DPI Bros. Consumer Terms of Business Agreement
This document details our service and our arrangements for dealing with your insurance. Please read it carefully and retain a copy for your records. The English language will be used 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 and this agreement shall be subject to English Law
The Financial Conduct Authority The Financial Conduct Authority is the independent watchdog that regulates financial services. DPI Bros. Limited is authorised and regulated by the Financial Conduct Authority. Our FCA Register number is 607299. You can check our status at https://register.fca.org.uk or by contacting the FCA on 0800 111 6768. Our permitted business includes advising, arranging, dealing in and assisting with the placing & administration of General Insurance policies.

How we treat information you give to us

We will treat all your personal information as private and confidential to us and anyone else involved in the normal course of arranging and administering your insurance, even when you are no longer a customer. We will not give anyone else any personal information except on your instructions or authority, or where we are required to do so by law, or by virtue of our regulatory requirements. We may use information we hold about you to provide information to you about other products and services, which we feel may be appropriate to you. Under the Data Protection Act 1998 you have the right to see personal information about you that we hold in our records. If you have any queries, please write to us at our usual office address.

Our service to you and the products we offer

We are an independent insurance intermediary, who acts on our customers’ behalf in arranging insurance. Our services include: advising you on your insurance needs; arranging your insurance cover with insurers to meet your requirements; and helping you with any ongoing changes you have to make. We usually offer advice from a selected amount of insurers, based on the markets we hold and the perceived suitability for the risk offered.

That stated we do not carry out what is called a “fair analysis” of the market, and nor are we contractually obliged to select products in this way, however, under certain circumstances we may only deal with a limited panel, or single insurer and we will notify you when this applies. We may choose to seek other markets via third parties including other brokers to offer insurance policies or services we cannot supply directly.

We will look to make recommendations to help guide you to the suitability of the insurance contracts offered, once we have considered your requirements. There may be times when we cannot match your exact requirements. Should this be the case, this will be explained and we will look to provide you with information to make an informed decision regards your insurance requirements. Our advice will be confirmed in a demands & needs and suitability statement, giving reasons for our recommendation. In respect of Legal Expenses/Motor Breakdown and policies purchased on our website, you will not receive advice or a recommendation from us and you will then need to make your own choice about how to proceed.

Reporting Claims: As part of our service, we will assist you with any claim you need to make and tell you what your responsibilities are in relation to making claims. All incidents which could lead to a claim must be reported as soon as practicable. Your insurer’s claims contact number is shown in your policy.

Information on Payment Options and How we will treat Payments You make to Us

We normally accept payment by cheque, bacs or Visa, MasterCard credit/debit cards. You may be able to spread your payments through insurers’ instalment schemes or a credit scheme, which we have arranged with an established insurance premium finance provider, however rates and acceptance may be subject to a credit check. We will give you full information about your payment options and the appropriate finance agreement when we discuss your insurance in detail. Under the terms of our agreements with the Insurance companies with whom we place business, we receive premiums you pay to us as Agent of the Insurer. We do not pay any interest on premiums held by us in the course of arranging and administering your insurance.

Our fees and charges for providing our services to you

We usually receive a commission from the insurer with whom we place your business and, in addition, we make the following charges to cover the administration of your insurance:

Arranging new policies£35.00
Mid term adjustments & Renewals£25.00
Replacement/duplicate certificates or cover notes£25.00
Mid-term cancellations and other refunds are refunded NET of commission and we may, in addition, charge an administration fee of£25.00
Additional Payment Charges: Personal Credit Cards & Business Debit Cards there is up to a 2% additional Charge or 3% if paying by Business Credit
Personal lines/Retail policies cancelled during the ‘Right to Cancel’ period will be subject to an administration charge of £25.00 in addition to the premium charged by the insurer for the period of cover provided.

Occasionally we may arrange a policy on which we earn no commission and in these cases we will advise you of the arrangement fee before you take the policy out. We may also make additional charges specific to the arrangement and servicing of certain policies, but these will always be advised to you in advance.

