TERMS OF BUSINESS AGREEMENT (TOBA) FOR BENNETTS COMMERCIAL LIMITED

Please read these terms of business as they may affect your policy cover.


Bennetts Commercial Limited (the Company) acts as your agent and accepts responsibility for the advice given and for arranging your insurance. We are an independent intermediary offering insurance products from a wide range of Insurers, Independent Insurance Intermediaries and Authorised Underwriting Agents. For some types of insurance we will offer products from a single or limited number of insurers that we have selected as offering value for money and good quality service, details of which will be provided before you are committed to any particular product.

The Financial Services Authority (FSA)

The Financial Services Authority (FSA) is the independent watchdog that regulates financial services. You should use the information detailed in ‘Key Facts’ to determine if our services are right for you. We are authorised and regulated by The Financial Services Authority. Our FSA Register number is 307935. Our permitted business is arranging general insurance contracts. You can check this on the FSA’s Register by visiting www.fsa.gov.uk/register or by contacting the FSA on 0845 606 1234.

Ownership of the Company

The Company is wholly owned by working Directors.

Our service

We aim to provide a fast and efficient service to you on a wide range of commercial and personal insurances. After we have assessed your insurance demands and needs we will provide advice and recommendations to ensure you are aware of the need for appropriate insurance products and assistance with claims when they arise. Documentation will be issued in a timely manner.

Changes

Any relevant changes in circumstances or in the risk must be notified in writing to the Company or Insurer as soon as you become aware and cover may, in certain circumstances, be invalid until the Insurer has accepted the changes. This responsibility for you to disclose all material facts arises at inception, during the currency of a policy and at each renewal.

Disclosure

All material facts, which may affect the risk, must be notified in every proposal form or communicated to Insurers or the Company in writing. If in doubt as to whether a fact is material, you should disclose it and ask for guidance. In the event that the Company completes a Proposal Form on your behalf, it is your responsibility to check that the information is true and correct prior to signing after which you will be deemed to have provided all the information requested. The Company does not accept any responsibility for the information contained on the form after you have signed the Proposal Form.

The Company cannot in all cases maintain a permanent record of such information disclosed to it and therefore it is your responsibility to re-disclose all material facts and to ensure that all statements contained in proposal forms are correct. However it is our practice to retain documents in electronic or paper format for at least three years. For some types of insurance it is possible that a claim may be made under a policy long after its expiry so it is important that you keep such documents safely.

Quotations

Quotations given by the Company do not constitute offers. All proposals and requests for insurance are subject to acceptance by insurers and premiums and terms quoted are subject to confirmation by insurers. Amounts quoted include the Company’s commission but are subject to Insurance Premium Tax at the rate specified by the government body responsible for the collection of the tax at the time of inception and subsequent renewal of the policy and, if applicable, instalment fees and transaction charges. Unless otherwise stated quotations will remain valid for no longer than 30 days and are subject to final confirmation by insurers.

New Policy Cancellation rights

Quotations given by the Company do not constitute offers. All proposals and requests for insurance are subject to acceptance by insurers and premiums and terms quoted are subject to confirmation by insurers. Amounts quoted include the Company’s commission but are subject to Insurance Premium Tax at the rate specified by the government body responsible for the collection of the tax at the time of inception and subsequent renewal of the policy and, if applicable, instalment fees and transaction charges. Unless otherwise stated quotations will remain valid for no longer than 30 days and are subject to final confirmation by insurers.

Renewals

Renewals are invited on the understanding that there have been no changes in the risk (see Disclosure above). Where it has not been possible to forward the renewal notice, this will, whenever possible, be made available upon request.

Mid Term Adjustments

Amendments to policies after inception can normally be arranged upon receipt of full details. These are subject to acceptance by insurers and payment of the premium quoted by the Company. Quotations will be based upon the difference between the original and the amended premiums and then calculated on a pro rata basis to the normal expiry of the policy, unless otherwise determined by the insurer. Insurance Premium Tax and a maximum transaction charge of £50 will be added as applicable.

Cancelled Policies

You may cancel annual policies on return of the policy and/or the current Certificate of Insurance and written instructions and subject to no claims having occurred, a return of premium may be given, less any outstanding balance of premium, provided that the Insurer is willing to allow a refund of the premium paid. The Company reserves the right to withdraw and cancel insurances if you fail to pay premiums or instalments of premiums on demand, or fail within seven days of a written request from the Company, to provide any documentation or information required by the Company. In the event that a policy is cancelled after inception or renewal our fees or commission will not be returnable.

Payment of Premiums

Unless otherwise agreed, premiums are payable upon demand and cover will be effective from the time payment is received.

Payment may be made by cash, cheque, Visa/Mastercard, Maestro, Cirrus or other approved credit or debit card. There will be a charge to pay using a credit card, which will be notified to you before processing the payment. Instalment facilities are available in most cases either direct with the Insurer or using our recommended premium finance house.

Unless an acceptable reason for non payment by the due date is given and acknowledged and agreed in writing by the Company, it will be assumed that further cover is not required and the Company reserves the right to cancel or lapse the policy or cover. Any refund of monies to you will be subject to a retention to compensate the Company for loss of commission or for the cost of work done by the Company arising out of the non or late payment of premiums whichever is the greater.

Receipts will only be issued if specifically requested.

