Terms of Business
Find Insurance NI Ltd, 42-44 Spencer Road, Derry~Londonderry BT47 6AA Telephone: 0800 012 6367 Email: [email protected]
Accepting our Terms of Business
By asking us to quote for, arrange or handle your insurances, you are providing your informed agreement to these Terms of Business. We draw your particular attention to the sections headed ‘The processing of your personal data’, and the section headed ‘handling money’, which explains our terms of handling client money in a Non- Statutory Trust Account.
For your own benefit and protection, you should read these terms carefully. If you are unsure about any aspect of our Terms of Business or have any questions regarding our relationship with you, please contact us at the above address.
The Financial Conduct Authority
Find Insurance is a trading name of Find Insurance NI Ltd, which is authorised and regulated by the Financial Conduct Authority. Our Firm Reference Number (FRN) is 471896. You can check this on the Financial Services Register by visiting the FCA’s website www.fca.org.uk or by telephoning the FCA on 0800 111 6768. Registered in Northern Ireland under Company Registration Number NI 064828; registered address as stated above.
Our permitted business is introducing, advising, arranging, dealing as agent, assisting in the administration and performance of general insurance contracts, credit broking and supplementary debt-related administration in relation to insurance instalment facilities.
Helping you to decide
Our role is to advise you and, after we have assessed your needs, to provide you with a personal recommendation explaining why the insurance product recommended best meets your requirement. In some circumstances we do not provide a personal recommendation and we will therefore confirm the type of our service in separate documentation before finalising your insurances. Where we can offer the availability of an instalment facility in order to pay the insurance premium by regular payment, we do not offer advice or make personal recommendations in relation to this, but we may ask some questions to narrow down the selection of options available; you will then need to make your own choice about how to proceed.
The capacity in which we act for you
We act as an insurance intermediary, not an insurer. We will usually act on your behalf when arranging your insurance, when helping you make any changes to your policy, when you renew your insurance and in the event of a claim. If there are any circumstances where we act as an agent of the insurer, we will let you know the capacity in which we act before we finalise your insurance arrangement.
Scope of service, including our product range and the range of insurers used:
We provide a personal recommendation and select personal and commercial insurances from a fair and personal analysis of the market, but for certain products we only select products from a limited number of insurers or only offer products from a single insurer. We will give you further information about his before we finalise your insurance arrangements.
We do not in any circumstance guarantee the solvency of any insurer.
If we propose using another intermediary to help place your business, we will confirm this to you in good time before any arrangements are finalised.
We may be able to offer you finance to pay your premium in instalments either using a scheme operated by your insurer or through one of our Finance Providers: Premium Credit and Close Bros Premium Finance. We will give you further information about this before we finalise your instalment arrangements.
We aim to provide you with the highest possible level of customer service at all times, however, we recognise that things can go wrong occasionally and if this occurs, we are committed to resolving matters promptly and fairly. Should you wish to complain you may do so:
- In writing to the Complaints Manager
- By telephone on 0800 012 6367
- By e-mail at [email protected]
- In person by visiting our office 42-44 Spencer Road, Derry~Londonderry BT47 6AA.
When dealing with your complaint, we will follow our complaint handling procedures; a summary of these procedures is available on request. Should you not be satisfied with our final response, you may be entitled to refer the matter to the Financial Ombudsman Service (FOS) (except in the case of a micro-enterprise employing 10 persons or more and with a turnover or annual balance sheet total exceeding €2 million, other small businesses with an annual turnover of £6.5m or more, 50 employees or more with an annual balance sheet total of £5m or more, a charity with an annual income of £6.5m or more or trustees of a trust with a net asset value of £5m or more). More information is available on request or on their website www.financial-ombudsman.org.uk.
Financial Services Compensation Scheme (FSCS)
We are covered by the Financial Services Compensation Scheme (FSCS) for our insurance mediation activities. You may be entitled to compensation from the scheme depending on the type of business and circumstances of the claim if we cannot meet our obligations. If you are eligible to claim from the FSCS, compensation is available in relation to insurance advising and arranging as follows:
• 90% of the claim, without any upper limit;
• 100% of the claim without any upper limit for compulsory classes of insurance (such as Third-Party Motor or Employers Liability); and ‘pure protection’ contracts, professional indemnity insurance, and general insurance claims arising from the death or incapacity of the policyholder owing to injury, sickness or infirmity, all where the insurance intermediary has failed to pay money to an insurer, pay away money it has received from an insurer, or has failed to take steps to allow the insurer to effect the contract of insurance.
Further information about compensation scheme arrangements is available from the FSCS on 0800 678 1100 (freephone) or 020 7741 4100 or www.fscs.org.uk.
