Terms of Business

Definitions

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 regarding our relationship with you, please contact us at the above address.
We draw your particular attention to:
The section headed ‘Processing of your data’, ‘Credit checks’, ‘Issuing Documentation’ and the section headed ‘Handling money’ which explains our terms for handling client money in a Non-Statutory Trust account.

Who we are

In these Terms references to “we” or “us” are to the firm whose details are set out in the covering letter that accompanies these Terms. We are an independent insurance intermediary (agent). We are not associated with any Insurance company, and we do not insure you, but work as the link between you and the insurer to set up your insurance.

The Financial Conduct Authority

Alan Brown & Co (NI) Ltd t/a AB&C Insurance is authorised and regulated by the Financial Conduct Authority (FCA). Our Financial Services Register number is 595863.
Our permitted business is introducing, advising, arranging, dealing as agent and assisting in the administration and performance of general insurance contracts, credit broking and supplementary debt-related administration in relation to insurance instalment facilities.
You may check this on the Financial Services Register by visiting the FCA’s website, www.fca.gov.uk/register/ or by contacting the FCA on 0800 111 6768.

Our Service

Helping you to decide
Typically, our role is to advise you and, after we have assessed your needs, to provide you with a recommendation explaining why the Commercial Insurance product recommended best meets your requirement. Where we can offer the availability of an instalment facility in order to pay the insurance premium by regular payments, we do not offer advice or make recommendations in relation to this but we may ask some questions to narrow down the selection of options available; you will then need to make your own choice about how to proceed.
We will not provide further recommendations following the arrangement of insurance cover, unless you notify us of a material change of circumstances or formally request that we review your insurance arrangements.

The capacity in which we act for you

We act as an insurance intermediary, not an insurer. We will usually act on your behalf when arranging your insurances, when helping you make any changes to your policy, when you renew your insurance and in the event of a claim. If there are any circumstances where we act as an agent of the insurer, we will let you know the capacity in which we act before we finalise your insurance arrangements.

Scope of Service including our product range and the range of insurers used

We provide a recommendation and select commercial insurances from a fair analysis of the market available to us using our panel of insurers. For certain classes of insurance, we carefully select products from a limited number of insurers or a single insurer, which means we do not give a recommendation on the basis of a fair and personal analysis. This can include Commercial Legal Protection
We will not in any circumstance guarantee the solvency of any insurer.
If we propose using another intermediary to help place your business, we will confirm this to you in good time before any arrangements are finalised.
We may also be able to offer finance for insurance instalments through the insurer and / or Close Brothers Premium Finance. We will give you further information about your payment options when we discuss your insurance in detail.

Issuing Documentation

In agreeing to do business with ourselves you accept that we can issue documentation by e-mail or by post. E-mail is not a secure form of communication and for this reason we cannot guarantee the security of the e-mail or its contents or that it remains virus free once sent.

Renewals

Renewals are invited on the basis that there have been no changes in the risk other than those specifically notified to us or your Insurers (see Disclosure and Notification of Changes and Alterations).
Where we have received renewal terms from insurers Retail Customers will be provided with their renewal terms no later than 21 days before expiry of the policy, or receive notification that renewal is not being invited. Commercial Customers will receive their renewal terms in good time. Attached to the renewal terms will be a statement of any changes to the terms of the policy, with an explanation of these changes.

Policy Documentation

Policy Documentation will be issued to all customers in a timely manner. This will normally be within 30 days of the contract of insurance being concluded. Your Policy Documentation will confirm the basis of cover and provide details of the insurers. Prior to conclusion of the contract, or immediately thereafter, you will be sent a statement of Demands and Needs. You should read this carefully. It will set out your specific Demands and Needs, confirm whether the contract has been personally recommended by us, and if so, the reasons for making that recommendation. Retail Customers will also be sent a Policy Summary at conclusion of the Contract or immediately thereafter.
You should read this carefully. It will set out your specific Demands and Needs, confirm whether the contract has been personally recommended by us.

Complaints and Compensation

We aim to provide you with a high level of customer service at all times but, if you are not satisfied, please contact the ‘Customer Services Manager’ at the address shown above.
When dealing with your complaint, we will follow our complaint handling procedures. A summary of these procedures is available on request.
If you are still not satisfied, you may be entitled to refer the matter to the Financial Ombudsman Service (FOS) (except in the case of a business: (1) employing 10 persons or more and with a turnover or annual balance sheet total exceeding €2m, or (2) with an annual turnover of 6.5m or more, and 50 employees or more or with an annual balance sheet total of £5m or more; a charity with an annual income of £6.5m or more; or trustees of a trust with a net asset value of £5m or more).
For further information you can visit the FOS website www.financial-ombudsman.org.uk
We are covered by the Financial Services Compensation Scheme (FSCS) for our insurance mediation activities. 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. If you are eligible to claim from the FSCS, compensation is available in relation to insurance advising and arranging as follows:
90% of the claim, without any upper limit
100% of the claim, without any upper limit for compulsory classes of insurance (such as Third Party Motor or Employers Liability) and professional indemnity insurance and general insurance claims arising from the death or incapacity of the policyholder owing to injury, sickness or infirmity, all where the insurance intermediary has failed to pay money to an insurer, pay away money it has received from an insurer, or has failed to take steps to allow the insurer to effect the contract of insurance.
Further information about compensation scheme arrangements is available from the FSCS on 0800 678 1100 (Freephone) or 020 7741 4100 or www.fscs.org.uk.

