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Why You Need A Canadian Broker

Avoid Potential Tax Penalties
In accordance with Canadian Federal and Provincial tax regulation, when you arrange to have a policy issued in Canada for your client’s Canadian subsidiary:

• The policy must be issued by a licensed Canadian insurer
• The premium must be paid by the Canadian subsidiary directly to a licensed Canadian broker who, in turn, must pay the Canadian insurer.

If an unlicensed insurer is used, Provincial tax penalties may be as high as 50% of the premium and an additional Federal tax of 10% of the premium may also be levied

Certificate Issuance
Most contracts require that Certificates of Insurance be issued on Canadian authorized insurance policies only. Your Canadian client will need timely issuance of Certificates to avoid work delays. A Canadian broker will ensure that the appropriate paper is in place to protect your client’s ability to carry on their business.

Local Knowledge
A licensed Canadian broker can ensure that you deal only with licensed Canadian insurers. In Canada, insurance regulations vary from province to province. For example, some Provinces have government-run Auto coverage while others have set coverage minimums. A Canadian broker will be aware of these differences and know how to handle them.

Why Should My Canadian Broker Be HKMB HUB International?

• Experience: We have had a unit dedicated to transacting cross-border business for over 25 years.
• Local knowledge: Our registered brokers can provide advice specific to Canadian requirements and local market conditions.
• Leverage: HUB International is the largest commercial insurance broker in Canada. We have strong underwriting relationships with Canadian markets which can help leverage preferable coverage terms.
• Expertise across all business segments.
• We can market your Canadian risks directly should you prefer.
• Client information is closely held within our Cross-Border Unit.
• Licensed in all Canadian Provinces and Territories.

At your request only, HKMB HUB will provide your client with a direct Canadian broker contact. This can build client confidence in your ability to service international interests.