Mall-Wood Insurance Services

Mall-Wood Insurance Services Limited - Terms of Business

Explaining our status

Mall-Wood Insurance Services Limited of 27a the Street, Capel St Mary, Ipswich, Suffolk IP9 2EE is an independent broker who acts as your agent and accepts responsibility for the advice given and for arranging your insurance.

We are authorised and regulated by the Financial Services Authority (FSA). Our FSA registration number is 305092. Our permitted business is arranging general insurance contracts

These details can be checked on the FSA’s register by visiting the FSA’s website at www.fsa.gov.uk/registration or by contacting the FSA on 0845 606 1234

Mall-Wood Insurance Services Limited has no direct or indirect, financial holding in any insurer. No insurer has a financial interest in the company. 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.

Explaining our services

Our service includes advising you on your insurance needs, arranging your cover with insurers to meet your requirements, providing assistance in the event of a claim and helping you with any on going changes you wish to make.

Insurers

We place insurance with a number of Insurers, Underwriting Agencies and Specialist Brokers.

We obtain financial information on Insurers from a variety of sources. We are, however, unable to guarantee the ongoing solvency of any individual Insurer and do not accept liability for any losses in this regard.

It is our Policy to provide advice or information based on

1. a general analysis of the market, or
2. a review of a limited number of Insurers, or
3. terms provided by a single Insurer. For certain classes of insurance we place insurance with a limited number of Insurers.

We also issue policies for a number of insurers. A specimen policy is available for all of the policies we provide. For further information, please contact us.

Please note calls may be monitored and recorded for compliance and training purposes. Responses to messages received from you by e-mail will be acknowledged no later than the following working day.

Information on costs and methods of payment

You can choose to pay the annual premium in full, with cash, guaranteed cheque, and most major debit and credit cards. In many cases you will be able to pay monthly by direct debit, with the insurer’s own plan. We will advise you if instalment facilities are available for the type of insurance you request.

Our charges

The remuneration we receive for our services will be brokerage (a percentage of the premium allowed by the insurers) and/or a fee which will be specifically advised to you. If you would like to know the amount of commission that we are paid in respect of your insurance contract, this information is available on request.

We reserve the right to make charges in addition to any insurance premium, for the arranging, amending, renewing and cancellation of any policy of insurance.

These charges will always be advised to you before the purchase of insurance and shown separately on our invoices. Brokerage and fees are earned for the policy period and we reserve the right to retain all or part of commission earned on any premiums subsequently returned.

In addition to our brokerage payments, we may receive remuneration by way of administrative fees or commissions for services provided to Insurers.

Prior to the conclusion of each insurance contract, or upon renewal, we will remind you of your right to be advised of the level of commission, which we receive from underwriters. 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.

In addition to the premiums charged by insurers, we normally make the following fixed charges to cover the administration of your insurance:

• A fee may be charged of up to £30.00 for our services where a policy is cancelled under the 14 day cooling off period.
• Bounced/stopped cheque £30
• We may charge a fee where or no commission from the insurer or where we place the business through another broker and receive limited or no commission.

Limitation / Exclusion of Liability

Our liability for losses suffered by you as a direct consequence of any negligent performance of our services shall be limited in all circumstances to £1,000,000 per claim. In respect of any other claim arising out of our performance or non-performance of the services hereunder our liability shall be limited to the amount of commission and fees we have received for arranging cover during the 12 months prior to such claim arising.

If any provision of the contract is found by any court, tribunal or administrative body of competent jurisdiction to be wholly or partially illegal, invalid, void, voidable, unenforceable or unreasonable, it shall be to the extent of such illegality, invalidity, voidless, voidabillity, enforceability or unreasonableness be deemed severable and the remaining provisions of the contract and the remainder of such provision shall continue in full force and effect.

Failure or delay by Mall-Wood Insurance Services Ltd in enforcing or partially enforcing any provision of the contract will not be construed as a waiver of any of its rights under the contract.

Any waiver by Mall-Wood Insurance Services Ltd of any breach of, or any default under, any provision of the contract by the client must be in writing and will not be deemed a waiver of any subsequent breach of default and will in no way affect the other terms of the contract.

