insurewise Terms and Conditions of Business
1. Regulation
Insurewise Ltd is authorised and regulated by the Financial Services Authority (FSA). Our permitted business is advising, arranging, dealing as agents and assisting in the administration and performance of general insurance contract. Our FSA register number is 310275 and you may check this on the FSA’s register by visiting the FSA’s website at, www.fsa.gov.uk/register or by contacting the FSA on 0845 6061234.
2. Our Service
Our Role and Service
As independent insurance brokers we act as the agent of our client. We are subject to the law of agency, which imposes various duties on us. However, in certain circumstances we may act for and owe duties of care to other parties. We will advise you when these circumstances occur so you will be aware of any possible conflict of interest.
Our service includes:
• Advising you and making a recommendation to you after we have assessed your needs. This will include the type of cover you seek together with the costs; where required you will be provided with a statement of your demands and needs prior to the conclusion of the contract.
• Preparing market presentations and negotiating the most appropriate terms.
• Arranging cover to meet your specific requirements.
• Preparing documentation where this is our responsibility.
• Checking the accuracy of those policies received from your insurers relating specifically to our placement.
• Notifying your insurers of any alteration(s) to an insurance policy we have placed on your behalf, that you have instructed us to make.
• Maintaining contact with you during each year of insurance to ensure your Insurance Programme continuously reflects your needs.
• Discussing your renewal requirements.
• Implementing an appropriate claims recording system to meet your requirements.
• Upon notification from you, promptly process claims or record circumstances that might result in a claim where the Insurer has not taken that responsibility.
• Reviewing claims with you and your Insurers.
We will not in any circumstances act as an insurer nor guarantee or warrant the solvency of any insurer.
In Commercial Cases we select insurance products from a range of insurers but for certain products we may only deal with a single insurer or select from a limited number of insurers. You may ask us for a list of the insurers we deal with for these products.
3. Quotations
Unless otherwise agreed, any quotation given by us will remain available for acceptance for a period of thirty (30) days from the date of issue of the quotation
4. Your Responsibilities
You are responsible for providing complete and accurate information which insurers require in connection with any proposal for insurance cover. This is particularly important before taking out a policy and at renewal but it also applies throughout the life of a policy.
If you fail to disclose any material fact or other information material to the insurance this could invalidate the policy and mean that may not be paid. You should check all details on any proposal form, demands and needs and suitability statement, claim forms and pay particular attention to any declaration you may be asked to sign.
You should inform us immediately of any changes in circumstances that may effect the services provided by us or the cover provided by your policy.
You are advised to keep copies of any documentation sent to us or direct to your insurer.
When we request information from you we will expect a response from you within 10 working days. If you are unable to do this we expect you’re to advise us at the earliest opportunity so that your actions can be agreed with us. Failure to respond within this time may result in us making additional administration charges and/or this may effect the terms of your policy.
If you are unsure about any aspect please contact us for guidance.
5. Our Charges
We normally receive a commission from the insurer or product provider and make charges for handling your insurances as follows:
A fee in respect of
| |
Retail |
Commercial |
| New Business/Renewals |
£10.00 Minimum |
£25.00 Minimum |
| Term Alterations |
£10.00 Minimum |
£10.00 Minimum |
| Cancellation |
£20.00 Minimum |
£20.00 Minimum |
| Duplicate Documents |
£15.00 |
£ Nil |
Any other fees charged will be notified to you in writing.
Some insurers may make additional payments to us reflecting the aggregate income and/or profitability of their overall account with us. We will provide you with written details of any payments of the types described if you ask us to do so.
Full payment of premium and fees is due before cover commences, or as otherwise stated under terms of credit or in the debit note, invoice or statement issued to you.
Commission and fees are earned for the policy period and we reserve the right to retain all or part of any commission earned on any premium subsequently returned.
6. Payment of Premiums
We normally accept payment by cash, guaranteed cheque or most major credit cards.
You may be able to spread your payments through insurer’s instalment schemes, a credit scheme with a third party finance provider or facility we have arranged ourselves. We will give you full information about your payment options when we discuss your insurance in detail.
We may keep documents, such as your insurance policy documents or certificate of insurance, whilst we are awaiting full details of your insurance cover and will provide you with any documents that you are required to have by law.
7. Handling Client Money and/or Insurer Money
Our financial arrangements with most insurance companies are on a “risk transfer” basis, which means that we hold premiums and refunds due to a client on behalf of the insurance undertaking concerned and under a risk transfer agreement. Such monies are deemed to be held by the insurer(s) with which your insurance is arranged. If risk transfer does not apply such monies will be held by us in a statutory trust account set up in accordance with FSA rules. Interest on Premiums Any monies held in a statutory trust account may earn interest. We are entitled to keep the interest received as you are deemed to provide your informed consent by accepting these terms and conditions of business.
8. Disclosure of Commission
Prior to the conclusion of each insurance contract upon renewal, we will remind you of your right to be advised of the level of commission which we receive from underwriters.
