Transparency Policy
At Park Insurance, we believe our customers deserve to be treated professionally and ethically. It is also our philosophy that insurance process should be transparent and that each customer is entitled to know:
- Who we work for
- How we get paid
- How we get you the best value for the coverage you need.
Who We Work For
The choice of coverage that you are given, the price you pay for that coverage and the fairness of the claims resolution are all dependent upon who you buy your insurance from.
Park Insurance is an independent broker, which is a good thing. It means that we are not tied to any one insurance company. We can shop around to get you the best value for your money—appropriate coverage at competitive prices. It also means we can be strong advocates on your behalf when it comes time to settle a claim.
So, as an independent broker, we work for you—not the big banks, not an insurance company, and not a direct seller. For a more detailed discussion on the value of buying insurance from independent brokers, please see Why Use a Broker
How We Get Paid
We get paid primarily through the commissions we make on the insurance policies that we sell. These commissions, in turn pays for our staff, rent on our offices, telephones, computers, and our own business insurance. Independent brokers do not set the prices of insurance policies, nor do they set their commission levels. In addition, commissions are earned over the term of the policy. If the policy is cancelled before the end of its term, the policyholder receives a refund, and the brokerage only receives remuneration for the earned portion.
A second, but less important way we earn our income is through contingent commissions. Contingent commissions are paid to brokers by insurance companies for achieving agreed upon business objectives, which result in a profitable performance for both parties over a specific period of time. It is important to note that contingent commissions are not guaranteed. Rather, they are based upon the quality and the value of the entire group of clients that the broker places with an insurance company.
In all cases, professional brokers focus on buying insurance from an insurance company who combines product, service and price. The fact that an independent broker works for his/her clients and therefore “shops the market” for pricing and value from a number of different insurance companies, ensures that consumers get the best insurance value for their money. Independent insurance brokers know that this is the best way to serve their clients and develop lasting business relationships with them.
How We Get You The Best Value For Your Money
Park Insurance has been an independent broker for over 50 years—since we began. Therefore, we work for you and not for any insurance company. (This cannot be said of most agencies and direct sellers.) We can and do shop at any number of insurance companies so that you always get the best coverage at the right price. In this way, neither the commissions we receive from each policy, nor the possibility of a contingent commission on a group of policies, influences where we shop for your insurance.
So once again, our independence serves to protect you from overpaying for your coverage, because we have no financial ties with any insurance company.
We are proud of our family’s business and we like to talk about the hard work that has gone into it and what it has taken to make it a success. So, we would be pleased to tell you a little about our history and explain how our business practices have always put our customers first. Please contact us at .
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