Financial Conduct Authority. We are authorised and regulated by the Financial Conduct Authority (FCA). Our FCA Reference number is 304948. We are permitted to advise on, arrange and deal as agent of insurers and clients for general insurance contracts. You may check this information on the FCA Register by visiting the FCA website xxx.xxx.xxx.xx or by phoning the FCA on 0800 111 6768 from the UK or +00 00 0000 0000 from abroad Mercia Marine (Underwriting) Ltd will: • Act fairly and reasonably when dealing with our clients • Make sure that information provided is clear, fair and not misleading • Give adequate explanation to enable clients to make informed decisions • Ensure our service meets FCA requirements • Handle claims and complaints fairly and promptly • Identify and deal with conflicts of interest in accordance with our established procedures Mercia Marine (Underwriting) Ltd are authorised to act on the behalf of a single or limited number of insurers to provide quotations, effect cover, issue policy documentation and collect & process premiums for the following insurance policy products identified as ‘Lock & Quay’ ‘Quadrant’, ‘Quadrant Dinghy’ and ‘Quadrant Houseboat’ Policy Wording (collectively known as our Own Branded Policy). If we provide insurance for you under these arrangements we act as the agent of the insurer(s). We do not provide advice to you, but we will inform you of the main features of these products and the services we offer you including details of the provider, main details of the cover and benefits, any unusual restrictions or exclusions, any significant conditions or obligations and the period of cover. Unless otherwise agreed, any quotation given will remain valid for a period of thirty (30) days from the date of issue of the quotation. If we find that your requirements cannot be met under our Own Branded Product , we will act on your behalf as an independent insurance intermediary and act as your agent and provide advice. We are subject to the law of agency, which imposes various duties on us. However, in certain circumstances we may act for and owe duties of care to other parties. We will advise you when these circumstances occur so you will be aware of any possible conflict of interest. In relation to the general insurance products we offer, we may provide advice, or information: • On the basis of a fair analysis of the market; or • From a limited number of insurers; or • From a single insurer. Where we offer products from a limited range of insurers, or a single insurer, we will advise you and if asked we will provide you with a list of the insurer(s). We will advise and make a recommendation for you after we have assessed your demands and needs. This will include the type of cover you seek together with the costs. This statement may be incorporated within other insurance documentation. If you request or require immediate cover, we can give you this information orally, however, we will still provide you with the statement immediately after conclusion of the insurance contract. Upon receipt of your instructions we will place insurance with your chosen insurers and keep you informed of the progress of our negotiations. We will assist you in the administration of your insurance contracts or as otherwise separately agreed in writing. We will explain to you the main features of your insurance contracts. In accordance with your instructions we will renew your insurance contracts. We check the financial strength of the insurers with whom we place business by reference to appropriate published Insurer Credit Ratings. However, it should be noted that the claims-paying ability of even the strongest insurers can be affected by adverse business conditions. Therefore, we cannot guarantee the solvency of any insurer or underwriter Before your insurance contract is concluded, you will be provided with a statement setting out your demands and needs. This statement may be incorporated within other insurance documentation. We will try to ensure that we provide you with enough information early enough for you to make an informed decision about the insurance being proposed. If we are unable to match your requirements, we will explain the differences between those requirements and the insurance proposed We will advise you of any inability to place your insurance. These are our core services. We are usually remunerated by brokerage, which is a percentage of the insurance premium paid by you and allowed by the Insurer with whom the insurance is placed. Alternatively, we may act on your behalf for a fee, which will be disclosed to you before the policy is concluded. This may be instead of or in addition to any brokerage payable. Where we act for a fee, unless otherwise agreed with you, this will normally relate to the initial placing of the insurance and subsequent maintenance of the policy until renewal. Should you request a material mid-term adjustment or series of adjustments to your insurance or an exceptional claim incident occurs we may seek to negotiate an additional fee with you at the time. In addition to client fees and/or brokerage payments we may receive remuneration from insurers reflecting the aggregated income and or profitability of our entire account with them. In all such circumstances, our duty to act in the best possible interests of our customers remains paramount. In addition to brokerage or an agreed fee basis of remuneration we may also receive benefit from income that is receivable from premium financing companies calculated by reference to the total volume of premiums financed. We will, if requested, disclose the amount of any commission being earned. If the exact amount cannot be confirmed, the basis for calculating such figures will be disclosed. Brokerage commissions and fees for bringing about or arranging the insurance are considered fully earned when the insurance incepts, irrespective of when the premium for the insurance is payable to the Insurers and/or when any fees/commissions are payable to us. Fees/commissions are not refundable in the event of return premiums being allowed by Insurers after inception of the policy be that through cancellation, early termination of the policy or any other reason. We normally accept payment by bank transfer, cheque, debit or credit card. However, you may also be able to spread your payments through instalments or a credit scheme. There will usually be a charge for paying by instalments and full details will be provided if you select this option All policy premiums are to be paid by inception or renewal date unless specifically agreed in writing by us. All premiums paid to us, together with any premiums returned to us by insurers, are held by us in a separate Statutory Trust account designated as a client account in accordance with FCA rules. In most cases, our financial arrangements with insurance companies are on a ‘risk transfer’ basis, which means that we hold premiums and refunds on behalf of the insurer i.e. the risk is transferred to the insurer and the premium is deemed to be in the insurer’s possession. You will be notified in cases where ‘risk transfer’ does not apply. In the case of some transactions, client money may pass through other authorised intermediaries before the insurer receives it Failure to comply with our credit terms may invalidate your insurance Your insurance is based upon the information provided to the insurance company. Under the terms of the Act, before a contract of insurance is entered into you must make to an insurer a fair presentation of the risk – a fair presentation of the risk is one in which the information must be presented in a way which would be reasonably clear and accessible to a prudent insurer. A fair presentation of the risk requires clear and accessible disclosure, without material misrepresentation, of every material circumstance which the insured knows/ought to know; Or, failing that, sufficient