Company Terms of Business
KEY FACTS ABOUT OUR INSURANCE SERVICES
- The Financial Services Authority (FSA)
The FSA is the independent watchdog that regulates financial services. It requires us to give you this document. Use this information to decide if our services are right for you.
- Whose products do we offer?
We offer products from a fair analysis of the market - please ask us for a list of companies used. We only offer products from a single insurer for legal expenses insurance.
- Which services will we provide you with?
We will advise and make recommendations for you after we have assessed your needs.
- What will you have to pay us for our services?
No fee unless clearly identified. We reserve the right to make charges or fees in addition to any insurance premiums, for the arranging, amending, renewing and the cancellation of any insurance policy. This will be clearly identified and subject to a minimum of £15.00. You will receive a written quotation, which will tell you about any other fees relating to any particular insurance policy.
We may receive commission from insurers which we may take upon your cleared funds or when insurers allow. We confirm that prior to the conclusion of each insurance contract or at renewal, upon request you have the right to be advised of the level of commission which we receive from insurers. You are entitled at any other time to request information regarding any commission which we may have received as a result of placing your insurance business via ourselves.
Apart from earning a fee or brokerage or a commission, we may also benefit from other remuneration generated from (a) arrangements with the insurers to provide administration and support of other services, including where we act as agent for insurers, and (b) our relationship with other insurers whether or not identifiable to any specific client or account, when our clients determine they wish to benefit from services provided to these companies. This includes referral payments from premium finance companies - such remuneration is only earned on the basis that it does not in any way detract from or conflicts with our acting in your best interest, which is paramount at all times.
- Who regulates us?
Broadhurst & Company, Bridge House, Bridge Road, West Kirby, Wirral, CH48 5EX is authorised and regulated by the Financial Services Authority. Our FSA registration number is 304799. Our permitted business is arranging general insurance contracts. You can check on the FSA's Register by visiting the FSA's website www.fsa.gov.uk/register or by contacting them on 0845 606 1234
- What to do if you have a complaint
If you wish to make a complaint, please contact us:
In writing to: Broadhurst & Company, Bridge House, Bridge Road, West Kirby, Wirral, CH48 5EX By Telephone: 0151 625 6411.
If we cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.
- Are we covered by the Financial Services Compensation Scheme (FSCS)?
We are covered by the 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 90% of the claim, with no upper limit. Compulsory insurances are covered for 100% of the claim with no upper limit.
Further information about compensation scheme arrangements is available from the FSCS.
IMPORTANT NOTICE TO CLIENTS OF BROADHURST & CO EXPLAINING OUR TERMS OF BUSINESS
Definitions. a) We/us means Broadhurst & Co of Bridge House, Bridge Road, West Kirby, Wirral, CH48 5EX. Tel: 0151 625 6411, Fax: 0151 625 5491. E-mail: info@broadhurstandco.co.uk
Status. We act as an Independent Intermediary (Broker) on your behalf. We offer a range of Insurance products and 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 place insurance with a number of insurers and we will advise you should we have any special arrangements with them or should you have to deal directly with the insurer for ongoing policy administration. We may issue policies and handle claims on behalf of some insurers. For certain types of insurance we represent only one company and we will advise you should this be the case. We will also advise you should we place your insurance through another intermediary.
Confidentiality. Unless required by law you give your consent, all information you supply will be kept confidential to us and parties involved in the normal course of arranging and administrating your insurance. Under the Data Protection Act 1998 you have the right to see personal information about you that we hold in our records. Should you have any queries please write to us at the above address.
Disclosure of 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 or Statement of Fact, 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 immediately. You are advised to keep copies of all documentation sent to or received from us for your own protection. Please consult us if you are in doubt on any aspect.
Notice. Insurers pass information to the Claims and Underwriting Exchange run by Insurance Database Services Ltd. and the Motor Insurance Anti-Fraud Theft Register run by the Association of British Insurers. The aim is to check information provided and also prevent fraudulent claims. Motor insurance details are added to the Motor Insurance Database run by the Motor Insurers Information Centre, which has been formed to help identify uninsured drivers and 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.