How you can complain

Our aim is to provide a first class service, however, if you wish to register a complaint, please contact us by writing to Mr I Evans, DPI Bros. Limited, 25 Knowsley Street, Bury, Greater Manchester BL9 0ST, phone on 0161 763 5277 or Email at complaints@dpi-insurance.co.uk

If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service, for an independent assessment. The FOS Consumer Helpline is on 0800 023 4567 and their address is: Financial Ombudsman Service, Exchange Tower, London E14 9SR Their website is at: http://www.financial-ombudsman.org.uk/ or, if your complaint relates to a policy sold online or via email can register the complaint using the European Online Dispute Resolution platform at http://ec.europa.eu/consumers/odr/

Premium finance facilities and service

The Financial Services Compensation Scheme (FSCS): We are covered by the Financial Services Compensation Scheme (FSCS). Insurance advising and arranging is covered for 90% of the claim, without an upper limit. For compulsory insurances (for example, motor insurance and employers’ liability insurance), insurance advising and arranging is covered for 100% of the claim, without an upper limit. Further information about compensation scheme arrangements is available from the FSCS.

We are authorised as Credit Brokers and may use insurance and finance providers who will conduct a credit check, which will be recorded on your credit record. Please contact us if you do NOT consent to a credit check being undertaken, however this may affect our ability to offer instalment facilities to you. In relation to the provision of credit, we offer only the facilities provided by Insurers, or those of Close Premium Finance from whom we may receive a commission. We will not offer you any advice on premium finance facilities available through us and you will need to decide yourself on the suitability of any credit agreement offered.

Please Note: Your policy cover will cease if you fail to keep up payments on an instalment agreement or premium finance facility related to it and your credit rating may be affected. In entering into a credit agreement to pay your insurance premium, you give the finance provider the legal Right to cancel your insurance policy on your behalf in the event that you default on the loan, and offset any refunded premium against the outstanding amount owed to them. This means that if you default on your payment terms and the finance provider requests that we cancel your policy, we will do so as your agent.

Your responsibility to provide information

You must take reasonable care to answer all questions honestly and to the best of your knowledge, and if you volunteer any other information, you must ensure that the information is not misleading. If any information that you have provided to us changes before you take out your insurance, during the life of the policy or at renewal, you must inform us of the change. If you deliberately, recklessly or carelessly misrepresent any information in relation to this insurance then your policy may be cancelled without refund, or treated as if it never existed, or your claim rejected or not fully paid.

Your right to cancel

You have a legal right to cancel your policy or credit agreement for any reason, subject to no claims having occurred, within 14 days of receiving the full terms & conditions. You will always be advised where this Right applies. A charge will apply for the period of cover provided and, in addition, we make an administration charge as detailed above. If you cancel a credit agreement you will need to repay any sums provided in full. If you cancel after the 14 days has elapsed, short-period cancellation rates apply.

If you wish to cancel a policy you must advise us in writing, prior to expiry of the 14-day cancellation period, to our usual office address.

DPI Bros. Limited Commercial Terms of Business Agreement

Contents

1. Regulatory Information and Our Terms of Business

In these Terms reference to “we” or “us” are DPI Bros. Limited and trading names including DPI Insurance. We ask you to read carefully these Terms in regards to our appointment as your insurance broker and the services provided. From this and any associated documents we ask you to decide if the services we offer suit your needs.

2. Who are DPI Bros. Limited regulated by?

DPI Bros. Limited is authorised and regulated by the Financial Conduct Authority (FCA), registration number 607299.

This can be confirmed by visiting the FCA’s web site https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000NMgdIAAT or by contacting the FCA on 0800 111 6768. Our permitted activities are recommending insurance policies, arranging insurance cover, dealing as an agent and assisting with the administration and performance of policies – all in connection with General Insurance. DPI Bros. Limited 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 you are and the circumstances of the claim. For compulsory classes of insurance (such as third party motor insurance), pure protection, professional indemnity insurance or general insurance claims arising from the death or incapacity of the policyholder owing to injury, sickness or infirmity, advising and arranging is covered for 100% of any claim, without upper limit. For other classes, insurance advising and arranging is covered for 90% of the claim, without any upper limit.

Further information about compensation arrangements is available from the Financial Services Compensation Scheme www.fscs.org.uk/ or Call 0800 111 6768 (Freephone) or 020 7741 4100 from the UK.

3. Our Services

We are an independent insurance intermediary, who acts on our customers’ behalf in arranging insurance and except in limited circumstances (which we will make you aware of if they arise) act on your behalf as your agent in arranging your insurance cover. Our services include: advising you on your insurance needs; arranging your insurance cover with insurers to meet your requirements; and helping you with any ongoing changes you have to make and help you should you need to make a claim.

We will look to make recommendations to help guide you to the suitability of the insurance contracts offered, once we have considered your requirements. There may be times when we cannot match your exact requirements. Should this be the case, this will be explained and we will look to provide you with information to make an informed decision regards your insurance requirements.

