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
In arranging insurance for you, we act as an independent intermediary. Our role is to advise you and make the suitable recommendation after we have assessed your needs. In situations where we are able to arrange insurance for you but do not offer advice, we shall confirm the position to you in writing. We will not in any circumstances act as an insurer nor guarantee or warrant the solvency of any insurer.
• Personal Insurances
We select motor and household insurance products from a range of insurers. We only select certain other insurance products e.g. travel and healthcare from a limited number of insurers. You may ask us for a list of the insurers we deal with for these products.
• Commercial Insurances
We select commercial 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. 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 could mean that your claim may be repudiated. 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 are 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.
4. 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
| New Business/Renewals |
£10.00 Minimum |
£25.00 Minimum |
| Mid Term Alterations |
£10.00 Minimum |
£10.00 Minimum |
| Cancellation |
£20.00 Minimum |
£20.00 Minimum |
| Duplicate Documents |
£15.00 |
£Nil |
| Commercial Products £25.00 Minimum |
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. On a return premium, (usually arising if an insurance risk is reduced or a policy cancelled) we have to repay a commission to the insurer and this will be deducted from any premium rebate due to you, subject to our administration of £20.00 as referred to above.
5. 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.
6. 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 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.
7. 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
8. 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.
9. Claims Handling
You should notify us immediately if there is a possibility of a claim under your policy. We may liaise with the insurer on your behalf but you should, in any event, follow the specific claim guidance provided by your insurer in the policy document.
10. 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.
11. Conflict of Interest
If a situation arises where we, clients, 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.
12. 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.
13. 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.