You are entitled, at anytime, to request information regarding any commission which we may have as a result of placing your insurance
9. Complaints and Compensation
We aim to provide you with a high level of customer service at all times but if you are not satisfied please contact us:
| In writing: |
Mr Neil R McCulloch |
| |
Managing Director |
| |
Insurewise Limited |
| |
Balfour House |
| |
1110 Lincoln Road |
| |
Peterborough |
| |
PE4 6BP |
| |
|
| By Phone: |
(01733) 325555 |
| By Fax: |
(01733) 325444 |
| By E-Mail: |
neil@insurewise.co.uk |
If you are still not satisfied, you may be entitled to refer the matter to the Financial Ombudsman Services (except in the case of a business with a group annual turnover of £1 million or more, a charity with an annual income of £1 million or more or trustees of a trust with a net asset value of £1 million or more).
We are covered by the Financial Services Compensation Scheme (FSCS). You 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 the claim. Insurance advising and arranging is covered for 100% of the first £2000 and 90% of the remainder of the claim without upper limit. Further information about the compensation scheme is available from FSCS on (020) 7892 7300 or www.fscs.org.uk.
10. Claims Handling
Where we are to handle claims we will do so fairly and promptly and will keep you informed of progress. Your claim will be dealt with by a designated claims administrator. Unless otherwise agreed, or because market practice determines otherwise, we will provide our claims handling services during the policy period for the policies placed by us. Our claims handling services include, upon receiving the required information from you, the notification of the claim or circumstances to Insurers, representing you in the resolution of the claim and arranging the collection and/or settlement of the claim in accordance with market practice and your policy terms and conditions.
Where claims are to be dealt with by you with Insurers directly we will provide advice and support as requested.
Once insurers have agreed a claim and the funds have been collected, we will arrange settlement to you. However, we will not remit claims monies to you before we have received them from Insurers.
In the event that an Insurer becomes insolvent or delays making settlement, we do not accept liability for any unpaid amounts.
11. Cancellation of Insurance
You should make a request for the cancellation of a policy in writing and any relevant certificate of insurance should be returned to us or to the insurer concerned. We shall be entitled to charge fees for our services in respect of cancellation as set out in paragraph 4 above. The terms of your policy may also allow insurers to retain premium in full or to charge short-period premiums in the event of cancellation.
12. Conflict of Interest
If a situation arises where we, your, insurers or products providers have a potential conflict of interest with business being transacted for you, we will write to you and obtain your consent before we carry out your instructions and detail the steps we will take to ensure fair treatment.
13. Termination of the Mediation Contract (the agreement between you and us)
The Mediation Contract is the agreement between you and us in for the insurance mediation services that we provide to you in respect of your insurance requirements.
You may terminate the mediation contract with 14 days notice or as otherwise agreed without penalty. Notice must be given in writing and will take effect from the date of the receipt. Termination is without prejudice to any transactions already initiated, which will be completed according to these terms of business, unless otherwise agreed in writing. You will be liable to pay for any transactions or adjustments effective prior to termination and we will be entitled to retain any and all fees or commission payable in relation to policies placed by us prior to the date of termination.
We may also terminate the mediation contract with 7 days notice or as otherwise agreed by writing to you at the last known address we have on our file for you. Such notice shall be sent to you by recorded delivery.
14. Confidentiality of Personal Data
We will process personal information we obtain in the course of providing our services to you in accordance with the Data Protection Act 1998. In administering your insurance it will be necessary for us to pass such information to insurers and other product service providers. We may also disclose details to relevant parties, as necessary to comply with regulatory or legal requirements. We will not otherwise use or disclose the personal information we hold without your consent.
Some of the details you may be asked to give, such as information about offences or medical conditions, are defined by the Act as sensitive personal data. By giving us such information you signify your consent to it being processed by us in arranging and administrating your insurances.
Subject to certain exceptions, you will be entitled to have access to your personal and sensitive data for which you may be charged a fee. If at any time you wish us to cease processing any of the personal data or sensitive personal data we hold, or to cease contacting you about products and services, please write to Mr Neil R McCulloch, Managing Director, Insurewise Ltd, Balfour House, 1110 Lincoln Road, Peterborough, Cambs, PE4 6BP.
15. Credit Checks
We deal with various Insurers who do credit checks. We and they may keep a record of the search. Information held about you by these agencies may be linked to records relating to other people living at the same address with whom you are financially linked. These records will also be taken into account in credit and fraud prevention checks. Information from your application and payment details of your account will be recorded with one or more of these agencies and may be shared with other organisations to help make credit and insurance decisions about you and members of your household with whom you are financially linked and for debt collection and fraud prevention. This includes those who have moved house and who have missed payments. If you provide false or inaccurate information to us and we suspect fraud, we will record this and may share it with other people and organisations. We,and other credit and insurance organisations, may also use technology to detect and prevent fraud.
16. Notes
These Terms of Business do not affect your normal legal rights
YOU ARE DEEMED TO HAVE ACCEPTED THESE TERMS OF BUSINESS AND GIVE YOUR CONSENT FOR US TO OPERATE IN THE WAYS DESCRIBED UNLESS YOU ADVISE US OTHERWISE IN WRITING WITHIN 10 DAYS OF EITHER YOUR POLICY INCEPTION DATE OR RENEWAL DATE.