TERMS OF BUSINESS FOR IFM INSURANCE BROKERS LIMITED
Registered Office Cybor House, 1 Tapton House Road, Sheffield S10 5BY
Authorised and regulated by the Financial Services Authority
Registered in England & Wales 2680875
Telephone 0114-2684606 or e-mail admin@ifmins.co.uk.
Introducing - IFM Insurance Brokers Ltd is authorised and regulated by the Financial Services Authority (FSA). Our FSA Register number is 308720. Our permitted business is advising, arranging, dealing as agent assisting in the administration and performance of general insurance contract, making arrangements with a view to transactions. You may check this on this FSA’s register by visiting the FSA website: www.fsa.gov.uk/register/ or by contacting the FSA on 0845 606 1234.
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 section headed ‘Use of personal data’ and specifically the paragraph explaining how ‘sensitive personal data’ will be used. 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 address shown above.
The capacity in which we act for you - In providing our service, we may sometimes act as an agent of the insurer. We will confirm the capacity in which we will act for you before undertaking any relevant transactions on your behalf.
Product provider’s personal and commercial insurances – we select personal and commercial insurances from a range of insurers, but for certain products, we may only deal with a single insurer or select from a limited number of insurers. We will give you further information about this before we finalise your insurance arrangements. This range of products and providers is regularly reviewed and occasionally revised. A list of insurers we deal with for these products is available on request at anytime. 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
Our service – our role is to advise you and make a suitable recommendation after we have assessed your needs. In situations where we are able to arrange insurance for you but do not offer advice, we shall confirm the position to you in writing. We will not in any circumstances act as an insurer nor guarantee or warrant the solvency of any insurer.
Complaints and compensation – We aim to provide you with a high level of customer service at all times but, if you are not satisfied, please contact: DJ Carpenter - Operations Director, at the address shown above. The matter will be dealt with in line with our internal complaints procedure (written details are available on request). If you are still not satisfied, you may be entitled to refer the matter to the Financial Ombudsman Service (FOS) Access to the FOS is available for complainants coming within one of the following categories at the time we receive the complaint:
- Consumers (eg private individuals)
- Businesses employing fewer than 10 persons and with a turnover or balance sheet total not exceeding 2 million euros
- Charities with an annual turnover of under £1million
- Trustees of a trust with a net asset value of under £1million
For further information about the Financial Ombudsman Service is available on 0845 080 1800 or www.financial-ombudsman.org.uk
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. If you are eligible to claim from the FSCS, compensation is available as follows:
- Insurance advising and arranging is covered for 90% of the claim, without any upper limit
- For compulsory classes of insurance (such as Third Party Motor or Employers Liability), 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 on 020 7892 7300 or www.fscs.org.uk.
We are covered by the Financial Services Compensation Scheme (FSCS).
Professional Indemnity insurance – IFM Insurance Brokers Ltd at all times hold Professional Indemnity cover in accordance with the requirements of the Financial Services Authority. Full details of the limits, insurers etc are available on request.
Payment for our services – we normally receive commission from insurers or product providers when placing business with them. We may charge a separate fee for the arrangement and administration of your policies and where we do so these amounts are always agreed with you before your insurance arrangements are concluded. Full payment of premium and fees is due before cover commences, or as otherwise stated under terms of credit, or in the debit note, invoice or statement issued to you. In the event of mid-term adjustments on a policy we will charge a separate fee of £15.00 to cover the additional administration costs of processing the change. In addition should the insurance be terminated for whatever reason, part way through its term, we will charge a separate fee of £25.00 which will be deducted from any return premium rebate given by the insurers. You will receive a quotation, which will tell you the total price paid and which identifies any fees, taxes and charges separately from the premium, before your insurance arrangements are concluded. Please note, this shall not apply in respect of ‘cooling-off – cancellation rights’, afforded to retail consumers and some commercial customers.
In good time before the conclusion of each insurance contract, or upon renewal, you will be reminded of your right to be informed of the level of commission and other income which we receive from underwriters. You are entitled, at any time, to request information regarding any commission, which we may have received as a result of placing your insurance
Cancellation rights – you should make any request for the cancellation of a policy in writing and relevant certificate of insurance (where applicable) should be returned to us or the insurer concerned. In the event of cancellation, charges for our services will only apply as outlined above. Please note the terms of your policy may allow insurers to retain the premium in full or to charge short-period premiums in the event of cancellation.
Handling Money - Our financial arrangements with most insurance companies and product providers are on a ‘risk transfer’ basis, which means that we hold premiums and refunds due to clients on their behalf under a risk transfer agreement in an Insurer Trust account. Such monies are therefore 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, in that case, we will arrange for payment of premiums by you direct to the insurer or his agent. If the agent will not hold money on a ‘risk transfer’ basis you will be advised of this. 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 the Insurer Trust account. Any interest earned on monies held in the Insurer Trust account will be retained by us.
Conflicts of interest – occasions can arise where we or one of our clients or product providers will have a potential conflict of interest with business being transacted for you. If this happens and we become aware that a conflict exists, we will write to you and obtain your consent before we carry out your instructions, and detail the steps we will take to ensure fair treatment.
Ending your relationship with us – subject to immediate settlement of any outstanding premiums, fees or charges you may terminate our authority to act on your behalf with 7 days notice or as otherwise agreed without penalty. Notice of this termination must be given in writing and will take effect form the date of receipt. Termination is without prejudice to any transactions already initiated and 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 any and all fees charged by us for services provided. In circumstances where we feel we cannot continue providing services to you, we will give you a minimum 7 days notice in writing.
Your responsibilities – You are responsible for providing the complete and accurate information which insurers require in connection with any proposal for insurance cover. This is particularly important before taking out a policy and at renewal, but it also applies throughout the life of a 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. 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. 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.
Claims handling procedures – you should take note of the required procedures in the event of a claim explained within the policy document. 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.
Quotation validity period – quotations provided are normally valid for a period of 14 days unless otherwise stated. All quotations are however, subject to the agreement of the product providers and the satisfactory completion and acceptance of proposal forms and the production of other documentation as required.
Retention of documents on the client’s behalf – under normal circumstances all policy documents, certificates, schedules and endorsements are sent to our client’s as soon as possible, however, we will, where possible retain those documents on behalf of the client if requested to do so verbally or in writing.
Use of personal and corporate data – we will process any personal or corporate information we obtain in the course of providing our services to you in accordance with the Data Protection Act 1998. In administering your insurances it will be necessary for us to pass such information to insurers and other product or service providers which may also provide us with business or compliance support. We may also disclose details to relevant parties, as necessary, to comply with regulatory or legal requirements.
To make sure you get our best deal and to ascertain the most appropriate payment options for you and to protect you from fraud, we or the insurers asked to quote may use public and personal data from a variety of sources, including a credit reference agency and other organisations. Such a search will appear on your credit report whether or not your application proceeds. By agreeing to these terms and conditions you agree to these uses of your information.
We may contact you or pass your details to other companies associated with us in order to promote products or services which may be of interest to you. We will not otherwise use or disclose the personal or corporate information we hold without your consent. Some of the details you may be asked to give us, such as information about offences or medical conditions, are defined by the Act as sensitive personal data. By giving us such information you signify your consent to its being processed by us in arranging and administering your insurances.
Subject to certain exceptions, you will be entitled to have access to your personal and sensitive personal data for which you will be charged a fee of £10. if at anytime you wish us, or any company associated with us, to cease processing any of the personal or sensitive personal data we hold, or to cease contacting you about products and services, please write to D J Carpenter, Compliance Officer at the address shown on the previous page.