Terms of Business – Commercial Customer
Amicus Insurance Solutions Ltd of Cantium House, Railway Approach, Wallington, Surrey. SM6 0DZ are authorised and regulated by the Financial Services Authority (FSA). The FSA is the independent watchdog that regulates financial services. Our permitted business is advising on, arranging, dealing in and administering non-investment insurance contracts. You can check this in the FSA’s by visiting www.fsa.gov.uk/register or by contacting the FSA on 0845 606 1234. Our FSA registation number is 525018.
Please read this document carefully. It sets out the terms on which we agree to act for our clients and contains details of our regulatory and statutory responsibilities. Please contact us immediately if there is anything in these terms of business which you do not understand or with which you disagree.
Status
Amicus Insurance Solutions Ltd is an Independent Insurance Intermediary with 100% of shares being owned by working Directors &/or their families. We act as agents for our clients and are subject to the laws of agency. However, in certain circumstances, we may also owe certain duties of care to other parties. At no time will any such other duty of care override our primary obligation to you, our customer.
Products and Services
We offer products and services from a range of Insurers and Lloyd’s Underwriters. A list of insurers we deal with is available on request. We will advise and make recommendation for your business after we have assessed your needs. This will include the type of cover you seek together with the costs.
Certain products and services for niche products or ‘difficult to place risks’ may have been specifically selected from one supplier to provide a cost effective solution to meet our customer’s needs.
Upon receipt of your instructions we will place your insurances with insurers. Your instructions should be provided to us in writing (by letter, facsimilie or e-mail) in order to avoid any misunderstandings about the cover which you may have requested. We will only accept verbal instructions if immediate cover is required, but this must be confirmed in writing at your earliest opportunity. Do not assume any cover until we have confirmed to you in writing that is has been placed.
Insurers/Suppliers
In selecting security a wide variety of factors including financial position of the Insurer in question are taken into account. However we cannot guarantee the future ability of any insurer to meet the policyholders’ obligations and therefore the final decision on the suitability of any insurer rests with you. If you have any concerns about security, please contact us immediately to discuss the matter. We may also invite other FSA authorized brokers to quote on the insurances of our clients but only in circumstances where it is deemed to be in the client’s best interest.
Duty of Disclosure
You must disclose to us and insurers before the contract is concluded any fact or circumstance which is known to you (or which ought to be known by you) and which is material to the risk. A fact or circumstance is material if it would influence the judgment of a prudent insurer in fixing the premium or determining whether he should take the risk. Should you not act with the utmost good faith or fail to disclose any material fact or circumstance to insurers, insurers may void the contract.
It is your responsibility to provide complete and accurate information to both us and the insurers when you take out your insurance policy, throughout the duration of the policy and when you renew your insurance. It is important that all the statements you make on proposal and claim forms, together with any other documentation are full and accurate.
If you are unsure about any matter you should contact us for guidance. All answers on the forms and any other statements made to us by you are your responsibility. We are not empowered to amend or enter any additional information on any form. Should amendments be required we will return the form to you so that you have the opportunity to correct any amendment or entry if it is not correct.
IF THERE IS ANY DOUBT AS TO WHETHER A FACT IS MATERIAL OR NOT, IT SHOULD BE DISCLOSED.
Procedures
Prior to the conclusion of the contract you will be given a statement of demands and needs, together with sufficient information about the insurance to enable you to make a decision as to the suitability. You should read this carefully. It will set out your demands and needs and confirm whether the contract has been personally recommended and, if so, the reasons for the recommendation.
We will advise you of premiums due from you to insurers by means of a debit note. This will normally be sent to you within seven days of the contract being concluded. As soon as cover is provided then the premium is due. Our terms of trade are shown on the cover note and debit note and we require payment within these terms, normally 30 days to enable us to pay your insurers. Failure to meet the payment date may result in the automatic termination of your policy.
Insurers may impose a specific premium payment term in certain circumstances. This date together with any penalties will be clearly shown.
With certain classes of insurance a completed proposal form is required. We will be pleased to provide any advice and assistance with the completion of proposal forms, but must remind you that we are unable to complete the forms on your behalf as the completion of proposal forms is your duty as policyholder.
We will provide full policy documentation as soon as possible after conclusion of the contract. On receiving your documentation, we would ask you to advise us immediately if any of the documentation does not meet with your approval.
