TERMS AND CONDITIONS, COOKIES AND PRIVACY POLICIES
REGISTERED OFFICE: NORTHUMBERLAND HOUSE, NORTHUMBERLAND STREET, HUDDERSFIELD, HD1 1DT
TERMS OF BUSINESS – February 2023
This is an agreement between the above Company (We) and the Customer (You)
The Company is authorised and regulated by the Financial Conduct Authority (FCA). Our permitted business is arranging general insurance contracts. Our FCA register number is 300131. You can check this on the Financial Services register by visiting the FCA website www.fca.org.uk/register or by contacting the FCA on 0800 111 6768
The Company is an independent intermediary offering transactional and advisory services for your insurance requirements in accordance with this Terms Of Business Agreement (Agreement). We offer products from a comprehensive range of insurers.
Our services include assistance in determining the most appropriate means of insuring your risks and negotiating and placing such risks with insurers or other intermediaries who will negotiate with insurers on the companies behalf. We are not tied to any one insurance company.
Negotiation and placing
We will discuss your insurance requirements and upon receipt of instructions we will endeavour to satisfy your requirements in your best interests. We will not in any circumstances act as an insurer nor will we warrant or guarantee the solvency of any insurer. We will keep you informed of the progress of our negotiations and identify any inability to fulfil your requirements. We will use reasonable endeavours to implement your requirements before the intended date of inception renewal or extension of cover.
We will provide you with sufficient relevant information about the insurance cover to enable you to make an informed decision about whether or not to proceed. If requested we will assist you in comparing alternative quotations and if advice is required this will be provided in writing.
We will advise you if the product is not regulated by the FCA. Please note that any Status Reports we may provide do not form part of your insurance arrangement and cannot be used for justification of credit.
Servicing and claims
Unless otherwise agreed we will send you documentation confirming the basis of the cover secured on your behalf, including details of the insurers.
At your request we will provide advice on matters relating to the insurance cover.
Except where otherwise agreed we will provide claims handling services during the policy period where policies are placed by us and a claim is notified to us. These services include notification of the claim or circumstances to insurers, representing you in the resolution of the claim and arranging the collection or settlement of the claim in accordance with the market practice and policy terms and conditions.
If you have any doubt about whether a matter constitutes a notifiable claim or circumstance, we should be contacted immediately.
Our remuneration will be either a fee as agreed with you, or commission, which is a percentage of the insurance premium paid by you and given to us by the insurer with whom the insurance contract is placed, or by a combination of the two. Commission and fees are earned for the policy period and we will be entitled to retain all fees and commission in relation to the policies placed by us in respect of the full policy period. If you request, we will provide you with details of the remuneration we receive in respect of your policies.
We may also receive the following revenues:
- A management or administration fee from insurers which may be paid from the insurance premiums payable to them to cover our administration work in relation to the arrangements referred to above.
- Revenue based upon the volume and profitability of insurance business placed with a given insurer over a specific period. These payments recognise the services we provide to the insurer over the given period and are not directly related to the services provided to you.
We are not authorised to accept client money and therefore we can never accept a payment directly to us unless it is a payment in settlement of our charges or disbursements. All other payments must be made to the product provider.
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 carefully (enclosed with documents and on our website) and contact us immediately if you have any queries. Where necessary we shall ask for your specific consent. 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 handed strictly in accordance with the applicable data protection regulations and legislation.
You have a duty to disclose important or relevant information known to you, or which ought to be known to you after a reasonable search. This applies to any facts which may influence the Insurers decision to accept the policy and/or terms to be applied. The duty applies throughout the life of your policy. Insurers can repudiate a claim, proportionately reduce it or apply different terms in the event of misrepresentation or non-disclosure.
Where we complete documents or parts thereof, on your behalf, you are responsible for the information we have given on your behalf. You should check all information on such documents before signing them. When signed, we will assume that you have agreed with any information we have provided.
To ensure full protection under insurance cover, you should become familiar with the coverage conditions or other procedures immediately, particularly those relating to claims. Generally insurers require immediate notification of any claim or circumstance that may give rise to a claim. Failure to adhere to the requirements may entitle insurers to deny claims. Information on how to make claims on individual polices will be provided.
You will advise us as soon as reasonably practicable of any changes in circumstances that may affect the services to be provided by us or the cover provided under your insurance policies.
All activities undertaken by us as outlined in this agreement, are provided for your exclusive use and all data, recommendations, proposals, reports and other information provided by us in connection with our services are for your sole use. You agree not to permit access by any third party to this information without our express written permission.
It is your responsibility to comply with the Data Protection Act.
We maintain professional indemnity insurance as required by our regulator governing our business activities. Our liability shall be limited to liability for direct losses arising in contract, except where death or personal injury arises from our negligence or as otherwise preserved under statute.
Limitation / Exclusion of Liability
YOUR ATTENTION IS SPECIFICALLY DRAWN TO THIS CLAUSE WHICH LIMITS OR EXCLUDES OUR LIABILITY TO YOU
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 £10,000,000 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 which we have received for arranging your insurance cover during the 12 months prior to such claim arising.
We shall not be liable to you for any pure economic loss, loss of profit or loss of business, in each case whether direct, indirect or consequential, or any claims for consequential compensation whatsoever (such as that listed above and howsoever caused) which arise out of or in connection with our services or this agreement. Nothing in this paragraph excludes or limits our liability for death or personal injury caused by our negligence, or for loss caused by our fraud, wilful misrepresentation or breach of regulatory obligations owed to you.
Should you have any cause for complaint, this should be raised initially with the person who handled your account. Alternatively, you can contact any senior member of our staff. If we cannot settle your complaint you may be entitled to refer it to the Financial Ombudsman Service.
