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. IMPORTANT INFORMATION (CONSUMER CUSTOMERS ONLY) Under the Consumer Insurance (Disclosure and Representation) Act 2012 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. If in doubt about any point in relation to your duty to take reasonable care and subsequent qualifying misrepresentations please contact us immediately. THE DUTY OF FAIR PRESENTATION (NON CONSUMER CUSTOMERS ONLY) 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 voi...
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. You shall both during the term of your authority and thereafter safeguard and maintain in confidence all trade secrets and other information relating to Us and shall not in any manner make use of the same except in the best interests of Xxxxxx Xxxxxx Ltd. For and on behalf of Xxxxxx Xxxxxx Ltd Signature: Xxxx Xxxxx Cert CII Name: Xxxx Xxxxx Position: Compliance Director For and on behalf of: Signature: Name: Position: Date:
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 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. Terms of Payment Our payment terms are as follows (unless otherwise agreed by us in writing): • New policies: immediate payment on or before the starting 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 be forced to 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. When renewal is invited and the policy is paid by monthly direct debit, we will issue a notice to you. To ensure you are not left without cover, the absence of a response to this notice will be deemed as your consent to cover being renewed automatically. If you choose to pay for your insurance premium using a finance provider, your details will be passed onto them. We 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 charges if you have failed to make a payment (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 the service provided by the finance provider or their terms and conditions you should in the first instance contact them. Where your policy is paid via the finance provider and you choose to renew your cover, we will again continue to pass your details to them. If any direct debit or other payment due in respect of any credit agreement you enter into to pay insurance premiums is not met when presented for payment or if you end the credit agreement, we will be informed of such events by the finance provider. In certain circumstances we may be contractually obliged by the finance provider to notify your insurer to cancel the policy. Where we are not contractually oblige...
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. Remuneration/Payment Structure & Charges 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 Standard Charges Personal Lines New Business Set Up Will Not exceed € 40 Renewal Business Will Not Exceed € 35 Alterations Will Not Exceed € 25 (Per Alteration) Commercial Lines New Business Set Up Will Not exceed 10% Gross Premium Renewal Business Will Not Exceed10% Gross Premium Alterations Will Not Exceed € 35 (Per Alteration)
