Terms and Conditions

Status
We are Independent Insurance Brokers, who act as your agent in arranging your insurance. We are authorised and regulated by the Financial Conduct Authority (FSA). Our FSA Registered Number is 303928.

Details of our firm can be checked on the FSA Register on www.fsa.gov.uk/register or by telephone on 0845 606 1234.

Professional Indemnity
We conform to the FSA code in respect of Professional Indemnity insurance. This type of insurance is mandatory for FSA members.

Definitions
The FSA rules classify customers into two types, namely:-

  • Consumer - defined as an individual who is acting for purposes which are outside his trade, business or profession or
  • Commercial - defined as a customer who is not a Consumer

Some of the FSA rules vary dependent on whether or not you are a Consumer or Commercial customer. Where such variations affect this Terms of Business, they have been clearly highlighted in paragraph headings.

Service
Our services include:
  • Investigating and assessing your insurance needs
  • Advising you on your insurance needs
  • Arranging insurance cover with insurers to meet your requirements
  • Helping you with any ongoing changes you have to make
  • Assist you in the submission and handling of claims

We offer products from a range of insurers. We will advise and make a recommendation for you after we have assessed your needs.

Disclosure
It is your responsibility to provide complete and accurate information to insurers when you task out your insurance policy, throughout the life of your policy, and when you renew your insurance. Failure to disclose information pertaining to your insurance, or any inaccuracies in information given, could result in your insurance policy being invalid or cover not operating fully.

It is important that you ensure all statements you make on proposal forms, claims forms and other documents are full and accurate. If a form is completed on your behalf, or if you are presented with a Statement of Fact, you should check that the answers shown to any questions are true and accurate before signing or agreeing the document.

You are reminded that it is an offence under the Road Traffic Act to make any false statements or withhold any relevant information to obtain a Certificate of Motor Insurance.

Please note that, under the Rehabilitation of Offenders Act 1974, you are not required to disclose convictions regarded as 'spent'.

You are advised to keep copies of any correspondence you send to us or direct to your insurer. If you are in any doubt about whether information is material, you should disclose it.

Solvency of Insurers
We cannot guarantee the solvency or continuing solvency of an Insurer used and do not accept liability for losses arising in this regard.

Payment of Premiums
In order to be able to offer you credit facilities, we are registered under the Consumer Credit Act and our licence number is 633791/1.

We act as agents to the insurers for collection of the premiums. We do not pay premiums on your behalf. If full payments are not made by the inception or renewal date of the policy, insurers may refuse cover in the event of a claim. We do not draw our commission until full payment has been passed over to your insurer.

We normally accept payment by cash, guaranteed cheque or certain credit cards.

You may be able to spread your payment(s) through insurers own instalment schemes, or a Third Party Premium provider. We will give you full information about your payment options including the penalties for defaulting on instalments when we discuss your insurance in detail.

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

If full payment is not received by the end of any credit terms we may have with insurers, the insurer may instruct that cover is being terminated. If this happens, we will notify you immediately in writing by recorded delivery at your correspondence address.

Client Money Accounts
When you pay your premium to us, we hold it in a non-statutory trust account.

Consent to Use of Non-statutory Trust Client Bank Account
A non-statutory trust may be used to make advances of credit, to enable a client's premium obligation to be met before the premium is remitted to us. Similarly, it allows claims and premium refunds to be paid to a client before receiving remittance of those monies from the insurer.

An intermediary firm may only operate a non-statutory trust if it can meet certain conditions laid down by the FSA. We can reassure you that we meet these conditions and other requirements as set out under the FSA client money rules.

Acceptance of your consent to Macbeth Scott & Co holding your money in such an account is implied in the absence of written instructions to the contrary.

If you are uncertain as to how the use of a non-statutory trusts affects you, please feel free to clarify with one of our staff members.

Payment of Interest on Client Money Accounts
On monies pending in the client trust account we do not expect any interest due to exceed £20 per consumer transaction. It is the firm's general policy to retain interest earned on any monies held.

Commission Disclosure
Prior to the conclusion of each insurance contract, or upon renewal, you are reminded of your right to be advised of the level of commission that 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.

