T E R M S O F B U S I N E S S
Our Service - Reid Briggs & Co Ltd 49 South Street Eastbourne BN21 4UT is authorised and regulated by the Financial Conduct Authority. Our firms reference number is 306464. You can check our authorisation status by referring to the FCA website at www.fca.gov.uk/register or by contacting the FCA on 0845 606 1234. In the absence of an agreement to the contrary, this document sets out the terms of our relationship with you (“the client”) for provision of insurance broking services. By asking us to quote for, arrange or handle your insurance you are providing your informed agreement to our Terms of Business. If you are unsure about any aspect please contact us at the above address or on 01323 438843.
We act on your behalf in arranging your insurance including advising you on your insurance needs, arranging your insurance cover with Insurers to meet your requirements, helping you with any ongoing changes you have to make and if requested assist in claims handling. We may also act as agent of insurers in the course of providing these services. We offer a wide range of insurance with leading insurers in the marketplace and will provide advice using our skills and experience. We deal exclusively with the following insurers for specific types of policies (which we have selected as offering good value and service): individual Household and Motor Legal Protection Insurance Policies, Motor Accident Protection Services Ltd and Home Emergency Insurance products Lexelle Limited. Where business is transacted via our website directly with insurers this will be execution only and not involve any advice or comparative quoting on our part but will be transacted with insurers who we believe offer generally competitive products in their respective areas of operation. We can also issue policies on behalf of certain insurers. Unless otherwise stated all quotations are valid for a period of 30 days and are subject to a satisfactory Proposal Form and acceptance by insurers.
How to Claim - Please refer to the insurer’s website and/or policy documentation for details of how to notify claims. You may also contact us for advice and assistance any time during our normal office hours which are 9am to 5pm Monday to Friday.
Important – Disclosure of Information by You - It is important that at all times all questions are answered honestly, clearly and to the best of your knowledge. You should take reasonable care not to make a misrepresentation to either Reid Briggs & Co Ltd or to your Insurer. 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. Please note that if you fail to disclose any relevant information this could invalidate your insurance cover and could mean that part or all of a claim may not be paid.
Confidentiality - All personal information about you will be treated as private and confidential and we will only disclose the information we have about you in the normal course of arranging and administering your insurance and/or premium finance arrangements. We will not disclose any information to any other parties without your consent, unless we are required to by law or at the specific request of the regulators. We may use information we hold about you to provide information to you about other products and services that we feel may be appropriate to you. We may pass information about you to premium finance providers for the purpose of arranging payments by instalments where requested and/or agreed by you. Information about you may be exchanged by your insurer with other insurance companies, with the Motor Insurers Database and the Claims & Underwriting Exchange for underwriting and claims handling purposes. In addition insurers and premium finance providers may undertake credit checks and refer to publicly available information to verify your identity as part of any application or quotation process. Under the Data Protection Act 1998 you have the right to see personal information about you that we hold on our records. If you have any queries in this regard please write to Mr Andrew Briggs at the address provided above.
Security of Your Money - Prior to your premium being forwarded to the insurer and for your protection we either hold your money as an agent of the insurer (in which case your policy is treated as being paid for) or we hold it in a client bank account in trust for you. We may transfer your money to another intermediary in some cases. However, your money will be protected at all times because of our requirements under the FCA rules. No interest will be payable to customers in respect of monies held in this way and any interest earned will remain the property of us. By accepting our Terms of Business you are giving your informed consent for us to operate in this way.
Cancellation Rights – Some policies carry a statutory right to cancellation within a specified time period and the insurers will set out the appropriate cancellation terms within their policy summary or policy document. If you cancel within that period you will be charged a reasonable sum for the period of time that the insurer has been on risk. We may also retain an amount that reflects our administrative costs incurred in arranging and cancelling the policy. If you wish to cancel outside this period you may not receive a pro rata refund of premium.
Charges & Payment Procedures - We normally accept payment of premiums by guaranteed cheque, credit card, debit card, BACS or cash and you may be able to spread your payments through a number of instalment schemes. We will give you full information about your payment options when we discuss your insurance in detail. In order to cover our administrative costs we will charge an annual £15 broker fee for each Personal Lines policy and an annual £50 broker fee for each Commercial Lines policy. In addition we will charge £15 for each request to adjust or cancel policy cover and each request for copy or duplicate documents. We will also refund return premiums to you after deducting commissions that may be reclaimed by insurers.
