Please read this document carefully as it sets out our terms and contains important regulatory and statutory information.
We/us/our means PolicyBee, 14 Brightwell Barns, Waldringfield Road, Ipswich IP10 0BJ.
PolicyBee Ltd is an insurance intermediary authorised and regulated by the Financial Conduct Authority (FCA), 12 Endeavour Square, London, E20 1JN. Our FCA register number is 945969.
This can be checked by clicking here, https://www.fca.org.uk/register or by contacting the FCA on 0800 111 6768.
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 or by emailing her - email@example.com
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. Further details can be obtained here: https://www.financial-ombudsman.org.uk/publications/ordering-leaflet/leaflet
If you bought your policy online through our website, you may also submit a complaint through the ODR platform http://ec.europa.eu/odr
We are covered by the FSCS. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business/circumstances of the claim. Further details are available by downloading the Protecting your Money FSCS Leaflet (pdf)
These include: assessing your needs and making a personal recommendation about your insurance, arranging your cover and helping you with any policy changes you, we or the insurer make. As part of our service, we’ll also help you with any claim.
We conduct a fair and personal analysis of the market to meet your demands and needs. Sometimes, this means we’ll only offer products from a single insurer but we’ll let you know who this is.
We act as your agent when finding your insurance and putting it in place, and when you make a claim. We act as the insurer’s agent when we collect your premium and we’ll let you know if there are other situations where we are acting on behalf of the insurer.
This is commission, which is a percentage of the premium paid by you; commission may well include a profit share arrangement that your policy may contribute towards. If any fee is due, we’ll agree this with you before you purchase the policy.
We are committed to ensuring complete transparency of our remuneration and we will, at your request fully disclose our remuneration.
Before entering into a contract of insurance, prior to a midterm alteration and ahead of your policy renewal, it is your statutory duty to make a fair presentation of your risk. This information must be provided in a clear and accessible format. You must disclose, where practical, all material circumstances about your risk, this being information that might affect the judgement of a prudent insurer in deciding whether to accept your risk or not - should you require additional explanation of what constitutes a material circumstance, please contact us immediately.
You must make reasonable enquiries before presenting your risk and ensure that all individuals holding knowledge about the risk have been approached in the compilation of this information.
If you feel you have not been able to do so, please advise us, so we can allow underwriters to make further enquiries if they wish to do so.
You must complete any proposal forms or fact finds provided to you, honestly, accurately and in good faith.
Any deliberate or reckless misrepresentation may involve part, or your entire claim being declined and in some circumstances; the Insurer may be entitled to retain your premium whilst avoiding the policy or apply additional terms to your policy.
We do not guarantee the solvency of any insurer we place business with. A liability for the premium, whether in full or pro rata, may arise under policies where a participating insurer becomes insolvent.
We treat your personal information as private and confidential, and we’re registered with the ICO as a Data Controller. We comply with the General Data Protection Regulation (GDPR) in all our dealings with your personal data. If you’d like specific information on how we use your personal data, and other rights you have under GDPR such as ‘Right of Access’, please contact us. You can review our privacy notice at: https://www.policybee.co.uk/privacy-notice.
Information which you provide to us will not be used or disclosed by us to other parties, except in the normal course of handling a contract of insurance or a claim on your behalf and any related activities, unless we have obtained the necessary consent from you or where we are required to by law or a regulatory body that has authority over us. We will take appropriate steps to maintain the security of your confidential documents and information which are in our possession.
To make sure you get the best offer from Insurers or Third Parties involved in your insurance, i.e. finance providers, now or at any renewal or at any time and to protect their customers from fraud and to verify your identity, they may use publicly available data which they obtain from a variety of sources, including a credit reference agency and other external organizations. Their search will appear on your credit report whether your applications proceed.
Unless you contact us to confirm you do not want these searches to be carried out we will assume your consent has been given and proceed as above.
You must notify us as soon as possible of a claim and circumstances which may give rise to a claim. In the event of a claim you should contact us and we will promptly advise you and pass all details to your Insurer. You should not admit liability or agree to any course of action, other than emergency measures carried out to minimise the loss, until you have an agreement from your Insurer. We will remit claims payments to you as soon as possible after they have been received on your behalf. If an insurer becomes insolvent or delays making settlement we do not accept liability for any unpaid amounts.
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 the FCA Client Assets Sourcebook (CASS) and with our nominated bank. Holding money in line with CASS ensures your money is protected and used only for the settlement of Insurer accounts. We’ll retain interest earned on money in a statutory trust account.
Your insurance may include a cancellation clause. Full cancellation details will be explained to you during the negotiation process. If you fail to pay your premium by the due date the insurance may be cancelled forthwith or by the insurers, giving notice of the cancellation. In the event of cancellation, insurers may return the pro rata premium to us, but you are advised to check your insurance policy for full details of your insurers’ cancellation clause. Once our remuneration has been earned if the insurance is cancelled after inception, our commission will not usually be returnable.
The National Crime Agency (NCA) requires us to report any suspicious transactions to them. In these circumstances, we might ask for evidence of your identity. This could mean we ask to see your passport, a utility bill or a bank statement. For companies, we might want to see your Certificate of Incorporation or we may check the Companies House register.
We cannot be held responsible for any client who fails to comply with current Health & Safety (or other relevant) legislation.
Our services may be terminated without cause or penalty by giving one month’s notice in writing. If our services are terminated by you other than at the expiry of the policy, we will be entitled to retain the commission payable. The responsibility for handling claims reported after the date of termination shall, in the absence of an express agreement, be the responsibility of the party taking over the role.
These terms of business are written according to English law. Any legal action or proceedings arising out of or in connection with these terms of business fall under the jurisdiction of English courts.