

A broker’s recommendation is only as good as the information behind it, so please tell us about your circumstances in full, and let us know when they change.

How we are paid

Commission. When we place a policy, the insurer pays us a commission, usually a percentage of your premium, on the policy and on each renewal. Commission rates differ between insurers and types of insurance.

Contingent commission. Some insurers also pay brokerages a bonus based on the business placed with them over a year — for example its volume, growth, retention or claims experience. It is not guaranteed and is not tied to any one policy.

Fees. If we charge a fee for a service, we will tell you the amount and what it is for, and get your agreement, before you are charged.

You can always ask. You have the right to know how we are paid on your policy, and which insurers we represent. Ask us at any time and we will tell you. We also disclose our compensation when you buy a policy, as RIBO requires.

Conflicts of interest

A broker who is paid by insurers has a potential conflict of interest. We manage it by recommending coverage on the basis of your needs, documenting why we recommended it, and telling you about any actual or potential conflict that could affect a recommendation before you decide. If a conflict cannot be managed fairly, we will not act.

How you are protected

RIBO requires every registered brokerage, including Fairstar Insurance Group Inc., to carry errors and omissions insurance and to hold the premiums it collects in trust. If you pay us, rather than the insurer, for a policy, that money is held in the brokerage’s trust account for your insurer.

Making a complaint

We want to hear about it when something goes wrong, and to put it right.

1. Talk to us first. Contact the broker you have been dealing with, or write to our Principal Broker at info@policyscanner.ca, call 1-866-576-7226, or write to PolicyScanner, c/o Fairstar Insurance Group Inc., 104-2020 Winston Park Dr, Oakville, ON L6H 6X7. Tell us what happened and what you would like us to do. We will acknowledge your complaint promptly, look into it fairly, and give you our response in writing.

2. If your complaint is about a broker’s conduct and we have not resolved it, you can complain to the Registered Insurance Brokers of Ontario, which regulates brokers in Ontario.

3. If your complaint is about an insurer — for example, a claim decision — we will help you raise it with the insurer’s complaints officer or ombudsman. If it is still unresolved, you can take it to the General Insurance OmbudService, a free, independent service, and you can report an insurer’s conduct to the Financial Services Regulatory Authority of Ontario.

4. If your complaint is about privacy, see our Privacy Policy.