Terms Of Business
The Financial Services Authority
John F. Whippy & Company Limited 97 Cavendish Place Eastbourne East Sussex BN21
3TZ Telephone: 01323 410433 is authorised and regulated by the Financial Services
Authority (FSA). Our FSA Register number is 310658. 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 Financial
Services Authority’s register by visiting the FSA website, www.fsa.gov.uk/Pages/register/
or by contacting the Financial Service Authority on 0845 6061234.
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: We select insurance products from
a range of insurers. Commercial Insurances: We select commercial insurance products
from a range of insurers. 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. If you are not satisfied you can contact us in the first
instance by telephone 01323 410433 or by writing to us at the above address.
If you are still not satisfied, you may refer the matter to the Financial Ombudsman
Service (except in the case of commercial customers with an annual turnover of
over £1m or trustees with
a net asset value of over £1m). 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 or charity) and the circumstances of the claim. Insurance
advising and arranging is covered for 100% of the first £2,000 and 90% of the
remainder of the claim without upper limit. Further information about compensation
scheme arrangements is available from the Financial Services Compensation Scheme
(FSCS).
Charges and payments for our services
On instructing us to arrange an insurance
policy you agree to pay in full the appropriate premium as advised along with
any fee charged for advice given together with any additional premiums arising
through adjustments to the policy. We normally accept payment by cash, cheque,
debit card and by most major credit cards. Payment can also be made through approved
premium instalment scheme. We will give you full details about your payment options
when we discuss your insurance requirements. In addition to the commission we
normally receive from insurers or product providers we also make the following
charges to cover administration costs for handling your insurances:
• Each & every policy adjustment or policy alteration £20.00.
• Provision of a duplicate Certificate of Insurance £15.00.
• Dishonoured cheques (each time returned unpaid) £25.00.
• New Business and Renewal Premiums below £100.00 are subject to an additional £10.00 administration charge.
• Payments by Credit Card subject to a 21/2% payment charge.
• Early Cancellation - full commission entitlement reclaimed together
with an additional £25.00 administration charge.
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.
Handling Client Money and/or Insurer Money
Our financial arrangements with most
insurance companies are on a risk transfer‚ basis,
which means that we hold premiums and refunds due to clients on behalf of
the insurance undertaking concerned and under a risk transfer agreement.
Such monies are deemed to be held by the insurer(s) with which your insurance
is arranged. If risk transfer does not apply such monies will be held by
us in a statutory client trust account set up in accordance with the rules
of the Financial Services Authority. For the purpose of some transactions,
client money may pass through other authorised intermediaries. Interest will
not be paid to customers in respect of money held in client trust accounts.
Failure
to Pay Premiums
If at anytime you refuse to pay the appropriate premium, charge
or fee falling due in respect of any contract of insurance or if premium payment
is being made by monthly direct debit mandate under a premium funding facility
and payments fail for any reason and the outstanding balance is not cleared,
after due notice you will automatically be deemed to have instructed us to
cancel the policy.
Cancellation of Insurance
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 charges shown 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 potentially arise where we or a company with
which we are associated, another client or product provider 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
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 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 the
renewal of an existing contract of insurance. This also applies throughout
the life of a policy. If you fail to disclose 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
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.
Awareness
of Policy Terms
When a policy or other insurer documentation is issued you
are strongly advised to read it carefully as it is these documents, the policy
schedule and any certificate of insurance that forms the basis of the insurance
contract you have purchased. If you are in doubt over any part of the policy
terms, conditions, exclusions or warranties please raise these doubts with
us and seek our advice promptly. You should ensure that you are aware of the
policy cover, policy 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.
Claims handling arrangements
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. We will employ due care and skill if we act on
your behalf in respect of a claim.
Your Duty to Disclose Information
It is your responsibility to provide complete
and accurate information to insurers when you take out your insurance policy,
during the currency of the contract and when you renew your insurance. It is
important you ensure that all statements you make on proposal forms, claim
forms and other documents are full and accurate. Please note that if you fail
to disclose any material information to your insurers this could invalidate
your insurance cover and could mean that part or all of any claim may not be
paid. Please consult us if you have doubt as to what information you need to
disclose. 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 Information and Personal Data
All personal information about you will be
treated as private and confidential. We will process any personal information
we obtain in the course of providing our services to you in accordance with
the Data Protection Act 1988. In administering your insurances it will be necessary
for us to pass such information to insurers and other product or service providers.
We may also disclose details to relevant parties, as necessary, to comply with
regulatory or legal requirements. 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 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 it 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 may be charged
a fee. If at any time you wish us or any company associated with us to cease
processing any of the personal data or sensitive personal data we hold, or
to cease contacting you about products and services please advise us in writing.
Insurer
Documentation
In accordance with this Terms of Business document we may keep
certain documents such as your insurance policy documents or certificate of
insurance while we are waiting for full payment of premiums or administration
charges. For Motor Insurance and Household Insurance we may retain your original
renewal notice where this is or may be required to provide proof of a no claims
discount entitlement. In these circumstances we will ensure you receive full
details of your insurance cover and we will provide you with any documents
which you require by law.
Household and Motor Insurance Databases
Most insurers exchange information with
each other through various databases to help check and verify the information
provided and also to help prevent fraudulent claims. All insurers will now
supply details of motor insurance policies to a database known as the Motor
Insurance Database to which the Police and other insurers have access. This
database helps detect people who break the law by not taking out insurance
and helps insurers pursue these individuals in the event of a claim following
an accident. John F Whippy & Company
Limited TOB/FSA/GI/Version3