Regulatory Disclosures

Mandatory Disclosures

As a RIBO-licensed brokerage, Truly is required to tell you how we operate, how we are paid, and any conflicts that could shape the advice we give. We summarise those disclosures here and re-confirm them in writing at quote, binding and every renewal.

Last updated · June 2026

Our role and duty of care

Truly Insurance is a division of BrokerUnion Insurance Inc., a brokerage licensed by the Registered Insurance Brokers of Ontario (RIBO). As your broker we act on your behalf — not on behalf of any insurance company. We owe you a professional duty to be candid, to recommend coverage that genuinely suits your needs, and to share any information that could reasonably affect a decision to buy, change or renew a policy.

Every new client receives a copy or link to the CISRO Principles of Conduct for Insurance Intermediaries and the Fact Sheet About Your Registered Insurance Broker.
Disclosures are delivered no later than the time of quote and reconfirmed in writing at binding and at each renewal.

Insurers we represent

We hold direct contracts with the major Canadian personal, commercial and life & health insurers. Our active carrier list is available on request. If a specialised or hard-to-place risk requires us to use a single market, a Managing General Agent (MGA), or a non-licensed insurer, we will tell you in writing before you agree to bind.

How we are compensated

Truly is paid by the insurer through a base commission on the premium you pay. Commission rates vary by insurer and product — typically 5%–20% on personal lines and up to 25% on commercial lines.

We may also be eligible for contingent profit commissions: additional payments from an insurer that are not guaranteed and depend on the overall profitability, growth or volume of our entire book of business with that insurer. Contingent commissions are never tied to your individual policy.

Any broker service fee, policy fee or premium-financing fee will be disclosed to you before the service is provided.

Conflicts of interest

Neither Truly, BrokerUnion nor any of its principals hold an ownership interest in an insurance company, MGA or premium-financing company, and no insurer holds an ownership interest in us. If any actual, potential or perceived conflict exists — including network affiliations, referral arrangements, insurer sales incentives, or a new conflict that arises mid-term — we will disclose it to you in writing before you agree to buy or renew.

Sales incentives and third-party interests

If an insurer offers a sales incentive (trip, gift, non-monetary benefit) tied to placing your business with them, or if a third party has a financial interest in your transaction, we will tell you. There is no minimum materiality threshold — if it exists, we disclose it.

Premium financing and referrals

If you choose to finance your premium we will tell you the financing company's name, the interest rate, and any commission or fee we receive. When we refer you to a third-party service (for example, a restoration contractor or legal counsel) and receive a referral fee, that referral fee will be disclosed in writing.

Written confirmation and recordkeeping

At binding, you receive a written summary of the disclosures discussed with you. We retain client records — notes, emails, broker-management-system entries and, where applicable, call recordings — that demonstrate compliance with RIBO's mandatory disclosure rules. You may request a copy of your file at any time.

Complaints

If you are unhappy with our service, please see our Complaints Handling Policy. You may also escalate to the Registered Insurance Brokers of Ontario at 1-800-265-3097 or complaints@ribo.com, and to the General Insurance OmbudService (GIO) at 1-877-225-0446.