We will explain the main features of the products and services that we offer to you including details of the insurer, the cover they are prepared to offer, and details of any unusual restrictions, exclusions, conditions or obligations you must meet (for Commercial Customers this will include where an insurer has opted out of the Insurance Act 2015).

We will also assist in administering your insurance policies. We do not usually assist in the recovery of uninsured losses after a motor claim where you are not at fault but, where possible we may provide you with an option to purchase this service from a third party provider.

4. How we Select the Providers of the Products and Services we recommend

Commercial Customers should go to the New Business / Renewal documentation provided for information on how we have selected the product providers in your individual circumstances.

We select insurers based on the markets we hold and the perceived suitability for the risk offered. We do not carry out what is called a “fair analysis” of the market, nor are we contractually obliged to select products in this way. Sometimes we will decide (for administrative ease, or to obtain improved commercial terms or economies of scale) to use only a single insurer for a particular type of product and these can be advised upon request. If we are aware that an insurer does not carry a financial rating this will be advised at quote stage. We may choose to seek other markets via third parties including other brokers to offer insurance policies or services we cannot supply directly, but this will be of our choosing only. Subject to terms and status we may offer a premium finance service via, Close Brothers Premium Finance from whom we may receive a commission and if requested via the insurers own payment facility should one be available.

5. Complaints Procedure

If in our dealings with you, we do not meet your expectations, then you can contact Mr I Evans at the office by calling on 0161 763 5277, write to us at 25 Knowsley Street Bury, BL9 0ST, email complaints@dpi-insurance.co.uk or by arrangement to attend in person. We will endeavour to resolve your complaint fairly and impartially. If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service, for an independent assessment and opinion. The FOS Consumer Helpline is on 0800 023 4567 or 0300 123 9123 and their website is at: www.financial-ombudsman.org.uk or by post at: Financial Ombudsman Service, Exchange Tower, London E14 9SR

6. Your Responsibilities

To make a fair presentation of the information relating to the insurance and services for the risk proposed, including contact numbers, email addresses and where possible mobile numbers, in a timely fashion to enable us to fulfil our obligations under these terms of business. It is understood and agreed by you, that it is your responsibility to provide all such information both before and after inception of cover, and on renewals. It is further agreed that you will be responsible for all information provided by employees or third parties or others who engage in providing information in relation to making a fair presentation of the risk at any stage of the policy or claim.

This responsibility applies whether or not the information is available elsewhere within DPI Bros. Limited. In order to complete and offer some insurance quotations, we may need to make some assumptions on your behalf on information about which we have not been advised. In these cases, we will advise you that this is the case and ask you to ensure that any statement of facts provided to you are accurate and match the advices you have provided.

If a proposal form is required, you must complete all relevant sections to the best of your ability and knowledge and return this to the office within 7 days of inception. (See sections 6,7,8,9,10,11)

7. Your Duty to Disclose Information

You have a duty under the Insurance Act 2015 to make a fair presentation of the risk to insurers. This duty applies when you take out your insurance cover, throughout the life of your policy, and when you renew Your insurance. This duty includes a need for your Nominated Insurance contact to undertake a reasonable search for material information which is known, or ought reasonably to be known, by anyone playing a significant role in making business decisions in your business (such as your company’s principals, directors, senior management or shareholders) and staff responsible for arranging or administering your firm’s insurance.

You should advise Us of any particular concerns which led you to seek insurance cover and any special or unusual facts relating to the risk.

You must ensure that all material statements of fact are substantially correct and not misleading, and any material information which is a matter of expectation or belief (eg. an estimate or forecast) is provided in good faith.

Failure to disclose any material information or change in circumstances to your insurers which could influence the cost, or their decision to accept Your insurance, could mean that Your policy could be invalidated or cancelled without refund, or that part or all of a claim may be not be paid. ‘Material Information or changes in circumstances’ could include Your inability to comply with any conditions or warranties applicable to your policy, which should be notified to Us immediately.

‘Material statements’ and ‘material information’ are information which could influence the judgement of a prudent insurer in determining whether to take on a risk and on what terms.

As non-consumer (COMMERCIAL CUSTOMER) your disclosure obligations as set out in 6,7,8,10 and 11 will arise subject to insurers terms.

