Terms of Business
The Financial Conduct Authority
lnsure 355 Limited is authorised and regulated by Financial Conduct Authority (FCA). Our FCA Register number is 510122
Our permitted business is advising, arranging and dealing as agent and assisting in the administration and performance of general lnsurance contracts.
You may check this on the FCA’s register by visiting the FCA website, www.fca.org.uk/register or by contacting the FCA on 0800 1L1,6768
Our role is to advise you and make a suitable recommendation after we have assessed your needs. ln 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.
•We select motor insurance products from a range of Insurers.
•We select household products from a range of insurers.
•We offer travel Insurance products from a limited number of insurers. You may ask us for a list of the insurers we deal with for these products.
•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.
•We offer legal expenses Insurance on the basis of a single Insurer.
Complaints and compensation
We aim to provide you with a high level of customer service at all time, but if you are not satisfied, contact us:
In writing…. PO Box 4691, Stone, ST15 9EX
By phone… 01782 207800
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 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 business (if a commercial customer) and the circumstances of the claim. Insurance advising and arranging is covered for 100% of the first £2000 and 90% of the remainder of the claim, without any upper limit. Further information about compensation scheme arrangements is available from FSCS.
Payment for our services
We normally receive commission from the insurers or product providers and make charges for handling your insurances as follows:
•Renewal and new policies – £5.00 minimum
•Policy amendments, additional or return – £25.00 minimum
•Duplicate documents – £10.00
Policy cancellation – For any policy cancelled which results in a return premium a charge will be made equal to 20% of the return premium after commission deducted subject to a minimum of £25.00. There is no refund payable on annual policies which has been in force for more than 6 months, short period policies or any policy where a claim has occurred since inception.
•Reminder letters – £5.00
•Recorded delivery letter( if necessary ) – £8.00
•Cheques not honoured – £25.00
These are minimum brokerage /administration charges and we reserve the right to alter or amend them at any time. Notices are displayed to this effect in our reception office/Website.
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.
Payment of Premiums
We accept payment by cash, cheque (with bankers card)- (office only) and by various debit/credit cards.
You can choose to pay your premiums by instalments an interest charge will apply we will tell you the interest rate when you agree to buy. However in the event of a claim the premium and charges are still due to be paid.
Provisions of cover
Cover cannot be granted in the absence of premium payment, or part thereof. In the event of an initial payment not being authorised, cover may not be deemed to have been afforded in any way. It remains you responsibility therefore to ensure that sufficient funds are available so that cover may commence.
Handling Client Money and/or Insurer Money
We hold your premium payment in a trust account until it is passed to the insurer. While it is in the account, you money cannot be used for any purpose other than paying the insurer or any brokers through whom we may have arranged your insurance. We will retain any interest earned on the account.
Cancellation of Insurances
You should make any request for the cancellation of a policy in writing and any relevant certificates 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 change short-period premiums in the event of cancellation.
Conflict of Interest
Occasions can arise where we or one of our associated companies, 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
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 the 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 adjustment 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, subject to a minimum £50 charge.
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 at a renewal, but it also applies throughout the life of the policy. If you fail to disclose any material fact or other information material to the Insurance this could invalidate your 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. No guarantee of Driving Other vehicles cover can be given until the certificate of Insurance is issued. If the cover applies it will be shown on the certificate of Insurance.
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 Date 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.