We will endeavor to provide you with renewal terms in good time before expiry of the policy, or notify you that renewal is not being invited. Attached to the renewal terms will be a statement of any changes to the terms of the policy, and changes to directive required information (information required under EU directives), statement of price and information about cancellation. You will be given an explanation of any changes, where necessary and in good time, which may appear in your policy and you will be advised of your right to request a new policy statement.
Should the insurer require any mid term changes to your policy they will be notified to you in good time, prior to the change taking effect.
Treating Customers Fairly
The Directors of Amicus Insurance Solutions Limited are fully committed to the FSA Principles for Business and this document deals with Principle 6 which requires us to pay due regard to the interests of our customers and treat them fairly.
Treating Customers Fairly is embedded in our company ethos and we have a core value to “treat customers as we would expect to be treated ourselves”.
At Amicus, we have always treated our customers fairly and embrace the policy the FSA has issued. To this end we would highlight the following.
- We will provide our clients with clear, conscientious options and the experience to ensure our clients understand what they are buying and why.
- We encourage and promote a transparent operation to all our staff and clients.
- To offer an objective point of view when recommending quality services to our clients to ensure your needs come first.
- To completely engage our clients, as to identify their needs and requirements.
Documentation
We will retain copy documents for business effected on your behalf in electronic or paper format for at least 3 years. For some types of insurance cover it is possible that a claim may be made under a policy after its expiry date and it is therefore important that you keep such documentation safely.
Claims
It is imperative that claims or circumstances which may give rise to a claim are notified to us and/or the underwriting insurer immediately. All relevant policies describe in detail the procedures and conditions in relation to making a claim.
For as long as you remain a customer of Stonebridge Corporate Ltd we will provide an efficient claims handling service and will provide:
- Guidance in pursuing a claim under the policy
- Handle claims fairly and promptly and keep you informed of their progress
- Inform you in writing if we are unable to deal with any part of a claim
- Once a claim has been agreed and we are in receipt of a settlement cheque we will forward this to you without delay.
Should you cease to be a customer for whatever reason, but wish us to handle a claim on your behalf we reserve the right to charge a fee for our services should we agree to handle such claims. These fees will be advised and agreed with you before we proceed with the claims process.
Please call your claims handler on 0208 5444 185 if you wish to report a claim or incident
Our Remuneration
We are normally remunerated by commission which is a percentage of the insurance premium paid by you and allowed by the insurer with whom the insurance is placed. This will include additional insurance premiums which are due by virtue of changes to your requirements during the policy term (mid term adjustments) or as part of the policy conditions (eg declaration requests).
Alternatively, we may act on your behalf for a fee, which will be disclosed to you before the policy is concluded. This may be in addition to any commission payable. Where we act for a fee, unless otherwise agreed with you, this will normally relate to the initial placing of the insurance and subsequent maintenance of the policy until renewal. Should you request a material mid term adjustment or series of adjustments to your insurance we may seek to negotiate an additional fee with you at the time.
In addition to client fees and/or commission payments we may receive remuneration by way of administrative fees or commissions for services provided to insurers. We may also receive commissions from insurers with whom we have arranged facilities for ease of placement or certainty of market. These commissions may be contingent upon the profitability of a portfolio of business. In all such circumstances or duty to act in the best possible interest of our customers remains paramount.
We will, if requested, disclose the amount of any commission being earned. If the exact amount cannot be confirmed, the basis for calculating such figures will be disclosed. If a change in risk results in a return premium or you cancel a contract mid-term, we will retain all or part of any commission or fee to cover administrative costs. In respect of cancelled contracts, this only applies if the contract is not replaced by another policy.
Payment Options
We normally accept payment by cheque or bank transfer or alternatively we may be able to arrange payment over the term of the policy. We will give you full information about your payment options, the suitability of the appropriate finance agreement, and any associated charges, when we discuss your insurance in detail.
Protecting your money
Prior to your premium being forwarded to the insurer, and for your protection, we hold your money as an agent of the insurer (in which case your policy is treated as being paid for). We may pass on your premiums to other FSA Authorised intermediaries. We also reserve the right to retain interest earned on this account.
By accepting this Terms of Insurance Business document, you are giving your consent for us to operate in this way.
