Terms of Business
1. Disclosure Information & Terms of Business (“Terms”)
In these Terms references to “we” or “us” are to the company whose details are set out in the covering letter that accompanies these Terms. We recommend that you carefully read these Terms that will apply to the services that we will provide.
2. Who are we regulated by?
The Financial Conduct Authority (“FCA”) is the independent watchdog that regulates financial services. We are authorised and regulated by the FCA and you can check this by visiting the FCA’s website www.fca.org.uk/register or by contacting the FCA on 0800 111 6768.
Permitted Business: Our permitted activities are: arranging (bringing about) deals in non-investment insurance contracts; making arrangements with a view to transactions in non-investment insurance contracts; dealing as agent in non-investment insurance contracts.
3. Are we covered by the Financial Services Compensation Scheme (“FSCS”)?
Yes. You may be entitled to compensation from the scheme if we cannot meet our obligations, depending on the type of customer you are and, in the case of a business, the size of that business and the circumstances of the claim. Insurance advising and arranging is covered for 100% of the first £2,000 and 90% of the remainder of the claim, without any upper limit.
For compulsory classes of insurance, insurance advising and arranging is covered for 100% of any claim, without upper limit. Further information about compensation scheme arrangements is available from the FSCS.
Our objective is to provide a high standard of service to you at all times. However we recognise that things can go wrong occasionally and if this occurs we are committed to resolving matters promptly and fairly. If you wish to register a complaint please contact us:
- in writing, to the Managing Director at the address shown on the website or communication that accompanies this document, and/or;
- by telephone, using the number shown on the website or communication that accompanies this document, and/or;
- in person, at the address shown on the website or communication that accompanies this document.
In all cases please quote your policy number or other reference we have given you. If you cannot settle your complaint with us you may be entitled to refer it to the Financial Ombudsman Service.
5. Which insurance companies do we deal with?
We will use a range of relevant insurance companies for the type of insurance for which you have supplied details, the names of which you will be supplied with at the time of quotation.
6. Our Service
We are an insurance intermediary acting on behalf of a range of insurers in arranging your insurance cover. The responses you supply to questions may narrow down the selection of products that we will be able to provide details on. You will then need to make your own choice about how to proceed. You will not receive advice or a recommendation from us.
7. The fees we charge for our services
Insurance companies and other third parties pay us commission for arranging your insurance with or through them. We will also usually charge a fee for our services (typically when you buy or renew a policy) but you will always be informed of any such charge before you purchase a policy. Our fees are non-refundable even if you cancel your policy. All fees are exclusive of any applicable tax that may be levied from time to time.
8. Refund of premiums
This can occur where, for example, the risk covered by your policy is reduced or the policy itself is cancelled. We will not issue any return of premium which is less than £10 per policy. However, we may set off refunded premiums (including refunded premiums of less than £10) against any mid-term adjustment or cancellation charge which we may make during the term of your policy. This paragraph does not affect any cancellation/refund rights which Retail customers may have pursuant to paragraph 10 below.
9. Your legal duty to disclose information to us and insurance companies
It is your responsibility to provide complete and accurate information to us and/or insurers when you take out your insurance policy, throughout the life of the policy and when you renew it. It is important you ensure that all statements you make on the statement of fact, claim forms and other documentation are full and accurate. Please note that if you fail to disclose any material information or change of circumstances to us and/or insurers, this could invalidate your insurance cover and could mean that part or all of a claim may not be paid. We strongly recommend that the information provided is checked thoroughly prior to submission and that you keep a record of all correspondence supplied in relation to the arrangement of your insurance cover.
Please also note that any renewal of insurance will be made in reliance upon the information provided by you in connection with your previous insurance policy – we will assume that such information remains correct unless you tell us otherwise.
10. Cancellation Rights
You have 14 days to cancel your policy with effect from the later of: (a) the day you receive the full terms and conditions of your policy, or; (b) the day the policy is sold – but in either case this does not apply to policies of less than one month’s duration, or single-trip travel policies. Please note that the above is by way of general guidance only – cancellation rights vary and you must make specific reference to your policy documentation if you are considering cancelling your policy. To exercise your right of cancellation, you should contact us either by telephone or by letter within the time limits set out in your policy documentation.
If you exercise your right to cancel your policy within the 14 day cancellation period you will be charged for the period during which you were temporarily covered, and other charges may be applied to cover the insurer’s and our costs in arranging the cancelled policy. Where cancellation occurs in any other circumstances (such as after the expiry of the 14 day cancellation period), we reserve the right to charge you for the commission we would have received had the policy remained in force for the full term, together with any fee we may have charged when we sold or renewed your policy.
11. Our right to set off monies you owe us
We shall be entitled (but not obliged) without notice to you to set off any amounts due to us from you against any amounts which we may receive on your behalf (such as refunded premiums and other sums).
12. Information on our remuneration
In addition to commission and administration fees, depending on the services which you have asked us to perform we may earn referral fees from third parties which are incidental to the insurance which you have asked us to arrange. Such payments may be derived from a number of incidental activities including arranging premium financing, legal expenses cover and uninsured loss recovery services and will be retained by us. In limited circumstances additional amounts may also be paid to us by third parties where compensation for a personal injury claim is obtained or where a hire car is arranged following an accident. In each case we will retain these payments.