Confirmation of cover

We will provide you with written confirmation and details of the insurance that has been affected on your behalf, as well as the insurers who have subscribed to the risk. Please review coverage as recommended under ‘Your responsibilities’.

Your responsibilities

You are responsible for reviewing all Policies issued very carefully, as it is these documents, the schedules and any certificates of insurance that are the basis of the insurance contract purchased. Particular attention should be paid to any policy conditions, exclusions, warranties and claims provisions, as failure to comply may invalidate your coverage. If there is any doubt about these, immediate advice should be sought from us.

Your duty to provide information

It is your responsibility to provide complete and accurate information when you take out your insurance policy, throughout the life of your policy and when you renew your policy. The answers you give on the proposal form and at the time of quotation are the basis of your contract with the insurer.

It is important that you ensure that all statements you make on application forms claim forms and other documents are full and accurate. Failure to disclose material facts may entitle Insurers to void the policy from inception or invalidate a claim. If you have any doubt as to whether a fact is material, then we recommend that it is disclosed.

In addition to the specific questions asked, you must volunteer any other information that may be relevant, such as the following:

1. Vehicle modifications or alterations to property
2. Changes in occupation (full and part time)
3. Motoring and criminal convictions
4. Changes in use or ownership
5. Changes of address/garaging

You should keep a record (including copies of letters) of all information provided. If you are in doubt please ask.

To make sure you get the best offer from insurers now or at renewal we may obtain information from a credit reference agency and other external organisations, the search will appear on your credit report whether or not you application proceeds. The search can ascertain the most appropraite payment option for you

Renewal and Cancellation of Insurance

Where payment for the contract you have undertaken is by regular instalment, for example by direct debit, you give your consent to the Contract being automatically renewed, without further reference to you, at the renewal date. This means that the insurance will continue to be provided to you, and you will be obliged to continue to pay for such insurance, unless you specifically contact us at renewal to notify us that you no longer require such insurance.

Your insurance policy may contain a right to cancel within a specified period of time of taking up the policy. You will be informed upon inception or renewal of your contract, what cancellation rights apply to your policy and, if so, how and when you should exercise any such rights.

Claims

You should contact your insurer at your earliest convenience. The telephone number can be found in your policy document, but if you require assistance please telephone our office on 01473 311558 during office hours.

Do not admit liability or agree to any course of action, other than emergency measures needed to minimise the loss, until the insurers have given their agreement. For all crime-related claims, please notify the policy immediately. There may also be other claims requirements detailed in your policy documents, such as reporting baggage lost or damaged following a fight, to the airline immediately.

Payment of Premiums

We adhere to strict terms of credit on insurance premiums. Any renewal invitation or other request received must be paid by the settlement date stated on our invoice, statement or closing documentation. No payment shall be deemed to have been received until Mall-Wood Insurance Services Limited has received cleared funds.

Your insurance contract may include a cancellation clause. In the event that you fail to pay your premium by the due date the insurance may be cancelled forthwith or by Insurers, giving notice of the cancellation.

If we have not received the premium from yourselves, we are under no obligation to pay the premium by the Payment Date to Insurers on your behalf. For the avoidance of doubt we have no obligation to fund any premiums, duties, taxes or fees on your behalf. We have no responsibility for any loss that you may suffer as a result of insurers cancelling the insurance or taking other such prejudicial steps as a result of the late payment of such sums

In certain circumstances insurers may impose a specific premium term whereby they require payment by a certain date. We must stress the breach of that term may enable insurers to void the insurance from inception. You agree that settlement of premiums in good time is your responsibility. In the event of cancellation of the insurance contract, Insurers may still require a pro rata premium to be paid. In these circumstances our fees or brokerage will not usually be returnable. However, we will return any premiums net of commission refunded by Insurers.

Client Money

After receipt of payment, we hold money, on behalf of clients, in accordance with the FSA Rules on client money. Our Terms of Business, with certain Insurers, include provision that premium payments are considered as insurer money after payment to Mall-Wood Insurance Services Ltd. Otherwise, client money is held in a Statutory Trust in accordance with FSA Regulations. This means that whilst we have legal ownership over client monies, such money remains in the beneficial ownership of our clients. We are not permitted to, and do not, use client money balances to provide credit for customers or potential customers. As a consequence of these rules we will not be able to allow a refund of premium until such time as we receive the credit of premium from the insurer. Any interest earned on client money held by us will be retained by us for our own use.

