TERMS OF BUSINESS
IFM INSURANCE BROKERS LIMITED
Registered Office: 1st & 2nd Floor, Parkway Works, Kettlebridge Road, Sheffield S9 3BL
Authorised and Regulated by the Financial Conduct Authority
Introducing - IFM Insurance Brokers Ltd is authorised and regulated by the Financial Conduct Authority (FCA). Our FCA 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 and credit broking in relation to insurance instalment facilities. You may check this on this FCA’s register by visiting the FCA website: www.fca.org.uk/register or by contacting the FCA on 0800 111 6768.
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 our Operations & Compliance Director, Darryl Carpenter, 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 £1 million
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) for our insurance mediation activities. 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 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 of infirmity, all where there an 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
Professional Indemnity insurance - IFM Insurance Brokers Ltd at all times hold Professional Indemnity cover in accordance with the requirements of the Financial Conduct 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. In addition to or in place of commission we also charge annual fees for the arrangement and administration of your policies. These amounts are always disclosed either verbally or in writing 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. A scale of current charges is available in writing on request. In addition should the insurance be terminated for whatever reason, part way through its term, we may 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 and which identifies any fees, taxes (IPT or VAT) 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 and we are happy to disclose the amount we earn in commissions to you.
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. 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 - If you are a consumer, 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.
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 or statement of facts and the production of any 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 – 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’.
To make sure you get our most competitive and appropriate quotation 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. Subject to certain exceptions, you will be entitled to have access to your personal and sensitive personal data free of charge unless in our view the request is frivolous and vexatious for which you will be charged a fee of £10.