The purpose of this document is to set out the basis of the Agreement under which we conduct our business and offer our services to you. Please read it carefully as it sets out the terms of our relationship and contains details of our regulatory and statutory responsibilities.
This document takes effect from 13th November 2018 or whenever it is received (whichever is the later) and supersedes any terms of business agreement that may have been previously sent to you by us. Please keep a copy of this document with your other important papers and you should contact us if there is anything in this document, which you do not understand or with which you disagree.
We are one of the area’s leading independent insurance brokers and our continued success is based upon building long-term client relationships and the provision of a high standard of professional service. We are members of the Willis Towers Watson Network, and so we are also able to offer unique products to our clients, introduce efficient operating services and build strong relationships with quality and reputable Insurers, without sacrificing our independence. Being independent we are able to access a wide selection of Insurance Companies, the Lloyds market and a number of specialist schemes.
‘We/us/our’ means Teesside Insurance Consultants Limited t/as Erimus Insurance Brokers, 2 Kingfisher Court, Bowesfield Park, Stockton on Tees, TS18 3EX. Telephone 01642 240400. Fax 01642 232340. E-mail firstname.lastname@example.org
‘Consumer’ means an individual who enters in the insurance contract wholly or mainly unrelated to the individual’s trade, business or profession.
‘Commercial customer’ means all companies or other customers who enter into the insurance contract wholly or mainly for business purposes.
We are authorised and regulated by the Financial Conduct Authority (FCA) who set the standards and rules for the transacting of insurance business (Consumer and Commercial) between ourselves and you, the customer. Our FCA registered number is 307660 and can be verified by visiting the FCA’s Register which can be found on website http://www.fca.org.uk/register or by contacting the FCA on 0800 111 6768.
We act as an Independent Intermediary (broker) on your behalf. Our service includes: advising you on your insurance needs, arranging your insurance cover with Insurers to meet your requirements, and helping you with any subsequent event or alteration to your insurance that we have placed on your behalf. We offer a range of insurance products and have access to a number of Insurers. We will advise you should we have any special arrangements with them or should you have to deal directly with the Insurer for on-going policy administration. We may, for certain contracts only deal with a limited number of Insurers or use other intermediaries, if this is the case we will tell you at the time of providing your quotation. We may issue policies on behalf of some Insurers.
Consumers: You must take reasonable care not to make a misrepresentation to the insurer. This means that all the answers you give and statements you make as part of your insurance application, including at renewal and when an amendment to your policy is required, should be honest and accurate. If you deliberately or carelessly misinform the insurers, this could mean that part of or all of a claim may not be paid.
Commercial customers: If the insurance is arranged wholly or mainly for purposes related to your trade, business or profession you have a duty to disclose all material information, whether or not the Insurer asks for specific information, regarding your business that you know or ought to know and substantiate and justify this by means of a reasonable search. This duty applies throughout the life of your policy, and when you renew your insurance. Material information is that which may influence an Insurer’s decision to accept the policy and/or what terms are applied. This could include:
Failure to disclose material information may invalidate your insurance and could mean that your claim will not be paid or the amount to be paid could be reduced.
When a policy is issued you are advised to read it carefully, as it is that document, including the schedule and any certificate of insurance that is the basis of the insurance contract you have purchased. If you are in doubt over any of the policy terms or conditions, please seek our advice promptly. Where your insurance includes Employers’ Liability cover you are required to retain your Employers’ Liability records for 40 years upon expiry, electronically or in paper format.
We reserve the right to retain certificates or other policy documents until payments due under the policy have been made. Facilities may be available for payment of premiums by instalments. Full details will be given when we discuss your insurance. If instalment facilities are used we may retain documents until we have received acceptance and/or payment from the finance provider. Where we retain documents we will provide details of your insurance cover.
It is standard practice for the majority of Insurers to provide documentation etc on line which will be emailed to you. If you require paper copies please advise.
We are remunerated for our service by receiving a percentage of the insurance premium by way of commission or brokerage. Alternatively an agreed fee may be charged or in some circumstances a combination of a fee and brokerage (any fees charged will be agreed in advance and clearly disclosed to you). Brokerage and fees are earned for the policy period and we will be entitled to retain all fees and brokerage in respect of the full policy period in relation to policies placed by us. We may earn additional income from Premium Payment Agencies and from Insurers to reflect our efficiency and/or profitability. You are entitled, at any time, to request information regarding any commission, which we may have received as a result of placing your insurance business.
We reserve the right to make charges in addition to any insurance premiums, for the arranging, amending, renewing and cancelling of any policy of insurance. Details of charges made will be declared in all correspondence with you.
Prior to your premium being forwarded to the insurer, and for your protection, we either hold your money as an agent of the insurer (in which case your policy is treated as being paid for), or we hold it in a client bank account on trust for you.
We may extend credit to other customers from this account and we may transfer your money to another intermediary in some cases. However your money will be protected at all times because of the requirements of FCA rules. We also reserve the right to retain interest earned on this account.
By accepting this Terms of Business Agreement, you are giving your consent for us to operate in this way.
We will give enough information and help so you can make an informed decision before you make a final commitment to buy your insurance policy. However you will have 14 days to change your mind and cancel the insurance contract from the date you receive the policy documentation.
If you have occasion to claim on your policy or you have been involved in an incident that may result in a claim you must notify us immediately. Failure to do so may invalidate your claim. In an emergency, and outside of our business hours, please refer to your policy for guidance. You should not admit liability, or agree to any course of action other than emergency measures to minimise a loss, until you have agreement from your Insurer.
It is always our intention to provide a first class service. However, should you have any cause for complaint you should, in the first instance, contact Mike Ansboro, Operations Manager, verbally or in writing. Your complaint will be acknowledged within five business days advising you who is dealing with the complaint and indicating when you may expect an answer. We will provide a formal written response within 20 business days from receipt of the original complaint, unless we are waiting information from another party, in which case we will advise the likely time scale involved. If we cannot settle your complaint you may be entitled to refer it to the Financial Ombudsman Service on 0800 023 4567 or 0300 123 9123 or email@example.com. Further information is available at http:/www.financial-ombudsman.org.uk.
We are covered by the Financial Services Compensation Scheme (FSCS) and therefore you may be entitled to compensation from them if we should be unable to meet our obligations. Further information about compensation scheme arrangements is available from the FSCS. (www.fscs.org.uk or 0800 678 1100 or 020 7741 4100)
The parties are free to choose the law applicable to a contract of insurance. Unless specifically agreed to the contrary, all contracts arranged through our agency are subject to the law of England and Wales.
If any provision of these Terms of Business is found to be invalid or unenforceable in whole or in part, the validity of the other provisions of these Terms of Business and the remainder of the provision in question will not be affected.
The provisions of the above Act do not apply to this Terms of Business Agreement.
Your acceptance of these terms does not affect your normal legal rights.
Version IA 13.11.18