A recent article posted by the BC Government addressed rising insurance costs for strata owners.
In the article there is reference to “end[ing] the practice of referral fees between insurers or insurance brokers and property managers or other third parties”.
Does The Wynford Group Receive “Referral Fees”? No.
The Wynford Group does not receive “referral fees”, kickbacks, or any other remuneration related to placing insurance on behalf of our clients. Furthermore, Wynford does not receive referral fees from any 3rd party vendor, and we intentionally remain at arm’s-length from all service providers. As Agents working on behalf of our clients, this is intentional, and it is critical we have zero conflicts of interest.
Below you will find confirmation letters from the major insurance brokers (CMW, Hub, and BFL), verifying that Wynford does not receive referral fees for placing insurance on behalf of our clients.
Transparency and disclosure of remuneration is not only a requirement of the Real Estate Services Act, but is also essential to earning trust from our clients. This trust has helped us build our reputation in the industry over the past 35+ years, a reputation we are proud of!
We hope that this article is the first of many as the government takes steps to address rising insurance costs.