|Law and Language||This Terms of Business is subject to English Law and the jurisdiction of the English Courts. If you want to alter this to Scottish Law, the Law of Northern Ireland of any other jurisdiction then you must ensure that the rest of this TOBA is acceptable within those jurisdictions. We will use the English language for all communications, the contractual terms and conditions, and any information we are required to supply to you, before and during the duration of the contract.|
|Acceptance||The purpose of this agreement is to set out our professional relationship and detail the services we will provide to you. For your own benefit and protection, you should read all of the information carefully and in particular we would like to draw your attention to the “IMPORTANT INFORMATION” section. If you do not agree to any part of the information, please tell us. We assume that you accept the terms and conditions of this agreement unless we hear from you.|
|The Regulator||The Financial Conduct Authority (FCA) is an independent watchdog that regulates financial services.
The FCA has authorised us to advise, arrange and deal in and assist with the placing and administration of all types of General Insurance policies. Our FCA number is 306670 and you can check our status and permissions at www.fca.gov.uk/register or by contacting the FCA on 08456061234
|Confidentiality and Data Protection||We will exchange the information that you provide to us with insurance companies and other brokers or agents for the purposes of obtaining quotations and arranging cover, this may result in a credit check to confirm your identity and minimise the risk of fraud. We will treat all information as private and confidential, and in strict accordance with the Data Protection Act 1998 (DPA), even when you are no longer a customer and only share information if we are required to do so by law, or regulation.
Under the DPA, you have the right to a copy of any personally identifiable information about you that we hold in our records, you can obtain details by writing to us at the usual address. A nominal charge might apply in providing the information to you.
We will in addition use information for marketing similar products or services by use and carefully selected companies. Contact may include SMS text, post, telephone or e-mail. If you do not want us to use your information in this way, please let us know.
|Our Fees, Commission and Charges||We usually receive a commission from the insurance provider with whom we place your business, and in such a case, the commission will be paid to us either when we are in receipt of cleared funds from you (or the premium finance company, if one has been used) or, when the insurer has received cleared funds from us in respect of the premium due under your policy. The individual agreements we have with each insurer will determine which of the two methods above is used to make this transfer of commission. We also receive commission for arranging finance agreements for the payment of insurance premiums and this is usually expressed as a percentage of the individual loan and is paid to us directly by the premium finance provider. We may also receive a commission or fee for passing introductions to other professional firms.
In addition, we may make the following charges to cover the administration of your insurance:-
Return premiums – No refunds will be made for any sum less than £10 after deduction of our Administration charge. We repay commission to your Insurer and this amount will also be deducted from the sum refunded to you. Our commission is non-refundable All Credit arrangements £21.00 up to £1,200 premium; £36.00 for £1,200-£3,000 premiums; £72 for premiums over £3,000
|Our Service||We can act both as agent of insurer, and on behalf of you, the customer. We have in place management controls to deal with any conflicts of interest that might arise. Unless we advise you otherwise, we are acting on your behalf.
We also act on behalf of insurers when collecting premiums under risk transfer.
We will ask questions to enable us to assess reasonably your insurance requirements, this may include checking information that we already hold about you and your existing arrangements with us and other parties.
We will confirm to you’re the level or service we are providing as part of our sales process.
In all cases our service will include arranging and administering your insurance, including helping you with on-going changes and assisting you if you need to make a claim, or where we outsource claims handling facilities to give you an enhanced service.
If we use the services of another intermediary to place your insurance we will advise you of the name of the intermediary we use and the name of the insurer.
If you mislay your policy at any time, we will arrange a replacement policy document, if you request it.
|Our Selection (Fair Analysis)||We offer products from a wide range or insurance companies.
Our selection usually involves presenting to a reasonable number of insurance companies that will insure for the risk at hand, and this is called a fair analysis of the market.
Sometimes we may only approach two or three insurers and this is limited panel, or in some cases, we may only approach one insurer, in either case, we will tell you the basis as part of our selling process. You can also request a list of the companies that form the Panel we have approached.
|Additional Services||We also provide additional services such as risk management assistance and Health and Safety services. Please note these additional services are not regulated by the Financial Conduct Authority. In addition, these services do not benefit from the protection offered by The Financial Ombudsman Service or the Financial Services Compensation Scheme.|
|Financial Strength||We regularly assess the financial strength of the Insurance Companies and other intermediaries that we deal with. The process usually involves general observation of the financial ratings applied by independent rating agencies such as Standard & Poor’s and A M Best published with other readily available information within industry guides, newsletters and press releases. Whilst we take care to deal with companies that maintain reasonable solvency margins, we cannot guarantee their financial ability to pay claims.|
|Money||We will hold money that you pay to us in accordance with the regulators rules or under a risk transfer agreement with insurers. This will include holding your money in the following way:
A statutory trust client bank account that only allows us to use the money held in trust on behalf of a customer for paying that customers’ premium to an insurance company and to pay premium refunds or claims we receive from the insurance company to the customer, once the premium has been received from that insurance company. We cannot use that customer’s money to pay another customers premium or refund. Also for this reason it is not possible for you to offset the refund against premiums owed on another policy. We do not pay any interest on premiums held by us in the course of arranging and administering your insurance, unless, in the case of the consumer transactions we received more than £20 per transaction, and then we will ask for your permission to retain the interest. Unless you tell us otherwise, you are consenting to us holding your money in this way.
