Terms of Business
The purpose of this document is to set out the basis we conduct our business. The following is a summary of the principles and practices which govern the way we operate. By asking us to quote for, arrange or handle your insurances, you are providing your informed agreement to these terms of business. If you are unsure about any aspect of our terms of business or have any questions regarding our relationship with you, please contact us.
Get Indemnity and getindemnity.co.uk are the trading names of Insurance Direct Group Solutions Limited, authorised and regulated by the Financial Conduct Authority (FCA) under FRN 802038. Registered office: The Minster Building, Great Tower Street, London, EC3R 7AG. This can be checked on the FCA register by visiting the FCA website https://www.fca.org.uk or contacting the FCA on 0800 111 6768.
The principles of utmost good faith and integrity are embedded within our culture and we will always act honestly, fairly and professionally in the best interest of our clients.
1. Our services
The permissions granted by the FCA allow us to deal with non-investment insurance contracts. We act as an insurance intermediary. We shall act honestly, fairly and professionally in the best interest of our clients and communicate in a way which is clear, fair and not misleading. We generally act on your behalf in arranging your insurance, but we’ll make clear at the outset whether we are acting for you or for the insurer in particular circumstances.
We offer a wide range of insurance products and have access to leading insurers in the marketplace. When we arrange your insurance, we’ll inform you of the nature of the service we provide.
2. Insurers
We select commercial insurance products from a range of insurers. For certain products, we may only deal with a single insurer or select from a limited number of insurers. We will confirm how we are acting for you before undertaking any transactions on your behalf. We can provide you with a list of the insurers we deal with upon request.
The insurers we use are regulated and are required to have adequate capital resources. However, 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.
3. Client money
Our financial arrangements with insurers will generally operate on a ‘risk transfer’ basis. This means we act as agents of the insurer in collecting premiums and handling refunds. In these circumstances, money is deemed to be held by the insurer(s) arranging your policy.
However, if ‘risk transfer’ does not apply, we will hold your money in a statutory trust account. The establishment and operation of the non-statutory trust account follow the rules of the FCA to protect money held. For the purpose of some transactions, money may pass through other authorised intermediaries before being paid to the insurer. Client money will cease to be client money when paid to the insurer, or a third party with 'risk transfer' from the insurer, or when paid to the client in respect of refunds or claims.
4. Documentation
We will confirm in writing details of all covers effected including the identity of the insurer. Our aim is to provide all correspondence in a simple and understandable format. 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 and claims may not be paid.
In the event of any remaining areas of uncertainty, please contact us. We will ensure prompt and timely production of policy documentation. We recommend that you retain all paperwork relevant to your insurances, as this may be useful for future reference.
5. Payment
We will provide you with a firm quotation before your insurance arrangements are concluded. This will tell you the total price to be paid and will indentify any taxes payable. We will provide you with a debit note detailing the amounts due and the terms of payment. Some insurers include terms of settlement, others require that the premium be paid within certain strict guidelines. This is a condition of the policy and must be complied with to ensure payment is made in full. Failure to meet deadlines can lead to a policy being cancelled and render the contract void.
You may be offered the opportunity to pay premiums by instalments by bank transfer. Once established we are not permitted to change any schedule unless previously advised in writing. All premiums notified as part of an instalment plan must be completed as per the contract. Any failure to meet the financial requirements can prejudice the contract and render it voidable.
6. Cancellation and refunds
Your insurance contract may include a cancellation clause. The terms of your policy may allow for insurers to retain the premium in full or in part in the event of cancellation before the policy expires. In the event of a refund of premium due to cancellation or otherwise when our remuneration has been earned, our brokerage will not be returnable but is always in line with our remuneration policy. Please also refer to ’14. Termination’.
7. Remuneration
We receive remuneration for our services by receiving a percentage of the insurance premium by way of commission and/or a fee. Our remuneration will be deducted upon receipt of the premium unless the insurer has indicated to the contrary. Occasionally we may also receive income from over-riders based on volume of business or commissions based on insurer’s profitability. We can also earn interest in the processing and collection of premiums.
You are entitled, at any time, to request information regarding any commission which we may have received as a result of arranging your insurance. Please be assured that at no time will the way in which we are remunerated conflict with our responsibilities to meet your needs and treat you fairly.
8. Confidentiality
All information provided by our clients is considered to be confidential and is only disclosed in the normal course of negotiation and maintenance of insurance transactions undertaken on their behalf. We will not release information to any other party without the prior consent of the client except in exceptional circumstances. For example, information requested by a court of competent jurisdiction, a regulatory body or information which is already in the public domain.