information to put a prudent insurer on notice that it needs to make further enquiries to reveal those material circumstances What must actively be disclosed: Knowledge of senior management; knowledge of the insurance team (including broker); information which would be revealed by a reasonable search. Insurer remedies for breach: ➢ If the breach was deliberate or reckless, the insurer can avoid the contract from inception and can keep the premium. The insurer must prove that the breach was deliberate or reckless. ➢ If the breach was not deliberate or reckless, then there are a number of options available to the insurer if they wish to impose a remedy. More than one remedy can be applied - the insurer must show that they would have acted in that way if the breach of duty had not occurred. ➢ If the insurer would not have written the risk if it had known the information which has come to light, then it can avoid the contract but it has to repay the premium. ➢ If the insurer would have charged a higher premium, then it can ➢ If the insurer would have included new terms, or imposed different terms other than with respect to premium such as conditions / warranties, exclusions, different extensions, sub-limits etc., the contract is to be treated as if it had been entered into on those terms. Unless you are a Consumer (an individual buying insurance wholly or mainly for purposes unrelated to your trade, business or profession) you must disclose to insurers, before the setting up or renewal of your contract is concluded, any fact or circumstance which is known to you (or which after enquiry ought to be known to you) and which is material to the risk. A fact or circumstance is material if it would influence the judgement of an insurer in fixing the premium, setting the terms or determining whether they would take the risk. If you are uncertain whether a fact is material, you should disclose it. If you are a Consumer you must take reasonable care to answer all questions fully and accurately. Once cover has been arranged, you must immediately notify us of any changes to the information that has been provided to your insurers. Material Facts are matters or information which may influence your insurer as to the acceptability or otherwise of your risk and the terms your insurer may require. They must be disclosed at the earliest opportunity and certainly at each renewal and also throughout the life of a policy. If you are in any doubt as to whether any information constitutes a Material Fact, you must disclose it to us or your insurer. If any document is completed in whole or in part on your behalf, it is your responsibility to check that the answers given are true and complete. You are advised to keep copies of any correspondence or documentation sent to us for your own protection. Please do consult us if you are in doubt on any aspect. All statements and facts disclosed on proposal forms, statement of facts, claim forms and other documents must, to the best of your ability, be full, true and accurate. Where forms are completed on your behalf you must check them for accuracy and completeness before signing them. You must always read the declaration and make sure you understand it before you sign. It is important that you understand that any information, statement or answer provided by you, to us or your insurer, is your responsibility and must be correct. Your attention is particularly drawn to the importance of the declaration and signature on any insurers’ proposal form or Statement of Fact as any failure to disclose facts material to the insurance or any inaccuracies in your answer may invalidate your insurance cover in part or in its entirety.
Appears in 1 contract
Samples: Insurance Agency Agreement
Financial Conduct Authority. We are authorised and regulated by the Financial Conduct Authority (FCA). Our FCA Reference number is 304948. We are permitted to advise on, arrange and deal as agent of insurers and clients for general insurance contracts. You may check this information on the FCA Register by visiting the FCA website xxx.xxx.xxx.xx or by phoning the FCA on 0800 111 6768 0300 500 8082 from the UK or +00 00 0000 0000 from abroad Mercia Marine (Underwriting) Ltd will: • Act fairly and reasonably when dealing with our clients • Make sure that information provided is clear, fair and not misleading • Give adequate explanation to enable clients to make informed decisions • Ensure our service meets FCA requirements • Handle claims and complaints fairly and promptly • Identify and deal with conflicts of interest in accordance with our established procedures Mercia Marine (Underwriting) Ltd are authorised Where you chose to act on the behalf of a single or limited number of insurers to provide quotationspurchase an insurance product sold by us via our website, effect cover, issue policy documentation and collect & process premiums for the following insurance policy products identified as ‘Lock & Quay’ ‘Quadrant’, ‘Quadrant Dinghy’ and ‘Quadrant Houseboat’ Policy Wording (collectively known as our Own Branded Policy). If we provide insurance for you under these arrangements we act as the agent of the insurer(s). We do not provide advice to you, but we will inform you of the main features of these products and the services we offer you including details of the provider, main details of the cover and benefits, any unusual restrictions or exclusions, any significant conditions or obligations and the period of cover. Unless otherwise agreed, any quotation given will remain valid for a period of thirty (30) days from the date of issue of the quotation. If we find that your requirements cannot be met under Mercia Marine are authorised to act on the behalf of a single insurer to provide quotations, effect cover, issue policy documentation and collect & process premiums for the following insurance policy products identified as ‘Quadrant’, ‘Quadrant Dinghy’ and ‘Quadrant Houseboat’ Policy Wording (collectively known as our Own Branded Product , Policy). Under these arrangements we will act on your behalf as an independent insurance intermediary and act as your the agent and provide advice. We are subject to the law of agency, which imposes various duties on us. However, in certain circumstances we may act for and owe duties of care to other parties. We will advise you when these circumstances occur so you will be aware of any possible conflict of interest. In relation to the general insurance products we offer, we may provide advice, or information: • On the basis of a fair analysis of the market; or • From a limited number of insurers; or • From a single insurer. Where we offer products from a limited range of insurers, or a single insurer, we will advise you and if asked we will provide you with a list of the insurer(s). We will advise and make a recommendation for you after we have assessed your demands and needs. This will include the type of cover you seek together with the costs. This statement may be incorporated within other insurance documentation. If you request or require immediate cover, we can give you this information orally, however, we will still provide you with the statement immediately after conclusion of the insurance contract. Upon receipt of your instructions we will place insurance with your chosen insurers and keep you informed of the progress of our negotiations. We will assist you in the administration of your insurance contracts or as otherwise separately agreed in writing. We will explain to you the main features of your insurance contracts. In accordance with your instructions we will renew your insurance contracts. We check the financial strength of the insurers with whom we place business by reference to appropriate published Insurer Credit Ratings. However, it should be noted that the claims-paying ability of even the strongest insurers can be affected by adverse business conditions. Therefore, we cannot guarantee