Payment for our services
As insurance brokers our remuneration may be as a fee agreed with you and/or from commission paid to us by insurers based on the amount they charge you. Any commission we receive will be paid by the insurer or product provider from the insurance premium. Any commission we receive from the premium finance provider will be paid from the finance repayment.
Commercial customers: In good time before the conclusion of each insurance contract, or upon renewal, we will remind you of your right to be informed of the level of commission which we receive from underwriters and premium finance providers. 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 may make additional charges specific to the arrangement and servicing of certain policies, but these will always be advised to you in advance. These fees are non-refundable.
- New business – £40
- Renewals – £40
- Mid-term adjustments – £15
- Lost papers or documents – £15
- Unpaid cheques – £25
- Cancellations – Commission plus £15
You will receive a quotation which will tell you the total price to be paid, and which identifies any fees, taxes and charges separately from the premium before your insurance arrangements are concluded. We also draw your attention to the sections headed ‘Cancellation of insurances’ and ‘Ending your relationship with us’.
Our financial arrangements with most insurance companies are on a ‘Risk Transfer’ basis. This means that we act as agents of the insurer in collecting premiums and handling refunds due to clients. In these circumstances such monies are deemed to be held by the insurer(s) with which your insurance is arranged. You will be notified if Risk Transfer does not apply and such monies will then be held by us in a Non-Statutory Trust account pending payment. The establishment of the Non-Statutory Trust account follows FCA rules introduced to protect money held by authorised intermediaries. However, you should be aware that, under the Non-Statutory Trust account rules, we are permitted to use such monies temporarily held to advance credit to clients generally. A copy of the Deed of Trust is available on request or may be inspected at our premises during normal office hours. If you object to your money being held in a Non-Statutory Trust account, you should advise us immediately. Otherwise, your agreement to pay the premium together with your acceptance of these Terms of Business will constitute your informed consent to our holding your money in a Non-Statutory Trust account. Interest earned on monies held in such a Non-Statutory Trust account will be retained by us. For the purpose of some transactions, client money may pass through other authorised intermediaries before being paid to the insurer.
Your policy document will detail your rights to cancel your insurance once you have taken it out. Depending on the type of policy you have purchased, you may be entitled to cancel within 14 or 30 days of either conclusion of the contract or receiving your policy documentation, whichever occurs later. This is often referred to as a cooling off period. Where you cancel a policy before renewal you will be responsible for paying any Insurer charge and in the event of cancellation, charges for our services will apply in accordance with the ‘payment of our services’ section. To enable your insurer to process the cancellation, you will need to return certificates and any official documents to our office within 30 days of your notice to cancel.
Where a policy is cancelled before renewal, insurers charge to cover their costs, with the balance refunded to you, subject to no claim having been made. Full details will be available in your policy. In the event of an adjustment giving rise to a return of premium the amount will be refunded to you. Your attention is specifically drawn to the following: -Where you cancel your policy after the expiry of the cooling off period or where you request a mid-term adjustment which results in a refund of premium, we reserve the right to charge you for our time and costs as per our ‘Payment for our services’ section. This will usually result in us reducing the amount refunded to you by the FULL amount of the commission and fees we would have received had you not cancelled or amended your policy. The reason for this is that the majority of our costs are incurred either in initially finding and setting up your policy or in the annual renewal process when we might check the ongoing suitability of the cover the policy offers. These costs are recovered through the commission we earn. If you cancel, this does not give us an opportunity to recover the costs we incurred and would often result in us making a loss. However, any charge made will not exceed the cost of the commission and fees we would have earned. For certain commercial insurance policies, insurers will only provide cover where the premium is due in full on inception of the policy. This means that no refund will be paid if the policy is cancelled before renewal. We will advise you if this affects you. In view of the cost involved in making changes to your policy, we will not issue refunds of less than £10.
Termination of our authority to act on your behalf
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. Valid reasons may include but are not limited to non-payment of premium or fees, commission clawback by insurers, where instructions are given to another party to handle the customer’s insurance(s), failure to provide requested documentation or information, deliberate failure to comply with terms set out within the Terms of Business or insurer’s documentation, deliberate misrepresentation or non-disclosure or attempted fraud, use of threatening or abusive behaviour or language, or intimidation or bullying of our staff or suppliers.
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.
Consumer Customers only
Under the Consumer Insurance (Disclosure and Representation) Act 2012, you are responsible for answering any questions in relation to any proposal for insurance cover honestly and to the best of your knowledge, providing complete and accurate information which insurers will require. This also applies to your responses in relation to any assumptions you may agree to in the process of applying for insurance cover. This is particularly important before taking out a policy but also at renewal or if you make a mid-term amendment to your policy.
