Terms of Insurance 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. For your own benefit and protection you should read these terms carefully. If you are unsure about any aspect of our Terms of Business or have any questions, please contact us at the address below.

About Us

RS Insurance of Bingley House, Meadow Lane, Burton Joyce, Nottingham NG14 5EX and is authorised and regulated by the Financial Conduct Authority. Our Firm Reference Number is 307546. We are permitted to arrange, advise on and deal as an agent of insurers and clients and assist in claims handling with respect to non-investment insurance policies. You can check these details online using the Financial Services Register [accessible from www.fca.org.uk or by contacting the Financial Conduct Authority Consumer Helpline on 0800 111 6768. We are also authorised by the FCA for consumer credit broking. We act for a number of Lenders for which we may receive an overrider (commission)

Your duty of disclosure

Consumers:

You must take reasonable care not to make a misrepresentation to the insurer. This means that all the answers you give and statements you make as part of your insurance application, including at renewal and when an amendment to your policy is required, should be honest and accurate. If you deliberately or carelessly misinform the insurers, this could mean that part of or all of a claim may not be paid.

 Commercial customers:

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 cancel

You may have a statutory right to cancel a policy you take out through us within a short period. Please refer to your policy summary or your policy document for further details.  If you cancel within the statutory cancellation period (where this applies) you will receive a pro rata refund of premium from the insurer. Insurers are also entitled to make an administrative charge.  If you wish to cancel outside the statutory cancellation period (where this applies) you may not receive a pro rata refund of premium

Protecting your information

We take your privacy extremely seriously and we will only use your personal details in line with our Privacy Notice. Please read our Privacy Notice carefully [this can be found on our website http://rs-insurance.co.uk/privacy-policy/ and contact us immediately if you have any queries. Where necessary, for example where we would like to use your data for some marketing purposes, we shall ask for your specific consent to do so. Your personal information includes all of the details you have given us to process your insurance policy (we will not ask for more information than is necessary).We may share your data with Third Parties for the provision and ongoing performance of your insurance policy. Your data may be transferred outside the UK. We will not sell, rent or trade your data under any circumstances. All of the personal information you supply to us will be handled strictly in accordance with the applicable Data Protection regulations and legislation

How to claim

Please refer to your policy summary or your policy document if you need to notify a claim. You should contact the insurer direct as soon as possible using the contact details provided. If in doubt about whom you should contact, please contact us on 0115 9312800

How are we paid for our services?

Payment for our services may be by way of:

  1.    A fee that we agree in advance with you
  2.    Brokerage/commission, which is a percentage of the insurance premium paid by you and given to us by the insurers with whom we place your business; or
  3.    Reasonable charges in addition to any insurance premiums for the administration, arranging, amending, renewing and cancelling of any policy of insurance.

Payment for our services may be a combination of a), b) and c). The taxation element of any insurance premium is not subject to commission.

Details of any fees/charges will be declared to you in advance of them being incurred so that you are able to make an informed decision. We may receive additional payments such as a profit share or profit commission from insurers’ payable under a delegated underwriting authority or other facility or individual contract in recognition of overall profitability. We may also earn income from arranging premium finance.

We are committed to transparency in our relationship with you and upon request we will be pleased to provide information regarding any earnings we may receive or may have received as a result of placing your business.

Unless we have specifically agreed otherwise, and subject to regulatory requirements, we earn our entire brokerage/commission or fees when we place the insurance policy for you. This means that if the insurance policy is subsequently terminated, amended or cancelled we reserve the right to retain the commission element of the premium. For Consumers this does not affect any statutory cooling off rights you may have. This Terms of Business Agreement constitutes both your acceptance that we may do this and your prior request for us so to do

Protecting your money

Prior to your premium being forwarded to the insurer, and for your protection we hold it in a non-statutory trust  account. We may extend credit to other customers from this account and we may transfer your money to another intermediary in some cases. However your money will be protected at all times because of the requirement of FCA rules. We also reserve the right to retain interest earned on this account. By accepting this Terms of Business Agreement, you are giving your consent for us to operate in this way.

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 The Compliance Officer at the above address or call 0115 9312800. 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 0234567 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

Compensation arrangements

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 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

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