the solvency of any insurer or underwriter Before your insurance contract is concluded, you You will be provided with a statement setting out your demands and needs. This statement may will be incorporated within other your insurance documentation. We will try to ensure that we provide you with enough information early enough for you to make an informed decision about the insurance being proposed. If we are unable to match your requirements, we will explain the differences between those requirements and the insurance proposed We will advise you of any inability to place your insurance. These are our core services. We are usually remunerated by brokerage, which is a percentage of the insurance premium paid by you and allowed by the Insurer with whom the insurance is placed. Alternatively, we may act on your behalf for a fee, which will be disclosed to you before the policy is concluded. This may be instead of or in addition to any brokerage payable. Where we act for a fee, unless otherwise agreed with you, this will normally relate to the initial placing of the insurance and subsequent maintenance of the policy until renewal. Should you request a material mid-term adjustment or series of adjustments to your insurance or an exceptional claim incident occurs we may seek to negotiate an additional fee with you at the time. In addition to client fees and/or brokerage payments we may receive remuneration from insurers reflecting the aggregated income and or profitability of our entire account with them. In all such circumstances, our duty to act in the best possible interests of our customers remains paramount. In addition to brokerage or an agreed fee basis of remuneration we may also receive benefit from income that is receivable from premium financing companies calculated by reference to the total volume of premiums financed. We will, if requested, disclose the amount of any commission being earned. If the exact amount cannot be confirmed, the basis for calculating such figures will be disclosed. Brokerage commissions and fees for bringing about or arranging the insurance are considered fully earned when the insurance incepts, irrespective of when the premium for the insurance is payable to the Insurers and/or when any fees/commissions are payable to us. Fees/commissions are not refundable in the event of return premiums being allowed by Insurers after inception of the policy be that through cancellation, early termination of the policy or any other reason. We normally accept payment by bank transfer, cheque, debit or credit card. However, you may also be able to spread your payments through instalments or a credit scheme. There will usually be a charge for paying by instalments and full details will be provided if you select this option All policy premiums are to be paid by inception or renewal date unless specifically agreed in writing by us. All premiums paid to us, together with any premiums returned to us by insurers, are held by us in a separate Non-Statutory Trust account designated as a client account in accordance with FCA rules. A copy of the Deed of Trust is available on request In most cases, our financial arrangements with insurance companies are on a ‘risk transfer’ basis, which means that we hold premiums and refunds on behalf of the insurer i.e. the risk is transferred to the insurer and the premium is deemed to be in the insurer’s possession. You will be notified in cases where ‘risk transfer’ does not apply. In the case of some transactions, client money may pass through other authorised intermediaries before the insurer receives it Failure to comply with our credit terms may invalidate your insurance Your insurance is based upon the information provided to the insurance company. Under the terms of the Act, before a contract of insurance is entered into you must make to an insurer a fair presentation of the risk – a fair presentation of the risk is one in which the information must be presented in a way which would be reasonably clear and accessible to a prudent insurer. A fair presentation of the risk requires clear and accessible disclosure, without material misrepresentation, of every material circumstance which the insured knows/ought to know; Or, failing that, sufficient information to put a prudent insurer on notice that it needs to make further enquiries to reveal those material circumstances What must actively be disclosed: Knowledge of senior management; knowledge of the insurance team (including broker); information which would be revealed by a reasonable search. Insurer remedies for breach: ➢ If the breach was deliberate or reckless, the insurer can avoid the contract from inception and can keep the premium. The insurer must prove that the breach was deliberate or reckless. ➢ If the breach was not deliberate or reckless, then there are a number of options available to the insurer if they wish to impose a remedy. More than one remedy can be applied - the insurer must show that they would have acted in that way if the breach of duty had not occurred. ➢ If the insurer would not have written the risk if it had known the information which has come to light, then it can avoid the contract but it has to repay the premium. ➢ If the insurer would have charged a higher premium, then it can ➢ If the insurer would have included new terms, or imposed different terms other than with respect to premium such as conditions / warranties, exclusions, different extensions, sub-limits etc., the contract is to be treated as if it had been entered into on those terms. Unless you are a Consumer (an individual buying insurance wholly or mainly for purposes unrelated to your trade, business or profession) you must disclose to insurers, before the setting up or renewal of your contract is concluded, any fact or circumstance which is known to you (or which after enquiry ought to be known to you) and which is material to the risk. A fact or circumstance is material if it would influence the judgement of an insurer in fixing the premium, setting the terms or determining whether they would take the risk. If you are uncertain whether a fact is material, you should disclose it. If you are a Consumer you must take reasonable care to answer all questions fully and accurately. Once cover has been arranged, you must immediately notify us of any changes to the information that has been provided to your insurers. Material Facts are matters or information which may influence your insurer as to the acceptability or otherwise of your risk and the terms your insurer may require. They must be disclosed at the earliest opportunity and certainly at each renewal and also throughout the life of a policy. If you are in any doubt as to whether any information constitutes a Material Fact, you must disclose it to us or your insurer. If any document is completed in whole or in part on your behalf, it is your responsibility to check that the answers given are true and complete. You are advised to keep copies of any correspondence or documentation sent to us for your own protection. Please do consult us if you are in doubt on any aspect. All statements and facts disclosed on proposal forms, statement of facts, claim forms and other documents must, to the best of your ability, be full, true and accurate. Where forms are completed on your behalf you must check them for accuracy and completeness before signing them. You must always read the declaration and make sure you understand it before you sign. It is important that you understand that any information, statement or answer provided by you, to us or your insurer, is your responsibility and must be correct. Your attention is particularly drawn to the importance of the declaration and signature on any insurers’ proposal form or Statement of Fact as any failure to disclose facts material to the insurance or any inaccuracies in your answer may invalidate your insurance cover in part or in its entirety.