By holding your money this way means that in the event that this firm becomes insolvent your money remain protected.
In arranging your insurance we may employ the services of other intermediaries who are regulated by the FCA and your premium may be passed to these intermediaries for payment to insurers. These firms are also required to hold clients’ money in a separate trust account. We will also inform you if at any time we are required to pass your premiums to firms that operate outside the UK where the protection may be different. Should you not wish us to pass premiums to a firm outside of the UK, please inform us.
|Payment Options||We will provide you with full details of all the payment options available to you when we provide you with your insurance premium.
If you choose to enter in a finance agreement, this will be subject to interest charges that we will confirm to you when providing the full details. Importantly, the arrangement you will enter into will be with the finance company not us. It is an entirely separate contact irrespective of the insurance contract. In the event of your failure to meet with the contractual obligations regarding payment the finance provider could approach the insurer to seek a termination of the insurance contract to recoup their outstanding financial arrears. You will be liable to pay their costs and charges if you do not keep up your repayments and cover is cancelled under your policy. This is because the agreement is between you, the policyholder and the finance company direct, not us the insurer.
Please note that we only use Close Premium Finance or Premium Credit for the provision of premium finance facilities.
|Cancellation||Please contact us if you wish to cancel any policy that we have arranged for you. Customer acting outside their trade profession (consumers) will usually have a legal right to cancel policies for any reason, subject to no claims having occurred, within 14 days of receiving the full terms & conditions. You will always be advised where the Right applies. A charge may apply for the period of cover provided and, in addition, an administration charge will apply as shown in the charges section above, cancellation under this right must be in writing, prior to expiry of the 14-day cancellation period, to our usual office address.|
|Complaints procedure||Our aim is always to provide customers with a first class service; however we are aware that, occasionally it is possible that we may fail to meet your expectations. If for any reason we have not met your expectations, let us know as soon as possible, by calling our main office telephone 02920 702333, or write to Mark Charles, Charles Insurance Consultants Ltd, 29 Hickman Road, Penarth, CF64 2AL or email email@example.com If we are unable to resolve the issue to your satisfaction by the end of the next business day, we will formally investigate the matter. You will receive an acknowledgement of the matter together with a copy of our complaints process promptly and certainly within 5 working days. We will then aim to investigate and provide a resolution as quickly as possible, information you of the position at no later than 4 weeks and a final response no later than 8 weeks.
If you are not happy with our response, or the position after a period of 8 weeks, you may be eligible to refer your complaint to the Financial Ombudsman Service (FOS) for an independent assessment and opinion.
If we are unable to meet our obligations, you maybe be entitled to compensation from the FSCS. If we have advised or arranged insurance for you this will be covered for 90% of a claim, without any upper limit, however compulsory classes of insurance (such as motor insurance) is covered for 100% of a claim.
|Insurance Premium Tax (IPT)||Your premium detailed in the policy will include IPT at the prevailing rate. Should the rate of IPT be amended by the Government, your premium will be amended by the insurer to reflect the change.
Some policies are subject to Value Added Tax (VAT) not IPT and should the rate of VAT be amended by the Government, your premium will be amended by the insurer to reflect the change.
|Termination||You may cancel this agreement with us at any time. You must provide at least 30 days written notice of instructions. We also reserve the right to cancel this agreement at any time. In any event, we will provide you with reasonably sufficient time to re-arrange your insurance and we will notify you of termination in writing with an explanation if appropriate.|
WARNING – CONSUMERS
WHERE THE MAIN PURPOSE OF THE CONTRACT IS FOR PRIVATE USE
Your duty to give information
When applying for or amending your insurance policy, we and / or your insurer will ask a number of questions to assess the risk prior to agreeing cover. It is your
duty to ensure that you answer all questions raised by insurers or us honestly and reasonably. These questions are designed to enable us or the insurer to obtain
a comprehensive picture of the nature of the risk to be insured, and only by asking such questions and receiving answers which are given honestly and with
reasonable care, can we or the insurer be in a position to offer terms which are designed to meet your demands and needs.
