Terms and conditions of business
- Authorisation
Businessinsure Ltd is an Independent Insurance Intermediary (Broker). We are authorised and regulated by the Financial Services Authority (FSA). The FSA is the independent watchdog that regulates financial services. Our FSA number is 303964
We are permitted to advise on, arrange and assist in the administration and performance of general insurance contracts.
Our registered address is:
24 Whitefriars Street
Perth
PH1 1PPOur trading address is:
Suite 4, Old Academy Building
7 Rose Terrace
Perth
PH1 5HAThis information can be checked by visiting the FSA’s website www.fsa.gov.uk/register or contacting the FSA on 0845 606 1234
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Level of Service and Products Offered
In relation to the general insurance products we offer, we can provide advice, or information:
- on the basis of a fair analysis of the market; or
- from a limited number of Insurers; or
- from a single Insurer.
Where we offer advice or information from a limited number of Insurers, or a single Insurer, we will advise you and, if you ask us to do so, we will provide you with a list of the Insurer’s.
Before your insurance contract is concluded, you will be provided with a written quotation, this may be sent by post, email or by facsimile. The quotation will be based on information you have declared to us either verbally or in writing.
If you request it, or if you require immediate insurance cover, we can give you this quotation orally but, in any event, we will still provide you with a written version as soon as possible. Unless otherwise agreed, any quotation given will remain valid for a period of thirty (30) days from the date of issue of the quotation.
Whilst we will take all reasonable steps to place your insurance with an insurer capable of meeting its future liabilities, we are unable to guarantee the continuing solvency of any company and do not accept liability for any losses arising or any additional costs in replacing the insurance with an alternative insurer.
- Remuneration
The remuneration we receive for our services is normally in the form of brokerage, this is a percentage of the insurance premium paid by you and allowed by the insurer with whom the insurance is placed. There may be occasions where we will charge you a fee for administration services in addition to any insurance premiums. Where this is the case, we will fully outline the fees within your premium calculation. In addition to such brokerage or agreed fees basis of remuneration, we may also benefit from earnings which are receivable from premium finance companies calculated by reference to the total volume of premiums financed, delinquency ratios and average financing rates applied.
- Premium Payment
Premiums must be paid in full prior to either the inception date of the policy or by the due date in respect of renewal. Unless we have agreed alternative arrangements in writing, failure to do so may invalidate the cover and enable insurers to cancel the policy.
Where insurers have specified that the premium must be received by a certain date by application of a Premium Payment Condition or Warranty and we have advised you of this, failure to comply may entitle them to cancel cover from inception.
We are governed by strict rules pertaining to Client Money, set down by the FSA. We may earn interest on monies held in our Client Account, for which you consent to our retaining. Client Money will be deposited in an approved bank. The monies paid by you to us may be held on a Statutory Trust basis or held by us as agents of Insurers.
- Ownership
We have no direct, or indirect, holding in any insurer and no insurer has any direct, or indirect, holding in us.
- Complaints and the Financial Services Compensation Scheme (FSCS)
We will endeavour to act fairly and reasonably at all times and provide you with a professional service. Should you have any complaints about the service provided, in the first instance, contact us on 08456 024589. You may also write to The Compliance Director, Businessinsure Ltd, Suite 4, Old Academy Building, 7 Rose Terrace, Perth, PH1 5HA
If you cannot resolve your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service (FOS) to which we subscribe. The contact details are as follows:
The Financial Ombudsman Service,
South Quay Plaza,
183 Marsh Wall,
London E14 9SR
(or e-mail financial-ombudsman.org.uk. The telephone number is 0207 964 1000The FOS is available to Retail (private) customers and Commercial customers with a turnover of less than £1,000,000.
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 £2,000 and 90% of the remainder 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.
- Your duty to disclose material information
It is important that you understand that any information, statements or answers made by you to us or your insurer are your responsibility and must be correct. Your attention is particularly drawn to the importance of the declaration and signature on any insurers’ Proposal Forms as any failure to disclose facts material to the insurance or any inaccuracies in your answers may invalidate your insurance cover in part or in whole. Facts material to the insurance are matters or information which may influence your Insurer as to the acceptability or otherwise of your Proposal or Renewal and must be disclosed at the earliest opportunity. You are advised to keep copies of documentation sent to or received from us for your own protection. Please consult us if you are in doubt on any aspect.
- Policy Documents
Policy documents will be issued to you as quickly as possible after receipt from insurers. When a policy is issued you are advised to read it carefully as it is this document, the schedule and any certificate of insurance, which forms 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.
