XYZ Terms of Business – XYZ Insurance Services LTD

XYZ Insurance Services LTD is an Insurance Intermediary and acts on your behalf in advising on and arranging your insurance. We are authorised and regulated by the Financial Conduct Authority (FCA). Our registration number is 495468. You can check this on the FCA website www.fca.org.uk/register or by calling them on 0845 606 1234.

Our Service

Our service includes advising on and arranging your insurance cover with insurers to meet your
requirements and assisting you with any on-going changes. As part of the service, we will assist you with any claim you need to make. In arranging your insurance we deal with a number of insurers, details of these will be advised to you when we discuss your individual requirements prior to your commitment to proceed.

Your Duty to Give Information to Insurers

Your insurance is based upon the information provided to the insurance company and you
must ensure that all such information is complete and accurate, and that any facts that may influence the insurer’s decision to accept the risk or the terms offered have been disclosed. The duty to disclose information continues during the life of the policy, and at renewal you must make sure you inform your insurer of any changes affecting your insurance.

You are responsible for all answers and statements on proposal forms, claims forms or other material documents and you should ensure these are full and accurate. Failure to disclose material information at the start of a policy or advise the insurers of a change to the risk during the period of insurance may invalidate your insurance cover and could mean that part, or all, of a claim may not be paid or your premium may be increased.

Fees & Charges

We receive a commission from the insurer which is a percentage of the annual premium.

Our normal method of charging is that the premium quoted to you is fully inclusive of Insurance Premium Tax. Where there are variations, we will explain these to you. Any additional fees will be discussed fully and agreed at outset. In addition to the premiums charged by Insurers we may make the following charges to cover the administration of your insurance:

Arranging New Polices & Renewals – As advised before you purchase your policy (Up to 15% of Premium)
Mid Term Adjustments – Standard £45.00 or up to 15% of annual premium.
Represented Payments – £25.00
Mid Term Cancellation – £45.00 & Clawback of Commission where applicable (up to 15%
of annual premium)
Replacement Documentation – £25.00
Credit Card Transactions – 3% of the transaction value
Please note that all policy fees and Legal Expenses Cover are non-refundable in the event of midterm cancellation.

In the rare event that fees & charges are other than as listed above you will be informed prior to inception of cover and again in writing at inception. We accept payment by Credit/Debit Cards, Cheques, Cash and Postal Orders. You may be able to spread your payments through insurer’s instalment schemes or a credit scheme, which we have arranged with one of our approved finance providers. We will give you information about your payment options when we discuss your insurance in detail. In order to be able to offer you credit facilities we are registered under the Consumer Credit Act and our Licence Number is 530395.

Client Money

We are authorised to hold client money. We utilise a statutory client bank account and abide by the FCAs rules and guidance with regards to any client money held.

We may receive bank interest on the bank account which we will retain.

In agreement with your Insurer, those premiums are treated as having been paid to the Insurer. Premiums are remitted to insurers after deduction of our commission in accordance with the terms of our agreement with Insurers. We may earn commission for arranging Premium Finance. If you would like to know the amount of commission that we are paid in respect of your insurance contract or Premium Finance, this information is available upon request.

Documentation

We may keep certain documents such as your insurance policy documents or certificates whilst we are awaiting payment of premiums and administration charges. In these circumstances, we will ensure that you receive full details of your insurance cover and will provide the documents which you are required to have by Law.

Cancellation

Should you wish to cancel your policy at any time during the period of cover please contact this office on 01268 971133. In addition, you must put your request in writing at the same time returning the certificate of insurance. Cancellation will only be effective from the date the letter and certificate are received by the Insurance Company.

On a return premium we repay commission on the amount to the insurer and this will be deducted from the final amount refunded to you, together with any monies owed to your finance provider (if applicable).

