Terms of Business
1. 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. For your own benefit and protection, you should read these terms carefully. We draw particular attention to the section headed ‘Use of personal data,’ and specifically the paragraph explaining how ‘sensitive personal data’ will be used. We also draw your attention to the section headed ‘Handling Money’, which explains our terms for handling money.
2. The Financial Conduct Authority
Brady Insurance is a trading name of Brady Insurance Services Ltd which is Authorised and Regulated by the Financial Conduct Authority (FCA). Our FCA Register number is 303976. Our Permitted business is advising, arranging, introducing, dealing as agent and assisting in the administration and performance of general insurance contracts. You may check this on the FCA’s register by visiting the FCA website, http://www.fca.gov.uk/register/ or by contacting the FCA on 0845 606 1234
3. 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 circumstance act as an insurer nor guarantee or warrant the solvency of any insurer. In all cases we act as your agent between you and the insurance company.
- Personal Insurance: We select motor insurance, household insurance, pleasure craft, travel insurance and legal expenses cover from a range of Insurers.
- Commercial Insurances: 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 will give you further information about this before we finalise your insurance arrangements, you may ask us for a list of the insurers we deal with for these products and how much we earn for providing your commercial insurance needs.
4. 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 to Complaints Officer, Brady Insurance Services Ltd, 13 Dublin Road, Enniskillen, BT74 6HQ. Or by telephone on 028 66324371. When dealing with your complaint, we will follow our complaint handling procedures; a summary of these procedures is available on request, if you are still not satisfied, you may be entitled to refer the matter to the Financial Ombudsman Service. 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 business and the circumstances of the claim. If you are eligible to claim from the FSCS, compensation is available as follows: * Insurance advising and arranging is covered for 90% of the claim, without any upper limit. * For compulsory classes of insurance (such as Third Party Motor or Employers Liability), insurance advising and arranging is covered for 100% of the claim without any upper limit. Further information about compensation scheme arrangements is available from the FSCS on 020 7892 7300 or www.fscs.org.uk
5. Payment for our Services
We normally receive commission from insurers or product providers and make charges for handling your insurance as follows:
- Midterm Adjustments: £5.00
- Midterm Cancellations: 20% of Return Premium due
- Credit Card Payments: + 1 ’2% of Amount Payable
- Replacement/Duplicate Certificates: £10.00
- Admin Service for annual administration services on your behalf, this includes advice, claims assistance, free legal expenses cover & free breakdown recovery service: £15.00
You will receive a quotation where we 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. We accept payment by cash, guaranteed cheque and credit/debit card. You may be able to spread your payments through insurers’ instalments or a credit scheme arranged through ourselves. In the event of early cancellations none of the interest charged will be returned in any instance. We will give you full information about payment options when we discuss your insurance in detail. We also draw attention to the sections headed ‘Cancellation of Insurances’ and ‘Ending your relationship with us’. In relation to Commercial customers, in good time before the conclusion of each insurance contract, or upon renewal, we will remind you of your right to be informed of the level of commission 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 business.
6. Handling Money
Our financial arrangements with most insurance companies are on a ‘Risk Transfer’ basis. This means that we act as agents of the insurer in collecting premiums and handling refunds due to clients. In these circumstances such monies are deemed to be held by the insurers with which your insurance is arranged. If Risk Transfer does not apply, such monies will then be held by us in a Non-Statutory Trust account pending payment. The establishment of the Non-Statutory Trust account follows the rules which the FSA introduced to protect money held by authorised intermediaries. However, you should be aware that, under the Non-Statutory Trust account rules, we are permitted to use such monies temporarily held to advance credit to clients generally. A copy of the Deed of Trust is available on request or may be inspected at our premises during normal office hours. If you object to your money being held in a Non-Statutory Trust account you should advise us immediately. Otherwise, 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 a Non Statutory Trust account. Interest earned on monies held in such a Non Statutory Trust account will be retained by us. For the purposes of some transactions, client money may pass through other authorised intermediaries before being paid to the insurer.
7. Cancellation of Insurances
You should make any request for the cancellation of a policy in writing and any relevant certificate of insurance must be returned to us or to the insurer concerned. In the event of cancellation, charges for our service will apply in accordance with the tariff of fees. 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.
8. Conflict of Interest
Occasions can arise where we or one of our associated companies, clients or product providers may have a potential conflict of interest with the 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.
9. Ending your relationship with us
Subject to your immediate settlement of any outstanding premiums and fees, you may instruct us to stop acting for you and we will not impose a penalty. Your instructions must be given in writing and will take effect from the date of receipt. In circumstances where we feel we cannot continue providing services to you, we will give you a minimum of 7 days notice. Unless otherwise agreed in writing, if our relationship ends, any transactions previously initiated will be completed according to these Terms of Business. 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 all fees charged by us for services provided.
10. 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 renewal, but it also applies throughout the life of a 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. 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. 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. If you are unsure about any matter, please contact us for guidance.
11. Use of Personal Data
We will process any personal information we obtain in the course of providing our services to you in accordance with the Data Protection Act 1998. In administering your insurance it will be necessary for us to pass such information to insurers and other product or service providers, which may also provide us with business and compliance support. We may also disclose details to the 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 insurance. Subject to certain exceptions, you will be entitled to have access to your personal and sensitive personal data for which you will be charged a fee of £10. 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 product and services, please write to ‘the customer service manager;’.
12. 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.