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Terms of Business

About Us. Coverwell Insurance Brokers of 64/66 Cheshire Street, Market Drayton, Shropshire, TF9 1PR is authorised and regulated by the Financial Services Authority. We are permitted to arrange, advise on, deal as an agent of insurers and clients and assist in claims handling with respect to non-investment insurance policies. We provide advice to customers upon a fair analysis of the insurance market with respect to this type of insurance. For certain classes of business, we may deal with a small number of insurers or a single specialist insurer. You will be informed if this applies. You can check these details on the FSA’s Register by visiting the FSA’s website http://www.fsa.gov.uk/register or by contacting the FSA on 0845 606 1234. Our Firms Registration Number is 308526.

Your duty of disclosure. Your insurance is based upon the information provided to the insurance company and you must ensure that all such information is complete and accurate, and that any facts that may influence the insurer’s decision to accept the policy and what terms are applied must be disclosed. Failure to disclose material information may invalidate your insurance and could mean that part, or all, of a claim may not be paid.

How to cancel. You may have a statutory right to cancel this policy within a short period. Please refer to your policy summary or your policy document for further details. If you cancel you will receive a pro rata refund of premium from the insurer. Insurers are also entitled to make an administrative charge. We may keep an amount that reflects the administrative costs of arranging and cancelling the policy.

If you wish to cancel outside this period you may not receive a pro rata refund of premium. We may also keep an amount that reflects the administrative costs of arranging and cancelling the policy (see tariff of charges).

Protecting your information. All personal information about you will be treated as private and confidential (even when you are no longer a customer), except where the disclosure is made at your request or with your consent in relation to administering your insurance, and except where law requires us. As part of the FSA’s duties, we may be asked to provide them with access to our customer records in order that they may carry out a review of our activities.

Some or all of the information you supply to us in connection with your insurance proposal may be passed to insurance and other companies for underwriting, claims and premium collection purposes. Your data will be held in accordance with the Data Protection Act 1998, under which you have a right of access to see personal information about you that is held in our records, whether electronically or manually. If you have any queries, please write to Ian Madeley at the above address.

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 whom you should contact, please contact us on 01630 65 2543.

Fees and charges. For all business transacted, i.e. new business, renewals and mid term alterations an administration charge of £10 will be made. For mid term cancellations and return premiums, we will make a charge equivalent to the commission clawback, not exceeding 15% of the premium.

We normally accept payment by cheque or alternatively you can spread your payments through Insurers’ instalment schemes or a credit scheme which we will have arranged with a finance provider. We can also arrange for payment by credit cards. We will give you full information about your payment options when discussing your insurance in detail.

Protecting your money. Prior to your premium being forwarded to the insurer, and for your protection, we either hold your money as an agent of the insurer (in which case your policy is treated as being paid for), or we hold it in a client bank account on trust for you.

We may transfer your money to another intermediary in some cases. However your money will be protected at all times because of the requirements of FSA rules. 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.

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 Ian Madeley at the above address or ring 01630 65 2543. You may be entitled to refer the matter subsequently to the Financial Ombudsman Service. You can contact the Financial Ombudsman Service by telephone on 0845 080 1800 and further information is available at www.financial­ombudsman.org.uk If you 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 can not meet our obligations. This depends on the type of business and the 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. For compulsory classes of insurance, insurance 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 by visiting: www.fscs.org.uk