An example of a fair presentation is one that meets the following criteria:

  • 1. Disclosure of every material circumstance which the insured knows or ought to know, or failing that, disclosure which gives the insurer sufficient information to put a prudent insurer on notice that it needs to make further enquiries for the purpose of revealing those material circumstances. This includes those questions asked on proposal forms and statements of facts.
  • 2. Disclosure in a manner which would be reasonably clear and accessible to a prudent insurer.
  • 3. Every material representation as to a matter of fact is substantially correct, and every material representation as to a matter of expectation or belief is made in good faith.
  • 4. The duty on the non-consumer (COMMERCIAL CUSTOMERS) to volunteer information is therefore being retained, albeit in a different way, unlike the position for consumer policies.

For further information, you may wish to search the web under Insurance act 2015 or see the pages related on our website.

8. Setting Sums Insured, Policy Estimates and Reinstatement or Indemnity Values

The setting of and advising us or your insurers of the sums insured for Reinstatement and/or indemnity values and/or policy estimates is always your responsibility as insurers will rely on this information when deciding the policy terms and premiums to apply.

If you have, Misrepresented or Non-disclosed the true insured values insurers may refuse to pay a claim in full or in part. (See sections 6,7,8,9,10,11)

9. Changes to your Cover

When instructions are taken to alter, increase or decrease cover or add other sections of cover to your insurance policy or policies we will look to complete these where possible on the same, or the next working day apart from weekends or public holiday. There will be occasions when we need to refer back to you for additional information or make further investigations before we can complete the changes, (E.g. Agreeing terms with insurers or cover holders) and this may require additional information from you or others before we can complete. When more information is required, we will seek to contact you to advise the situation. Once we have confirmed changes to the policy you will be advised in writing, email or phone that they have been agreed. There may be times when we will review the policy coverage and make changes to increase, correct or add covers to the policy which we believe will benefit you, and where these changes are made without any additional cost and do not provide a detriment to your cover we will look to advise you of these changes within the policy period or at renewal. Where such changes create a final additional premium and we do not agree to cover these costs or additional costs are raised following advised changes or a policy review or where you agree to alter coverage these premiums will be advised to you along with any premiums refunds which we will credit to your account. It is agreed that instructions sent by you or third parties via post, electronic mail or fax are not deemed to have been received until actually received by us; responsibility will not be accepted for failure of any postal, electronic, communication, or telecommunications systems. It is also agreed that confirming an instruction to us does not automatically mean that cover is placed so to avoid doubt it must be taken that cover is not effective until we have had it confirmed via the insurers or their representatives. (See sections 6,7,8,9,10,11)

10. Renewals

We will look to contact you in good time before the expiry of your insurances, to provide you with details of our recommendation for the following period of insurance. It is agreed that unless advised otherwise the renewal of insurance will be based on the on the information previously provided by you in connection with the insurance policy or policies that are the subject of renewal. (See sections 6,7,8,9,10,11)

11. Documentation

It is our aim to produce documentation and correspondence promptly and in a clear understandable format. You should check all policy documentation issued by us or insurers to confirm that all details are correct and the cover provided meets your requirements. Any errors or omissions should be notified to us immediately, as they may lead to your insurers declining to meet claims. (See sections 6,7,8,9,10,11)

Examples of Material Facts or Circumstances:

Material facts or circumstances related to the Proposer or any of the Principals,Partners or Directors or senior individuals or been others who would be said to embody the company or be of a ‘controlling mind’includingpersonally or for a company or partnership in which they have held an interest at any time.

Have you ever been being investigated, prosecuted or cautioned or served with an Enforcement, Improvement or Prohibition notice by the Environmental Health Authority or any party in respect of any Health and Safety or Food Hygiene Matter a criminal record, other than a motoring offence,

Have you ever been subject to a County Court Judgement orIVA’s or any other creditor agreements been declared bankrupt or the subject of bankruptcy proceedings or the subject of a recovery action by Customs and Excise or the Inland Revenue? Made any arrangement with creditors of any company in which they have had an interest, insolvent or disqualified from being a company director?

Have you ever been as a sole trader, director or partneror senior individual, partnership or company that went into liquidation, receivership or administration (For the avoidance of doubt this question relates to the past insolvency of the proposer, sole traders, directors or partners of the proposer personally and the insolvency of any company in which they have held an interest at any time)

Have you ever had insurance declined, renewal refused, cover terminated or special conditions imposed to any insurance?

Has there been a change of name or ownership or corporate structure, extension or have you changedyour declaredbusiness activities?

Have you made any alteration, amendment to or disconnected any security and/or fire protection systems or sprinklers etc?

