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Terms of Business Agreement – Initial Disclosure
Document
About our insurance services
Rowett Insurance Broking Ltd
Head Office:
1 Southview House
Enterprise Park
Carclaze
St Austell
Cornwall
PL25 4EJ
1. The Financial Services Authority
Rowett Insurance Broking Limited is authorised and regulated by the Financial
Services Authority (FSA). Our FSA register number is 450475.
The FSA is the independent watchdog that regulates financial services. It requires
us to give you this document. Use this information to decide if our services
are right for you.
Our permitted business is advising, arranging, dealing as agent and assisting
in the administration and performance of general insurance contracts.
You may check this on the FSA’s register by visiting their website: www.fsa.gov.uk/register or
by contacting the FSA on 0845 6061234
2. Our Service
Our role is to advise you and make a suitable recommendation after we
have assessed your needs.
PERSONAL INSURANCES:
- We offer products from a range of insurers for motor and home insurance.
- We only select travel and other personal insurance products (pet,
marine, etc.) from a limited number of insurers.
COMMERCIAL INSURANCES:
- We select commercial insurance products from a range of insurers
but, for certain products, we may only deal with a single insurer or
select from a limited number of insurers.
3. Payment for our services
We normally receive commission from the insurers or product providers
and make charges for handling your insurances as follows:
Mid-term adjustments: £10.00
Mid-term
cancellations: a maximum of 15% of the return
Premium
or a minimum of £10.00
Replacement/duplicate documents: £15.00 or as charged by the insurer
Providing credit for premium payment: 5% of the
premium or a minimum £10.00
A fee of £10.00 may be placed on policies with a premium
of less than £150.00
The specific amount and purpose of any additional charges will always
be advised in advance.
Full payment of premiums and fees is due before cover
commences, or as otherwise stated under terms of credit.
We normally accept payment by guaranteed cheque, debit card and most
credit cards. There is a charge of 3.8% for all credit card payments.
4. Handling Client and Insurer Money
We hold all client money collected for onward transmission to the insurer
as well as return premiums, credits and claim payments due to clients
from insurers in a client bank account under a statutory trust in accordance
with the authorisation we have from the FSA to do so. For the purpose
of some transactions, client money may pass through other authorised
intermediaries before it is received by the insurer. Where we collect
or hold money as agent of the insurance undertaking you will be notified
accordingly. Interest will not be paid to customers in respect of money
held in client bank accounts.
5. Claims Handling Arrangements
If you need to claim on your policy you must notify us or your insurer
promptly and we will issue you with a claim form or helpline number.
Any details you provide will be passed on to your insurer. You should
never admit liability or agree a course of action until you have received
confirmation from your insurer. We will employ due care and skill if
we act on your behalf in respect of a claim.
6. Complaints and Compensation
We aim to provide a high level of customer service at all times, but
if you are not satisfied, contact our head office:
…in
writing to Rowett Insurance Broking Limited, 1 Southview House, St Austell
Enterprise Park, St Austell, Cornwall, PL25 4EJ.
…by telephone 01726 61811.
If you are still not satisfied, 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 from the scheme if we cannot meet
our obligations. Insurance advising and arranging is covered for
the first £2000 and 90% of the remainder of the claim without any
upper limit. This depends on the type of insurance, size of business
and the circumstances of the claim.
7. Cancellation of Insurances
You should make any request for the cancellation of a policy in writing
and any relevant certificate of insurance should be returned to us.
In the event of cancellation, charges for our services will apply in
accordance with the tariff of fees above. The terms of your policy
may allow insurers to retain the premium in full or to charge short-period
premiums in the event of cancellation.
8. Your responsibilities
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 any material fact or other information material
to the insurance this could invalidate the policy and mean that claims
may not be paid.
You should inform us of any change of circumstances that may affect the
services provided by us or the cover provided by your policy.
If you are unsure about any matter, please contact us for guidance.
9. Confidentiality of Personal Data
All personal information is treated by us as confidential and is processed
in accordance with the relevant legislation. We will not use or disclose
personal information without your consent, other than in the normal
course of arranging and administering your insurances, except where
we are compelled by law (including by regulators or law enforcement
agencies) to disclose such information. In such instances personal
information held by us may be disclosed on a confidential basis, and
in accordance with the Data Protection Act 1998, to such third parties.
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