|
TERMS OF BUSINESS & CONDITIONS
FOR SUB-BROKING TO MEADONS INSURANCE
BROKERS LTD
www.fsa.gov.uk/register
or
by contacting them on 0845 606 1234
TRANSACTING BUSINESS WITH US
Proposal Forms
-
For the scheme we will require a completed proposal form before
cover can be effected.
-
We are happy to advise you on completion of the form but cannot
do this ourselves.
-
Please pay particular attention to the Duties of Disclosure, as
it is essential that both the insurers and we are informed of all material
facts.
Duties of Disclosure
-
As an agent of the insured, it is your responsibility to disclose
all material information to insurers when obtaining cover, throughout
the term of the contract and at renewal
-
Information is material if it would affect
the insurer’s
assessment of the risk involved
-
The insurer is not required to make enquiries. The onus is with
the client and you as their agent
-
If any material information is omitted or misrepresented, insurers
have the right to void policies and return the premium.
-
The duty of disclosure arises not only when the insurance is first
taken out but also every time you renew or amend it on behalf of the
insured.
Quotations
-
We will provide you with comprehensive information early enough
for you to make an informed decision on behalf of your client.
-
We will explain to you relative costs, key features of basis of
cover and benefits and any significant exclusions, conditions or warranties.
A copy of the full policy wording is always available on request.
-
The insurer’s identity will be disclosed.
-
All quotes will be provided within 2 working days of written request
and will be valid for a period of 30 days.
Confirmation of Cover
-
We will provide you with written confirmation that cover has been
put in place. These will normally be sent to you within 7 days from
when cover began. Policy documentation will be issued within 21 days.
-
You will be expected to review all information upon receipt and
advise us immediately if the details do not reflect your instructions
or meet with your approval.
-
It is understood that it is entirely your responsibility that cover
has been effected on the correct basis.
Settlement Terms
-
We will be responsible for issuing invoices for all new business,
mid-term adjustments and renewals.
-
Invoices will show all premiums, Insurance Premium Tax and any administration
fees we charge.
-
We accept payment by cheque, or via our specially
negotiated instalment facilities with Singer & Friedlander.
Service fee details are available on request.
-
The due date of payment to us will be shown on our invoice and is
to be settled net, within a maximum of 21 days from the date of the
invoice.
-
Your commission will be paid at a rate of 10% before Insurance Premium
Tax. Where commission paid to us by the insurers has to be repaid you
agree to refund the proportionate share of commission paid.
-
We advise that we have no obligation to fund
any premiums on you or your insured’s behalf and take no
responsibility for any loss, which may be suffered as a result
of insurers cancelling the insurance due to late or non-payment.
-
Premiums quoted are for 12 months and insurers do not normally allow
any refund in the event of mid-term cancellation for whatever reason,
including default to third party finance providers. In the exceptional
event that insurers do agree any refund of premium these will be passed
to you net of any commission clawback.
-
Co mingling of client and insurer money is acceptable in accordance
with FSA regulations and interest accrued whilst funds are in your
account may be used for your benefit. Commission is deemed as earned
by you from receipt of the premium from your client or from the date
commission is paid by us to you.
Client Money
-
Client Money is money that we receive and hold in the course of
carrying on insurance mediation on behalf of clients or which we treat
as client money in accordance with FSA client money rules.
-
Client Money will be held by us in a Statutory Trust account in
accordance with FSA rules.
Risk Transfer and Binding Authorities
-
We act as agents for the following insurers on our Binding Authorities
and they have confirmed to us that Risk Transfer (as defined by the
FSA) takes place from when we receive payment:
-
Norwich Union
-
DAS Legal Protection
-
Our quotes and renewal notices will always disclose the identity
of the insurers.
-
We are unable to cascade Risk Transfer to placing brokers.
-
In any circumstances where Risk transfer does not take place we
do have systems in place to advise brokers when we have passed the
client money to insurers.
Claims
-
Any claims or incidents, which could give rise to a claim, should
be advised to us immediately.
-
Where agreed we will provide a claims handling service in a manner
that we will:
-
give you guidance to assist the insured in pursuing a claim
under the policy
-
handle claims fairly and promptly, keeping you informed of progress
-
inform you in writing if we are unable to deal with any part
of the claim
-
advise you as soon as possible of settlement details
Data Protection and Confidentiality
-
We will treat any personal information received from you, about
you or your clients, with due care and, where appropriate, in accordance
with the Data Protection Act, 1998
Client Ownership
-
We consider the client to be yours and will not knowingly contact
them directly, unless specifically requested by them
-
However in the event that you become insolvent, bankrupt or become
unauthorised by the FSA we reserve the right to approach the client
to protect their direct interests.
Complaints
Jurisdiction and Choice of Law
These terms of business shall be governed and construed in accordance
with English law and any disputes arising under it shall be determined
exclusively in the English Courts or by such means of arbitration/mediation
agreed between the parties.
Insurance & Mortgage
Brokers
11 Cheshire Street, Market Drayton,
Shropshire TF9 1PD
Tel:- 01630 658455 Fax:- 01630 652050
Email:- insure@meadons.co.uk
Meadons Insurance Brokers Limited
is Authorised and Regulated by the Financial Services Authority.
Membership Number: 305537
Designed and Created by Interactive
Informatic Services Ltd. |
