Hello All. I am very green to the P&C sector. I decided to make a change after a long career in large scale construction management. I have recently become a producer for a local agency focusing solely on surety bonding, and builders risk products. I have read hours of articles online, and understand that a number of factors play into producer compensation, but I have a few questions below that I would love some feedback on. Again, I am very new, and just want to learn so any information is appreciated.
- What is the average percent paid to the agency on a construction payment/performance bond & a builders risk product?
- What is the average percent paid to the producer (not the owner) of an agency on a construction payment/performance bond & a builders risk policy? I know this varies, but what would everyone consider reasonable?
- I always see that the producer gets X% on a qualifying bond. What constitutes a qualifying bond vs. non-qualifying?
I know the compensation questions probably get old to some , but I would love to hear everyone’s thoughts on the below. I have exhausted all efforts short of cold calling other producers to ask.
- What is the average percent paid to the agency on a construction payment/performance bond & a builders risk product?
- What is the average percent paid to the producer (not the owner) of an agency on a construction payment/performance bond & a builders risk policy? I know this varies, but what would everyone consider reasonable?
- I always see that the producer gets X% on a qualifying bond. What constitutes a qualifying bond vs. non-qualifying?
I know the compensation questions probably get old to some , but I would love to hear everyone’s thoughts on the below. I have exhausted all efforts short of cold calling other producers to ask.