Appears in 1 contract
Samples: Insurance Brokerage Agreement
Financial Conduct Authority. We are authorised and regulated by the Financial Conduct Authority (FCA). Our FCA Reference number is 304948. We are permitted to advise on, arrange and deal as agent of insurers and clients for general insurance contracts. You may check this information on the FCA Register by visiting the FCA website xxx.xxx.xxx.xx or by phoning the FCA on 0800 111 6768 0300 500 8082 from the UK or +00 00 0000 0000 from abroad Mercia Marine (Underwriting) Ltd will: • Act fairly and reasonably when dealing with our clients • Make sure that information provided is clear, fair and not misleading • Give adequate explanation to enable clients to make informed decisions • Ensure our service meets FCA requirements • Handle claims and complaints fairly and promptly • Identify and deal with conflicts of interest in accordance with our established procedures Mercia Marine (Underwriting) Ltd are authorised Where you chose to act on the behalf of a single or limited number of insurers to provide quotationspurchase an insurance product sold by us via our website, effect cover, issue policy documentation and collect & process premiums for the following insurance policy products identified as ‘Lock & Quay’ ‘Quadrant’, ‘Quadrant Dinghy’ and ‘Quadrant Houseboat’ Policy Wording (collectively known as our Own Branded Policy). If we provide insurance for you under these arrangements we act as the agent of the insurer(s). We do not provide advice to you, but we will inform you of the main features of these products and the services we offer you including details of the provider, main details of the cover and benefits, any unusual restrictions or exclusions, any significant conditions or obligations and the period of cover. Unless otherwise agreed, any quotation given will remain valid for a period of thirty (30) days from the date of issue of the quotation. If we find that your requirements cannot be met under Mercia Marine (Underwriting) Ltd are authorised to act on the behalf of a single insurer to provide quotations, effect cover, issue policy documentation and collect & process premiums for the following insurance policy products identified as ‘Quadrant’, ‘Quadrant Dinghy’ and ‘Quadrant Houseboat’ Policy Wording (collectively known as our Own Branded Product , Policy). Under these arrangements we will act on your behalf as an independent insurance intermediary and act as your the agent and provide advice. We are subject to the law of agency, which imposes various duties on us. However, in certain circumstances we may act for and owe duties of care to other parties. We will advise you when these circumstances occur so you will be aware of any possible conflict of interest. In relation to the general insurance products we offer, we may provide advice, or information: • On the basis of a fair analysis of the market; or • From a limited number of insurers; or • From a single insurer. Where we offer products from a limited range of insurers, or a single insurer, we will advise you and if asked we will provide you with a list of the insurer(s). We will advise and make a recommendation for you after we have assessed your demands and needs. This will include the type of cover you seek together with the costs. This statement may be incorporated within other insurance documentation. If you request or require immediate cover, we can give you this information orally, however, we will still provide you with the statement immediately after conclusion of the insurance contract. Upon receipt of your instructions we will place insurance with your chosen insurers and keep you informed of the progress of our negotiations. We will assist you in the administration of your insurance contracts or as otherwise separately agreed in writing. We will explain to you the main features of your insurance contracts. In accordance with your instructions we will renew your insurance contracts. We check the financial strength of the insurers with whom we place business by reference to appropriate published Insurer Credit Ratings. However, it should be noted that the claims-paying ability of even the strongest insurers can be affected by adverse business conditions. Therefore, we cannot guarantee the solvency of any insurer or underwriter Before your insurance contract is concluded, you You will be provided with a statement setting out your demands and needs. This statement may will be incorporated within other your insurance documentation. We will try to ensure that we provide you with enough information early enough for you to make an informed decision about the insurance being proposed. If we are unable to match your requirements, we will explain the differences between those requirements and the insurance proposed We will advise you of any inability to place your insurance. These are our core services. We are usually remunerated by brokerage, which is a percentage of the insurance premium paid by you and allowed by the Insurer with whom the insurance is placed. Alternatively, we may act on your behalf for a fee, which will be disclosed to you before the policy is concluded. This may be instead of or in addition to any brokerage payable. Where we act for a fee, unless otherwise agreed with you, this will normally relate to the initial placing of the insurance and subsequent maintenance of the policy until renewal. Should you request a material mid-term adjustment or series of adjustments to your insurance or an exceptional claim incident occurs we may seek to negotiate an additional fee with you at the time. In addition to client fees and/or brokerage payments we may receive remuneration from insurers reflecting the aggregated income and or profitability of our entire account with them. In all such circumstances, our duty to act in the best possible interests of our customers remains paramount. In addition to brokerage or an agreed fee basis of remuneration we may also receive benefit from income that is receivable from premium financing companies calculated by reference