Terms Of Business Agreement
The following Terms of Business Agreement sets out the basis on which The Risk Hub Limited referred to as ‘The Risk Hub Limited’, ‘We’, ‘Us’, ‘Our’ will provide business services to you as commercial client of the firm.
For your own benefit and protection, you should read all of the information carefully. Please contact us immediately if there is anything in these terms of business which you do not understand or with which you disagree. We are happy to answer any questions and willing to explain these terms and the reasons for them.
You are deemed to have accepted these terms of business unless you advise us otherwise within 7 days of receipt.
Contact us as follows:
Telephone: 01926 674 875
Email: [email protected]
Address: Suite 43 Lake View House, Tournament Fields, Warwick, CV346RG.
Business Hours: 9am – 5pm Monday to Friday
Law, Language and Jurisdiction
These Terms of Business shall be governed by and construed in accordance with English Law and shall be subject to the exclusive jurisdiction of the courts of England and Wales. We will use the English language for all communications, the contractual terms and conditions, and any information we are required to supply to you, before and during the duration of the contract.
We are authorised and regulated by the Financial Conduct Authority as an insurance intermediary. Our Firm Reference Number is 803162 We are permitted to arrange; advise on; deal as an agent of insurers and clients; assist in claims handling in respect of non-investment insurance policies. You can check these details online using the Financial Services Register at https://register.fca.org.uk/ or by contacting the Financial Conduct Authority Consumer Helpline on 0800 111 6768.
Our Scope of Service
Our Selection (Fair Analysis), means that we offer products from a wide range of insurance companies. Our selection usually involves presenting to a reasonable number of insurance companies that will insure for the risk at hand, and this is called a fair analysis of the market. Sometimes we may only approach two or three insurers and this is a limited Panel, or in some cases, we may only approach one insurer, in either case, we will tell you the basis as part of our process. You can also request a list of the companies that form the Panel we have approached.
Limit of Liability
This clause restricts the amount that may be recoverable as a result of our negligence. Other than injury or death of any person (for which no cap on liability will apply), our liability to you for the services we provide shall not exceed £2,000,000 in connection with any one event or connected events.
The Financial Conduct Authority (FCA) is an independent watchdog that regulates financial services. The FCA has authorised us to advise, arrange, deal in and assist with the placing and administration of all types of General Insurance policies. Our Financial Services Register number is 803162 and you can check our status and permissions at www.fca.org.uk or by contacting the FCA on 0800 111 6768.
Confidentiality and Data Protection
We will exchange the information that you provide to us with insurance companies and other brokers or agents for the purposes of obtaining quotations and arranging cover, this may result in a credit check to confirm your identity and minimise the risk of fraud. We will treat all information as private and confidential, and in strict accordance with the Data Protection Act 2018, even when you are no longer a customer and only share information if we are required to do so by law, or regulation. Full details can be found in our Privacy Notice on our website.
Our Fees, Commission and Charges
Remuneration for our services is normally in the form of commission (or brokerage) which is a percentage of your insurance premium and payable by the insurer, a fee, as agreed with you, or a combination of the two.
We may also receive income from providers of premium financing facilities where, with your agreement, we have made such arrangements on your behalf. We may sometimes also earn income for the provision of other services to you, which will be agreed with you on an individual basis. We may also receive a commission or fee for passing introductions to other professional firms.
Occasionally we may also receive a bonus, training, IT and/or marketing support from insurers and/or underwriters although this is not always guaranteed. In the event of a policy being cancelled mid-term, and not replaced by another policy, we reserve the right to retain the commission and any fees earned on the original transaction. For each insurance policy, including any subsequent renewal, you have a right to request information regarding any remuneration that we have received as a result of placing your insurance business.
Protecting your Money
Prior to your premium being forwarded to the insurer (or forwarded to you in the event of a premium refund) we hold your money as an agent of the insurer with which we arrange your insurance. Where we hold premium as the agent of the insurer it is regarded as received by the insurer. We may transfer your premiums to the insurer through another party, such as a broker or underwriting agent for the purposes of effecting a transaction.
By accepting this Terms of Business Agreement, you are giving your consent for us to treat your money in this way. Please notify us immediately if you have any objection or query.
We can act both as an agent of insurers, and on behalf of you, the customer. We have in place management controls to deal with any conflicts of interest that might arise. Unless we advise you otherwise, we are acting on your behalf. We also act on behalf of insurers when collecting premiums under risk transfer. We will ask questions to enable us to assess reasonably your insurance requirements, this may include checking information that we already hold about you and your existing insurance arrangements with us and other parties.
We will provide you with advice and guidance, after assessing your demands and needs and recommend a suitable policy based on our experience and knowledge the insurance market. In all cases our service will include arranging and administering your insurance, including helping you with on-going changes and assisting you if you need to make a claim, or where we outsource claims handling facilities to give you an enhanced service. If we use the services of another intermediary to place your insurance we will advise you of the name of the intermediary we use and the name of the insurer. If you mislay your policy at any time, we will arrange a replacement policy document, if you request it.
Conflicts of Interest/Customers Best Interests
As insurance brokers we generally act as your agent in advising you, arranging your insurance and assisting you in the event of a claim; we will always act honestly, fairly and professionally ensuring your best interests are our priority. In certain circumstances we may act for and owe duties of care to insurers and/or other parties. Where we become aware of any actual or potential conflict of interest with our duty to you, we will inform you of the situation and the options available to you before we proceed.
Your Duty of Disclosure
Where we arrange insurance wholly or mainly for purposes related to your trade, business or profession, you have a duty under The Insurance Act 2015 to make a fair presentation of the risk. This means that you must disclose every material circumstance which you and/or your senior management and/or anyone responsible for arranging your insurance know or ought to know.