Security of Insurers. We cannot guarantee the solvency of any insurer we place business with, and do not accept liability for any unpaid amount
Payment of Premiums. Premiums should be paid promptly. This means that the premium should reach us before 15 days of renewal or inception of the policy. If you do not meet this criterion, we cannot be held responsible for any claim declinature by your insurer on the grounds of non or late premium payment. If you place an order for business with us and your order is subsequently withdrawn and you are liable for any short period rates or other premium charges by the insurers, you shall pay that premium or charges within 15 days. In the event of your not paying the premium by the due date, or in the event of your defaulting for any reason on any premium instalment plan, you agree to pay the premium when requested, together with interest calculated daily on the Barclays base lending rate +3%, together with any legal fees or debit collection fees incurred in pursuit of the premium due. Please note that your policy will cease if you fail to keep up payments on an instalment agreement or premium finance agreement related to it.
Statutory Trust. The aim of the trust is to protect the client in the event of the failure of the firm, or the failure of the bank or a third party at which the money may be held. In such circumstances, the firm's general creditors should not be able to make claims on client money, as it will not form part of this firm's property. The fact that we hold money on trust gives rise to fiduciary duties which will be owed to you until the client money reaches the insurer or product provider. We hold client money subject to a statutory trust. We may receive commission from insurers which we may take upon your cleared funds or when insurers allow.
Claims. If you have occasion to claim on your policy you must notify us immediately and we will promptly advise you and, if appropriate issue you with a claim form and pass all details to your Insurer. You should not admit liability nor agree to any course of action, other than emergency measures to minimise the loss, until you have agreement from your insurer. We will provide you with every assistance in obtaining reimbursement, however in the event an Insurer becomes insolvent or delays making settlement, we do not accept liability for any unpaid amount.
Policy Documentation. Our policy is that policy documentation will be issued in a timely manner. Your policy documentation will confirm the basis of the cover; give details of the insurers and the total premium payable. Prior to the conclusion of the contract you will be given a statement of demands and needs - you should read this carefully. It will set out your demands and needs and confirm whether the contract has been personally recommended and, if so, the reasons for making that recommendation. You will be provided with renewal terms in a durable medium in good time before expiry of the policy, or notified that renewal is not being invited. Attached to the renewal terms will be a statement of any changes to the terms of the policy, and changes to directive-required information (information required under the EU Directives), statement of price and information about cancellation. You will be given an explanation of any changes, where necessary and in good time, which may appear in your policy and you will be advised of your right to request a new policy statement. If renewal is not being offered you will be notified no less than 21 days before expiry of the policy. It is our policy to retain documents for business effected on your behalf in electronic or paper format for up to 6 years. For some types of insurance cover it is possible that a claim may be made under a policy long after its expiry date and it is therefore important you keep such documents safely.
Transferred Business. If we take over the servicing of insurance policies, which were originally arranged for another insurance broker/intermediary, or directly with the insurer, we do not accept liability for any claim arising out of the advice given by that broker, intermediary, insurer nor for any errors, omissions or gaps in your current insurance protection. Accordingly we would ask you to contact us without delay should any aspect of a policy, which has been transferred to us, cause you concern, or if you need an immediate review, otherwise we will endeavour to review all transferred policies as they fall due for renewal.
Client Money. Client Money is money of any currency that we receive and hold in the course of carrying on insurance mediation on behalf of our clients (including you) or which we treat as client money in accordance with the client money rules. We hold client money under a statutory trust.
Interest on Client Money. Any interest earned on client money held by us and any investment returns on any segregated designated investments will be retained by us for our own use, rather than paid to you.
