Neil Willies Insurance Brokers Limited - Terms of Business
Definitions A) We/us/our means Neil Willies Insurance Brokers Limited, Swan House, 20, High Street, Studley, Warwickshire, B80 7HJ, - Telephone 01527 857611, Fax 01527 857225, E-mail firstname.lastname@example.org B) FCA means Financial Conduct Authority (FCA), 25, The North Colonnade, Canary Wharf, London E14 5HS -Telephone 0800 111 6768
We are authorised and regulated by the Financial Conduct Authority (FCA), our firm reference number is 305739 and our permitted business is introducing, advising, arranging, dealing as agent and assisting in the administration and performance of general insurance contracts and credit broking. You can check these details on the Financial Services Register by visiting the FCA’s website http://www.fca.org.uk or by contacting the FCA on 0800 111 6768.
Unless otherwise confirmed, we will provide advice and make recommendations once we have assessed your insurance and premium finance needs. Additionally we will assist you with arranging insurance cover with Insurers to meet your requirements or where requirements cannot fully be met, provide you with enough information to enable you to make an informed decision; helping you with any changes or claims that you may need to make to your insurance during the policy period; telling you when you need to renew your policy in time to allow you to consider your options and arrange any continuing cover. We will also assist you in arranging premium finance if required. If your premium is paid by instalments to the Insurer we will instruct Insurers to maintain cover beyond renewal date, and to continue to withdraw premium from your bank account, unless you instruct us to the contrary. We act on your behalf in selecting an appropriate policy to meet your needs and in assisting you with claims matters. We act as an intermediary in placing cover with your insurer and arranging credit with your finance provider. We will take your reading of these Terms of Business and your instructions to arrange cover to indicate that you understand and have given your consent for us to operate in this way. We will not in any circumstances act as an Insurer nor guarantee or warrant the solvency of any Insurer.
We provide advice based on products from a range of Insurers. We offer premium finance facilities from insurers or from Premium Credit Limited.
Confidentiality - Protecting your Personal Data (data)
We are the Data Controller for the data you provide to us. We need to use your data in order to arrange your insurance and associated products and for marketing purposes (please let us know if you would prefer not to receive marketing information from us). You are obliged to provide information without which we will be unable to provide a service to you. We may pass your data to other organisations, such as insurers, auditors, external consultants, credit providers, banks, financial transaction processors, crime and fraud prevention agencies and databases and regulators. We process all data in the UK but where we need to disclose data to parties outside the European Economic Area (EEA) we will take reasonable steps to ensure the privacy of your data. In order to protect our legal position, we will retain your data for a minimum of 7 years. We have a Data Protection regime in place to oversee the effective and secure processing of your data. You can request copies of the data we hold, have it corrected, sent to a third party or deleted (subject to our need to hold data for legal reasons). If you wish to complain about how we have handled your data, you can contact us and we will investigate the matter. If you are not satisfied with our response or believe we are processing your data incorrectly you can complain to the Information Commissioner’s Office Wycliffe House, Water Lane, Wilmslow, Cheshire SK9 5AF Tel: 0303 123 1113
Providing information to your insurer
Your insurance is based upon the information provided to the insurance company. Unless otherwise indicated by the specific insurer underwriting your particular policy, the following circumstances apply.
For Consumers (individuals buying insurance wholly or mainly for purposes unrelated to their trade, business or profession) this means that you must take reasonable care to answer all questions fully and accurately. Once cover has been arranged, you must immediately notify us of any changes to the information that has been provided to your insurers. Failure to provide accurate and up to date information may invalidate your insurance cover and mean that a claim may not be paid.
All other customers must present the risk (i.e. the subject matter of the proposed insurance) fairly. This means that you must disclose to insurers, before arranging or renewing your insurance policy, and throughout the policy period, anything that might influence the judgement of an insurer in fixing the premium, setting the terms or determining whether they would take the risk. If you are uncertain whether anything is material, you should disclose it. In order to identify what must be disclosed, you are obliged to carry out a reasonable search before presenting the risk to insurers. This includes (but is not limited to) consulting with all senior managers (anyone who plays a significant role in the making of decisions about how your activities are to be managed or organised, regardless of whether or not that individual is a member of your board or is formally in a management role). You must also consult with anyone who has particular knowledge about the risk to be insured. Failure to disclose material information may invalidate your insurance cover and could mean that a claim may not be paid or an additional premium may be incurred.
