Suracy and/or Suracy Faith is Suracy Insurance Agency, Inc. (“Suracy”), a licensed insurance producer (CA Lic. No. 0L47868). Suracy generally acts as an insurance producer, but it may also act as an insurance intermediary in the limited instances/markets where it uses the services of another insurance intermediary, wholesaler or similar entity.


This material is for informational purposes only and is not legal or business advice. Neither Suracy, nor any of its subsidiaries or affiliates, represents or warrants that the information contained herein is appropriate or suitable for any specific business or legal purpose. Readers seeking resolution of specific questions should consult their business and/or legal advisors.


Individual coverage may vary and may not be available in all states. In the event of a conflict with the material herein, the terms and conditions of any issued policy will control. Claim examples are general, may or may not be based on actual claims, and are for illustrative purposes only. Any available coverage for a claim will be determined based on the facts and circumstances of the claim as well as the terms and conditions of the policy, including any applicable exclusions or deductibles.


Suracy typically seeks to place coverage first with an insurer for which it is an agent and goes to the wholesale market as an insurance intermediary when coverage cannot be reasonably obtained through a company it represents. For these transactions, Suracy generally receives compensation in the following manners:


• Standard/Base Commission: Suracy normally receives a standard or base commission for the sale and service of policies. This is a fixed percentage of the policy premium or a fixed amount per policy, generally set prior to the effective date of the policy to which it applies. The percentage or amount may vary depending on certain factors, such as the type of product, the risk classification, whether the policy is new or a renewal, and the services provided to the policyholder.


• Contingent Commission: Some insurers also have annual contingent commission plans. These annual contingent commissions are based on the performance of the total business Suracy places with insurers offering such commissions during the prior year. These contingent commissions are typically based on Suracy’s volume of business with the insurer and the loss experience (profitability) the insurer has on that business.


• Other Income: In instances where clients pay Suracy for insurance policies (instead of by directly to the insurer), Suracy may receive interest accruing on amounts held for payment to insurers. In addition, the agency may also charge interest on past-due amounts owed by agency-bill clients. Insurers may have incentive-based contests, programs, or other compensation where they reward agencies for achieving sales objectives.


These rewards may include invitations to company sales conventions or other incentive trips. Insurers may also provide agencies with other benefits such as entertainment, tickets to sporting events, travel, gifts, branded merchandise, and attendance at corporate-sponsored meetings, including transportation, accommodations, and meals. Some insurance companies also provide may also provide Suracy with modest sales support services, including marketing materials, etc.

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