If you are in any doubt as to whether a fact may be material or not, you are advised in your own interest to disclose this or seek our advice.

Our service is provided and will be reliant on the information and data provided or confirmed by you or your employees, third parties or your representatives.Any answers or statements given on a proposal form, statement of factsincluding those completed on your behalf, claim forms or any other material document completed by you or on your behalf are your responsibility. These should therefore be checked carefully and advices provided to alter or correct any deficiencies in the information. Unless otherwise agreed in writing we are under no obligation to investigate or verify the accuracy or completeness of any information or data provided by you or your employees, third parties or your representatives and no liability shall arise from any errors or deficiencies in the service from the information supplied. You can advise to us that information can only be accepted and acknowledged by certain persons or organisations and you will be responsible for advising us and keeping this information updated at all times.You agree to review carefully any documentation supplied by us and advise immediately if any such documentation does not appear to be in accordance with your instructions or requirements or does not meet your needs.

Examples of Material Damage Cover Types:

Reinstatement Cover: Generally, means insurers agree to pay the cost of property lost or destroyed based on the current replacement cost, without deduction for wear, tear or other depreciation, subject to its sum insured meeting its new replacement value. See Section 8 again (Setting sums insured, policy estimates and Reinstatement or Indemnity values)

Indemnity Cover: Generally, means that the insurer seeks to place the insured in the same position after a loss as they occupied immediately before the loss (as far as practicable). Where an item is insured on an “Indemnity” basis, a deduction for wear and tear will be made when settling any claim for damage or loss. Wear and Tear is the amount deducted from claims payment to allow for any depreciation in the property insured which is caused by its age or usage.The claim value will not match the cost to replace the items as new and may not meet the value of a second hand item available for sale or supply at the time of loss. You may be asked to contribute to any repairs should the insurer feel that any betterment has taken place. Strong consideration should be given on the suitability of Indemnity coveras items may not be available on the second hand market or be able to be repaired. See Reinstatement cover as an option:

See Section 8 again (Setting sums insured, policy estimates and Reinstatement or Indemnity values)

Example of an Underinsurance on a Material Damage Claim:

Example 1: If your insured risk had a replacement value of £500,000 but wasonly insured for £425,000 under a reinstatement basis theproperty would be 15% underinsured.If the claim was covered for damagesuch as, fire, flood, storm, theftetc. and the cost of repairs or replacementat the time was £60,000, the insurers could reduce the claim by 15%. This could mean thatyou only received £51,000 from Insurers, leaving you a shortfall of £9,000 due to average being applied. Insurers may look to void your insurance contract if the underinsurance is deemed to be a misrepresentation of risk and this will be decided by the insurer. Should you be in any doubt of the correct values to use, you should seek professional advice and a specialist valuationfrom a suitable professional. See the link to the RICS Website. http://www.rics.org/uk/

Example of an Underinsurance on a Business Interruption Claim:

Example 2: If a business started with 12 months Gross Profit cover at £120,000 on a 12 Month Indemnity period but was growing at 1% per month and had a business interruption total loss on the last day of cover, they would find that they would be under insured by circa 16.03% over the following 12 months. When payments are calculated they would likely only receive a payment of £100,764 not the £120,000 they had insured for leaving £19,236 unpaid due to under insurance / average being applied. This is why it is critical to ensure the Gross Profit cover is high enough to allow for the expansion of your business as growth can exceed the cover in place if not calculated correctly.

Example of a Misrepresentation / Non-disclosure and a Subsequent Claim

Example 3: If an insurer calculated a premium at £500.00 and following a loss new information was found that had not been accurately disclosed prior, for example but not limited to: Higher Wages, Turnover, Described Works, Processes, Construction of Premises, Non-Disclosed Losses or past poor Financial History, the insurer has the right to amend the premium to reflect the true risk presented. If Insurers subsequently advised they would have charged a higher premium of £1000 at inception they could then choose to only pay 50% of the claim. They may under the Insurance Act 2015 also opt to cancel all cover (in some cases retaining the entire premium paid) or allow you to pay the additional amount owing and settle the claim in its entity.

12. How we handle Payments you make to us

Regulatory rules are designed to protect you in the event that we fail and are unable to transfer premiums received from you to insurers (or vice versa). The Insurers that we deal with have appointed us to act as their agents for the collection of premiums, payment of claims and refunds of premiums. This means that premiums are treated as being received by the insurer when received in our bank account, improving your level of protection.

We receive premiums you pay to us as Agent of the Insurer and hold your monies in a non-statutory trust risk transfer bank account in accordance with FCA regulations.

