Terms of business
For your own benefit and protection, you should read these terms carefully. If you are unsure about any aspect of our terms of business or have any questions regarding our relationship with you, please contact us on 0845 872 5090.
Accepting our terms of business
By asking us to quote for, arrange or handle your insurance, you're agreeing to these terms of business. We'd advise paying particular attention to:
- The section headed 'Use of personal data' specifically the paragraph explaining how we use sensitive information.
- The section headed 'Handling your money'.
The Financial Conduct Authority
PolicyBee LLP is authorised and regulated by the Financial Conduct Authority (FCA). Our FCA register number is 537595.
Our permitted business is introducing, advising, arranging, dealing as agents and assisting in the administration and performance of general insurance contracts for non-investment insurance.
You may check this on the FCA's register by visiting the FCA website, http://www.fca.org.uk/ or by contacting the FCA on 0845 606 1234.
Our services include: advising you on your insurance needs, arranging your cover and helping you with any changes you, we or the insurer make.
As part of our service, we'll help you with any claim.
We may sometimes act as an insurer's agent. We'll confirm exactly how we're acting for you before undertaking any relevant transactions on your behalf.
We will not, in any circumstance, guarantee an insurer's solvency.
We select commercial insurance products from a range of insurers. For certain products, we may only deal with a single insurer or select from a limited number of insurers. You may ask us for a list of the insurers we deal with.
If we propose using another intermediary to help place your business, we'll confirm this with you.
Handling your money
Our financial arrangements with most insurance companies are on a 'risk transfer' basis. This means that we act as agents of the insurer in collecting premiums and handling refunds.
In these circumstances, money is deemed to be held by the insurer(s) arranging your policy. However, if risk transfer does not apply, we'll hold that money in a statutory trust account set up in accordance with FCA rules. We'll retain interest earned on money in a statutory trust account.
For the purpose of some transactions, client money may pass through other authorised intermediaries before the insurer receives it.
Applications for credit
Any application for credit will be passed to Premium Credit Limited. In assessing your application, they'll 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 and undertake checks for the prevention and detection of money laundering.
Cancellation your insurance
Policy cancellation requests should be made in writing. Any relevant certificate of insurance should be returned to us or to the insurer.
The terms of your policy may allow the insurer to retain the premium in full or to charge short-period premiums if the policy's cancelled before it expires.
We do not refund fees we may have charged you to handle your insurance.
Payment for our services
We normally receive commission from insurers or product providers. If an additional fee is due we'll agree this with you before it's paid.
Your quote will tell you the total price to be paid, showing any fees, taxes and charges separately from the premium, before your insurance arrangements are concluded.
Full payment of premium and fees is due before cover commences, or as otherwise stated under the terms of credit, or in the debit note, invoice or statement issued to you.
Before the conclusion of each insurance contract, or upon renewal, we'll remind you of your right to know the level of commission we receive from insurers. You're entitled, at any time, to request information regarding the commission we receive.
We draw your attention to the sections headed 'Cancellating your insurance' and 'Ending your relationship with us'.
If you have a complaint
We aim to provide you with a high level of customer service at all times. If you're not satisfied, please contact Kerri-Ann Hockley, Complaints Manager on 0845 872 5090.
We'll follow our complaint handling procedure, available on request. If you're still not satisfied, you may be entitled to refer the matter to the financial ombudsman service.
We're covered by the Financial Services Compensation Scheme (FSCS). 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 claim, without any upper limit.
For compulsory insurance, (such as employers' liability), 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 0800 678 1100 or www.fscs.org.uk.
Ending your relationship with us
Subject to your immediate settlement of any outstanding premiums and fees, you may instruct us to stop acting for you and we will not impose a penalty. Your instruction must be given in writing and will take effect from the date of receipt.
In circumstances where we feel we cannot continue providing services to you, we will give you a minimum of seven days' notice.
Unless otherwise agreed in writing, if our relationship ends, any transactions previously initiated will be completed according to these terms of business. You will be liable to pay for any transactions concluded prior to the end of our relationship and we will be entitled to retain commission received for conducting these transactions, together with all fees charged by us.
You are responsible for providing the complete and accurate information which insurers require in connection with any proposal for insurance cover. This is particularly important before taking out a policy and at renewal, but it also applies throughout the life of a policy. If you fail to disclose information, or misrepresent any fact which may influence the insurer's decision to accept the risk or the terms offered, it could invalidate the policy and mean that claims may not be paid. You must check all details on any proposal form or statement of fact and pay particular attention to any declaration you may be asked to sign.
It is important that you read all insurance documents issued to you and ensure that you are aware of the cover, limits and other terms that apply. Particular attention must be paid to any warranties and conditions as failure to comply with them could invalidate your policy.
You must inform us immediately of any changes in circumstances which may affect the services provided by us or the cover provided by your policy.
If you're unsure what needs to be disclosed, please contact us.
Use of personal data
We will process any personal information in accordance with the Data Protection Act 1998. In administering your insurance it will be necessary for us to pass such information to insurers and other product or service providers.
We may also disclose details to relevant parties, as necessary, to comply with regulatory or legal requirements. We may contact you or pass your details to other companies associated with us in order to promote products or services which may be of interest to you. We will not otherwise use or disclose the personal information we hold without your consent.
Some of the details you may be asked to give us, such as information about offences or medical conditions, are defined by the act as sensitive personal data. By giving us such information, you signify your consent to its being processed by us in arranging and administering your insurance.
Subject to certain exceptions, you will be entitled to have access to your personal and sensitive personal data. If at any time you wish us, or any company associated with us, to cease processing any of the personal data or sensitive personal data we hold, or to cease contacting you about products and services, please contact us at the above address.
Conflict of interest
Occasions can arise where we, or one of our associated companies, clients or product providers, may have a potential conflict of interest with business being transacted for you. If this happens, and we become aware that a potential conflict exists, we will write to you and obtain your consent before we carry out your instructions and we will detail the steps we will take to ensure fair treatment.
Claims handling arrangements
You should take note of the required procedures in the event of a claim. These are explained in your policy documents. Generally, insurers require immediate notification of a claim or circumstances which might lead to a claim. We will employ due care and skill if we act on your behalf in respect of a claim.