For more information about how we process your personal information and your rights regarding your personal information please see our Privacy Notice.
9. Fair presentation of risk
The Insurance Act 2015 and its ‘Duty of fair presentation’ exists to enable insurers to provide you with a fair outcome in the event of a claim. Under its terms you have a statutory duty to provide a ‘fair presentation of the risk’.
This means, before starting a new policy, changing a policy mid-term, or renewing a policy, you must make sure the information you provide is clear, accurate and complete. It is important you disclose all material circumstances that you’re aware of. We recommend you carry out an appropriate review, which may include consulting with colleagues, directors and managers of your business. You should also consult with anyone who has particular knowledge about the risk to be insured. If you’re not sure what constitutes material circumstances, or you’ve not been able to gather the necessary information, please let us know.
Deliberate or reckless failures to present the risk fairly could mean part or all of your claim is declined. In these circumstances, the insurer is entitled to treat the insurance as if it had never existed, and to keep any premium you have paid. If you fail to present the risk fairly, but your failure was neither deliberate nor reckless, insurer’s response will depend upon what would have happened if you had complied with your obligations:
- if insurers would not have provided the policy, they may treat the policy as if it never existed, refuse to make any claims compensation from the scheme if we cannot meet our obligations, payments and demand the return of any claims payments already made. However, insurers would have to return any premium payments already made;
- if insurers would have provided the policy but on different terms, the policy will remain in force but will be treated as if those different terms would have applied from the start of the policy. This could result in a claim not being met in part or in full.
- if insurers would have provided the policy but charged a higher premium, insurers may reduce any payment in proportion to the difference between the premium charged and the premium that would have been charged if you had fairly presented the risk. This could result in a significant reduction to the amount of any payment under the policy.
All statements and facts disclosed on application forms, statement of facts, claim forms and other documents, whether online or not, should be full, true and accurate and must be given after undertaking a reasonable search, including consulting with your senior management. It is your responsibility to inform us if the information provided within your online application obtained from third parties is incorrect. It is your responsibility to make sure the information submitted to the insurer is presented in a way the insurer will find reasonably clear and accessible. Where a large amount of information is provided you will need to ensure that it is organised and structured to enable the insurer to navigate what is important.
10. Claims
To assist us to process any claim made by you it is vital that you notify us promptly when an incident, which may give rise to a claim, occurs. Delays may prejudice negotiations and entitle the insurer to repudiate the claim. In the event of uncertainty, the incident should always be reported. For assistance and advice please contact us. At the conclusion of any claim we will issue confirmation notices to you detailing the settlement sum and any excess deducted.
11. Your responsibilities
You must check all details on any online application, proposal form or statement of fact, paying particular attention to any declaration you are asked to sign or agree.
It’s important that you read all insurance documents issued to you and make sure you’re aware of the cover, limits and any other terms that apply. Particular attention must be paid to any warranties and conditions as failure to comply with them could invalidate your policy. Once you have purchased a policy, it is important that you inform us of any changes in circumstances which may affect your insurance as soon as you become aware of them. If you have any doubts as to which changes to your circumstances should be notified, please contact us and we will be able to help.
It is the responsibility of the insured to ensure that all sums insured and policy limits are adequate. It is recommended that the appropriate professional (e.g. surveyor) be consulted to ensure that the sums insured and limits applicable under the policy are suitable.
12. Complaints
It is our intention to provide a high level of service at all times. However, if you have reason to make a complaint about our service you should contact Simon Taylor, Managing Director, on 0345 625 0711.
We have a complaint handling procedure in place, available on request. If at the end of the process you are still not satisfied, you may refer the matter to the Financial Ombudsman Service on 0800 023 4567 or www.financial-ombudsman.org.uk.
13. Compensation scheme
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. Further information about compensation scheme arrangements is available from the FSCS on 0800 678 1100 or www.fscs.org.uk.
14. Termination
Subject to your settlement of any outstanding premiums, you may instruct us to stop acting for you and we will not impose a penalty. Your instruction 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 provide you a minimum of seven 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.
15. Conflicts 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 business being transacted for you. If this happens and we become aware a potential conflict exists, we will write to you and obtain your consent before we carry out your instructions, and we will detail the steps we will take to ensure fair treatment.
16. Applicable law
Our relationship with you is covered by the laws of England and Wales and subject to the jurisdiction of the English Courts.