For some insurance, for example Employers and Public Liability, it is possible that a claim may be made under a policy long after expiry date of the cover. It is therefore important that all policy documentation is kept safely, particularly that which may be called upon to provide protection beyond the expiry date of cover.
- Duty of Care and Confidentiality
We will keep records of all our business transactions for a minimum period of six years. We treat all our clients’ records as confidential even when they cease to be so. No information will be passed to another party without your prior consent unless we are legally obliged to do so, or to meet our regulatory requirements. We cannot be held responsible for incorrect data held in the event of non-disclosure.
Insurers pass information to the Claims and Underwriting Exchange and the Motor Insurance Anti-Fraud and Theft Register. The aim is to check information provided and also prevent fraudulent claims.
Motor Insurance details are added to the Motor Insurance Database that has been formed to help identify uninsured drivers, it may be searched by the police to help confirm who is insured to drive. In the event of an accident the database may be used by insurers and the Motor Insurers Bureau to identify relevant policy information.
Under the Data Protection Act 1998, you have the right of access to your personal records held on our files. This will incur a small administration fee. We will tell you what the fee is if you ask for a copy of your information.
- Renewal and Cancellation of Insurance
Where payment for the contract you have undertaken is by instalments, we will contact you (in writing) prior to your renewal advising you of your renewal premium.
Within this renewal communication, we will allow you the option of cancelling your instalments if you do not wish to renew your policy. If you do not cancel, your instalments will continue , based on the renewal premium. You will receive a separate communication either from your insurer or an insurance premium financing company confirming your instalment repayment schedule.
Your insurance policy may contain a right to cancel within a specified period of time of taking up the policy, usually 14 days. You will be informed upon inception or renewal of your contract what cancellation rights apply to your policy and, if so, how and when you should exercise any such rights.
- Money Laundering/ Proceeds of Crime Act
Under UK Money Laundering regulations, we’re obliged to report to the National Criminal Intelligence Services any situation giving rise to a suspicion of money laundering and we are prohibited from disclosing any such report.
- Claims
If you have occasion to claim or an incident arises that may give rise to a claim on your policy, you must advise us immediately. You should not admit liability nor agree to any course of action, other than emergency measures carried out to minimise the loss, until you have agreement from your insurer.
- Previous Insurances
In circumstances where you appoint us to act as your Insurance Intermediary (Broker) and administer policies arranged by another intermediary or intermediaries, we will not be liable for any loss resulting from the advice or possible negligence of your previous intermediary or intermediaries howsoever caused. Unless instructed otherwise we will not undertake to review any of your previous insurance contracts other than contracts in force at the time of our appointment.
- Retention of Documents
We reserve the right to retain certificates and other policy documents until all payments due have been made in accordance with our invoice. By accepting this agreement, you agree that delivery of any Certificate of Insurance to us shall constitute delivery to yourself in accordance with legal requirements. Should we withhold any documents, we will ensure that you are provided with full details of your insurance cover.
- Adequacy of Sums Insured and Limits
At all times it is the responsibility of you, the insured, to ensure that insured values and policy limits are adequate and property sums insured properly reflect current reinstatement / replacement costs. Whilst we seek to help in establishing and maintaining insured values we cannot accept responsibility for their accuracy. It is recommended that the appropriate professional be consulted to ensure that sums insured under the policy are correct.
- Security of Premises
Any insurance quotation provided may be based on the business premises having a certain level of security. It is important that the security level must be met by the insured premises and all protections must be in full and effective operation when the insured premises are closed for business or left unattended.
If your present security does not meet the level of security specified, the quotation will be invalid. if this is the case, please contact us to discuss.
- Endorsements, Warranties and Summary of Cover
Please read any warranties, wordings or endorsements within the quotation and/or the key facts. It is important that you comply with these terms, if you do not, you may not have the cover if you make a claim.
- Terrorism Cover
Insurance quotations do not include cover for terrorist attacks. Quotations can be provided, please contact us to discuss.
- Excesses
If you make a claim you may have to contribute towards the final amount paid. This is known as an Excess. Excesses are noted in your quotation and/or key facts.
- Proposal Forms
Quotations are an indication of the premium & terms based on the information you have provided to us. If cover is required you will need to complete a proposal form and/or a statement of fact. Cover is subject to the proposal form and/or statement of fact being completed to the satisfaction of the insurer. Should the proposal form and/or declaration of cover not be completed to the insurers satisfaction then cover (if provided prior to receipt of a proposal form and/or declaration of fact) may be cancelled.