Alternatively, you must disclose sufficient information which would put the insurer on notice that it needs to make further enquiries for the purpose of revealing those material circumstances. You are expected to carry out a reasonable search in order to make a fair presentation of the risk and will be deemed to know what should reasonably have been revealed by the search.
Your duty of fair presentation applies at the start of the policy, at renewal and when any variation of the policy is arranged. If you fail to make a fair presentation, the insurer may refuse to pay your claim or reduce the settlement amount, depending on the circumstances.
How to Claim
Please refer to your policy summary or your policy document if you need to notify a claim. You should contact us as soon as you become aware of any incident which could give rise to a claim. If in doubt about whom you should contact, or if you require our assistance in relation to a claim or potential claim please contact us.
We also provide additional services such as risk management guidance, loss recovery and motor uninsured loss recovery. Please note these services are not regulated by the Financial Conduct Authority. In additional, these services do not benefit from the protection offered by The Financial Ombudsman Service or the Financial Services Compensation Scheme.
The insurers we use are regulated and are required to have adequate capital resources. We regularly assess the financial strength of the Insurance Companies and other intermediaries that we deal with. The process usually involves general observation of the financial ratings applied by independent rating agencies such as Standard & Poor’s and A M Best published with other readily available information within industry guides, newsletters and press releases.
Whilst we take care to deal with companies that maintain reasonable solvency margins, we cannot guarantee the solvency of any insurer we place business with. An insolvent insurer may be unable to pay claims or may be unable to pay them in full and you may have to pay a further premium to pay for alternative insurance cover.
We hold money for premiums, return premiums or claim payments in an Insurer Non Statutory Trust Account on behalf of the insurers that we use in accordance with FCA rules. We are permitted to use the account to make advances of credit from time to time to our clients in order to fund their premiums, subject to strict conditions. In dealing with us you agree to our holding your premiums in this way. A copy of the Deed of Trust which governs the operation of this account is available on request.
For the purpose of some transactions, please note that premiums may pass through other authorised intermediaries before the insurer receives them. Premiums will be deposited with one or more approved banks, a list of which is available on request. Please notify us immediately if you do not wish us to use any bank or banks on this list. Any interest earned on the account will be retained by Risk Hub for its own use.
We will provide you with full details of all the payment options available to you when we provide you with your insurance premium. If you choose to enter into a finance arrangement, this will be subject to interest charges that we will confirm to you when providing the full details. Importantly, the arrangement you will enter into will be with the finance company, not Risk Hub. It is an entirely separate contract irrespective of the insurance contract. In the event of your failure to meet with the contractual obligations regarding payment the finance provider could approach the insurer to seek a termination of the insurance contract to recoup their outstanding finance arrears. You will be liable to pay their costs and charges if you do not keep up your repayments and cover is cancelled under your policy. This is because the agreement is between you, the policyholder and the finance company direct, not Risk Hub or the insurer.Please note that we only use Close Premium Finance or Premium Credit for the provision of premium finance facilities.
Please Note: Your policy cover will cease if you fail to keep up payments on an instalment agreement or premium finance facility related to it.
Your Right to Cancel
Please contact us if you wish to cancel any policy that we have arranged for you. A charge may apply for the period of cover provided and, in addition, an administration charge will apply as shown in the charges section above. Cancellation under this right must be in writing, prior to expiry of the cancellation period, to our usual office address. If you choose to cancel other than within an initial cancellation period you may not receive a pro-rata refund of premium. Please refer to your policy summary or your policy document for further details.
Money Laundering/Proceeds of Crime
We are obliged to report to the National Crime Agency any suspicion of money laundering or terrorist financing activity, and we are prohibited from disclosing any such report.
Adequacy of Insurance Values
It is the responsibility of the insured to ensure that all sums insured and policy limits are adequate. It is strongly recommended that the appropriate Professional (e.g. Surveyor/Accountant) be consulted to ensure that the sums insured and limits under the policy are suitable.
Our aim is always to provide a first-class service. However if you have reason to make a complaint about our service you should contact us immediately using the contact details on the first page of this document or by writing to Brian Weetman at the same address, email [email protected]. You may be entitled to refer the matter subsequently to the Financial Ombudsman Service. You can contact the Financial Ombudsman Service by telephone on 0800 023 4567 or online and further information is available at http://www.financial-ombudsman.org.uk/. If you do decide to refer any matter to the Financial Ombudsman Service your legal rights will not be affected. We will provide a summary of our complaints handling procedures should you make a complaint which we cannot resolve informally and at any other time, upon your request.
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. Insurance advising and arranging is covered for 90% of the claim, without any upper limit. For compulsory classes of insurance, insurance advising and arranging is covered for 100% of the claim, also without any upper limit. The compensation scheme does not apply to consumer credit. Further information about compensation scheme arrangements is available from the FSCS on 0800 678 1100 or 020 7741 4100 or by visiting http://www.fscs.org.uk/
Insurance Premium Tax (IPT)
Your premium detailed in the policy will include IPT at the prevailing rate. Should the rate of IPT be amended by the Government, your premium will be amended by the insurer to reflect the change. Some polices are subject to Value Added Tax (VAT) and should the rate of VAT be amended by the Government your premium will be amended by the insurer to reflect the change.
You may cancel this agreement with us at any time. You must provide at least 14 days written notice of instructions. We also reserve the right to cancel this agreement at any time. In any event, we will provide you with reasonably sufficient time to re-arrange your insurance and we will notify you of termination in writing together with an explanation if appropriate.