TERMS OF BUSINESS – PERSONAL LINES
Please read this document carefully. It contains important information which the Financial Conduct Authority requires us to give you and should be used to decide if our services are right for you.
Please contact us if there is anything in this document which you do not understand or with which you disagree.
In this document we outline our commitments and obligations to you and detail the quality of the service that you can expect from LOSS Insurance Services Ltd. We also provide details of what we require from you to ensure that the insurance cover we arrange on your behalf is appropriate for your requirements.
We are an independent insurance intermediary, registered number 09133862, and are authorised by the Financial Conduct Authority (FCA) to handle non-investment Insurance Contracts under reference number 679901 and this can be verified by visiting the FCA’s website (https://register.fca.org.uk) or by contacting the FCA on 0800 111 6768. In addition, we are authorised under the Consumer Credit Act by the FCA to conduct Credit Broking.
We will advise you in every case whether we give advice or not.
If we say we give advice we will advise you and make a personal recommendation after we have assessed your insurance needs.
If we say that we do not give advice you will not receive advice or a recommendation from us. We will provide information only and you will have to decide whether the product is suitable and meets your needs
To be clear and fair, we will always tell you if we are giving you a recommendation or simply providing you with information for you to make your own choice.
We will explain the main features of the products and services that we offer you, including details of the provider, period of cover, main details of cover and benefits and any significant or unusual restrictions, exclusions, conditions, obligations or warranties.
We carry out ‘fair analysis’ of the market to identify a suitable product. This means that we compare products from a large range of insurance providers in terms of cover, price, quality of service and other relevant features in order to select the right policies for you.
However in certain circumstances our search for a product to meet your requirements may involve a limited number of Insurers. (You can ask us for a list of the insurers we use), or we may only offer a product from a single Insurer.
To access the insurance product that most suits your needs, we may use another Insurance Intermediary to help place your business.
However we will always advise you how we have selected the product and whether we have used another intermediary. We do not guarantee the solvency of any Insurer we place business with.
How we are paid
We are normally remunerated by commission paid to us by your insurer and you may request details of this from us. In the event of cancellation, we do not refund the commission paid to us for arranging your insurance.
Because the commission rates paid by Insurers are variable and do not always reflect the level of work carried out by us, we also make individual service charges over and above the charges made by your Insurers to cover the administration of your insurance policy. Such charges are non-refundable and are as detailed below:
- New Policy Inception £25
- Policy Renewal £25
- Mid Term Policy Adjustments £25
- Cancellation within the “cooling off period” £25
- Cancellation after the “cooling off” period £40
- Returned Cheques and Direct Debit Defaults £25
In addition, we will claim back any commission that we must pay to your Insurance Company. Void policies or policies cancelled by the Insurance Company will be treated as Cancellation after the “cooling off” period. We do not charge for card transactions and will only ever provide any refunds to the same card that made the initial payment.
As part of our agreement with various Insurers, we may also (in addition to commission received on individual policies) receive additional income. This is generally based on a level of business transacted with an Insurer and incorporates agreed standards of performance including overall premium income, loss ratio and accounts payments. Such income is based on overall performance and not identifiable to individual clients. We may also receive commission income from Third Party Finance providers and other professional relationships.
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.
Insurance Premium Tax and in some cases, VAT is charged and should the rate increase between quotation and effective date, any difference will be met by the policyholder.
What will happen if you cancel?
Cancelling a policy may work out expensive for you – please speak to us first. In some cases, there may be very little refund and in fact you may have to carry on paying your instalments. Our charges and those of the insurers are not refundable and we do not refund the commission paid to us for arranging the policy.
Cancellation within the “cooling off” period
All consumers have the statutory right to cancel within 14 days of inception, renewal or upon receipt of the policy documentation, whichever is the later and provided there have been no claims. Any policy documentation and in particular any legal document, for example a certificate of insurance, should be returned to us with your written instruction to cancel.
You will only be charged for the period of cover you have had by the insurer plus any administration fee they may charge. We will also make a cancellation charge of up to £25. If you cancel your insurance prior to the commencement date of the insurance, a full refund of any monies paid will be provided.
Cancellation after the “cooling off” period
After 14 days any right to cancel will be in accordance with the terms of your policy. Some polices do not contain any refund at all after 14 days and this will be indicated in the policy document.
