Terms of business
By asking us to quote for, arrange or handle your insurances, you are providing your informed agreement to these Terms of business. For your own benefit and protection, you should read these terms carefully. If you are unsure about any aspect of our Terms of Business or have any questions regarding our relationship with you, please contact us at the above address.
We act as Independent General Insurance Intermediaries as an agent of the insurer, Hiscox Underwriting Ltd, for the selling of the CRAFT INSURANCE SCHEME only and are Regulated and Authorised by the Financial Conduct Authority (Registration No:465500). We will not in any circumstance guarantee the solvency of the insurer.
Please note we do not give advice to Clients. All quotations and policies issued are on A Non Advised Basis. We will happily provide information on the Craft Insurance Scheme to enable our clients to make an informed decision as to whether it meets their own demands and needs. Our permitted business is introducing, advising, arranging, and dealing as an agent, assisting in the administration and performance of general insurance contracts. You may check this on the Financial Services Register by visiting the FCA’s website, www.fsa.gov.uk/register/ or by contacting the FCA on 0800 1116768.
You are responsible for providing complete and accurate information which insurers require in connection with any proposal for insurance cover. You have a duty to give a fair presentation of risk to the insurer. You should disclose every material circumstance relevant to the risk being insured following a reasonable search within your business to identify and verify such information. This should include information which you and, where applicable, your senior management, persons responsible for arranging your insurance or other relevant third parties know or ought to know. It should include all information that would influence the judgement of the insurer or that would put the insurer on notice that it needs to make further enquiries. It is your duty to disclose complete and accurate information for underwriting purposes.
It is important that you read all insurance documents issued to you and ensure that you are aware of the cover, limits and other terms that apply. Particular attention must be paid to any warranties and conditions as failure to comply with them could invalidate your policy.
We care for our Clients. If you are unhappy in any way with your insurance policy or the way that it has been arranged, you can in the first instance contact Mr Ian W. Wallace in writing who will be pleased to assist. When dealing with your complaint, we will follow our complaint handling procedures; a summary of these procedures is available on request. If you are still not satisfied, you may be entitled to refer the matter to the Financial Ombudsman Service (FOS) (except in the case of a business employing 10 persons or more and with a turnover or annual balance sheet total exceeding £2 million, a charity with an annual income of £1million or more or trustees of a trust with a net asset value of £1m or more). For further information you can visit FOS website www.financial-ombudsman.org.uk.
- If your insurer is a member of the Financial Ombudsman Service and your complaint is regarding a Non Commercial Policy you have the right to ask the Financial Ombudsman Service to review your case. This must be exercised within 6 months of the date of your insurer’s final decision. Contact the Financial Ombudsman Service South Quay Plaza 183 Marsh Wall London E14 9SR. Tel: 0845 0801800
- By making a complaint, you do not prejudice your rights to any legal proceedings. The parties to a contract of insurance covering a risk in the United Kingdom are permitted to choose the law applicable to the contract. English Law will govern your insurance.
Financial Services Compensation Scheme
We are covered by the Financial Services Compensation Scheme (FSCS) for our insurance mediation activities. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim. If you are eligible to claim from the FSCS, compensation is available as follows:
- Insurance advising and arranging is covered for 90% of the claim, without any upper limit
- For compulsory classes of insurance (such as Third Party Motor or Employers Liability), insurance advising and arranging is covered for 100% of the claim without any upper limit.
Further information about compensation scheme arrangements is available from the FSCS on 0800 678 1100 or 020 7741 4100 or www.fscs.org.uk
Our financial arrangement with Hiscox Underwriting Limited is on a ‘risk transfer’ basis. This means that we act as agents of the Insurer in collecting premiums and handling refunds due to clients. In these circumstances such monies are deemed to be held in a Trust account by the Insurer with which your insurance is arranged. Interest earned on monies held in such a Trust account will be retained by us.
United Kingdom, Channel Islands, Isle of Man Payment Terms and Charges:
New Business and Renewals:
We require full payment of premium before cover commences. Payment can be made by a Debit / Credit card online, or via the telephone (01202 826127 or Freephone 0800 919359). By Internet Banking direct to our Trust Account Number: 51368168. Sort Code: 40 38 21. Please quote the policy reference. By cheque payable to Ian W. Wallace Ltd. and send to PO BOX 5063 VERWOOD BH31 6WB
(Please note we do not accept post-dated cheques.)
Premiums can also be paid by 12 monthly interest free instalments via Hiscox Underwriting Limited at their discretion.
Republic of Ireland Payment Terms and Charges: (UK Stirling only)
New Business and Renewals:
We require full payment of premium before cover commences. Payment can be made by a Debit / Credit card online, via the telephone (+441202 826127) or by Internet Banking direct to our Statutory Trust Account Number: 51368168 Sort Code: 40 38 21. IBAN: GB56MIDL40382151368168 – BIC: MIDLGB2151M. Please quote the policy reference.
Direct Debit facilities are regrettably not available.
General Terms applicable:
Amendments to cover during a period of current insurance, which results in an Additional or a Refund of Premium, are calculated on a PRO RATA basis. A minimum additional or return premium of £10.00 will apply. We do not charge administration fees for policy amendments.
If you decide within the first 14 days of taking out this policy that this policy does not meet your requirements, you may cancel this policy and, provided that no claim has been made, receive a full refund of your premium. After 14 days, you may cancel the insurance by giving us 30 days’ notice in writing of your intention to do so. We may also cancel the insurance by giving you 30 days’ notice in writing of our intention to do so. The refund of premium is calculated on a PRO RATA basis. We repay commission (currently 25% of Net premium) on the amount of refund to the Insurer and this will be deducted from the final amount refunded to you. A minimum refund premium of £10.00 will apply.
Any incident which could result in a claim must be notified to Hiscox Underwriting Limited in accordance with the policy wording. The claims team can be contacted during business hours on 0845 213 8899. All information should be passed to the Insurer with minimum delay. The Insurer will deal with the Client directly upon receipt of such information, and have the right to instruct a claims assessor if necessary.
Use of personal data
We will process any personal information we obtain in the course of providing our services to you in accordance with the Data Protection Act 1998. In administering your insurances and where applicable arranging premium finance it will be necessary for us to pass such information to insurers and other relevant product or service providers which may also provide us with business and compliance support.
We do not share you details with other parties, unless required to comply with regulatory or legal requirements. We will not otherwise use or disclose the personal information we hold without your consent. Some of the details you may be asked to give us, such as information about offences, are defined by the Act as sensitive personal data. By giving us such information, you signify your consent to its being processed by us in arranging and administering your insurances.
Subject to certain exceptions, you will be entitled to have access to your personal and sensitive personal data for which you will be charged a fee of £10. If at any time you wish us, or any company associated with us, to cease processing any of the personal data or sensitive personal data we hold, or to cease contacting you about products and services, please write to us at the address above. Professional Indemnity insurance is held by us in compliance with the FCA and will be maintained accordingly