Golden Bee Advisors, LLC is committed to delivering a superior client experience through our customer-centered service model. Golden Bee Advisors, LLC wins and keeps clients by operating with complete integrity. We fulfill that pledge by providing transparent disclosure regarding Golden Bee Advisors, LLC’s sources of income – whether received from insurance companies or third parties – to clients.
Unless applicable law or contractual agreement between Golden Bee Advisors, LLC and insurers states otherwise, any commission that Golden Bee Advisors, LLC is entitled to receive for any placements is fully earned at inception of the insurance program, and Golden Bee Advisors, LLC is entitled to retain such commissions in the event of a midterm cancellation of coverage or a reduction in coverage resulting in a premium adjustment.
Golden Bee Advisors, LLC may receive 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 a client in lieu of, or in addition to, 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 Golden Bee Advisors, LLC has agreed to provide on a client's behalf.
Golden Bee Advisors, LLC 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, intermediaries (which may be affiliated with Golden Bee Advisors, LLC) 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 of a partial or entire book of business Golden Bee Advisors, LLC places with an insurance company, and Golden Bee Advisors, LLC’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, persistency, profitability and/or retention targets set by the insurer. As such, a contingency payment received by Golden Bee Advisors, LLC from an insurer is difficult to tie back to any particular client insurance policy. Additional Compensation in the form of supplemental commission is established at the beginning of each calendar year based on Golden Bee Advisors, LLC’s historical and current performance typically measured using some or all of the same performance factors by which contingency payments are calculated. Golden Bee Advisors, LLC may also receive service fees from insurers for consulting, managing general agency arrangements and/or analytics or administration services specific to an insurer including, without limitation, consulting in the development of insurer sales, product and/or marketing plans to broaden available coverage for Golden Bee Advisors, LLC clients. These service fees are not tied to, dependent on or identified with any particular client or insurance placement.
Please contact your Golden Bee Advisors, LLC representative if you have specific questions regarding the compensation Golden Bee Advisors, LLC receives as it relates to your account.
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