Holding Money as an Agent of an Insurer
When an insurance intermediary such as ourselves acts as an agent for an insurer - to receive and handle premiums, and premium refunds - the insurer bears the risk for any losses that may arise from the albeit unlikely, failure of an intermediary to make a transfer of premium to premium refunds. Such failure could occur, for example, because it is lost through either party's insolvency. When the insurer bears the risk for such losses we, and the industry, often refer to this as 'Risk Transfer'.

Depending on the insurer, we may act as their agent for the purpose of:-
  • Receiving and holding premiums i.e. we have the authority to commit the insurer to risk
  • Premium refunds i.e. we have the authority to make refunds of premiums on behalf of the insurer

You should be adequately protected because money i.e. premiums, will be treated as being received by the insurer when we actually receive them. Claims money and premium refunds will only be treated as received by you when they are actually paid to you.

In certain instances we may need to place your insurance with a provider that does not give full Risk Transfer. We will notify you of this and, in any event, all monies paid to us in respect of such providers will receive the full protection of our non-statutory trust bank account.

Transfer of Client Money to a Third Party
As a consumer your premium may be paid to someone other than an insurer - for instance we may pay your premium to another broker who has arranged the policy. If this is the case we will use appropriate skill, care and judgement in our selection of third parties in order to ensure adequate protection of client money.

Awareness of Policy Terms
When a policy is issued you are strongly advised to read it carefully as it is that document, the schedule and any certificate of insurance that is the basis of the insurance contract you have purchased. If you are in any doubt over any of the policy terms and conditions, please seek our advice promptly.

Charges
As an independent registered Broker we are paid commission by your Insurance Company, details of which are available upon request. Commission once earned is the property of Macbeth Scott and is not refundable.

In some cases, where we receive no commission, we will make a charge commensurate with the commission normally received. We may, at our discretion, make a charge for the following:-
  • Mid term adjustments and cancellations
  • Duplicate documents
  • Credit arrangements

All such charges will be clearly disclosed, and separately identified.

Claims
When we receive notification of an incident that might give rise to a claim under your policy, we will inform the Insurer without delay, in any event, within three working days, or advise you immediately of your Insurer's Claims Helpline, if that is their preferred method of Claims handling. We will advise you promptly of Insurers' requirements concerning claims including the provision, as soon as possible, of information required to establish the nature and extent of a loss. We will forward any payments received from Insurers in respect of any claim, to you, without delay. We will notify you of any request for information we receive from Insurers.

Specimen Policy
A full specimen of any policy is available on request.

Confidentiality
All personal information about a customer is treated as Private & Confidential. We will only use and disclose the information we have about private individuals in the normal course of arranging and administering their insurances, and will not disclose any information to any other parties without their consent. We may use information we hold about our customers to provide them with information about other products and services, which we feel may be appropriate to them. Under the Data Protection Act 1998, consumers have a right to see personal information about them that we hold on record. If you wish to exercise this right, or have any other related queries, you should write to us at our stated address.

Complaints
It is our intention to provide you with a high level of customer service at all times. However, if, at any time, you are dissatisfied with the service we provide, we have a formal Complaints Procedure. You should therefore take the following course of action:-
  • In the first instance you should discuss this with, or write to, the member of staff you have been dealing with
  • If you remain dissatisfied please ask to speak with, or write to, one of the Directors of the business
  • If you remain unhappy and your complaint relates to an issue with your insurer, please direct your complaint to the Chief Executive of the authorised Insurer, as stated in your policy document
  • If we find that your complaint is valid, we will work with you to agree a mutually acceptable outcome
  • Should you feel that the problem has still not been resolved, then you may wish to seek referral to the Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR Tel: 0845 080 1800, Fax :020 7964 1001

Compensation
We are covered by the Financial Services Compensation Scheme (FSCS). You may be entitled to compensation from the scheme if we cannot meet our obligation. This depends on the type of business and the circumstances of the claim. Insurance advising and arranging is covered for 90% 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.

TOB Version 6 – 06.08.2010