Occasionally we may use another intermediary to arrange your insurance and we may require payment to be made to the relevant intermediary/insurer carrier. We will use appropriate skill, care and judgment in selecting third parties in order to ensure adequate protection of client money. We will retain any foreign currency exchange gain or interest earned on any client money we hold. From time to time we may need to transfer client money to a different account (if for example we change our bank) or to a different legal entity within our group (if for example we re-organise our business). If we do this, any client money will be transferred to the new bank account with the same trust protection as the previous account. By accepting these terms, you are consenting to us holding and dealing with client money in this way.

13. The Bribery Act

We have a written policy reflecting our responsibilities under The Bribery Act and confirm that we have drawn the policy to the attention of all employees and obtained confirmation of their understanding. A copy of the policy is available on request.

14. Our right to Offset Monies you owed us

We shall be entitled (but not obliged) without notice to you to offset any amounts due to us from you against any amounts which we shall receive on your behalf (such as claims monies, refunded premiums and other sums).

15. Payment Options

In the absence of alternative terms agreed with you (e.g, payment by instalments) payment terms are as follows:

  • New policies – full payment of any premium and fees should be made on or before the inception date of the policy;
  • Mid-term adjustments – full payment of additional premiums and fees on or before the effective date of the change;
  • Renewal of policies – full payment of any premium and fees prior to the policy renewal date.

You will be provided information on how you can make your payments when we discuss your insurance in as detailed above. If your payment is delayed for any reason after the inception or renewal date of the policy this may, in some situations be taken as an intention not to pay or complete the contract by the insurer and should a claim occur the insurer may consider not paying a claim or cancelling your policy.

Where payment is made by Cash, Cheque or BacsNo charge is made.
Where payment is made by Debit CardNo charge is made.
Where payment is made by Credit CardUp to 3% Charge is made to cover costs.(We do not accept American Express).
Where payment by Close Premium Finance6.5% flat rate is charged for loan over 10 month’s equal payments. (See Section 18)
A minimum £40.00 Interest is made on Close Premium Finance loans.

16. Administration Fees (Commercial Clients)

Unless otherwise agreed we normally charge fees on the following scale and our fees are non-refundable;

Arranging new policies£50.00
Mid-term adjustments£50.00
Renewals£50.00
Replacement/duplicate certificates or cover notes£50.00
Cancellations and other refunds are refunded NET of commission. We may, in addition, charge a £50.00 administration fee

17. How we take payment from insurers, deal with refunds of premiums, cancellations and cases Not Taken Up after instruction

In most cases commission is paid to us by insurance companies, carriers, cover holders or brokers for whom cover was placed for your insurance policy along with any fees or charges made directly by us. We do not receive earnings directly from insurers fees, insurance premium tax or VAT. We may have agreements now or in the future with insurers and/or other third party providers that if agreed volumes of business or profit targets are met then additional remuneration is paid. Close Brothers Premium Finance pay an override on a case by case basis for business we introduce to them. As a Commercial Customer you may, at any time request information regarding the remuneration received by us as a result of placing your insurance business. If you would like this information, please call the office. If your premium is reduced during the term of insurance (for example, a reduction of cover or cancellation) we will deal with that refund as noted below;

  • If the premium refunded is less than £15.00, we will retain that refund in full to cover administration costs.
  • If the premium refunded is more than £15,00 we will refund the premium less commission the Insurer would ask us to repay and fees
  • If as a commercial client a policy is cancelled or treated as Not Taken Up following an instruction of cover, we will return to you the insurer refund, less commission and cancelation fee. Where payment has not been made we reserve rights to pursue our loss of earnings.
  • Where a policy is agreed on a minimum and deposit basis the insurer may not offer a cancellation refund once cover has started.
  • Where a policy is agreed on a short period or minimum retained basis the insurer cancellation refund as per the insurers own terms.

We reserve our rights to pursue all debts, unpaid premiums, earnings, fees or others charges and may use third parties to do so.

