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Terms Of BusinessKGJ Insurance Brokers (Stourbridge) Ltd. 2 Hagley Road, Stourbridge, West Midlands, DY8 1QG TERMS OF BUSINESS
Accepting our Terms of Business By asking us to quote for, arrange or handle your insurances, you are providing your informed agreement to these Terms of Business. We draw your particular attention to:
If you are unsure about any aspect of our Terms of Business or have any questions regarding our relationship with you, please contact us at the above address. The Financial Services Authority
KGJ Insurance Brokers (Stourbridge) Ltd. is authorised and regulated by the Financial Services Authority (FSA). Our FSA Register number is 116769. Our permitted business is advising, arranging, dealing as an agent and assisting in the administration and performance of general insurance contracts. You may check this on the FSA's register by visiting the FSA website, http://www.fsa.gov.uk/Pages/register/ or by contacting the FSA on 0845 606 1234. Our Service
In arranging insurance for our customers, we act as an Independent Intermediary. Our role is to advise you and make a suitable recommendation after we have assessed your needs. In situations where we are able to arrange insurance for you but do not offer advice, we shall confirm the position to you in writing. We will not in any circumstances act as an insurer nor guarantee or warrant the solvency of any insurer. Personal Insurances
We only offer products from a limited number of insurers for:
You may ask us for a list of the insurers we deal with for these products. We only offer a product from a single insurer for:
Commercial Insurances: We will give you further information about this before we finalise your insurance arrangements. Complaints & Compensation
We aim to provide you with a high level of customer service at all times but if you are not satisfied, please contact us If you are still not satisfied, you may refer the matter to the Financial Ombudsman Service (except in the case of business with a group annual turnover of £1m or more, a charity with an annual income of £1m or more, or trustees of a trust with a net asset value of £1m or more). 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. Non-compulsory insurance advising and arranging is covered for 90% of the claim without any upper limit. For compulsory classes of insurance (such as Third Party Motor or Employers Liability), advising and arranging is covered for 100% of the claim, without any upper limit. Further information about compensation scheme arrangements is available from the FSCS on 020 7892 7300 or www.fscs.org.uk. In the absence of an agreement to the contrary, English law will apply. Payment for our services
We normally receive commission (the amount will be disclosed on request) from the insurers or product providers and make charges for handling your insurances as follows:
Any variation to the above will be disclosed in writing. You will receive a quotation which will tell you the total price to be paid, which identifies any fees, taxes and charges separately from the premium. We also draw your attention to the sections headed Cancellation of insurances and Ending your relationship with us. Handling money
Our financial arrangements with most insurance companies are on a "risk transfer" basis. This means that we act as agents of the insurer in collecting premiums and handling refunds due to clients. In these circumstances such monies are deemed to be held by the insurer(s) with which your insurance is arranged. You will be notified if Risk Transfer does not apply and such monies will be held by us in a Non-Statutory Trust account pending payment. The establishment of the Non-Statutory Trust follows the rules which the FSA introduced to protect money held by authorised intermediaries. However, you should be aware that, under Non-Statutory Trust account rules, we are permitted to use such monies temporarily held to advance credit to clients generally. A copy of the Deed of Trust is available on request or may be inspected at our premises during normal office hours. In addition, interest will not be paid to clients in respect of money held in client bank accounts. If you object to your money being held in a Non-Statutory Trust account you should advise us immediately, Otherwise, your agreement to pay the premium together with your acceptance of these Terms of Business will constitute your informed consent to our holding your money in a Non-Statutory Trust account. For the purpose of some transactions, client money may pass through other authorised intermediaries before being paid to the insurer. Cancellation of Insurances
You should make any request for the cancellation of a policy in writing and any relevant certificate of insurance should be returned to us. In the event of cancellation, charges for our services will apply in accordance with the Payment for our services section above. The terms of your policy may allow insurers to retain the premium in full or to charge short-period premiums in the event of cancellation. If you pay the premium on instalments you may still be liable for all remaining payments (if, for example, you have reported a claim/potential claim). You should clarify this before instructing us to cancel your insurance. Ending your relationship with us
Subject to your immediate settlement of any outstanding premiums and fees, you may instruct us to stop acting for you and we will not impose a penalty. Your instructions 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 give you a minimum of 7 days notice. Unless otherwise agreed in writing, if our relationship ends, any transaction 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 together will all fees charged by us for services provided. Your responsibilities
You are responsible for providing the complete and accurate information which insurers require in connection with any proposal for insurance cover, This is particularly important before taking out a policy and at renewal, but it also applies throughout the life of a policy. If you fail to disclose information, or misrepresent any fact which may influence the insurers decision to accept the risk or the terms offered, this could invalidate the policy and mean that claims may not be paid. You must check all details on any proposal form or Statement of Facts and pay particular attention to any declaration you may be asked to sign. You should read all insurance documents issued to you and ensure that you are aware of the cover, limits and other terms that apply. Particular attention should be paid to any warranties and conditions as failure to comply with them could invalidate your policy. You should take note of the required procedures in the event of a claim, which will be stated in the policy documentation. Generally, insurers require immediate notification of a claim or circumstances that might lead to a claim. You should inform us immediately of any changes in circumstances that may affect the services provided by us or the cover provided by your policy. If you are unsure about any matter, please contact us for guidance. Use of personal data
We will process any personal information we obtain in the course of providing our services to you in accordance with the Data Protection Act 1998. In administering your insurances it will be necessary for us to pass such information to insurers and other product or service providers which may also provide us with business and compliance support. We may also disclose details to relevant parties, as necessary, to comply with regulatory or legal requirements. We may contact you or pass your details to other companies associated with us in order to promote other products or services which may be of interest to you. We will not otherwise use or disclose the personal information we hold without your consent. Some of the details you may be asked to give us, such as information about offences or medical conditions, are defined by the Act as sensitive personal data. By giving us such information you signify your consent to it being processed by us in arranging and administering your insurances. Subject to certain exceptions, you will be entitled to have access to your personal and sensitive personal data. If at any time you wish us, or any company associated with us, to cease processing any of the personal data or sensitive personal data we hold, or to cease contacting you about products and services, please write to us at the address at the top of this document. KGJ Insurance Brokers (Stourbridge) Ltd. is registered in England & Wales No 948748. |
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01384 390909
Mon to Fri 9:00am - 5:30pm Sat 9:00am - 12:00pm
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