This reason why this is vital and extremely important is that if you fail to tell us or the insurer something when asked, or, if you answer carelessly or act
deliberately or recklessly in making misrepresentations when answering questions, your policy may leave you with no insurance protection; insurers may not pay
a part or all of your claim and may cancel your policy. You may find it difficult to re-arrange cover because you did not tell an insurer everything when asked, and
you will have to disclose this fact when you reapply for insurance.
FAILURE TO ANSWER QUESTIONS HONESTLY AND REASONABLY, WHEN ASKED, MAY LEAVE YOU WITH NO COVER AND A CLAIM NOT PAID.
This is the information you previously provided and on which the insurance is based. It is very important that you should check carefully and confirm it remains
accurate and complete. You should contact us if it is incorrect so we can be corrected.
If any information is not complete and accurate, the Insurer may:
- Cancel your policy and refuse to pay any claim; or
- Not pay your claim in full; or
- Increase the premium and/or change any compulsory excess; or
- Reduce the level of cover
EXAMPLES OF WHAT YOU NEED TO TELL US AT RENEWAL
For Motor – “Have any of the following changed since you took the policy out? If so you must tell us immediately.
The people insured or to be insured?
You or their motoring convictions (driving license endorsements, fixed penalties or pending prosecutions for any motoring offences)?
Your or their criminal convictions?
Your vehicle, including modifications?
Your occupation, including part-time or unpaid work?
Who is nor the most frequent user or driver
Claims or accidents you haven’t told us about (even if not your fault)?
Any change in the way that the vehicle is used (for example you are now using it for business)?”
For Household – “Have any of the following changed since you took the policy out? If so you must tell us immediately.
Alteration, extensions or renovations to your property?
An increase in the value of your contents or the property beyond what is cover by this policy (see schedule or statement of fact)?
If your property is now let or used for business purpose?
If your property is to be unoccupied for any continuous period (exceeding 30 days)?
If any member of the household of any person to be insured on this policy has been charged with, or convicted of a criminal offence (other than a
WARNING – COMMERCIAL CUSTOMERS ( OR WHERE THE MAIN PURPOSE OF A CONSUMER CONTRACT IS NOT FOR PRIVATE USE)
Your duty to give information
IT IS IMPORTANT THAT YOU UNDERSTAND YOUR DUTY TO PROVIDE ALL MATERIALLY IMPORTANT INFORMATION, FULLY, COMPLETELY AND ACCURATELY TO US AND YOUR INSURERS NOT ONLY WHEN YOU TAKE OUT YOUR INSURANCE, BUT ALSO THROUGHOUT THE LIFE OF YOUR ARRANGEMENT, AT THE ANNUAL RENEWAL OR AT ANY OTHER TIME WHEN CHANGES OCCUR.
Materially important information is any information that could influence an insurer’s decision to accept your risk including the cost of your insurance. For
example, details of previous insurance claims that you have made, or reported. Personal information about you, such as Criminal Convictions (you have a duty to
give this information even when the insurance relates to a business and not you). General information about the risk, such as the construction of a building, (for
example, concrete floor, timber frame with brick, stone, and a slate roof) if you are not sure how much information to provide or do not understand the question
This reason why this is vital and extremely important is that if you fail to tell us something, your policy will leave you with no insurance protection; insurers will
not pay any claims and will cancel your policy. You will find it difficult to re-arrange cover because you did not tell an insurer everything, and you will have to
disclose this fact when you reapply for insurance.
FAILURE TO DISCLOSE THESE FACTS MAY LEAVE YOU WITH NO COVER AND A CLAIM NOT PAID.
Warranties and Conditions Precedent
Your policy contains a number of WARRANTIES and CONDITIONS PRECEDENT. These are horrible terms which you must comply with word for word, otherwise the insurer might not pay any claims and might cancel your policy from the start. Even if there is no connection between a breach of these terms and the cause of the loss.
Failure to comply with these terms may leave you with no insurance cover and your claim not being paid!
An insurance warranty is not a good thing, it does not mean that it is a guarantee of something; it typically means that you must comply with terms in order that
your insurance protection remains operative.
Conditions Precedent: Some conditions do impose a responsibility on you to have done something or completed something before a certain section of the policy
will operate. If you do not do the thing stated, cover will not be in place.
FAILURE TO COMPLY MAY LEAVE YOU WITH NO COVER AND A CLAIM NOT PAID.
Warranties are not always referred to as such within a policy and schedule. They may be referred to as conditions, endorsements, special terms as well as
It is important that you look out for these and if you have any doubt about a particular statement, please ask us for advice.
FAILURE TO COMPLY WITH THESE MAY LEAVE YOU WITHOUT ANY COVER IN THE EVENT OF A CLAIM AND THE CLAIM MAY NOT BE PAID.