Introduction
This terms of business comes into force on the date you receive it from us and will remain in force until you are provided with revised terms.
Collingwood Richardson and Company Ltd is an insurance intermediary acting on your behalf in arranging your general insurance.
We provide the following services, the initial arrangement of cover, mid-term alterations, claims handling and renewal processing.
We will advise and make a recommendation for you after we have assessed your needs. This will include the type of cover you seek together with the costs.
We offer products from a range of insurers for Commercial Insurances, Private Motor, Household, Travel.
We only offer products from a limited number of insurers for Specialist Insurances such as Pet, Equine, Caravan, Personal Accident,
The list of insurers we offer insurance from is available upon request.
We offer products from Arag Insurance which is arranged through HBB Claims Management Ltd for Private Motor and Household Legal Expenses’.
Our status
Collingwood Richardson and Company Ltd of Bennett’s Business Centre, Main Road Pontesbury, Shropshire SY5 0RR is authorised and regulated by the Financial Services Authority. Our FSA Register number is 305127.
Our permitted business is advising and arranging general insurance contracts.
You can check this on the FSA’s Register by visiting the FSA’s website www.fsa.gov.uk/register/ or by contacting the FSA on 0845 606 1234.
The FSA is the independent watchdog that regulates financial services. You should use the following information to decide if our services are right for you.
Remuneration
In the normal course of our business we receive commission from insurance companies with whom we place business. Prior to the conclusion of each insurance contract, or upon renewal, we remind you of your right to be advised 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.
In circumstances where fees are chargeable, we will notify you in advance of these fees. We do not charge fee’s for quotations or mid term adjustments and we do not charge any administration fee’s; we may charge an inception or renewal fee for our services where no commissions are payable. Underwriters and Sub-Broker fee’s may sometimes be charged, we will highlight these where applicable. You will receive a quotation that will tell you about any other fees relating to any particular insurance policy.
We reserve the right to recover brokerage reclaimed by insurers following policy cancellations from refunds due.
Client Money
Client money is money of any currency that we receive and hold in the course of carrying on insurance mediation on behalf of our clients (including you) or which we treat as client money in accordance with the client money rules.
The money will be held in a Statutory Trust Account.
Client money will only be held as agent on behalf of an insurer or underwriter in accordance with a written agency agreement. You will be notified if this will affect your policy.
We may transfer client money to another person, such as another broker or settlement agent, for the purpose of effecting a transaction on your behalf through that person.
Interest on Client Money
Any interest earned on client money held by us for consumers will be retained by us for our own use, rather than paid to you.
Settlement terms
We will be responsible for issuing invoices for all new and renewal premiums and mid-term alterations as soon as practicable either after inception or renewal of your policy or after any mid-term alteration has been effected.
We will remit premiums to insurers in accordance with the agreed terms of business.
You will be responsible for paying promptly all of our invoices for premiums to enable us to make the necessary payments to insurers.
For the avoidance of doubt, we have no obligation to fund any premiums on your behalf.
We also have no responsibility for any loss that you may suffer as a result of insurers cancelling the policy or taking any other prejudicial steps as a result of the late payment of such sums if such delay is attributable to you.
In certain circumstances, insurers may impose a specific premium term, whereby they require payment of premium by a certain date. We must stress that breach of that term will entitle insurers to void the policy from inception of cover. You agree that the settlement of premiums in good time is your responsibility.
We normally accept payment by cheque, debit card or credit card.
Disclosure
It is your responsibility to provide complete and accurate information to insurers when you take out your insurance policy and when you renew your insurance.
It is important that you ensure that all statements you make on the proposal form, claims forms and any other documentation are full and accurate.
Please note that if you fail to disclose any material information or change of circumstances to your insurers, this could invalidate your insurance cover and could mean that part or all of a claim may not be paid.
We strongly recommend that the information provided is checked thoroughly prior to submission and that you keep a record of all correspondence in relation to the arrangement of your insurance cover.
Policy documentation
We will issue policy documentation in a timely manner.
Your policy documentation will confirm the basis of the cover, give details of the insurers, and be accompanied by a cover/debit note.
Prior to the conclusion of the contract you will given a statement of demands and needs, which sets out and confirms the reason for making the recommendation.
We will take reasonable steps to ensure that consumers will be provided in writing no less than 21 days before the expiry of the policy the renewal terms, or advised if renewal is not being offered. For our commercial customers this period will be 14 days if all necessary information has been provided by the insured.
You will be given an explanation of any changes.
