Terms of Business and Practices
The purpose of this document is to set out the basis of the way in which we conduct our business.
We undertake to keep our clients fully informed of any material changes in their insurance covers. Similarly we ensure that all relevant information is passed to insurers as soon as we are notified. We offer products from a range of Insurers and will provide advice or make recommendations once we have assessed your general insurance requirements.
We will confirm details of all covers effected in writing. Our aim is to provide all correspondence in a simple and understandable format. In the event of any remaining areas of uncertainty, please contact us. Our staff are always happy to clarify the cover provided.
Crendon Insurance Brokers recommend that clients retain all paperwork relevant to their insurances, as this may be useful for future reference. Such documentation may enable claims to be checked against cover provided, enabling prompt settlement.
We provide our clients with a debit note detailing the premiums, plus any taxes that the insurers may be obliged to collect.
Some underwriters include terms of settlement on certain contracts, 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 that payment schedules are met in full. Failure to meet deadlines can lead to a policy being cancelled and render the contract voidable.
Credit notes are normally issued for any amount due to the client or cheques can be supplied.
Statement of Account
It is our practice to send a statement to our clients on a regular basis with details of debit and credit notes included. In the event of any uncertainty with regard to any item, please notify us as soon as possible to allow such matters to be resolved. All balances need to be settled within 14 days of receipt.
Premium Payment Agreement
Clients may be offered the opportunity to pay premiums by installments via bank transfer. Once established we are not permitted to change any schedule unless previously advised in writing. All premiums notified as part of an installment plan must be completed as per the contract. Any failure to meet the financial requirements can prejudice the contract and render it voidable.
Whilst we are unable to guarantee the solvency of any underwriter, stringent checks are made on all markets used.
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.
In the event that our service does not meet your expectations we ask you to make a complaint to us, by contacting our Compliance Officer, either by telephone or in writing. We will acknowledge your complaint promptly, explain how we will handle it, and tell you what you need to do. We will keep you informed of the progress of your complaint.
Should you remain dissatisfied you may have the right to refer the matter to the Financial Ombudsman Service. We will provide details on request.
Financial Conduct Authority
Crendon Insurance Brokers Ltd is authorised and regulated by the Financial Conduct Authority. Our FCA Registration number is 300561. Our permitted business is arranging general insurance contracts and our FCA registration may be confirmed on the FCA’s register by visiting the FCA’s Website – http://www.fca.org.uk/register.
Financial Services Compensation Scheme
We are covered by the 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.
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 FSCS.
We receive remuneration for our services by receiving a percentage of the insurance premium by way of commission or brokerage. These charges will be non-refundable in the event of policy cancellation.
Alternatively an agreed administration fee may be charged or in some instances a combination of a fee and brokerage.
Income may also be derived from other sources in respect of performance related agreements.
We reserve the right to make charges in addition to any insurance premiums, for the arranging, amending, renewing and cancelling of any policy of insurance, or any significant work we might undertake on your behalf. Details of any charges to be made will be declared to you in advance so that you are able to make an informed decision about these before they become due and payable.
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.
Crendon Insurance Brokers 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.
The use of other parties
In the course of our business we may invite other brokers to quote competitively on the insurances of our clients, but only in circumstances where it is deemed to be in the interest of our clients.
Utmost good faith and duty of disclosure
The law imposes onerous duties upon anyone entering into an insurance contract and anyone acting on his behalf. For example the proposer has a duty to disclose all facts or circumstances that may influence the underwriter in deciding whether to accept the insurance, impose special terms, or charge an increased premium. This duty arises not only at inception of the contract but also at renewal or in the event of any material change in the risk during the period of insurance. Similarly the duty also applies to the submission and substantiation of all claims.
This information must always be disclosed to insurers. A proposal or claim form, or any other document relating to the contract of insurance must be fully and accurately answered. The provision and documentation of this information is the sole responsibility of the insured.