Terms of business

For your own benefit and protection, you should read these terms carefully. If you're unsure about any aspect of our terms of business, or have any questions regarding our relationship with you, please contact us on 0345 561 0320.


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’.
  • 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. We’re registered in England and Wales no. OC358784 at 7, the Close, Norwich, NR1 4DJ.

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 can check this on the FCA’s register by visiting the FCA website, https://www.fca.org.uk or by contacting the FCA on 0800 111 6768.

Our services

Our services include: advising you on your insurance needs, arranging your cover and helping you with any policy 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 circumstances, guarantee an insurer’s solvency.

Commercial insurance

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 can 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 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 the insurer or 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.

Cancelling your insurance

Policy cancellation requests should be made in writing, and with 30 days’ notice. 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.

Full payment of premium and fees is due before cover starts, 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 get from insurers. You’re entitled, at any time, to ask for information about the commission we receive.

We draw your attention to the sections headed ‘Cancelling 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 in any way, please contact Kerri-Ann Hockley, Head of Customer Service, on 0345 222 5364.

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.

Compensation

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.

Claims related to insurance advising and arranging are covered for up to 90% of the claim’s value, without any upper limit.

For compulsory insurance, (such as Employers’ Liability), claims related to insurance advising and arranging are covered up to 100% of their value, 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’ll 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’ll be liable to pay for any transactions concluded prior to the end of our relationship and we’ll be entitled to retain commission received for conducting these transactions, together with all fees charged by us.

Fair presentation of risk

The Insurance Act 2015 and its ‘Duty of fair presentation’ exists to enable insurers to provide you with a fair outcome in the event of a claim. Under its terms you have a statutory duty to provide a ‘fair presentation of the risk’. This means, before starting a new policy, changing a policy mid-term, or renewing a policy, you must make sure the information you provide is clear, accurate and complete. It is important you disclose all material circumstances that you’re aware of. We therefore strongly recommend you carry out appropriate research, which may include consulting with colleagues, directors and managers of your business, third parties connected to your business (e.g. accountants).

If you’re not sure what constitutes material circumstances, or you’ve not been able to gather the necessary information, let us know.

Deliberate or reckless failures to present the risk fairly could mean part or all of your claim is declined. In these circumstances, the insurer is entitled to treat the insurance as if it had never existed, and to keep any premium you’ve paid.

Your responsibilities

You must check all details on any proposal form or statement of fact and pay particular attention to any declaration you’re asked to sign or agree to.

It’s important that you read all insurance documents issued to you and make sure you’re aware of the cover, limits and any 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 not sure what needs to be disclosed, please contact us.

Use of personal data

We collect and process information about you in order to provide insurance policies and to process claims. Your information is also used for business purposes such as fraud prevention and detection and financial management. This may involve sharing your information with, and obtaining information about you from third parties such as insurers, loss adjusters, or our regulators.

For more information about how we process your personal information and your rights regarding your personal information please see our full privacy notice at: https://www.policybee.co.uk/info/privacy-notice.html.

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 a potential conflict exists, we’ll write to you and get your consent before we carry out your instructions, and we’ll detail the steps we’ll take to ensure fair treatment.

Claims handling arrangements

You’ll find what to do in the event of a claim 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.