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 with no upper limit. For compulsory insurances (for example, motor insurance and employers’ liability insurance), advising and arranging is covered for 100% of the claim, without an upper limit. Further information about compensation scheme arrangements is available from the FSCS. www.fscs.org.uk
Our Agreement
Our agreement will continue until terminated by one of us giving 7 days notice in writing to the other. In the event that the insurance is cancelled after inception, our fees and/or brokerage will not usually be returnable.
Data Protection and Confidentiality
All information provided by you to Amicus Insurance Solutions Ltd will be kept confidential between us and your insurers. There may be circumstances where we are required to provide information by law to comply with a subpoena and/or compelled by law (including law enforcement agencies) to comply with the Data Protection Act 1998 and/or any ensuing statutory enactments.
We may pass information about you to credit reference agencies for the purposes of arranging payment by instalments and may also pass to them details of your payment record to us.
From time to time we may disclose information provided by you to the other partners of Stonebridge Corporate Ltd. This information may be used to advise you of our, or their, services which we believe may be of interest to you. If you prefer us not to take this course of action, or receive further information, please confirm in writing to Amicus Insurance Solutions Ltd, Cantium House, Railway Approach, Wallington Surrey. SM6.
Under the Data Protection Act 1998, you are entitled to see personal information about you which we hold in our records and we will provide copies of this information upon request. We reserve the right to charge a fee for this service.
Money Laundering/Proceeds of Crime Act
United Kingdom money laundering regulations require us to obtain evidence of the identity of clients for whom we act at the start of a business relationship. For companies’ evidence of identity will usually comprise of 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 Serious Crime Agency any evidence or suspicion of money laundering at the first opportunity and we are prohibited from disclosing such a report.
If you require a payment to be made to a third party then you must confirm the required payees name and details and provide a brief explanation for your request.
Governing Law
The terms of business shall be governed by and construed in accordance with English law. In relation to any legal action or proceedings arising out of or in connection with these terms of business we both irrevocably submit to the non-exclusive jurisdiction of the English courts.
Complaints – What to do if you wish to complain
Amicus Insurance Solutions Ltd is committed to providing a high standard of customer service to all our customers. In the unlikely event of a complaint we will do everything possible to ensure it is dealt with quickly and fairly. If you do feel that you have cause to complain, in the first instance please contact our Compliance Officer wither by telephone on 0208 5444 185 or in writing to our Wallington address.
We will acknowledge you complaint within three working days of receipt and explain how we are intending to handle it.
If we believe that the complaint does not relate to the activities of Amicus Insurance Solutions Ltd we will inform you in writing with five working days of receipt of the complaint and where possible provide details of to whom the complaint should be directed.
Whilst we will endeavor to investigate all complaints immediately, we undertake to give you written response to your complaint within twenty working days of, if further time to investigate the complaint is required, to update you on the progress and agree timescales for resolution.
If the complaint is not resolved within eight weeks from the date of receipt we will write explaining that we are not in a position to make a final response. We will give reasons for the delay and indicate when we expect to provide a final response.
If you are an eligible complainant, we will advise that you may refer the matter to the Financial Ombudsman Service (FOS) and will enclose a copy of the FOS explanatory leaflet. The leaflet outlines full details of the eligibility to refer a complaint.
The FOS can be contacted on 0845 080 1800 or at the following:
The FOS cannot consider a complaint if contacted:
Less than eight weeks after the date of the complaint was received and final response has not been given
More than six months after the final response
More than six years after the event being complained about occurred
If you are not an eligible complainant and should you remain dissatisfied, you may have the right to refer the matter to an Approved Dispute Resolution Facility. We can provide details on request.
Definitions
Eligible Those who have a customer or potential customer relationship with Amicus Insurance Solutions Ltd who are wither a private individual, a business with annual turnover less than £1m when the complaint was made, a charity of annual turnover less than £1m when the complaint was made or a trustee of a trust with a net asset value of less than £1m when the complaint was made.
Complaint A complaint is any expression of dissatisfaction, whether oral or written and whether justified or not, from or on behalf or an eligible complainant about Amicus Insurance Solutions Ltd provision of or failure to provide a service.
Amicus Insurance Solutions Ltd
Cantium House
Railway Approach
Wallington
Surrey
SM6 0DZ
Tel: 0208 5444 185
Fax: 0208 5444 184
Authorised and Regulated by the Financial Service Authority
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