Payment for our services

We are paid by you either as:
A percentage of the premium due to the insurer for your insurance policies (commission); or
A fee: or
A combination of commission and fee
Any fees we do charge are set out below:
Commercial Service Charges
5% of Premium including IPT / VAT (Subject to a minimum of £40 and maximum of £1,000)
Cancellation £20.00 (including retention of earned commission)
Mid Term Adjustment £20.00
You will receive a quotation which will tell you the total price to be paid, and which identifies any fees, taxes and charges separately from the premium, before your insurance arrangements are concluded.
Full payment of premium and fees is due before cover commences, or as otherwise stated under terms of credit, or in the debit note, invoice or statement issued to you. Failure to pay the premium due will mean that your insurance policy might not commence or that it will be cancelled.
Our fees are non-refundable even if you cancel your Commercial Insurance Policy.
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 then be held by us in a Non-Statutory Trust account pending payment.
The establishment of the Non-Statutory Trust account follows FCA rules introduced to protect money held by authorised intermediaries. However, you should be aware that, under the 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.
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.
Interest earned on monies held in such a Non-Statutory Trust account will be retained by us. 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 to the contact details included in this Terms of Business in writing or by phone. Any relevant certificate of insurance must be returned to us or to the insurer concerned.
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 before the policy expires.
Please note that Commissions Earned and any outstanding finance will be retained on Cancellation (refer to Payment for our services section).

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. Valid reasons may include but are not limited to non-payment of premium or fees, commission clawback by insurers where instructions are given to another party to handle the customer’s insurance(s), failure to provide requested documentation or information, deliberate failure to comply with terms set out within the Terms of Business or insurer’s documentation, deliberate misrepresentation or non-disclosure or attempted fraud, use of threatening or abusive behaviour or language, or intimidation or bullying of our staff or suppliers.
Unless otherwise agreed in writing, if our relationship ends, any transactions 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 with all fees charged by us for services provided.

Your responsibilities

If you are a consumer, you are responsible for answering any questions in relation to any proposal for insurance cover honestly and to the best of your knowledge, providing complete and accurate information which insurers will require. This also applies to your responses in relation to any assumptions you may agree to in the process of applying for insurance cover. This is particularly important before taking out a policy but also at renewal or if you make a mid-term amendment to your policy.
If you fail to disclose information, or misrepresent any fact which may influence the insurer’s decision to accept the risk or the terms offered, this could invalidate the policy and mean that claims may not be paid.
If you are a commercial customer, you have a duty to give a fair presentation of risk to the insurer. This means that you should disclose every material circumstance relevant to the risk being insured following a reasonable search within your business to identify and verify such information. This should include information which you and where applicable your senior management, persons responsible for arranging your insurance or other relevant third parties know or ought to know and should include all information that would influence the judgement of the insurer or that would put the insurer on notice that it needs to make further enquiries.
Special or unusual circumstances relating to the risk
Any particular concerns which led you to seek insurance cover for the risk; and
Anything which those concerned with the class of insurance and field of activity in question would generally understand as being something that would be dealt with in a fair presentation of risks for this type of insurance.

Data Processing

We will process your data to allow us to provide you with our services as your insurance broker in quoting for, arranging and administering your commercial insurances and in arranging insurance premium finance where applicable.
Your data will also be used to manage future communications between ourselves. Where you have agreed, or in circumstances where to do so will be in our mutual interests, your data will be used to provide you with further information about our wider products and services.
You can opt out from receiving such communications by emailing [email protected]
In processing data for insurance purposes about financial or criminal offences, we will only do so to enable us to provide our service to you and on the basis of it being in the public interest.
We will only use your data for the purpose for which it was collected.
We will only grant access to or share your data within our firm, firms associated with us and with other authorised third parties and product and service providers such as insurers and premium finance providers where we are entitled to do so by law under lawful data processing.
The Data Protection Act 2018 provides you with Access Rights that allow you to gain an understanding on the data being processed, who we share it with, for what purpose, why we need to retain it and retention periods, to object to the processing and to place restrictions on the processing, to request copies of your data and to request the deletion of your data.

Call Us: 028 95 211 555