If you fail to disclose information or misrepresent any fact which may influence the insurer’s decision to accept the risk or the terms offered, this could invalidate the policy and mean that claims may not be paid.
If you are a commercial customer, you have a duty to give a fair presentation of risk to the insurer. This means that you should disclose every material circumstance relevant to the risk being insured following a reasonable search within your business to identify and verify such information. This should include information which you and, where applicable, your senior management, persons responsible for arranging your insurance or other relevant third parties know or ought to know and should include all information that would influence the judgement of the insurer or that would put the insurer on notice that it needs to make further enquiries. Examples of material circumstances are:
• Special or unusual circumstances relating to the risk;
• Any particular concerns which led you to seek insurance cover for the risk; and
• Anything which those concerned with the class of insurance and field of activity in question would generally understand as being something that would be dealt with in a fair presentation of risks for this type of insurance.
The information must be presented in a way which would be reasonably clear and accessible to a prudent insurer. If you are unsure whether to disclose any information you should speak to us. You need to take into account the size & complexity of your business and allow yourself sufficient time before your renewal date to consider and / or assess your insurance requirements.
Failure to provide a ‘fair representation’ may result in a number of remedies by the insurer. If the breach was deliberate or reckless the insurer can void the contract and keep the premium. If the breach was not deliberate or reckless the insurer can void the contract, proportionately reduce a claim settlement or amend the insurance policy terms and conditions then review the merits of a claim on this basis.
You should therefore always provide complete and accurate information to us when we ask you about the insurance risks your business faces before taking out a policy, at renewal and throughout the life of the policy. This also applies to your responses in relation to any assumptions you may agree to in the process of applying for insurance cover.
You must check all details on any proposal form or Statement of Facts and pay particular attention to any declaration you may be asked to sign. It is important that you read all insurance documents issued to you and ensure that you are aware of the cover, limits and other terms that apply. Particular attention must be paid to any warranties and conditions as failure to comply with them could invalidate your policy or mean that claims may not be paid.
You must inform us immediately of any changes in circumstances which may affect the services provided by us or the cover provided by your
policy. If you are unsure about any matter, please contact us for guidance.
The processing of your personal data
In your dealings with us you may provide us with information that may include data that is known as personal data. Where we process personal data, we comply with statutory data processing requirements as set out by the Data Protection Act 2018. The personal data we will collect will include information relating to your name, address, date of birth, contact details and ‘health’ or ‘criminal offences’.
We will process your personal data to allow us to provide you with our services as your insurance broker in quoting for, arranging and administering your insurances and in arranging insurance premium finance where applicable. Your personal data will also be used to manage future communications between ourselves. Where you have agreed, or in circumstances where to do so will be in our mutual interests, your
personal data will be used to provide you with further information about our wider products and services. You can opt out from receiving such communications by e-mailing [email protected]
In processing personal data for insurance purposes about health or criminal offences, we will only do so to enable us to provide our service to you and on the basis of it being in the public interest. We will only use your data for the purpose for which it was collected. We will only grant access to or share your data within our firm, with other authorised third parties and product and service providers such as insurers and premium finance providers where we are entitled to do so by law under lawful data processing.
The Data Protection Act 2018 provides you with Access Rights that allow you to gain an understanding on the data being processed, who we share it with, for what purpose, why we need to retain it and retention periods, to object to the processing and to place restrictions on the processing, to request copies of your data and to request the deletion of your data.
If you require further information on how we process your data, or you wish to exercise your rights, please contact our ‘data privacy representative’ by writing to us at the above address or by telephone. How we process your personal data is detailed further within our Privacy Notice below.
We, and other firms involved in arranging your insurance such as insurers, other intermediaries or premium finance companies may use public and personal data from a variety of sources including credit reference agencies and other organisations. The information is used to help tailor a price, to ascertain the most appropriate payment options for you and to help prevent fraud. Any credit reference search will appear on your credit report whether or not your application proceeds. If you have any questions about this or any other matter, please do not hesitate to contact us.
Conflict of interests
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 and obtain your consent before we carry out your instructions and we will detail the steps we will take to ensure fair treatment.