We may transfer client money to other organisations (for example, Specialist Placing Brokers) for the purpose of effecting an insurance on your behalf. Client money while held by Mall-Wood Insurance Services Ltd will, at all times, be held with a UK Clearing Bank authorised by the FSA.

Withholding documentation

We may keep certain documents such as your insurance policy while we are waiting for full payment of premiums or administration charges. In these circumstances, we will ensure that you receive full details of your insurance cover and will provide you with any documents you are required to have by law.

Money Laundering/Procedures of Crime Act

UK Money Laundering Regulations require us to obtain evidence of the identity of clients for whom we act at the start of the business relationship. Documentary evidence may be requested. We are obliged to report to the National Criminal Intelligence Service any situation giving rise to a suspicion of money laundering. A formal report may be made in the following circumstances:

• If there is a suspicion relating to a client’s identity
• If a client makes substantial or unusual cash payments
• Where the transaction does not appear to be rational in the context of the client’s business or personal activities.

We are prohibited from disclosing any report to the client.

Confidentiality & Security

• when you ask us, or give us permission
• if we are required to by law

Under the Data Protection Act 1998 you have the right to see personal information about you that we hold on our records. If you have any queries, please contact us.

Cancellation Procedures

Policies may be cancelled by notifying us either in person, by phone, letter or e-mail confirming the reasons for and the date of cancellation (this cannot be back-dated). Refunds are not usually permitted under travel policies and some types of commercial insurance. For all other types of business, subject to no claims have been made during the period of insurance, insurers will normally allow a refund against annual premiums.

Motor insurance certificates must be returned to enable us to cancel the policy. Refer to your policy book for details of the insurer’s Cancellation charges.

It should be noted that not all policies refund a proportionate part of the unexpired premium.14 Day Reflection Period – Applicable to ‘Retail Customers’ only

For private individuals only, where the policy does not cover any business activity, many policies will provide you with a 14 day reflection period to decide whether you wish to continue for the full policy term. This is subject to certain conditions, including a minimum time on risk charge. These will be detailed in the policy wording.

Complaints

It is our aim that you should always be satisfied with the service we provide you with. However, there may be occasions when you feel that we have failed to achieve an acceptable standard. If that were the case, we would like to know about it. To ensure that every complaint is considered fully, we operate an internal complaints procedure.

Where your complaint relates to the service provided by your insurers, then you should follow the insurer’s complaint procedure as detailed in the policy booklet.

If your complaint is with our service, to help us put matters right you should initially approach Mr L M Woodward, 27a The Street, Capel St Mary, Ipswich, Suffolk IP9 2EE. This can be done in person by letter, or by telephone. You should set out the full details of the complaint including any reference number. We will endeavour to resolve your problem within 24 hours of receiving your complaint.

If this is not possible, we will acknowledge your complaint in writing within five business days, telling you who is dealing with your complaint and when you can expect a response. We will endeavour to provide a full response within twenty business days. If this is not possible, we will explain why we need more time and let you know when you can expect a full response.

Finally, and after we have indicated in writing that our internal complaints procedure has been exhausted, and if we have not resolved the matter to your satisfaction you should then contact:

The Financial Ombudsman Service (FOS) South Quay Plaza, 183 Marsh Wall, London E14 9SR (Tel: 0845 080 1800)

Please note that the FOS will only consider complaints from private individuals and any business with a turnover of less that £1m. If we are unable to meet our obligations you may be entitled to compensation from the Financial Services Compensation Scheme (FSCS). This protection only applies to private individuals and any business with a turnover or less than £1m. From the 1^st January 2010 the compensation limit is 90% of the claim, with no upper limit. The compensation limit for compulsory insurance, such as motor third party insurance and employers liability insurance, remains at 100%, with no upper limit.

Law and Jurisdiction

This agreement which sets out the terms of our relationship with you will be governed and construed in accordance with English Law and any dispute arising under it shall be subject to the exclusive jurisdiction of the English Courts.

Please note these Terms of Business do not affect your normal statutory rights