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GENERAL INSURANCE TERMS OF BUSINESS AND INITIAL DISCLOSURE DOCUMENT (v28) - NOT INVESTMENT BUSINESS
Please read this document carefully because it sets out the terms on which we act for you and it gives details of our Regulatory and Statutory responsibilities to you.
We are authorised and regulated by the Financial Conduct Authority (FCA) and are bound by their rules. You can check this on the FCA register by contacting them on 0800 111 6768 or visiting their website www.fca.gov.uk/register. This authority gives us permission for us to act as an Insurance Intermediary and provide advice regarding General Insurance Products. We act on your behalf to deal and arrange General Insurance products.
Advice and a personal recommendation will be given to you after assessing your needs and carrying out a fair and personal analysis of the market. We shall:
* select products from a range of insurers for retail and commercial clients.
* only deal with products from DAS for motor legal expenses cover.
* only deal with products from Jackson Lee Underwriting for GAP Insurance.
* We always act on your behalf unless we tell you differently.
Our income is derived from commission, brokerage or other remuneration paid by the insurers or fees that will be agreed with you before proceeding. The commission received is a percentage of the total annual premium. You are entitled at any time to request information regarding any commission which we may have received as a result of placing your insurance business.
An administration fee will be applied to all renewal premiums: £15.00 for personal policies, £20.00 for commercial policies where the premium is below £500 and £25.00 for commercial policies where the premium exceeds £500. Furthermore an administration charge will be made for all mid-term adjustments: £6.00 for personal lines increasing to £12.00 for commercial policies.
Should a policy be cancelled mid-term we will refund the return premium when received from the insurer, subject to a deduction of commission repayable to the insurer. The actual amount of the deduction will be advised to you at the time.
We will give you enough information and help so that you can make an informed decision before you make a final commitment to buy your insurance policy. However, you will have 14 days to change your mind and cancel the insurance contract from the date you receive the policy documentation. A charge may be made for the time the policy was in force.
Listening to our Clients
If you have a complaint about the advice you receive or a product you have bought, please contact the Compliance Officer at 5 Sycamore Court, Birmingham Road, Coventry CV5 9BA. If following our subsequent investigation and response you are still not satisfied you may contact the Financial Ombudsman Service. Their website is http://www.financial-ombudsman.org.uk/ and contact details are 0300 1239 123. Their address is Financial Ombudsman Service, Exchange Tower, London, EH14 9SR.
You are protected by the Financial Services Compensation Scheme and may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of any claim. Full details are available upon request at any time from this office. Eligible complainants are covered for 90% of the claim with no upper limit for non-compulsory classes of insurance. For compulsory classes of insurance the cover is for 100% of the claim.
Commercial Customers Only
Definition of and Disclosure of a Material Fact
Any fact which may influence the judgement of a prudent underwriter in deciding whether to accept a risk and if so, at what rate of premium.
You must disclose any material circumstances at inception, renewal and during the currency of your Insurance Contract. If you are aware of any circumstances that may affect an insurer's assessment of the risk, you should let us know as soon as possible. If in doubt as to whether a circumstance is material or not, please contact us to discuss the matter. The consequences of not disclosing material circumstances are that your policy may not be valid and so claims would not be paid.
Insurance Act 2015 - Commercial Customers Only
It is your responsibility under the Insurance Act of 2015 to provide a fair presentation of the insurance risk based on you conducting a reasonable search for information. This requires you to obtain information from senior managers within your organisation or other parties to which the insurance relates or who carry out outsourced functions for your business. You must disclose every material circumstance which you know or ought to know or failing that disclose sufficient information to put your insurer on notice that it needs to make futher enquiries. You must ensure that any information you provide is correct to the best of your knowledge and representations that you make in expectation or belief must be in good faith. If you fail to make a fair presentation of the risk this may result in additional terms or warranties being applied from inception of the policy or any claim payments being proportionately reduced. In some cases this could result in your policy being declared void by an insurer and your premiums returned. Any deliberate or reckless breach of the duty of fair presentation could result in your policy being declared void by an insurer with no refund of premium.
Material Facts (Consumers)
You must take reasonable care not to make misrepresentation when answering underwriting questions. You should answer questions carefully and accurately. If you fail to exercise reasonable care Insurers may not pay a claim.
If you need to make a claim you should contact us as soon as possible and we will advise you of the procedures to be followed. In assisting you with your claim we will act with due care, skill and diligence and avoid conflicts of interest. If there is a conflict of interest we will advise you in writing and seek your authority to continue to act for you.
The FCA has authorised us to hold your money and money from insurers in a Non-Statutory Trust Account and this needs your informed consent. That permission imposes additional requirements upon our capital and systems for your protection. Our bankers are Barclays Bank plc at PO Box 2, 25 High Street, Coventry, CV1 5QZ. Your consent to this arrangement will be assumed unless you withdraw it. Your money will either be held in our capacity as agent of the insurer or alternatively as client money in these accounts to protect your interest.
We act as a Credit Broker in order to offer credit facilities. You may spread payments through your Insurers or use Close Premium Finance, a third party finance provider. Assessing your application will incluse credit searches to make decisions about you and prevent money laundering. You should consider your ability to make payments before entering into such agreements. You can obviously obtaincredit frm your own sources.
Interest on Client Money
No interest will be paid to retail clients upon single transactions unless it exceeds £20 after 25 working days at the standard rate offered by Barclays Bank plc for deposits at call.
Transferring Your Money to Third Parties
Your policy may be arranged directly with an insurer or through another intermediary, each of whom will be authorised and regulated by the FCA. This will require the transfer of your money to those other parties and your consent to this will be assumed unless you withdraw it.
Data Protection (GDPR)
You agree that:
*All information supplied, together with any other information held about you, can be stored on computer and/or paper files. We will use your information to quote, arrange, amend or renew your insurance and also to deal with any claims that may arise. We are committed to protecting your data at all times.
*Please refer to our Privacy Notice on this website or call this office and ask for a paper copy.
Termination of Authority
You can withdraw our authority to act for you at any time without penalty, but you will be liable for any transaction effected or charges due before that final instruction is received.
Released 24th April 2018 Registered Number: 303778