Policy fees are non-refundable. If any direct debit or other payment due in respect of the credit agreement you enter into with the Finance Providers to pay insurance premiums is not met when presented for payment or if you end the agreement or if you do not enter into the agreement we will be informed of such events by the credit providers. If you do not make arrangements with us to pay the insurance premiums you acknowledge and agree that we may, at any time after being so informed, instruct on your behalf the relevant insurer to cancel the insurance or if this occurs shortly after the start or renewal of the insurance, to notify the insurer that the policy has not been taken up and to collect any refund of premiums which may be made by the insurer and if any money is owed to the Finance Providers under your credit agreement to pay it to the Finance Providers or if they have debited us with the amount outstanding we will offset our costs. You will be responsible for paying any time on risk charge.

Please note no refunds will be due if you have been involved in any claims, payment by
instalments or Classic Car Schemes. Breakdown and Legal Expenses Cover, if applicable are not refundable. No refund will be due on Non-Cancellable Policies after an applicable ‘cooling off period’. Due to the costs involved any refund of premium less than £20.00 (after deduction of commission and charges) will not be refunded. The specific charges will be advised to you in advance. Your Insurers may calculate their cancellation refund by applying short period rates. This means that the refund of premium will not be proportionate to the annual premium and the time on cover and may give rise to a deficit in the premiums paid and those required by your insurers.

Where bad debts occur, we reserve the right to charge interest on the debt, to pass on any fees or charges we incur and to collect the outstanding balance from the credit or debit card details held on file. A third party will be used to aid debt recovery.

Mediation Contract

The mediation contract is the agreement between you and us for the insurance mediate services that we provide to you in respect of the insurance requirements. Once you have entered into the mediation contract with us, ‘Retail Clients’ are entitled to a cooling off period during which you may decide whether to proceed with the purchase of the Mediation Contract. The duration of this period is 14 days and commences from when you receive full details of the Mediation detailing the full contractual terms. To cancel the Mediation Contract within the cancellation period, please write to us at our listed address. If you cancel this mediation contract within the cancellation period, you may be charged a proportion of any of our fees that you have incurred. The mediation contract can be cancelled at any time by either party in writing by giving 7 days’ notice. If we wish to cancel this Mediation Contract we shall write to you at the last known address we have for you on our records. Commercial clients are not automatically entitled to the same cooling off period and any reduction to the ‘Time on Risk’ fee will be at the discretion of the Insurer.

Confidentiality

Your insurers are legally bound to supply details of motor insurance policies to the MIIC.
This information will be added to the Motor Insurance Database and can be accessed by the Police and other government agencies. This assists with the detection of those who are in contravention of the law by not holding valid insurance and the pursuance of claims.

All personal information about you will be treated as private and confidential. We will only use and disclose the information we have about you in the normal course of arranging and administering your insurance, and will not disclose any information to any other parties without your consent. We may use information we hold about you to provide information to you about other products and services which we offer and feel may be beneficial to you. If you do not wish to receive this information from us, please advise us accordingly. Under the UK Data Protection Act 2017 and the EU General Data Protection Regulations 2016 you have the right to see personal information about you held on our records. Please refer to our Privacy Policy for further information. In the interests of security and to aid Customer Care, telephone calls may be monitored and or recorded. Unless we are notified of any changes, we shall assume the personal and sensitive data we hold is correct and shall use it to provide quotations when polices are due for renewal.

Complaints

Should the situation arise where you need to complain, we have a formal complaints procedure. Firstly you should contact us in writing, by telephone, fax or by email. Please direct your complaint to the Customer Care Manager. We will acknowledge receipt of your complaint in writing within 7 working days and give you a response to the complaint at this time if we can. In the event that the complaint cannot be settled immediately we will advise you who is handling your complaint and when you can expect a full response. If for any reason we are unable to settle your complaint then you may be entitled to refer it to the Financial Ombudsmen Service. 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, depending on the type of business and circumstances of the claim. Insurance advising and arranging is covered for 90% of the claim, with no upper limit for non-compulsory insurances. Compulsory Insurances are protected for 100% with no upper limit.