TERMS OF BUSINESS AGREEMENT
David Moore and Company (Insurance Brokers) Limited
The Judge’s House,
Tel: 01902 425651 Fax: 01902 423025
Tel: 01952 820020 Fax: 01952 811461
Email: insurance@davidmooreandco.co.uk
General The conditions hereafter stated are the conditions of David Moore and Company (Insurance Brokers) Limited (the “company”) and any service undertaken by the company is undertaken upon the following conditions
The Financial Services Authority David Moore and Company (Insurance Brokers) Limited is authorised and regulated by the Financial Services Authority (FSA). Our FSA Register number is 307865.
Our permitted business is advising, arranging, dealing as agent and assisting in the administration and performance of general insurance contracts.
You may check this on the FSA’s register by visiting the FSA website, www,fsa.gov.uk /register or by contacting the FSA on 0845 606 1234.
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
Personal insurances:
v We select motor insurance products from a range of insurers.
v We only select household products, travel and other products from a limited number of insurers. You may ask us for a list of the insurers we deal with for these products.
v We only use AIM for legal expenses and uninsured loss recovery.
Commercial insurances:
v We select commercial insurance products 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.
Complaints and Compensation We aim to provide you with a high level of customer service at all times, but if you are not satisfied, contact us:
In writing... Write to David Moore and Co (Insurance Brokers) Ltd, The Judge’s House,
By phone... Telephone 01902 425651
If you are still not satisfied, you may refer the matter to the Financial Ombudsman Service (except in the case of commercial customers with a group annual turnover of £1m or more, or trustees with a net asset value of £1m or more).
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 insurance, size of the business (if a commercial customer) and the circumstances of the claim. Further information about compensation scheme arrangements is available from the FSCS.
Payment for our services We may receive commission from insurers or agree a fee basis of remuneration with you, or a combination of both. Where commission received is insufficient to cover the cost of administration, we reserve the right to make additional charges for work undertaken on your behalf. You will receive a quotation, which will tell you the total price to be paid, showing any fees, taxes and charges separately from the premium, 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. You may be able to spread your payments through insurer instalment schemes or a credit scheme that we have arranged with a third party finance provider. Where premiums are paid by instalments, the completed credit agreement and direct debit form, and if applicable any deposit cheque must be received by us within 7 days of inception of cover, failing which the credit provider may not accept it. In order to be able to offer you credit facilities, we are registered under the Consumer Credit Act and our licence number is 532474.
In respect of personal insurance premiums, we may also make the undernoted charges to cover the administration of your insurance(s):-
a) Mid-term adjustments £15.00 (in addition to any premium charged by your Insurer for cover amendments)
b) Duplicate documents £10.00
c) Cancellation of policy 15% of refund subject to a minimum of £15.00.
In respect of commercial insurance premiums, the undernoted conditions will apply:-
a) Where gross premiums excluding Insurance Premium Tax total less than £3,000, a fee of £25 will be charged in addition to any brokerage received from insurers
b) Motor Insurers Database (MID) transactions undertaken on our client’s behalf will be charged at £10 per transaction
c) Fees or commissions earned are non refundable in the event of cancellation of policy. In the event that a premium refund may be due to the Policyholder, all such amounts will be credited net of any commission refund due to the insurer.
Supplementary charges are payable directly to David Moore and Co (Insurance Brokers) Ltd.
Other Taxes or Costs Other taxes or costs or both, may exist in relation to products and services offered by us which are not paid through, nor imposed by us.
Handling Client Money and/or Insurer Money We hold all client money collected for onward transmission to the insurance undertaking and return premiums/credits/claims payments due to clients from insurers in a Client Bank Account under a non-Statutory Trust in accordance with the authorisation we have from the Financial Services Authority to do so. As a consequence, unless you notify us to the contrary in writing, you agree that we may provide extended credit from this account, and agree to David Moore & Company (Insurance Brokers) Ltd, retaining any interest earned on this account. For the purpose of some transactions, client money may pass through other authorised intermediaries before it is received by the insurer.
Cancellation of Insurances You should make any request for the cancellation of a policy in writing and any relevant certificate of insurance should be returned to us or to the insurer concerned. In the event of cancellation, charges for our services will apply in accordance with the Tariff of Fees above. 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.
Conflict 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 potential 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.
Termination of Authority – Applicable to Retail Customers in respect of Non-Commercial Insurance Contracts You may terminate our authority to act on your behalf with 14 days notice or as otherwise agreed without penalty. Notice of this termination must be given in writing and will take effect from the date of receipt. Termination is without prejudice to any transactions already initiated which will be completed according to these terms of business unless otherwise agreed in writing. You will be liable to pay for any transactions or adjustments effective prior to termination and we will be entitled to retain any and all fees or brokerage payable in relation to policies placed by us prior to the date of termination.
Termination of Authority – Applicable to Commercial Insurance Contracts – Retail or Non-Retail Customers You may terminate our authority to act on your behalf with 28 days notice or as otherwise agreed without penalty. Notice of this termination must be given in writing and will take effect from the date of receipt. Termination is without prejudice to any transactions already initiated which will be completed according to these terms of business unless otherwise agreed in writing. You will be liable to pay for any transactions or adjustments effective prior to termination and we will be entitled to retain any and all fees or brokerage payable in relation to policies placed by us prior to the date of termination.
Your responsibilities You are responsible for providing 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 any material fact or other information material to the insurance this could invalidate the policy and mean that claims may not be paid. You should check all details on any proposal form or Statement of Facts and pay particular attention to any declaration you may be asked to sign. You should read all insurance documents issued to you and ensure that you are aware of the cover, limits and other terms that apply. Particular attention should be paid to any warranties and conditions as failure to comply with them could invalidate your policy.
You should take note of the required procedures in the event of a claim, which will be stated in the policy documentation. Generally, insurers require immediate notification of a claim or circumstances that might lead to a claim.
You should inform us immediately of any changes in circumstances that 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.
Confidentiality of personal data All personal information is treated by us as confidential and is processed in accordance with the relevant legislation. We will not use or disclose personal information without your consent, other than in the normal course of arranging and administering your insurances, except where we are compelled by law (including by regulators or law enforcement agencies) to disclose such information. In such instances personal information held by us may be disclosed on a confidential basis, and in accordance with the Data Protection Act 1998, to such third parties.
Claims handling arrangements We will employ due care and skill if we act on your behalf in respect of a claim.
Quotations As quotations can vary without notice, we reserve the right to withdraw premium indications before they are taken up.
Governing law This agreement shall be governed by the laws of
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