18. Payment of premiums using third party instalment facilities

If you elect to pay for your insurance premium using a third party finance provider your details will be passed on to them. Any queries or questions about the service provided by them should in the first instance be directed to them. Where your policy is paid via premium finance and you elect to renew your cover, we will again continue to pass your details to your finance provider unless we receive instructions to the contrary (e.g. if you decide not to continue with the premium finance arrangement). If any direct debit or other payment due in respect of the credit agreement you enter into with your finance provider to pay premiums is not met when presented for payment, or if you end the agreement with them, or if you do not enter into a credit agreement with them we will be informed of this by the finance provider. If you do not make other arrangements with us to pay your insurance premiums you acknowledge and agree that we may instruct on your behalf any relevant insurer to cancel the insurance and to collect any refund of premiums which may be made by the insurer, and if any money is owed to your finance provider under your credit agreement to pay it to them or if they have debited us with the amount outstanding, to use it to offset our costs. In assessing your application for credit the finance provider will search the public information that a credit reference agency holds about you. The credit reference agency will add details of the search and your application to their record about you whether or not your application proceeds. This and other information about you may be used to make credit decisions about you and undertake checks for the prevention and detection of money laundering. If your application for credit is accepted, the finance provider will send you a welcome pack detailing their full terms and conditions and commence collection of your instalments. A credit agreement will be included for you to sign and return. The finance provider may begin collecting your Direct Debits before you return your signed credit agreement to pay for any insurance cover you are receiving. If you have any questions about your instalments, contact the finance provider direct. Details of our preferred finance provider, Close Brothers Premium Finance are shown below. Please read carefully the pre-contractual explanations and the information regarding the cost of credit (including any representative examples). Together they provide important information in relation to the credit facility available from the finance provider. To use most premium finance facilities, you must be resident in the UK, aged 18 years or over and hold a bank of building society current account which can support Direct Debit payments. Credit is subject to status. Our preferred third party supplier of premium finance is Close Brothers Premium Finance, who can be contacted as follows:

By Post:Close Brothers Premium Finance Ltd, Wimbledon Bridge House, Hartfield Road, Wimbledon SW19 3RU
By Phone:Lines open 9am to 5.30pm Monday to Friday Tel: 0333 321 8566
By Phone:24/7 automated customer payment line Tel 0333 321 8568*
*Call to make a payment or change bank details

We are authorised as Credit Brokers and may use insurance and finance providers who will conduct a credit check, which will be recorded on your credit record. Please contact us if you do NOT consent to a credit check being undertaken, however this may affect our ability to offer instalment facilities to you. In relation to the provision of credit, we offer only the facilities provided by Insurers, or those of Close Premium Finance from whom we may receive a commission. We will not offer you any advice on premium finance facilities available through us and you will need to decide yourself on the suitability of any credit agreement offered.

Please Note: Your policy cover will cease if you fail to keep up payments on an instalment agreement or premium finance facility related to it and your credit rating may be affected. In entering into a credit agreement to pay your insurance premium, you give the finance provider the legal Right to cancel your insurance policy on your behalf in the event that you default on the loan, and offset any refunded premium against the outstanding amount owed to them. This means that if you default on your payment terms and the finance provider requests that we cancel your policy, we will do so as your agent.

19. Fees in Lieu of commission

If you are a Commercial Customer we may, with your agreement, decide rather than receive a commission from insurer(s) to charge a fee for services such as placement, adjustments, claims and renewal and this will be confirmed at the time of the order. If you decide to cancel your insurance before expiry of the policy(ies) or if the Insurer terminates cover, or you transfer your insurance to another intermediary or insurer mid-term, then you will not receive a refund of the fee for our services.

20. Insurer Security

While we take care to select our insurer partners, we cannot guarantee either the availability of an insurance contract or the financial security or solvency of any insurer who carry a financial rating or otherwise. It is further agreed that you will be responsible for the final decision to undertake insurance cover with any provider offered and have the right to refuse coverage with any insurer at inception or renewal.

21. Ending Your Relationship with Us (Cancellation of this Agreement)

Subject to your immediate settlement of any outstanding premiums and fees, you may instruct us to stop acting for you and we will not impose a penalty. Your instructions must be given in writing and will take effect from the date of receipt. In circumstances where we feel we cannot continue providing services to you, we will give you a minimum of 7 days’ notice. Such circumstances include: Non-payment of premium or fees; Commission clawback by insurers where instructions are given to another party to handle your insurance(s); Failure to provide requested documentation or information; Deliberate or careless misrepresentation or non-disclosure, attempted fraud or other instances of ‘bad faith’. Unless otherwise agreed in writing, if our relationship ends, any transactions previously initiated will be completed according to these Terms of Business. You will be liable to pay for any transactions concluded prior to the end of our relationship and we will be entitled to retain commission received for conducting these transactions, together with all fees charged by us for services provided.