to the total volume of premiums financed. We will, if requested, disclose the amount of any commission being earned. If the exact amount cannot be confirmed, the basis for calculating such figures will be disclosed. Brokerage commissions and fees for bringing about or arranging the insurance are considered fully earned when the insurance incepts, irrespective of when the premium for the insurance is payable to the Insurers and/or when any fees/commissions are payable to us. Fees/commissions are not refundable in the event of return premiums being allowed by Insurers after inception of the policy be that through cancellation, early termination of the policy or any other reason. We normally accept payment by bank transfer, cheque, debit or credit card. However, you may also be able to spread your payments through instalments or a credit scheme. There will usually be a charge for paying by instalments and full details will be provided if you select this option All policy premiums are to be paid by inception or renewal date unless specifically agreed in writing by us. All premiums paid to us, together with any premiums returned to us by insurers, are held by us in a separate Statutory Trust account designated as a client account in accordance with FCA rules. In most cases, our financial arrangements with insurance companies are on a ‘risk transfer’ basis, which means that we hold premiums and refunds on behalf of the insurer i.e. the risk is transferred to the insurer and the premium is deemed to be in the insurer’s possession. You will be notified in cases where ‘risk transfer’ does not apply. In the case of some transactions, client money may pass through other authorised intermediaries before the insurer receives it Failure to comply with our credit terms may invalidate your insurance Your insurance is based upon the information provided to the insurance company. Under the terms of the Act, before a contract of insurance is entered into you must make to an insurer a fair presentation of the risk – a fair presentation of the risk is one in which the information must be presented in a way which would be reasonably clear and accessible to a prudent insurer. A fair presentation of the risk requires clear and accessible disclosure, without material misrepresentation, of every material circumstance which the insured knows/ought to know; Or, failing that, sufficient information to put a prudent insurer on notice that it needs to make further enquiries to reveal those material circumstances What must actively be disclosed: Knowledge of senior management; knowledge of the insurance team (including broker); information which would be revealed by a reasonable search. Insurer remedies for breach: ➢ If the breach was deliberate or reckless, the insurer can avoid the contract from inception and can keep the premium. The insurer must prove that the breach was deliberate or reckless. ➢ If the breach was not deliberate or reckless, then there are a number of options available to the insurer if they wish to impose a remedy. More than one remedy can be applied - the insurer must show that they would have acted in that way if the breach of duty had not occurred. ➢ If the insurer would not have written the risk if it had known the information which has come to light, then it can avoid the contract but it has to repay the premium. ➢ If the insurer would have charged a higher premium, then it can ➢ If the insurer would have included new terms, or imposed different terms other than with respect to premium such as conditions / warranties, exclusions, different extensions, sub-limits etc., the contract is to be treated as if it had been entered into on those terms. Unless you are a Consumer (an individual buying insurance wholly or mainly for purposes unrelated to your trade, business or profession) you must disclose to insurers, before the setting up or renewal of your contract is concluded, any fact or circumstance which is known to you (or which after enquiry ought to be known to you) and which is material to the risk. A fact or circumstance is material if it would influence the judgement of an insurer in fixing the premium, setting the terms or determining whether they would take the risk. If you are uncertain whether a fact is material, you should disclose it. If you are a Consumer you must take reasonable care to answer all questions fully and accurately. Once cover has been arranged, you must immediately notify us of any changes to the information that has been provided to your insurers. Material Facts are matters or information which may influence your insurer as to the acceptability or otherwise of your risk and the terms your insurer may require. They must be disclosed at the earliest opportunity and certainly at each renewal and also throughout the life of a policy. If you are in any doubt as to whether any information constitutes a Material Fact, you must disclose it to us or your insurer. If any document is completed in whole or in part on your behalf, it is your responsibility to check that the answers given are true and complete. You are advised to keep copies of any correspondence or documentation sent to us for your own protection. Please do consult us if you are in doubt on any aspect. All statements and facts disclosed on proposal forms, statement of facts, claim forms and other documents must, to the best of your ability, be full, true and accurate. Where forms are completed on your behalf you must check them for accuracy and completeness before signing them. You must always read the declaration and make sure you understand it before you sign. It is important that you understand that any information, statement or answer provided by you, to us or your insurer, is your responsibility and must be correct. Your attention is particularly drawn to the importance of the declaration and signature on any insurers’ proposal form or Statement of Fact as any failure to disclose facts material to the insurance or any inaccuracies in your answer may invalidate your insurance cover in part or in its entirety.
