Solvency of insurers. We cannot guarantee the solvency of any insurer with which we place business. This means that you may still be liable for any premium due and not be able to recover the premium paid, whether in full or in part, should an insurer become unable to cover its own financial obligations. If you have any concerns regarding any insurer chosen to meet your insurance requirements, you should inform us as soon as possible.
Solvency of insurers. We cannot guarantee the solvency of any Insurer with which we place business. This means that you may still be liable for any premium due and not be able to recover the premium paid, whether in full or in part, should an insurer become insolvent. Under the Consumer Insurance (Disclosure and Representation) Xxx 0000 it is your duty as a consumer to take reasonable care not to make a misrepresentation to an insurer. Under the act, a consumer is defined as an individual who enters into an insurance contract wholly or mainly for purposes unrelated to the individual’s trade, business or profession. A failure by the consumer to comply with the insurers request to confirm or amend particulars previously given is capable of being a misrepresentation for the purpose of this act. It is important that you ensure all statements you make on proposal forms, claim forms and other documents are full and accurate and we recommend that you keep a copy of all correspondence in relation to the arrangement of your insurance. Under the act an insurer has a remedy against a consumer in respect of qualifying misrepresentations in breach of the consumers’ duty of reasonable care where the insurer deems the misrepresentation to be either deliberate, reckless or careless. It is your responsibility to provide a fair presentation of the insurance risk based on you conducting a reasonable search for information. This could require you to obtain information from senior managers within your organisation or other parties to which the insurance relates or who carry out outsource functions for your business. You must disclose every material circumstance which you know or ought to know, or failing that, disclose sufficient information to put your insurer on notice that it needs to make further enquiries. You must ensure that any information you provide is correct to the best of your knowledge and representations that you make in expectation or belief must be made in good faith. If you fail to make a fair presentation of the risk this may result in additional terms or warranties being applied from inception of the policy or any claim payment being proportionately reduced. In some cases this could result in your policy being declared void by an insurer and your premiums returned. Any deliberate or reckless breach of the duty of fair presentation could result in your policy being declared void by an insurer with no refund of premium Please be aware that current UK money laundering regulations r...
Solvency of insurers. We cannot guarantee the solvency of any insurer with which we place business. This means that you may still be liable for any premium due and not be able to recover the premium paid, whether in full or in part, should an insurer become insolvent. Terms of Payment Our payment terms are as follows (unless specifically agreed by us in writing to the contrary): • New policies: immediate payment on or before the inception date of the policy • Alterations to existing policies: immediate payment on or before the effective date of the change • Renewals: due in full before the renewal date • If payment is not received from you in accordance with the above terms, we, or your insurer may cancel or lapse the relevant policy/policies, which could mean that part or all of a claim may not be paid. You may also be in breach of legally required insurance cover. If you choose to pay for your insurance premium using a finance provider, your details will be passed onto them. The finance provider will provide you with a breakdown of the costs of your monthly instalments and subsequently a document outlining key features of their credit agreement with you including any fees they apply and the cost of default charges. It is important that you take time to read this document and must contact us if you do not receive this. If you have any queries or questions, either about• informed of non payment under the credit agreement, instruct on your behalf the relevant insurer to cancel the insurance and to collect any refund of premiums which may be made by the insurer and use this refund to offset the amount levied by the finance provider on us. If this amount is not sufficient to cover all our costs we reserve the right to pursue any additional debt owed to us through a due legal process. You will be responsible for paying any time on risk charge and putting in place any alternative insurance and/or payment arrangements you need. Upon receiving your strict acceptance to pay for insurance premiums through the finance provider, we will instruct them to proceed with your application for credit. This process will involve the provider searching public information that a credit reference agency holds about you and any previous payment history you have with that provider. The credit reference agency will add details of your search and your application to their record about you whether or not your application is successful. Please read carefully the pre-contractual explanations and the informa...
Solvency of insurers. 27.1 No warranty is given by Us as to the solvency of the Insurance Company with or through whom the Insurance Policies are placed.
Solvency of insurers. We cannot guarantee the solvency of any insurer with which we place business – we do however conduct due diligence on any insurer who we do place business with. We must protect the money we hold on behalf of customers. We cannot lend this money or use it to finance our own business. Payments must only be made to Stubben Edge Markets Limited Accounts detailed at the bottom of our debit note. No payments are to be made to any other accounts. In the event of a claim, it is important that you get in touch as soon as possible – whether you believe you are liable for not. Please contact us in the first instance on 020 7929 4616. So that we can help you quickly, please have your policy number available. You will be contacted in good time before expiry of your policy either to offer renewal terms or to notify you that renewal is not being invited. It is very important that you notify us at the earliest opportunity if your circumstances have changed to give us as much time as possible to find an insurer most suited to your needs. To ensure we continue to provide you with insurance appropriate for our needs, your insurance is not renewed automatically. It is therefore important that you respond to your renewal invites as soon as possible. We usually receive commission from the respective Insurer, and this will be included in the premium quoted to you. The amount of commission we receive will be based on a percentage of your total premium. For each insurance policy, including any subsequent renewal, you have a right to request information regarding any remuneration that we have received as a result of placing your business. In some cases, we may charge you a fee instead of receiving commission. This will be agreed with you before you choose to proceed. Any other fees that may apply throughout the term of your policy will be disclosed within the Statement of Demands and Needs document relevant to the type of insurance(s) that you require. Employees are paid a salary, and do not receive commission on the policies which they sell. - Paying for your insurance in one payment We will provide you with an invoice which includes details of how to pay for your insurance.
Solvency of insurers. We use all reasonable skill and care to protect your interests and monitor the security of the insurers or managing agents on behalf of Insurers with which we transact business using information available in the public domain. However, we can give no guarantee nor warrant the financial stability of Insurers/MGA’s and we accept no liability for any financial losses or increased costs suffered by you arising from their financial insecurity. NOTE – If an Insurer/MGA who has granted risk transfer to us becomes insolvent, any related premiums we hold for that Insurer/MGA are deemed to have been paid to them and will not be returnable to you. In the event of an Insurer/MGA insolvency you may still have a liability to pay the premium. We do not accept any liability for any unpaid amounts in respect of claims or return premiums due to you from an Insurer/MGA that becomes insolvent or delays settlement. You will also additionally have the responsibility for the payment of premiums if you require replacement security/cover.
Solvency of insurers. Whilst we make every effort to place cover with financially strong companies, we do not guarantee the solvency of any insurer we place business with. If a participating insurer becomes insolvent, you may still be liable to pay the premium, whether in full or pro rata. We deny any liability in the event of the Insurer becoming insolvent. Our selection of Insurers is generally based on our knowledge and experience of the market and its products. We offer scheme-rated facilities for some products where our preference is to deal with a limited number of Insurers with whom we can develop trading relationships to the advantage of our clients. We do not offer alternative quotations where there is a restricted or single provider option for a product. A list of the agencies we hold is available upon request. The company charges for its services by means of a fee and/or or commission payments from the Insurers. In respect of fees, charges are based on a time spent and disbursements basis. In determining a fee, the company shall consider but are not limited to the following factors, Complexity, Value, Risk, and Urgency. Hourly Rates are as follows: ▪ Director € 275 ▪ Other Staff € 125 New Business Set Up Will Not exceed € 40 Renewal Business Will Not Exceed € 35 Alterations Will Not Exceed € 25 (Per Alteration) New Business Set Up Will Not exceed 10% Gross Premium Renewal Business Will Not Exceed10% Gross Premium Alterations Will Not Exceed € 35 (Per Alteration)
