Morton Insurance & Risk Management receives compensation in a number of ways, including: (1) commissions paid by an insurer, calculated as a percentage of premiums, or (2) negotiated fees paid by the client in lieu of commissions. These commissions or fees received are for the placement/renewal of a client’s insurance/risk management program, day-to-day servicing, risk control services and/or other services Morton has agreed to provide on a client’s behalf.
Morton may also be eligible to receive other forms of compensation such as incentive or contingency payments or bonuses and/or supplemental commissions from insurance companies or other third parties as a result of being an insurance broker (collectively, “Additional Compensation”). Contingency payments or bonuses are based on the overall performance the entire book of business Morton places, and Morton’s eligibility and the amount of any such compensation may vary depending on the line of business and a number of “contingent” factors related to future performance such as overall premium volume, premium growth year-over-year, profitability and/or retention targets set by the carrier. Additional Compensation in the form of supplemental commission is established at the beginning of each calendar year based on Morton’s historical and current performance typically measured using some or all of the same performance factors by which contingency payments are calculated.
Please contact your Morton representative if you have specific questions regarding the compensation Morton receives as it relates to your account.