Claims handling arrangements
You should take note of the required procedures in the event of a claim, which will be explained in the policy documentation. Generally, insurers require immediate notification of a claim or circumstances which might lead to a claim. We will employ due care and skill if we act on your behalf in respect of a claim. It is essential to notify us immediately of all incidents that may result in a claim against your insurance policy. You must do so whether you believe you are liable or not. Any letter or claim received by you must be passed to us immediately, without acknowledgement. Only by providing prompt notification of incidents can your insurance company take steps to protect your interests. Your policy summary and/or policy document will provide you with details on who to contact to make a claim. Claims payment will be made in favour of you. If you require a payment to be made to a third party, you must confirm the required payee name and details and provide a brief explanation for your request. Please contact us for guidance on claiming under your policy.
Please be aware that current UK money laundering regulations require us to obtain adequate ‘Know Your Client’ information about you. We are also required to cross check you against the HM Financial Sanctions List as part of the information gathering process. We are obliged to report to the National Crime Agency any evidence or suspicion of financial crime at the first opportunity and we are prohibited from disclosing any such report. We will not permit our employees or other persons engaged by them to be either influenced or influence others in respect of undue payments or privileges from or to insurers or clients.
Our payment terms are as follows (unless specifically agreed by us in writing to the contrary):
• New policies: immediate payment on or before the inception date of the policy
• Alterations to existing policies: immediate payment on or before the effective date of the change
• Renewals: due in full before the renewal date
If payment is not received from you in accordance with the above terms, we, or your insurer, may be forced to cancel or lapse the relevant policy/policies, which could mean that part or all of a claim may not be paid. You may also be in breach of legally required insurance cover. You will be responsible for paying any time on risk charge and putting in place any alternative insurance and/or payment arrangements you need. If insurance premiums are not paid within our payment terms, we reserve the right to instruct a debt collection agency, using information retained on your file, to recover unpaid insurance premiums and this will result in further costs and interest incurred by you.
When renewal is invited, and the policy is paid by monthly direct debit, we will issue a notice to you. To ensure you are not left without cover, the absence of a response to this notice will be deemed as your consent to cover being renewed automatically. If you choose to pay for your insurance premium using a finance provider your details will be passed onto them. We will provide you with a breakdown of the costs of your monthly instalments. The finance provider will contact you directly about the key features of their credit agreement with you. It is important that you take time to read this document and must contact us if you do not receive this. If you have any queries or questions, either about the service provided by the finance provider or their terms and conditions you should in the first instance contact them. Where your policy is paid via the finance provider and you choose to renew your cover, we will again continue to pass your details to them. If any direct debit or other payment due in respect of any credit agreement you enter into to pay insurance premiums is not met when presented for payment or if you end the credit agreement, we will be informed of such events by the finance provider. In certain circumstances we may be contractually obliged by the finance provider to notify your insurer to cancel the policy. Where we are not contractually obliged to do so by the finance provider, if you do not make other arrangements with us to pay the insurance premiums you acknowledge and agree that we may, at any time after being informed of non-payment under the credit agreement, instruct on your behalf the relevant insurer to cancel the insurance and to collect any refund of premiums which may be made by the insurer and use this refund to offset the amount levied by the finance provider on the firm. If this amount is not sufficient to cover all our costs, we reserve the right to pursue any additional debt owed to the firm through a due legal process. You will be responsible for paying any time on risk charge and putting in place any alternative insurance and/or payment arrangements you need.
Upon receiving your strict acceptance to pay for insurance premiums through the finance provider, we will instruct them to proceed with your application for credit. This process will involve the provider searching public information that a credit reference agency holds about you and any previous payment history you have with that provider. The credit reference agency will add details of your search and your application to their record about you whether or not your application is successful. 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 the finance providers facility, you must be resident in the UK, aged 18 years or over and hold a bank or building society current account which can support direct debit payments. Credit is available subject to status.
We will issue all documentation to you in a timely manner. Documentation relating to your insurance will confirm the basis of the cover and provide details of the relevant insurers. It is therefore important that the documentation is kept in a safe place, as you may need to refer to it or need it to make a claim. A new policy/policy booklet is not necessarily provided each year, although a duplicate can be provided at any time
upon request. You should always check the documentation to ensure all the details are correct and if this is not the case you should contact us immediately.
If any provision of these Terms is found to be invalid or unenforceable in whole or in part, the validity of the other provisions of these Terms and the remainder of the provision in question will not be affected. These Terms shall be governed by the law of United Kingdom of Great Britain and Northern Ireland and the parties agree herewith that any dispute arising out of it shall be subject to the exclusive jurisdiction of the
relevant court. 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. These Terms constitute an offer by us to act on your behalf in the arranging and administration of your insurance. In the absence of any specific acceptance communicated to us by you (whether verbal or written) you are deemed to accept our offer to act for you on the basis of these Terms, by conduct, upon your instructing us to arrange, renew or otherwise act for you in connection with insurance matters.