Appears in 1 contract
Samples: Insurance Agency Agreement
Financial Conduct Authority. We are authorised and regulated by the Financial Conduct Authority (FCA). Our FCA Reference number is 304948. We are permitted to advise on, arrange and deal as agent of insurers and clients for general insurance contracts. You may check this information on the FCA Register by visiting the FCA website xxx.xxx.xxx.xx w xx.xxx.xxx.xx or by phoning the FCA on 0800 111 6768 0300 500 8082 from the UK or +00 00 0000 0000 from abroad Mercia Marine (Underwriting) Ltd will: • Act fairly and reasonably when dealing with our clients • Make sure that information provided is clear, fair and not misleading • Give adequate explanation to enable clients to make informed decisions • Ensure our service meets FCA requirements • Handle claims and complaints fairly and promptly • Identify and deal with conflicts of interest in accordance with our established procedures Mercia Marine (Underwriting) Ltd are authorised Where you chose to act on the behalf of a single or limited number of insurers to provide quotationspurchase an insurance product sold by us via our website, effect cover, issue policy documentation and collect & process premiums for the following insurance policy products identified as ‘Lock & Quay’ ‘Quadrant’, ‘Quadrant Dinghy’ and ‘Quadrant Houseboat’ Policy Wording (collectively known as our Own Branded Policy). If we provide insurance for you under these arrangements we act as the agent of the insurer(s). We do not provide advice to you, but we will inform you of the main features of these products and the services we offer you including details of the provider, main details of the cover and benefits, any unusual restrictions or exclusions, any significant conditions or obligations and the period of cover. Unless otherwise agreed, any quotation given will remain valid for a period of thirty (30) days from the date of issue of the quotation. If we find that your requirements cannot be met under Mercia Marine are authorised to act on the behalf of a single insurer to provide quotations, effect cover, issue policy documentation and collect & process premiums for the following insurance policy products identified as ‘Quadrant’, ‘Quadrant Dinghy’ and ‘Quadrant Houseboat’ Policy Wording (collectively known as our Own Branded Product , Policy). Under these arrangements we will act on your behalf as an independent insurance intermediary and act as your the agent and provide advice. We are subject to the law of agency, which imposes various duties on us. However, in certain circumstances we may act for and owe duties of care to other parties. We will advise you when these circumstances occur so you will be aware of any possible conflict of interest. In relation to the general insurance products we offer, we may provide advice, or information: • On the basis of a fair analysis of the market; or • From a limited number of insurers; or • From a single insurer. Where we offer products from a limited range of insurers, or a single insurer, we will advise you and if asked we will provide you with a list of the insurer(s). We will advise and make a recommendation for you after we have assessed your demands and needs. This will include the type of cover you seek together with the costs. This statement may be incorporated within other insurance documentation. If you request or require immediate cover, we can give you this information orally, however, we will still provide you with the statement immediately after conclusion of the insurance contract. Upon receipt of your instructions we will place insurance with your chosen insurers and keep you informed of the progress of our negotiations. We will assist you in the administration of your insurance contracts or as otherwise separately agreed in writing. We will explain to you the main features of your insurance contracts. In accordance with your instructions we will renew your insurance contracts. We check the financial strength of the insurers with whom we place business by reference to appropriate published Insurer Credit Ratings. However, it should be noted that the claims-paying ability of even the strongest insurers can be affected by adverse business conditions. Therefore, we cannot guarantee the solvency of any insurer or underwriter Before your insurance contract is concluded, you You will be provided with a statement setting out your demands and needs. This statement may will be incorporated within other your insurance documentation. We will try to ensure that we provide you with enough information early enough for you to make an informed decision about the insurance being proposed. If we are unable to match your requirements, we will explain the differences between those requirements and the insurance proposed We will advise you of any inability to place your insurance. These are our core services. We are usually remunerated by brokerage, which is a percentage of the insurance premium paid by you and allowed by the Insurer with whom the insurance is placed. Alternatively, we may act on your behalf for a fee, which will be disclosed to you before the policy is concluded. This may be instead of or in addition to any brokerage payable. Where we act for a fee, unless otherwise agreed with you, this will normally relate to the initial placing of the insurance and subsequent maintenance of the policy until renewal. Should you request a material mid-term adjustment or series of adjustments to your insurance or an exceptional claim incident occurs we may seek to negotiate an additional fee with you at the time. In addition to client fees and/or brokerage payments we may receive remuneration from insurers reflecting the aggregated income and or profitability of our entire account with them. In all such circumstances, our duty to act in the best possible interests of our customers remains paramount. In addition to brokerage or an agreed fee basis of remuneration we may also receive benefit from income that is receivable from premium financing companies calculated by reference to the total volume of premiums financed. We will, if requested, disclose the amount of any commission being earned. If the exact amount cannot be confirmed, the basis for calculating such figures will be disclosed. Brokerage commissions and fees for bringing about or arranging the insurance are considered fully earned when the insurance incepts, irrespective of when the premium for the insurance is payable to the Insurers and/or when any fees/commissions are payable to us. Fees/commissions are not refundable in the event of return premiums being allowed by Insurers after inception of the policy be that through cancellation, early termination of the policy or any other reason. We normally accept payment by bank transfer, cheque, debit or credit card. However, you may also be able to spread your payments through instalments or a credit scheme. There will usually be a charge for paying by instalments and full details will be provided if you select this option All policy premiums are to be paid by inception or renewal date unless specifically agreed in writing by us. All premiums paid to us, together with any premiums returned to us by insurers, are held by us in a separate Non-Statutory Trust account designated as a client account in accordance with FCA rules. A copy of the Deed of Trust is available on request In most cases, our financial arrangements with insurance companies are on a ‘risk transfer’ basis, which means that we hold premiums and refunds on behalf of the insurer i.e. the risk is transferred to the insurer and the premium is deemed to be in the insurer’s possession. You will be notified in cases where ‘risk transfer’ does not apply. In the case of some transactions, client money may pass through other authorised intermediaries before the insurer receives it Failure to comply with our credit terms may invalidate your insurance Your insurance is based upon the information