Terms of Business
These are our standard terms of business on which we intend to rely. For your own benefit, please read this document carefully and if you do not understand any point then please ask us for clarification.
Andrew Bull Insurance Services Ltd is authorised and regulated by the Financial Conduct Authority (FCA). Firm Reference Number: 692536. You can check this on the FCA register by visiting www.fca.org.uk/register. Our permitted business is advising on, arranging and administering general insurance contracts.
Our Insurance Services
We offer advice on and make personal recommendations after assessing your needs in respect of general insurance products. We consider all available products from all insurers available to us, representative of the whole market, when we make a personal recommendation for you. We always act as your agent when we make recommendations for you, we also act as agent for insurance providers when we undertake administration including the collection of premiums.
We are normally remunerated by commission from the insurance providers, which is based on a percentage or your annual insurance premium before tax. Where there is insufficient commission to cover our costs we will charge a fee based on a percentage of the premium for arranging insurances and we will notify you of this in advance. In addition we charge the following fees:
- Any duplicate documents a fixed fee of £25.00
- Processing all policy alterations, a fixed fee of £35.
You are entitled to ask us to disclose the amount of commission that we will receive in respect of any policy you take out. We reserve the right to retain commission in respect of any premium refunds made by insurers.
We may also receive a payment from premium finance providers based on a percentage of the interest charged.
Financial Services Compensation Scheme
We are covered by the Financial Services Compensation Scheme. 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. In general terms, insurance advising and arranging is covered for 90% of the claim, without any upper limit. Further information about compensation scheme arrangements is available from the Financial Services Compensation Scheme www.fscs.org.uk.
It is our intention to provide you with the highest possible level of customer service at all times. Should we not meet your expectations, we have a complaints procedure, which is explained below. Should you wish to complain please contact Garry Anderson at the above address and telephone number or via our website andrewbull.co.uk. Should you not be satisfied with our final response, you may be entitled to refer the matter to the Financial Ombudsman Service (FOS) who is our alternative dispute resolution provider, within six months of the date of our final response letter: The Financial Ombudsman Service, Exchange Tower, London E14 9SR Tel: 0800 023 4567 or +44 20 7964 1000. More information is available at www.financial-ombudsman.org.uk.
Conflicts of Interest
If we, one of our clients or providers become aware of any potential conflict of interest with regard to business we are transacting for you we will write to you and obtain your consent before we carry out your instructions and we will inform you of how we intend to ensure that you are treated fairly.
Confidentiality and Data Protection
We are Data Controllers and process your data lawfully on the basis of contract necessity or legitimate interests. Please refer to our Data Protection Notice for further details.
Your Duty to Disclose Information
If you are a consumer and enter into a contract of insurance wholly for non-business purposes you are under a legal duty to take reasonable care not to misrepresent information to insurers. If you misrepresent information deliberately, recklessly or carelessly when you respond to insurer questions, then a claim under the policy may not be paid.
If you are a commercial customer, entering into a contract of insurance by way of business, you have a duty of ‘fair disclosure’. The disclosure requirements apply, throughout the life of the policy and when you renew your insurance.
Your policy document will detail your rights to cancel your insurance once you have taken it out. If you are a consumer, you will be entitled to cancel within at least 14 days of either conclusion of the contract or receiving your policy documentation, whichever occurs later, and receive a full refund, provided no claim has been made.
Otherwise, where you cancel a policy before renewal you may be responsible for paying a charge to meet the cost of cover provided and administration expenses; this means that you may not receive a proportionate refund depending upon the terms of the particular policy.
It is essential to contact insurers and meet the claims conditions detailed in your policy. Your policy summary and policy document will provide you with details on who to contact to make a claim or you can contact us for advice.
Solvency of Insurers
We cannot guarantee the solvency of any insurer however; we will tell you if we are recommending any insurer not covered by the FSCS compensation scheme. Claims are covered for 90% or, in the case of death, illness or injury up to 100% of the claim without upper limit if an insurer cannot meet its liabilities.
You may instruct us to stop acting for you and we will not impose a penalty. Instructions must be in writing. If we feel that we are unable to continue acting for you we will give you seven days notice in writing. No commissions earned in respect of business already conducted will be refundable.
Any monies we collect from you or refunds due to you are subject to a ‘risk transfer’ agreement with insurers and will be held in a designated ‘insurer’ account pending payment to the insurance provider or refund to you except payments in settlement of our fees or disbursements. It is agreed that we are agents of the insurers and that premiums paid to ourselves are deemed to be paid to the insurer. Payments may be made via finance agreements and we will treat these in the same way or you may pay insurers directly via direct debit. Failure to maintain payments may result in cancellation of your policy.
Some insurers we use may undertake credit checks at the point of quotation, which will be recorded on your credit report, whether or not you proceed, and will be visible to other enquirers. This may be done at any time when we are searching the market for quotations and is used by insurers to verify identity, measure suitability for credit and protect against fraud. It also allows some insurers to offer preferential terms, lower premiums or premium finance. Data used will be from a variety of sources including credit reference agencies and other external organisations. IF YOU DO NOT AGREE TO THIS USE OF YOUR INFORMATION you need to inform us before we undertake any work for you. If we do not hear from you to the contrary we will consider that you accept that this may occur.
Instructions from individuals
Unless we have specific written authority we will only take instructions from the policyholder personally. We reserve the right to take steps to verify the identity of any person giving us instructions and we will confirm all instructions in writing via post or email.
We will take instructions from any individual who purports to be authorised by you and we reasonably believe this to be the case. If you wish to restrict the individuals from whom we may take instruction then you must inform us in writing and we will act accordingly.Andrew Bull Insurance Services Limited
9 Stockwell Crescent
Telephone No: 01423 798999
Mobile No: 07889 747953
Telephone No: 01423 798999