Statutory Trust. The aim of the trust is to protect the client in the event of the failure of the firm, or the failure of the bank or a third party at which the money may be held. In such circumstances, the firm's general creditors should not be able to make claims on client money, as it will not form part of this firm's property. The fact that we hold money on trust gives rise to fiduciary duties which will be owed to you until the client money reaches the insurer or product provider. We hold client money subject to a statutory trust. We may receive commission from insurers which we may take upon your cleared funds or when insurers allow.
Payment to Third Parties. We may transfer client money to another person, such as another broker or settlement agent, for the purpose of effecting a transaction on your behalf through that person. This may include brokers and settlement agents outside the UK. The legal and regulatory regime applying to a broker or settlement agent outside the UK may be different from that of the UK and, in the event of a failure of the broker or settlement agent, this money may be treated in a different manner from that which would apply if the money were held by a broker or settlement agent in the UK. You may notify us if you do not wish money to be passed to a person in a particular fashion.
Consumers/Commercial Clients. Certain points may not be applicable to you if you are a commercial client - ie no cancellation rights.
Receipt of Instructions - Awareness of Policy Terms. When a policy is issued you are strongly advised to read it carefully, as it is that document, the schedule and any certificate of insurance that is the basis of the insurance contact you have purchased. If you are in any doubt over any of the policy terms or conditions, please seek our advice promptly. We do not consider instructions to arrange or change cover sent to us by post, electronic mail or facsimile, or left on answering equipment to have been received until they reach the relevant personnel in our office and are acted upon. We cannot accept responsibility for instructions, which do not reach us due to any failure in postal, electronic or telecommunication systems.
Cancellation Clause. Your insurance contract may include a cancellation clause, for certain policies there is a 14 day cooling off period - see insurers' policy wordings/renewal schedule detailing the costs. Where your policy provides a private benefit, you have a legal right to cancel your policy, for any reason, after receiving this information following the conclusion of the contract. A cancellation clause is mandatory for all consumers. The cancellation period is 14 (fourteen) days from the day after you receive this information. Following the conclusion of the contract, any return premium will be calculated on a pro rata basis. In the event that you fail to pay your premium by the due date the insurance may be cancelled forthwith or by the insurers, giving notice of the cancellation. Once our remuneration has been earned, in the event that the insurance is cancelled after inception, our fees or brokerage will not usually be returnable. You will need to provide us with a written request to cancel before expiry of the 14 days to the following address: Bridge House, Bridge Road, West Kirby, Wirral, CH48 5EX.
Where you elect to pay the premium under a Finance Agreement with a third party provider, in the event of you defaulting we reserve the right to cancel the policy and in some circumstances the debt will be passed to the finance company to recover. We may also charge you any balance of premium due and administration charges.
Cancellation of the Agreement. COur agreement may be terminated by one of us giving 14 days notice in writing to the other. In the event that our services are terminated by you, we will be entitled to receive any fees or brokerage payable.
Money Laundering/Proceeds of Crime Act. UK money laundering regulations require us to obtain evidence of the identity of clients for whom we act at the start of a business relationship. This might, for example be evidenced by sight of a current signed passport and two utility bills/bank. For companies (other than listed ones) evidence of identity will usually comprise a copy of certificate of incorporation, a list of directors, a list of shareholders and the registered address. We are obliged to report to the National Criminal Intelligence Service any evidence or suspicion of money laundering at the first opportunity and we are prohibited from disclosing any such report. Claims payment will be made in favour of you- If you require a payment to be made to a third party then you must confirm the required payee name and details and provide a brief explanation for your request.
Quotations. Unless agreed any quotation given will remain valid for a period of thirty (30) days from the date of the quotation.
Treating Customers Fairly. We have always valued our customers and are pleased to have embodied the six core principles relating to this - full details available upon request.
Conflicts of Interest. As independent insurance brokers we act as the agent of our client, we are subject to the Law of Agency which imposes certain duties on us, we also have proper regard for the interest of others, including the insures for whom we act. Where we become aware of any actual or potential conflict of interest we will inform you of the situation, the options available to you and obtain your consent before we carry out your instructions.
Note. Your acceptance of these Terms of Business does not affect your normal legal rights.