provided to the insurance company. Under the terms of the Act, before a contract of insurance is entered into you must make to an insurer a fair presentation of the risk – a fair presentation of the risk is one in which the information must be presented in a way which would be reasonably clear and accessible to a prudent insurer. A fair presentation of the risk requires clear and accessible disclosure, without material misrepresentation, of every material circumstance which the insured knows/ought to know; Or, failing that, sufficient information to put a prudent insurer on notice that it needs to make further enquiries to reveal those material circumstances What must actively be disclosed: Knowledge of senior management; knowledge of the insurance team (including broker); information which would be revealed by a reasonable search. Insurer remedies for breach: ➢ If the breach was deliberate or reckless, the insurer can avoid the contract from inception and can keep the premium. The insurer must prove that the breach was deliberate or reckless. ➢ If the breach was not deliberate or reckless, then there are a number of options available to the insurer if they wish to impose a remedy. More than one remedy can be applied - the insurer must show that they would have acted in that way if the breach of duty had not occurred. ➢ If the insurer would not have written the risk if it had known the information which has come to light, then it can avoid the contract but it has to repay the premium. ➢ If the insurer would have charged a higher premium, then it can ➢ If the insurer would have included new terms, or imposed different terms other than with respect to premium such as conditions / warranties, exclusions, different extensions, sub-limits etc., the contract is to be treated as if it had been entered into on those terms. Unless you are a Consumer (an individual buying insurance wholly or mainly for purposes unrelated to your trade, business or profession) you must disclose to insurers, before the setting up or renewal of your contract is concluded, any fact or circumstance which is known to you (or which after enquiry ought to be known to you) and which is material to the risk. A fact or circumstance is material if it would influence the judgement of an insurer in fixing the premium, setting the terms or determining whether they would take the risk. If you are uncertain whether a fact is material, you should disclose it. If you are a Consumer you must take reasonable care to answer all questions fully and accurately. Once cover has been arranged, you must immediately notify us of any changes to the information that has been provided to your insurers. Material Facts are matters or information which may influence your insurer as to the acceptability or otherwise of your risk and the terms your insurer may require. They must be disclosed at the earliest opportunity and certainly at each renewal and also throughout the life of a policy. If you are in any doubt as to whether any information constitutes a Material Fact, you must disclose it to us or your insurer. If any document is completed in whole or in part on your behalf, it is your responsibility to check that the answers given are true and complete. You are advised to keep copies of any correspondence or documentation sent to us for your own protection. Please do consult us if you are in doubt on any aspect. All statements and facts disclosed on proposal forms, statement of facts, claim forms and other documents must, to the best of your ability, be full, true and accurate. Where forms are completed on your behalf you must check them for accuracy and completeness before signing them. You must always read the declaration and make sure you understand it before you sign. It is important that you understand that any information, statement or answer provided by you, to us or your insurer, is your responsibility and must be correct. Your attention is particularly drawn to the importance of the declaration and signature on any insurers’ proposal form or Statement of Fact as any failure to disclose facts material to the insurance or any inaccuracies in your answer may invalidate your insurance cover in part or in its entirety.
Appears in 1 contract
Samples: Insurance Agreement
Financial Conduct Authority. We are authorised and regulated by the Financial Conduct Authority (FCA). Our FCA Reference number is 304948. We are permitted to advise on, arrange and deal as agent of insurers and clients for general insurance contracts. You may check this information on the FCA Register by visiting the FCA website xxx.xxx.xxx.xx or by phoning the FCA on 0800 111 6768 from the UK or +00 00 0000 0000 from abroad Mercia Marine (Underwriting) Ltd will: • Act fairly and reasonably when dealing with our clients • Make sure that information provided is clear, fair and not misleading • Give adequate explanation to enable clients to make informed decisions • Ensure our service meets FCA requirements • Handle claims and complaints fairly and promptly • Identify and deal with conflicts of interest in accordance with our established procedures Mercia Marine (Underwriting) Ltd are authorised to act on the behalf of a single or limited number of insurers to provide quotations, effect cover, issue policy documentation and collect & process premiums for the following insurance policy products identified as ‘Lock & Quay’ ‘Quadrant’, ‘Quadrant Dinghy’ and ‘Quadrant Houseboat’ Policy Wording (collectively known as our Own Branded Policy). If we provide insurance for you under these arrangements we act as the agent of the insurer(s). We do not provide advice to you, but we will inform you of the main features of these products and the services we offer you including details of the provider, main details of the cover and benefits, any unusual restrictions or exclusions, any significant conditions or obligations and the period of cover. Unless otherwise agreed, any quotation given will remain valid for a period of thirty (30) days from the date of issue of the quotation. If we find that your requirements cannot be met under our Own Branded Product , we will act on your behalf as an independent insurance intermediary and act as your agent and provide advice. We are subject to the law of agency, which imposes various duties on us. However, in certain circumstances we may act for and owe duties of care to other parties. We will advise you when these circumstances occur so you will be aware of any possible conflict of interest. In relation to the general insurance products we offer, we may provide advice, or information: • On the basis of a fair analysis of the market; or • From a limited number of insurers; or • From a single insurer. Where we offer products from a limited range of insurers, or a single insurer, we will advise you and if asked we will provide you with a list of the insurer(s). We will advise and make a recommendation for you after we have assessed your demands and needs. This will include the type of cover you seek together with the costs. This statement may be incorporated within other insurance documentation. If you request or require immediate cover, we can give you this information orally, however, we will still provide you with the statement immediately after conclusion of the insurance contract. Upon receipt of your instructions we will place insurance with your chosen insurers and keep you informed of the progress of our negotiations. We will assist you in the administration of your insurance contracts or as otherwise separately agreed in writing. We will explain to you the main features of your insurance contracts. In accordance with your instructions we will renew your insurance contracts. We check the financial strength of the insurers with whom we place business by reference to appropriate published Insurer Credit Ratings. However, it should be noted that the claims-paying ability of even the strongest insurers can be affected by