During the course of our appointment we may hold certain monies on your behalf. This may include premiums to be paid to insurers, commissions derived from your insurance and other sums. Interest and investment returns which are derived from such sums whilst temporarily held on your or your insurer’s behalf will belong to and be retained by us in addition to any other remuneration which we may earn in connection with the services which you have asked us to perform.
13. Insurer Solvency
Whilst we will endeavour to place business with insurers who demonstrate an adequate level of financial solvency, and although their regulator requires them to maintain a minimum level of capital, we cannot guarantee the solvency of any insurer.
14. Notification of incidents
It is essential that you notify your insurer immediately of all incidents or allegations that may result in a claim against your insurance policy. You must do so whether you believe you are liable or not. Any failure to do so may result in your insurer refusing to accept a claim. Any letter or other communication making allegations which could give rise to a claim which is received by you from any third party must be passed to us immediately, without acknowledgment. Only by providing prompt notification of incidents can your insurance company take steps to protect your interests.
15. How to make a claim
If you wish to report a claim or potential claim, your insurance documents will provide details as to how to make a claim and who to contact. Please quote your policy number or other reference we have given you. Alternatively, please call the number shown on the website or communication that accompanies this document.
16. Your insurance policy(ies)
As and when we feel it appropriate we may review your policy and look to enhance and/or extend the cover offered.
17. Terms of Payment
In the absence of any alternative terms which we agree with you in writing our payment terms are as follows:
- new policies – full payment of premium and fees on or before the inception date of the policy;
- mid-term adjustments to existing policies – full payment of any additional premium and fees on or before the effective date of the change;
- renewals – full payment of premium and fees prior to the renewal date.
We normally accept payment by debit card or credit card (full details available on request). Time shall be of the essence, both as regards times, dates and periods specified in this paragraph and as to any times, dates or periods which we may agree can be substituted for any of them. In the event that you fail to pay any premium and/or fees when due insurers may cancel your policy from the inception/renewal date and reject any claims thereunder.
The acceptance by us of any payment from you does not constitute acceptance of any risk. Accordingly you should not assume that insurance cover is in place until you have received written confirmation of cover in the form of a cover note, policy certificate or equivalent.
18. Important Information Relating to Renewal of Policies
Prior to the expiry of your policy where your insurer will be inviting a renewal we will endeavour to send you details of the cost and terms to renew your policy. In order to protect your interests relating to the risks/property you have insured, and in the event that we do not receive your instructions and payment prior to the date of renewal, we reserve the right (but shall have no obligation) to renew your policy and to continue to accept payment from you unless and until you specifically notify us in writing that you wish to cancel your policy. In circumstances where we have assumed (in the absence of instructions to the contrary) that renewal is required you may be liable to make payment to us and/or your insurance company.
19. How we hold your money
The insurance companies we deal with have agreed to deem any premiums that you pay to us as having been received directly by themselves. This improves your protection against financial loss in the event of our insolvency. By accepting these terms you consent to the way we will hold your premium (and/or other insurance related money) in accordance with this paragraph.
20. Confidentiality and Data Protection
All information about you of a sensitive or personal nature will be treated as private and confidential. We will however use and disclose the information we have about you in the course of arranging, placing and administering your insurance. This may involve passing information about you to insurers, other intermediaries, risk management assessors, uninsured loss recovery agencies and other third parties involved (directly or indirectly) in your insurance.
We may also pass information about you to credit reference agencies and premium finance providers in connection with the assessment of your financial standing generally and, in particular, where you have requested a premium instalment plan – this may include details of your payment record with us.
We may also pass information about you to other companies which are in or are associated with our group. We or they may also use the information we hold about you to provide you with information on other products and services we or they can offer and which we or they feel may be of interest to you. If you do not wish to receive marketing information from us or them, or for us to disclose information about you to other parties for marketing purposes, please contact us immediately.
In the interests of security and to improve our service, telephone calls you make to us may be monitored and/or recorded.
21. No Waiver and Amendments
A failure at any time by us to enforce any right or obligation shall not be deemed to be a continuing waiver of such right or obligation. No amendment or variation of these Terms requested by you shall be valid unless confirmed in writing by our duly authorised officer or employee. We reserve the right to amend these Terms at any time during our appointment (including for the avoidance of doubt during the term of your insurance) by giving you not less than 7 days’ notice. We may freely assign or delegate all or any part of these Terms and/or the services to any third party.
22. Prior Agreements and Acceptance
These Terms supersede all proposals, prior discussions and representations (whether oral or written) between us relating to the arranging and administration of your insurance. These Terms constitute an offer by us to accept your instructions in the arranging and administration of your insurance – in the absence of any specific acceptance communicated to us by you (whether verbal or written) you are deemed to accept our offer on the basis of these Terms by conduct upon your instructing us to arrange or renew your insurance.
23. Governing Laws
These Terms are governed by and construed in accordance with the Laws of England and Wales and the parties submit to the exclusive jurisdiction of the Courts of England and Wales.