We are covered by the Financial Services Compensation Scheme (FSCS). You may be entitled to compensation if we cannot meet our obligations. This depends upon the type of business and the circumstances of the claim. Insurance advising and arranging is covered 100% for compulsory classes of insurance otherwise it is covered for 90% with no upper limit. Further information about the compensation scheme arrangements is available from the FSCS.
Our services may be terminated without cause or penalty either by us or by you upon the giving of one month’s notice in writing or as otherwise agreed. If our services are terminated by you other than at the expiry of the policy period or at renewal we will be entitled to retain any and all fees or brokerage payable (whether or not the same have been received by us) in relation to any policies placed by us prior to the date of termination.
With effect from the date of termination and in the absence of express agreement to the contrary we will have no obligation to perform any further services for you. The responsibility for handling claims reported after the date of termination shall cease in the absence of any express agreement.
Third Party Rights
Unless otherwise agreed between us in writing no term of this agreement is enforceable under the Contracts (Right of Third Parties) Act 1999.
This agreement will be governed by and construed in accordance with English Law.
Nothing in these conditions will restrict any other statutory rights you may have.
What information do we collect about you?
Personal information which you supply to us may be used to arrange insurance contracts.
How will we use the information about you?
We collect information about you to arrange insurance on your behalf, manage your insurances and provide you with information on developments and new products in the Risk and Insurance Industry.
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, premium collection and statutory requirements. Your data will be held in accordance with current data protection laws.
We will only use your personal information when the law allows us to. The main reasons are where we need to perform a contract we have entered into with you where we need to comply with a legal obligation or where it is necessary for our legitimate interests (or those of a third party). We may also use your information where it is needed in the public interest (or for official purposes).
How do we use information collected from the website
Credit Risk Management Ltd will not share your information for marketing purposes with any other entity without your permission.
Access to your information and correction
You have the right to request a copy of the information that we hold about you. If you would like a copy of some or all of your personal information, please contact us – details below.
We want to make sure that your personal information is accurate and up to date. You may ask us to correct information you think is inaccurate.
How to contact us
By email: email@example.com
or write to us at: Credit Risk Management Ltd, Northumberland House, Northumberland Street, Huddersfield, HD1 1DT
Important Information Summary – Commercial Insurance contracts
Fair presentation of the risk
Insurance Act 2015, operative from 12 August 2016 Under this Act there is a statutory duty applicable to commercial clients to disclose important or relevant information known to them, or which ought to be known to them after a reasonable search has been conducted within the business.
A fair presentation of all facts which could affect the Insurer’s assessment of the risk must be provided, and the Act places a responsibility on the Insured at the time of effecting a new Policy, every renewal and any variation to:
- Be clear and accurate in giving information
- Make enquiries of anyone within the company and any other relevant outside source to give material information (and keep adequate records of such enquiries)
- Give full details of the risk to be insured
- Ensure all claims or incidents are reported
- Notify any changes in the business, or planned
- Advise of any unusual processes for the trade
- Notify any adverse circumstances e.g. bankruptcy / liquidation / administration / Voluntary arrangement / Insolvency / Receivership / H&S / H&S at Work Act / Customs & Excise / Inland Revenue / CCJ’s / Disqualified from being a company director / Winding up Order or similar, criminal conviction (and the like) involving the business, its directors / partners/ managers/ trustees, or any other business in which they are or were involved
- Notify all temporary breaches of a warranty during the policy year, even where subsequently rectified
If you are unsure whether something needs to be notified, you should refer to CRM for advice.
Policy terms & validity of quotations
Insurance policies contain specific terms, conditions, clauses, warranties and exclusions within the policy wording or schedule, all of which are of the utmost importance, as failure to adhere to these could allow Insurers to proportionately reduce or decline your claim. Where we issue a summary of the cover it is impossible to show these fully, though we may highlight points that we know are relevant to you. Nevertheless, it is essential that you are aware of the full policy/schedule wording and adhere to the content within as appropriate.
Warranties or conditions precedent to liability are terms of the agreement between you and the Insurers and must be fully complied with otherwise the Insurers may have the right to cancel the policy from the date of breach and not pay any claims, or reduce a claim proportionately.
Under the Insurance Act 2015, Insurers can still apply warranties to the policy but a breach by the Insured will not automatically terminate the policy; rather it will lead to suspension of liability.
Whilst some breaches can never be remedied, where the breach is remedied the insurance will automatically be reinstated.
Furthermore, Insurers will not be able to avoid liability for noncompliance with a warranty or any other term of the contract (other than a term defining the risk as a whole) if the Insured can show that non-compliance could not have increased the risk of that loss occurring in the same circumstances.
A requirement under the Insurance Act 2015 is to notify Insurers if you ever breach a warranty during the policy year, so you must inform us if that occurs, even when the breach has been rectified.
Exclusions and exceptions modify or restrict the general cover promised by the insurer under a contract of insurance. They may reduce or remove from cover an entire risk, such as Terrorism, or a particular event that would otherwise fall within the cover.
It is essential that all companies and persons for whom insurance is required should be advised to insurers. Any company and persons not mentioned may not be insured.
The full name may vary between different policies and will be shown on the policy schedule: you must ensure this is kept accurate at all times.
In the law of insurance, the policyholder must have an interest in the subject matter to be insured under the policy, or such policy cover will be void and unenforceable in the event of a loss.
Your policies only operate for risks arising within the business description applicable to the policy. Often it is not practicable to utilise one wording for all policies. Any inaccuracies or changes to your activities should be notified to us immediately.