We may keep certain documents, such as your insurance policy and/or certificates of insurance until we receive full payment of premium and/or administration charges.
In these circumstances we will ensure that you receive full details of your cover and any documents that you require by law.
Cancellation Rights
A consumer has the right to cancel a general insurance contract within 14 days of receiving the contractual terms and conditions.
In the event of cancellation, insurers may return a pro rata premium to us based on the time on risk.
Claims
You must notify us promptly of any claims.
We will inform you what information is required and pass these details promptly on to the Insurer.
Quotes
When we supply you with a quotation we will confirm how long this will be valid for on the terms we have quoted, give you a written quotation including all the information you need to make an informed decision and give you a summary of the policy coverage.
Complaints
We take all complaints seriously. If you wish to register a complaint then please contact our Managing Director either:
In writing to Collingwood Richardson & Company Ltd Bennett’s Business Centre, Main Road Pontesbury, Shropshire SY5 0RR.
By telephone on 01743 790790.
We will acknowledge your complaint in writing and tell you how we will handle it.
If we are unable to settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.
A copy of the complaints procedure is available upon request.
Compensation
We are covered by the Financial Services Compensation Scheme (FSCS). You may be entitled to compensation from the FSCS if we cannot meet our obligations. This depends on the type of business 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 any upper limit.
For compulsory classes of insurance, 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.
Confidentiality
All personal information held by us in relation to you will be treated with the utmost confidence and, where appropriate, in accordance with data protection legislation, including the Data Protection Act 1998.
You confirm that we may use and disclose information that we have about you in the normal course of arranging and administering your insurance.
Premium Finance (Paying by Instalments)
Should you wish to fund your premium over the year we will offer you finance (subject to status) through the relevant insurance company’s instalment scheme and also through either ‘Close Premium Finance’ or ‘Premium Credit’. Should you accept terms from CPF or PC then it is your responsibility to read through the credit agreement. We would recommend that you pay special attention to the details regarding policy cancellation and defaulted payments. Should you decide to pay by the relevant insurance companies scheme then they should write to you directly to inform you of your payments and interest rate. Following the final monthly payment of a premium it is your responsibility to ensure that you inform your bank should you not wish to renew your agreement or should you wish to pay by a different method as the insurer will often take the first payment of the new years premium before the actual renewal date. We cannot be held responsible for payments taken by insurance companies although we will always offer you our assistance to recover payments made in error.
Data Protection – If you wish to pay your premium by instalments your details may be passed to our third party instalment providers ‘Premium Credit Ltd’ or ‘Close Premium Finance’. They will send you a welcome pack detailing their full terms and conditions. If you have any questions about your instalments you should contact the loan company. On renewal of your policy we will continue to pass your details to the finance company unless you instruct us otherwise.
Defaults – If any Direct Debit or any other payment due in respect of the credit agreement you enter into with Premium Credit Ltd or Close Premium Finance Ltd to pay insurance premiums is not met when presented for payment or if you end the credit agreement, or if you do not enter into a credit agreement, we will be informed of such events by the finance company.
If you do not make other arrangements with us to pay the insurance premiums you acknowledge and agree that we may, at any time after so being informed, instruct on your behalf the relevant insurer to cancel the insurance (or notify the insurer that a policy has not been taken up or renewed) and to collect any refund of premiums which may be made by the insurer and if any money is owed to the finance company under your agreement pay it to them or if they have debited us with the amount outstanding, use it to offset our costs. You will be responsible for paying any time on risk charge and putting in place any alternative insurance and or payment arrangements you need.
Third Party Rights.
Unless otherwise agreed in writing, no term of this agreement is enforceable under the Contracts (Rights of Third Parties) Act 1999. Activities undertaken by us under this agreement are provided for your sole use and you shall not be entitled to permit third party access to this information without our express written permission.
Termination
You or we may terminate our authority to act on your behalf at any time without notice period or penalty. Notice of termination must be given in writing and will be without prejudice to the completion of any transactions already initiated.
Any business currently in progress will be completed unless we receive your instructions to the contrary.
Any fees outstanding at the date of termination will be due within four weeks of the termination date.
Security.
We do not guarantee the solvency of any Insurer we place business with.
A liability for the premium, whether in full or pro rata, may arise under policies where a participating insurer becomes insolvent.
In the event that an insurer becomes insolvent or delays making a claims settlement we do not accept liability for any unpaid amounts.
Governing law
This terms of business shall be governed by and construed in accordance with, the Laws of England and Wales and the parties submit to the exclusive jurisdiction of the courts of England and Wales.
Version 3. Jul 2010