22. Making a claim and notification of Incidents

You can seek to make a claim under any policy we arrange on your behalf by contacting our claims department by phone, email or letter or in the event you cannot contact our office you can telephone your insurer. Details of help lines will be included in your policy documentation. You will be advised if you need to complete a claim form or produce evidence to support your claim.

It is essential that any claim or incident which may give rise to a claim is reported to us, or your insurers, as quickly as possible whether you believe you are liable or not. In certain circumstances late notification may result in your claim being rejected. If you receive communication (such as a letter) from a third party making a claim, you must pass it to us immediately without making acknowledgement. While we endeavour to assist you in your claim we may advise you to seek specialist assistance via a third party in dealing with the loss or to offer repairs or re construction. If you choose to accept any service introduced via us or those related to it, you agree that you or your representatives will not hold us liable for errors or omission’s made by any third party introduced or not. Claims will only be serviced where we are the holding broker and engaged to do so.

23. Conflict of Interest

Occasions can arise where we or one of our associated companies, clients or product providers may have a potential conflict of interest with business being transacted for you. If this happens and we become aware that a potential conflict exists, we will write to you to obtain your consent before we carry out your instructions and we will detail the steps we will take to ensure fair treatment.

24. How we store and use your information

All personal information you provide to us is treated by us as confidential and is processed in compliance with relevant legislation. We will not use or disclose personal information without your consent, other than in the normal course of arranging and administering your insurances, except where we are compelled by law (including by regulators or law enforcement agencies) to disclose such information. In such instances personal information held by us may be disclosed in accordance with the Data Protection Act 1998, to such third parties. In the interests of security and to improve the quality of our service telephone calls may be recorded. Motor Insurers will pass information to the Motor Insurance Anti-Fraud and Theft Register run by the Association of British Insurers.

Similar information may also be passed to the Claims and Underwriting Exchange (CUE) which is a central database of motor, home and personal injury/industrial illness and accidents claims. The aim is to help verify information and eliminate fraudulent claims. When we deal with a request for insurance from you Insurers may search these registers. Your motor insurance details will also be added to the Motor Insurance Database operated by the Motor Insurance Information Centre. Where you wish to pay your premium by instalments your details will be passed to our third party finance provider who will send you an information pack detailing their full terms and conditions.

25. Our Liability to you

Our liability to you for losses shall be limited as follows:

  • in respect of any claim for personal injury or death caused by our negligence, no limit shall apply;
  • in respect of any claim which results from any fraudulent act(s) (including theft or conversion) by us, no limit shall apply;
  • in respect of any claim for losses as a direct consequence of any negligent performance of our services, a limit in all circumstances of £2,000,000 for any one claim or series of claims arising from one incident shall apply.
  • in respect of any other claim arising out of the exercise of our duties or the failure of such duties our liability shall be limited to the amount of commission and fees which we have received for arranging your insurance cover during the 12 months preceding your claim; but no liability shall arise for:
  • any additional cost of working, consequential or economic loss including, without limitation, loss of business, loss of revenue, loss of profit, loss of opportunity and/or loss of contracts (whether direct or indirect); and/or
  • in respect of any claim for breach of contract, negligence, breach of statutory duty or other claim howsoever arising in respect of any delay or failure by us to perform any of our obligations in connection with the Services where such delay or failure results directly or indirectly from any of your acts or omissions or those acting on your behalf.

Both you and we agree that the foregoing limitations and exclusions are reasonable, based on the level of risk assumed by us in connection with the Services we provide and the fees and/or brokerage earned under these terms of business.

If we take over the servicing of insurance policies or a policy transferred via another insurance broker, intermediary or insurer we do not accept any liability for any claim or claims arising from the advice given by that broker, intermediary or insurer, nor for any errors omissions or gaps in the insurance protection provided.

You acknowledge and agree that you are only entitled to claim against us, and not any employees or consultants. You are welcome to contact us to discuss increasing the limitations of our liability and/or varying the exclusions we have set out. However, an additional charge and other terms may apply should we agree to amend this clause.

26. 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 in writing to the last address or email address we hold for you. We may freely assign all or any part of these Terms and/or the services to any third party only where such assignment or delegation ensures that your rights under these Terms will not be prejudiced.

27. Prior Agreement

These Terms supersede all proposals, prior discussions and representations (whether oral or written) between us relating to our appointment as your agent in connection with the arranging and administration of your insurance.

28. Governing Law

The Laws of England, Wales apply to this agreement and any dispute arising under it shall be subject to the exclusive jurisdiction of English courts.