adverse business conditions. Therefore, we cannot guarantee the solvency of any insurer or underwriter Before your insurance contract is concluded, you will be provided with a statement setting out your demands and needs. This statement may be incorporated within other insurance documentation. We will try to ensure that we provide you with enough information early enough for you to make an informed decision about the insurance being proposed. If we are unable to match your requirements, we will explain the differences between those requirements and the insurance proposed We will advise you of any inability to place your insurance. These are our core services. We are usually remunerated by brokerage, which is a percentage of the insurance premium paid by you and allowed by the Insurer with whom the insurance is placed. Alternatively, we may act on your behalf for a fee, which will be disclosed to you before the policy is concluded. This may be instead of or in addition to any brokerage payable. Where we act for a fee, unless otherwise agreed with you, this will normally relate to the initial placing of the insurance and subsequent maintenance of the policy until renewal. Should you request a material mid-term adjustment or series of adjustments to your insurance or an exceptional claim incident occurs we may seek to negotiate an additional fee with you at the time. In addition to client fees and/or brokerage payments we may receive remuneration from insurers reflecting the aggregated income and or profitability of our entire account with them. In all such circumstances, our duty to act in the best possible interests of our customers remains paramount. In addition to brokerage or an agreed fee basis of remuneration we may also receive benefit from income that is receivable from premium financing companies calculated by reference to the total volume of premiums financed. We will, if requested, disclose the amount of any commission being earned. If the exact amount cannot be confirmed, the basis for calculating such figures will be disclosed. Brokerage commissions and fees for bringing about or arranging the insurance are considered fully earned when the insurance incepts, irrespective of when the premium for the insurance is payable to the Insurers and/or when any fees/commissions are payable to us. Fees/commissions are not refundable in the event of return premiums being allowed by Insurers after inception of the policy be that through cancellation, early termination of the policy or any other reason. We normally accept payment by bank transfer, cheque, debit or credit card. However, you may also be able to spread your payments through instalments or a credit scheme. There will usually be a charge for paying by instalments and full details will be provided if you select this option All policy premiums are to be paid by inception or renewal date unless specifically agreed in writing by us. All premiums paid to us, together with any premiums returned to us by insurers, are held by us in a separate Statutory Trust account designated as a client account in accordance with FCA rules. In most cases, our financial arrangements with insurance companies are on a ‘risk transfer’ basis, which means that we hold premiums and refunds on behalf of the insurer i.e. the risk is transferred to the insurer and the premium is deemed to be in the insurer’s possession. You will be notified in cases where ‘risk transfer’ does not apply. In the case of some transactions, client money may pass through other authorised intermediaries before the insurer receives it Failure to comply with our credit terms may invalidate your insurance Your insurance is based upon the information provided to the insurance company. Under the terms of the Act, before a contract of insurance is entered into you must make to an insurer a fair presentation of the risk – a fair presentation of the risk is one in which the information must be presented in a way which would be reasonably clear and accessible to a prudent insurer. A fair presentation of the risk requires clear and accessible disclosure, without material misrepresentation, of every material circumstance which the insured knows/ought to know; Or, failing that, sufficient information to put a prudent insurer on notice that it needs to make further enquiries to reveal those material circumstances What must actively be disclosed: Knowledge of senior management; knowledge of the insurance team (including broker); information which would be revealed by a reasonable search. Insurer remedies for breach: ➢ If the breach was deliberate or reckless, the insurer can avoid the contract from inception and can keep the premium. The insurer must prove that the breach was deliberate or reckless. ➢ If the breach was not deliberate or reckless, then there are a number of options available to the insurer if they wish to impose a remedy. More than one remedy can be applied - the insurer must show that they would have acted in that way if the breach of duty had not occurred. ➢ If the insurer would not have written the risk if it had known the information which has come to light, then it can avoid the contract but it has to repay the premium. ➢ If the insurer would have charged a higher premium, then it can ➢ If the insurer would have included new terms, or imposed different terms other than with respect to premium such as conditions / warranties, exclusions, different extensions, sub-limits etc., the contract is to be treated as if it had been entered into on those terms. Unless you are a Consumer (an individual buying insurance wholly or mainly for purposes unrelated to your trade, business or profession) you must disclose to insurers, before the setting up or renewal of your contract is concluded, any fact or circumstance which is known to you (or which after enquiry ought to be known to you) and which is material to the risk. A fact or circumstance is material if it would influence the judgement of an insurer in fixing the premium, setting the terms or determining whether they would take the risk. If you are uncertain whether a fact is material, you should disclose it. If you are a Consumer you must take reasonable care to answer all questions fully and accurately. Once cover has been arranged, you must immediately notify us of any changes to the information that has been provided to your insurers. Material Facts are matters or information which may influence your insurer as to the acceptability or otherwise of your risk and the terms your insurer may require. They must be disclosed at the earliest opportunity and certainly at each renewal and also throughout the life of a policy. If you are in any doubt as to whether any information constitutes a Material Fact, you must disclose it to us or your insurer. If any document is completed in whole or in part on your behalf, it is your responsibility to check that the answers given are true and complete. You are advised to keep copies of any correspondence or documentation sent to us for your own protection. Please do consult us if you are in doubt on any aspect. All statements and facts disclosed on proposal forms, statement of facts, claim forms and other documents must, to the best of your ability, be full, true and accurate. Where forms are completed on your behalf you must check them for accuracy and completeness before signing them. You must always read the declaration and make sure you understand it before you sign. It is important that you understand that any information, statement or answer provided by you, to us or your insurer, is your responsibility and must be correct. Your attention is particularly drawn to the importance of the declaration and signature on any insurers’ proposal form or Statement of Fact as any failure to disclose facts material to the insurance or any inaccuracies in your answer may invalidate your insurance cover in part or in its entirety.
Appears in 1 contract
Samples: Insurance Agency Agreement