Your responsibility to provide information
You must take reasonable care to provide complete and accurate answers to the questions we ask you when you take out, make changes to or renew your policy. If you are in doubt, please contact us. Insurance is based on the information that you give to the insurer and if this information is wrong or incomplete, your policy may be cancelled, or your claim rejected or not fully paid.
Please read carefully all policy documents sent to you and inform us immediately of any incorrect information shown. If you have difficulty in understanding anything, please let us know and we will assist you.
For your protection, insurers maintain databases to prevent fraud and the information you give us may be subject to checks.
Policy documents will be issued in a timely manner and will confirm the basis of cover and details of the insurer(s). They will include a policy summary and details of when the premium is due.
A statement of demands and needs will confirm whether the contract has been personally recommended and if so, the reasons for making that recommendation.
We aim to provide you with renewal terms no less than 21 days before expiry of the policy and any mid-term changes to your policy will be provided in good time, prior to the change(s) taking effect.
Please read all policy documents carefully and inform us immediately of any incorrect information shown. If you have difficulty understanding anything, please let us know and we will assist you.
When your policy becomes due for renewal we will send you a letter or email containing the renewal quotation asking you to contact us with your instructions. Renewals are invited on the basis that there have been no changes in the risk. We will remind you at renewal of what information you have given us and ask you to confirm that it remains correct. It is very important that you check this information carefully and confirm to us that it remains accurate and complete. If the information is incorrect or if anything has changed, you must let us know immediately as it could invalidate your policy or result in a claim not being paid. We will provide you with examples of what you need to tell us at renewal.
We recommend that you keep a record (including copies of letters) of all information supplied to us for future reference and if you are in any doubt, please contact us on 01606 601000.
Protecting your money
We hold your premium payment in a statutory trust client money bank account. This means we keep client money separate from our own money by paying it into a client money trust account. We may only use the money held in trust on behalf of a customer for paying that customer’s premium to an insurance company and to pay premium refunds or claims we receive from the insurance company to that customer, once the money has been received from the insurance company. We are not allowed to use that customer’s money to pay another customer’s premium or refund and any interest earned on client money held by us will be retained by us for our own use.
Financial Services Compensation Scheme
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 and further information about compensation scheme Arrangements is available from the FSCS.
We do our best to provide you with the highest levels of customer service at all times, however, should you wish to make a complaint you should do so with our Customer Complaints Manager. You can do this in writing to Customer Complaints Manager, Loss Insurance Services Ltd, Suite G5, Northwich Business Centre, Meadow Street, Northwich, CW9 5FP, by email to email@example.com or by telephone on 01606 601000 detailing the nature of the complaint.
If we are unable to resolve your complaint by close of business on the third working day following receipt an acknowledgement will be sent no later than 5 working days after receiving your complaint confirming who is dealing with the complaint and when we will expect to respond to you. Within 8 weeks of the date we receive a complaint we will provide you with our final decision.
If you remain dissatisfied you may be able to refer your case to the Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR, telephone 0845 080 1800, 0300123 9123 or fax 020 7964 1001.
By making a complaint, you do not prejudice your rights to any legal proceedings.
Making a claim
You are responsible for notifying claims or circumstances which may give rise to a potential claim and should contact us immediately following any incident. Failure to notify in accordance with your policy requirements may lead to Insurers rejecting your claim.
We will assist you with any claims that arise under the insurance policies that we have arranged. We will ensure that Insurers are notified promptly and in accordance with their requirements for any incident which may give rise to a claim. We will assess claims promptly and will advise you of any information or documentation which is likely to be required by your insurers. We will advise you immediately we become aware that a claim may be restricted or rejected and will forward any claim payments received from Insurers without delay.
Treating you fairly
Our aim is to treat all customers fairly. Whenever we deal with you we will work hard to ensure that the information we give is clear and understandable. In the event that something does go wrong we aim to put things right where we have made a mistake.
Your acceptance of this Terms of Business Agreement
This Terms of Business shall be deemed to be an undertaking and acknowledgement by the Customer(s) of their acceptance to all the terms and conditions set out herein.
Our services may be terminated by either party, giving one month’s notice in writing to the other, or as otherwise agreed. In the event our services are terminated by you, we will be entitled to retain any and all fees or commissions due.
Please note that the Terms of Business are subject to English Law and any dispute is subject to the English Courts.