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Terms of Business

About us
Coverwell Insurance Brokers Ltd of 64/66 Cheshire Street, Market Drayton, Shropshire, TF9 1PR is authorised and regulated by the Financial Conduct 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 based on a fair analysis of the market with respect to this type of insurance. For certain types of business, we may deal with a panel of insurers or a single specialist insurer. You will be informed if this applies. Information is provided for add-on products so that you can decide if they are suitable. You can check these details online using the Financial Services Register from www.fca.org.uk/consumers or by contacting the FCA Helpline on 0800 111 6768. We are also authorised by the FCA for consumer credit broking. We act for a number of lenders and we are not part of the same group. Our Firms Registration Number is 786412.

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. Non-consumer 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 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
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 in accordance with the General Data Protection Regulation at www.coverwell-insurance-brokers.com 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 01630 652543.

Our Remuneration
You are entitled, at any time, to request information regarding any commission which we may have received as a result of placing your insurance business or arranging premium finance.

Fees and charges
Where a fee or charge is payable, you will be advised before you commit to it, we normally make the following charges:

  • Arranging a new policy, renewal or adjustment: up to £50.
  • Cancellation or Mid Term Changes resulting in a refund: up to 40% of return premium.

In certain exceptional circumstances we may vary the above charges but the specific charge and purpose of any additional charges will always be advised to you in advance. Larger Commercial Clients may be dealt with on a fee only or commission & fee basis which will reflect the amount of work required for their circumstances. This will be discussed in each case. 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. If you pay your premium by instalments we shall inform you of any additional fees, charges or interest as part of your credit arrangements.

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 FCA 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.

Premium Finance
Applications for credit will be passed to a Third Party Finance Provider who is required to meet responsibilities arising from the Consumer Credit Directive (CCD). In assessing your application they will search the public information that a credit reference agency holds about you. The credit reference agency will add details of the search and your application to their record about you whether or not your application proceeds. This and other information about you may be used to make credit decisions about you and undertake checks for the prevention and detection of money laundering. If they are not able to provide credit facilities we will be unable to continue cover unless alternative payment arrangements are made.

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 652543. 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 0234 567 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 whole 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. The scheme does not apply to consumer credit. Further information about compensation scheme arrangements is available from the FSCS on 020 7892 7300 or by visiting http://www.fscs.org.uk/

This Agreement shall be governed by English Law.

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