CyberMax Protects’s Business Practices

CyberMax Protects, A Division of Granite Professional Insurance Brokers, Inc. does business with multiple insurance companies and can offer you a variety of options. As a result, we can assist you in securing the combination of coverage, price, and service that best fit your needs. Compensation is paid by the insurance company for our services. This disclosure notice is intended to identify the various methods by which we are compensated and how these compensation methods are determined.

Risk Purchasing Group Fees

As a participant in a Risk Purchasing Group (RPG), you benefit from collective purchasing power that provides access to specialized insurance coverage and competitive pricing. In connection with your enrollment, we disclose the following information regarding fees and compensation.

A Risk Purchasing Fee is collected monthly. This fee is not a premium charge and is non-refundable. The fee compensates for administrative, the cost of insurance, technology and development, cyber security services and resources, regulatory, and operational costs associated with maintaining and managing the Risk Purchasing Group. The fee is retained in full. By purchasing coverage through the Risk Purchasing Group, you acknowledge and consent to this compensation arrangement.

Commission

We are compensated on a commission basis by the insurance company that writes your insurance. This commission percentage is set by the company, not by us, and is included as a part of the insurance premium you pay.

Contingents

The Company may also be eligible to receive various forms of incentive compensation, including contingent commissions and other awards and bonuses. This incentive compensation is based upon a variety of factors that may include the volume, growth, profitability, and retention of business we place, or other performance measures established by the individual insurance companies with whom we do business.

We assure every client and every prospective client that our decisions with respect to placement of your insurance have always been guided by the best interests of our clients.