In providing a quotation or cover for you, a credit check may be completed on you. The fact that such a credit check has been completed will appear on your credit report whether or not your application proceeds.
Awareness of Policy Terms
When a policy is issued, you should read it carefully, as it is that document, together with the policy schedule and any certificate of insurance that is the basis of the cover you have purchased. If you have any doubt over any of the terms and conditions, please seek our advice promptly.
We require you to pay all sums due to us by the due dates specified in the invoice or any insurance documents requesting such payment.
We normally accept payment by guaranteed cheque or by credit card. You may also be able to spread your payments through Insurer’s instalments schemes or a credit agreement that we have arranged with a third party finance provider. We will give you full information about your payment options when we discuss your insurance in detail.
Should we receive advices from our bank with regards to uncleared cheques, £15.00 will be requested for each re-presentation and £15.00 will be requested for each cheque completely returned to us. The same £15.00 charge will also be made for missed/declined credit/debit card payments.
We may keep certain documents, such as your insurance policy or certificate whilst we are waiting full payment of premiums. In this circumstance, we will ensure that you receive full details of your insurance cover and provide you with any documents that you are required to have by law.
Please note that, should you choose to pay using a third party premium finance provider, any default on your part may incur additional charges. Should the finance provider cancel the arrangement, following default, they may then invoice us for the outstanding premium. In these circumstances, we may cancel your policy, retain the return premium from the insurer and pursue you directly for any outstanding balance.
We will hold client money in a non-statutory trust bank account established and maintained in accordance with the Client Assets Rules of the FCA. We may earn interest on monies held in this account which will be retained by us. This means that we are entitled to and may use client money on behalf of one client to pay another client's premium before the premium is received from that other client and to refund premiums to another client before we receive payment from the insurer. The aim of the trust is to protect the client in the event of the failure of the firm, or the failure of the bank or a third party at which money may be held. In such circumstances, the firm's general creditors should not be able to make claims on client money as it will not form part of the firm's property. The fact that we will hold money on trust gives rise to fiduciary duties that will be owed by us, until the client money reaches the Insurer.
We may also at times transact business through other intermediaries and in this case we may permit a third party to hold or control money on our client's behalf.
We will take your reading of these Terms of Business and your instructions to arrange cover to indicate that you understand and have given your consent for us to operate in this way.
We are remunerated for our professional service by receiving a percentage of the insurance premium or finance charge by way of commission. We may earn additional income from insurers to reflect our efficiency and profitability. You are entitled to request information about our earnings on any transaction completed on your behalf.
Commission / Fees are earned for the policy period and we will be entitled to retain all commission / fees in relation to policies placed with us for the full policy period. In the event of a return premium following an adjustment or cancellation of a policy arranged with us we reserve the right to reduce the amount due to you by 20% to reflect the amount of commission we have to pay back to the Insurer.
Cancellation Rights for Retail Customers
You may have a statutory right to cancel your policy within a short period. Please refer to your policy summary or your policy document or renewal notice for further details. If you wish to cancel outside this period cancellation rights will be as detailed in your policy document.
If you have occasion to claim on your policy, you must notify us promptly. We will either issue a claim form or inform you of what information is required and pass all such details onto your Insurers. If a third party is involved, you must not admit liability nor agree to any course of action until you receive confirmation of such action from your Insurers.
It is always our intention to provide a first class standard of service. If however, you have any cause for complaint, you should contact Neil Willies, Managing Director, at Neil Willies Insurance Brokers Limited, Swan House, 20 High Street, Studley, Warwickshire, B80 7HJ. Telephone: 01527 857611.Please be ready to quote the details of your policy, (Company Name, Broker Reference Number, Policy Number, Claim Number or Departmental Reference). We will acknowledge your complaint promptly, detail how we will handle your complaint and keep you informed of the progress of your complaint,
Should you remain dissatisfied, you may be entitled to refer the matter to the Financial Ombudsman Service (FOS), who may be contacted at Financial Ombudsman Service, Exchange Tower, London. E14 9SR, Telephone: 0800 023 4567 or at http://www.financial-ombudsman.org.uk
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 90% of the claim without any upper limit. For compulsory classes of insurance, insurance advising and arranging is covered for 100% of the claim, without any upper limit. Further information about compensation scheme arrangements is available from the FSCS on 0800 678 1100 or at http://www.fscs.org.uk