Customer Protection Information - It is our intention to provide you with a high level of customer service at all times but should you wish to make a complaint about our service we have a formal complaints procedure. You should in the first instance contact us by letter, email or phone addressing your complaint to Mr Andrew Briggs at the address shown above, email to firstname.lastname@example.org or telephone 01323 438843. We will then confirm our Complaints Procedure and if at the end of that procedure you wish to take matters further you may be entitled to submit your complaint to the Financial Ombudsman Service. Further information is available at www.financial-ombudsman.org.uk or you can telephone the Financial Ombudsman Service on 0845 080 1800 to see if you are eligible for this service.
We are covered by the Financial Services Compensation Scheme and you may be entitled to compensation from the scheme if we are unable to meet our obligations. This depends on the type of business and 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. For compulsory classes of insurance, insurance advising and arranging is covered for 100% of the claim and no upper limits apply in these circumstances. Further information is available at www.fscs.org.uk or on 0207 892 7300.
Premium Finance - As an alternative to any insurer’s own instalments arrangement (which may or may not be available on every policy) we exclusively offer premium finance to you via Premium Credit Ltd. If you are considering using premium finance for the first time then we will be pleased to offer you clear guidance on the costs and processes involved. There is no obligation to use this arrangement and this notice is for information purposes and does not indicate that your premium(s) will be subject to collection in this way either now or in the future.
For premiums under £1,000 we are able to arrange a monthly payment schedule (usually over 10 months) to settle the agreed sums due and where an initial deposit is taken this will reduce the sums financed and are not subject to the service charges under the scheme. A flat rate of 8% of the premium(s) funded with a minimum £25 charge (whichever is greater) applies for spreading payments over 10 months which typically equates to an APR of 15.4%. Premium Credit Ltd will set out their terms and conditions in a credit agreement which will detail charges incurred should you default on an instalment, cancel the mandate and/or fail to comply with other arrangements under the agreement. We have sought to minimise these charges in establishing our arrangement with the selected provider and they will only charge £20 for instalment defaults.
For premiums over £1,000 you will be provided with the necessary paperwork to complete and return either directly to us or to Premium Credit Ltd, if you are in doubt where to send documentation to then please send it to ourselves and if appropriate we will pass this on. We will usually be able to arrange 10 equal monthly payments to settle the agreed sums due and where initial deposits are taken these will reduce the sums financed and are not therefore subject to the service charges under the scheme. A variable service charge, subject to a minimum of £50, for spreading payments applies and will be confirmed to you prior to acceptance which typically equates to an APR of 12%. From January 2019 Premium Credit Ltd will levy an annual compliance fee of £10 on premiums under £1,000, £25 on premiums/loans from £1,000 to £5,000 and £45 on premiums/loans over £5,000 – these sums will be part of the first instalment taken at inception or after renewal of each agreement. Where mid-term additions to the credit agreement are required a minimum charge for credit of £35 will apply to each transaction. If preferred, you will be given the chance to settle smaller sums direct to us without incurring this fee. Premium Credit Ltd will set out their terms and conditions in a credit agreement which will detail charges incurred if you default on an instalment, cancel the mandate and/or fail to comply with other arrangements under the agreement. We have sought to minimise these charges in establishing our arrangement with the selected provider and they will only charge £85 for instalment defaults.
If you have any issues with the service provided, fees or charges levied and/or the arrangements of the plan please do not hesitate to bring this to our attention.
Credit Checking & Identity Verification - Please note that like many financial transactions insurance is now more sophisticated and the providers of cover and premium finance need to undertake more checks when dealing with both commercial and personal customers. We therefore need to make you aware of the following notice regarding these checks and confirm that by accepting our Terms of Business you agree to allow these checks to be made on your behalf.
To make sure you get the best offer from insurers and/or premium finance providers and to protect their customers from fraud and to verify your identity insurers and/or premium finance providers may use publicly available data which they obtain from a variety of sources including a credit reference agency and other external organisations. Their search will appear on your credit report whether or not your application(s) proceed.
As well as these searches insurers and/or premium finance providers may use credit checks to ascertain the most appropriate payment options for you. These credit checks will also appear on your credit report whether or not your application(s) proceed.