Handling of client’s premiums

Under the FSA’s client money rules we are required to keep client money separate from the Company’s money which we will do by paying client money into a segregated client bank account known as a statutory trust account with one or more approved UK banks or building societies. The aim of the trust is to protect the client in the event of the failure of the Company or the failure of the bank or a third party at which the money may be held. In such a circumstance the Company’s general creditors should not be able to make claims on client money as it will not form part of the Company’s property. The fact that we hold money on trust gives rise to fiduciary duties that will be owed to you until the client money reaches the insurer or product provider. The Company will retain any interest earned on client money.

By accepting this terms of business agreement you are giving your consent for the Company to operate in this way.

Payment to Third Parties

The Company may transfer client money to another person or company such as another broker or settlement agent for the purposes of effecting a transaction on your behalf through that person or company.

Claims and Incidents

You are reminded of the conditions included in the policy and the fact that non-compliance may invalidate cover. All incidents that could possibly give rise to a claim should be notified in writing without delay and where appropriate a report form completed. All correspondence, claims, writs, summonses, and similar documents should be forwarded immediately, unanswered, either to the Company or to the insurer. The Company will act with due care, skill and diligence when acting for a customer in relation to a claim and avoid conflicts of interest.

Commission and Administration Fees

The Company receives, in most cases, a commission from insurers that is earned by The Company when the premium is received and paid into the segregated client bank account. This is normally a percentage of the premium. Commission rates are variable and do not in many cases reflect the work done by the Company in arranging the cover and servicing. In such cases, the Company will add to the premium, broking and administration fees. Any such fee and the reason for the fee will always be notified to you in advance and are non refundable in the event of cancellation after the initial cancellation period has expired.

Upon request, we will disclose any commission, remuneration or payment that we receive for arranging the insurance and any additional general insurance related activities.

Market Security

We cannot guarantee the future ability of any insurer to meet their policyholder obligations under their policies and therefore the final decision as to the suitability of any insurer rests with you. However, all of the insurers with whom we place business are authorised and regulated by The Financial Services Authority unless we notify you to the contrary.

Law Applicable to Contract

The Company, you and insurers are free to choose the law applicable to contract. In the absence of an agreement to the contrary the law of England and Wales will apply. If you reside in (or in the case of a business the registered office / principal place of business is in) Scotland, Northern Ireland, the Channel Islands or the Isle of Man the law applicable to that appropriate country will apply.

Accuracy

The onus is upon you to ensure that all information supplied to the Company is accurate and the Company cannot accept any responsibility in the event of such information being inaccurate. You must, upon receipt of a policy document, check that the policy accurately reflects your instructions and changes required are notified to the Company immediately.

Money laundering/Proceeds of Crime Act

UK money laundering regulations may require us to obtain evidence of the identity of clients for whom we act at the start of a business relationship. This might for example be evidenced by sight of a current signed passport and two recent utility/bank statements. For companies ( other than listed ones ) evidence of identity might comprise a copy of certificate of incorporation a list of directors a list of shareholders and the registered address.

We are obliged to report to the National Criminal Intelligence Service any evidence or suspicion of money laundering at the first opportunity and we are prohibited from disclosing any such report.

Claims payments will be made in favour of the name shown on the policy. If payment is required to a third party a signed mandate instruction is required for the insurer to make payment to a specific payee along with a brief explanation for the request.

Confidentiality

The Company’s files are confidential and the Company reserves the right to refuse to discuss matters relating to your insurance or other details held by the Company with any person other than you or your legal representative.

The Company will treat all your information as confidential and where appropriate in accordance with data protection legislation, including the Data Protection Act 1998, under which you are entitled to copies of personal data held by us upon written application. If you do not wish to receive marketing material from us please let us know.

Complaints Procedure

In the event that you have a complaint that cannot be resolved through the usual communication channels you should contact, verbally or in writing, Phil Casement, Managing Director, Bennetts Commercial Limited, Telford House, Hamilton Close, Basingstoke, Hampshire, RG21 6YT. All complaints will be acknowledged within 5 working days of receipt. In the event that it may take more time to investigate or deal with the complaint we will confirm when we expect to be able to issue a full response or further explanation within a maximum of 4 weeks. All complaints will be investigated and a full response given within 8 weeks.

In the event that your complaint still cannot be resolved and you are a private individual or a business with an annual turnover of less than £1 million, you can refer your complaint to the Financial Ombudsman Service (FOS). Further information concerning FOS can be found by visiting www.financial-ombudsman.org.uk

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 circumstances of the claim. Insurance advising and arranging is covered for 100% of the first £2,000 and 90% of the remainder of the claim without any upper limit.

Further information about compensation scheme arrangements is available from the FSCS.

Terms of Business Agreement

The terms and conditions set out in this agreement shall be binding on both the Company and you the customer and will govern our relationship.

No variations to these Terms and Conditions shall be valid unless it is in writing and signed by a Director of the Company. The Company’s staff are not authorised to agree to any variation to these Terms and Conditions but the Company may vary them from time to time provided always that you are notified and agree to the change.

Cancellation of this agreement

This agreement may be terminated by either party giving 14 days notice in writing to the other. In the event that our services are terminated by you we shall be entitled to retain any fees or commission due.

Bennetts Commercial Limited
Telford House
Hamilton Close
Basingstoke
Hampshire
RG21 6YT

Authorised and regulated by the Financial Services Authority