Terms of Business
Accepting our 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. We draw your particular attention to the section headed ‘Use of personal data’, specifically the paragraph explaining how ‘sensitive personal data’ will be used and the sub-section titled ‘Credit checks’.
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.
The Financial Conduct Authority
Crownsway Insurance Brokers Limited is authorised and regulated by the Financial Conduct Authority (FCA). Our Financial Services Register number is 306797.
Our permitted business is introducing, advising, arranging, dealing as an agent, assisting in the administration and performance of general insurance contracts and credit broking about insurance instalment facilities.
You may check this on the Financial Services Register by visiting the FCA’s website, register.fca.org.uk/ or by contacting the FCA on 0800 111 6768.
Our service
Helping you to decide
Our role is to advise you in relation to the insurance and, after we have assessed your needs, to make a suitable recommendation. Where we can offer the availability of an instalment facility in order to pay the insurance premium by regular premiums, we do not offer advice in relation to this but we may ask some questions to narrow down the selection of options available; you will then need to make your own choice about how to proceed.
We will not, under any circumstances, guarantee the solvency of any insurer.
The capacity in which we act for you
In providing our service, we may sometimes act as an agent of the insurer. We will confirm the capacity in which we will act for you before undertaking any relevant transactions on your behalf.
Our product range and the range of insurers used
We select personal and commercial insurances from a range of insurers, but for certain products, we only select products from a limited number of insurers or only offer products from a single insurer. We will give you further information about this before we finalise your insurance arrangements.
If we propose using another intermediary to help place your business, we will confirm this to you in good time before any arrangements are finalised.
Complaints and compensation
We aim to provide you with a high level of customer service at all times, but if you are not satisfied, please contact us:
In writing:
Write to The Customer Services Manager, Crownsway Insurance Brokers Limited
183 Holyhead Road, Birmingham, West Midlands, United Kingdom B21 0BD
by phone: Telephone 0121 554-3566 or
0121 554-9788
by email: complaints@crownsway.co.uk
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). For further information, you can visit the FOS website www.financial-ombudsman.org.uk.
Access to the FOS is available for complainants coming within one of the following categories at the time we receive their complaint:
· Private individual/consumer or
· Microenterprise
· A charity which has an annual income of less than £6,500,000 at the time the complainant refers the complaint to the firm
· A trustee which has a net asset value of less than £5,000,000 at the time the complainant refers the complaint to the firm.
· Consumer Buy-to-let consumer or
· small business at the time the complainant refers the complaint to the firm. To be a small business, the firm must fall below the following turnover threshold and either the balance sheet OR headcount threshold:-
o annual turnover of £6,500,000
· And
o Annual Balance sheet total of £5,000,000 or
o Headcount of 50 people
· A guarantor only to the extent that the complaint arises from matters relevant to the relationship with the firm.
Financial Services Compensation Scheme (FSCS)
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
- 90% of the claim, without any upper limit;
· 100% of the claim without any upper limit for
- compulsory classes of insurance (such as Third Party Motor or Employers' Liability); and
- ‘pure protection’ contracts, professional indemnity insurance, and general insurance claims arising from the death or incapacity of the policyholder owing to injury, sickness of infirmity, all where the insurance intermediary has failed to pay money to an insurer, pay away money it has received from an insurer, or has failed to take steps to allow the insurer to effect the contract of insurance.
Further information about compensation scheme arrangements is available from the FSCS on 0800 678 1100 (freephone) or 020 7741 4100 or www.fscs.org.uk.
Payment for our services
We normally receive commission from insurers, product providers and, where applicable, finance providers. We also charge you for handling your insurance and arranging your premium finance as follows:
On request, we will be pleased to provide information about any commission received by us in the handling of your insurance.
Fee disclosure
· New business - From £20
· Mid-term amendments - From £30
· Cancellations - £25
· Issuing duplicate documentation - Free based on a copy of the document
· Renewals - From £20
· Setting up a credit agreement about instalment facilities - None
· Cancellation of credit agreement - None
· Copies of personal data will be subject to the UK General Data Protection Regulation guidelines.
You will receive a quotation which will tell you the total price to be paid, and which identifies any fees, taxes and charges separately from the premium, before your insurance arrangements are concluded. Full payment of premium and fees is due before cover commences, or as otherwise stated under the terms of credit, or in the debit note, invoice or statement issued to you.
We also draw your attention to the sections headed ‘Cancellation of insurances’ and ‘Ending your relationship with us’.
Handling money
Our financial arrangements with most insurance companies are 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 by the insurer(s) with which your insurance is arranged. However, if Risk Transfer does not apply, such monies will be held by us in a Statutory Trust account set up in accordance with FCA rules. Interest earned on monies held in such a Statutory Trust account will be retained by us.
Cancellation of insurance
You should make any request for the cancellation of a policy in writing, and any relevant certificate of insurance must be returned to us or the insurer concerned.
In the event of cancellation, charges for our services will apply following the ‘Payment for our services’ section 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 before the policy expires.
Ending your relationship with us
Subject to your immediate settlement of any outstanding premiums and fees, you may instruct us to stop acting for you, and we will not impose a penalty.
Your instructions must be given in writing and will take effect from the date of receipt.
In circumstances where we feel we cannot continue providing services to you, we will give you a minimum of 7 days’ notice. Valid reasons may include but are not limited to non-payment of premium or fees, commission clawback by insurers where instructions are given to another party to handle the customer’s insurance(s), failure to provide requested documentation or information, deliberate failure to comply with terms set out within the Terms of Business or insurer’s documentation, deliberate misrepresentation or non-disclosure or attempted fraud, use of threatening or abusive behaviour or language, or intimidation or bullying of our staff or suppliers.
Unless otherwise agreed in writing, if our relationship ends, any transactions previously initiated will be completed according to these Terms of Business. You will be liable to pay for any transactions concluded prior to the end of our relationship, and we will be entitled to retain commission received for conducting these transactions, together with all fees charged by us for services provided.
Your responsibilities
If you are a consumer, you are responsible for answering any questions concerning any proposal for insurance cover honestly and to the best of your knowledge, providing complete and accurate information which insurers will require. This also applies to your responses concerning any assumptions you may agree to in the process of applying for insurance cover. This is particularly important before taking out a policy, but also at renewal or if you make a mid-term amendment to your policy.
If you fail to disclose information or misrepresent any fact that may influence the insurer’s decision to accept the risk or the terms offered, this could invalidate the policy and mean that claims may not be paid.
If you are a commercial customer, you must give a fair presentation of risk to the insurer. This means that 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 and 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.
Examples of material circumstances are:
- Special or unusual circumstances relating to the risk;
- Any particular concerns which led you to seek insurance cover for the risk, and
- Anything which those concerned with the class of insurance and field of activity in question would generally understand as being something that would be dealt with in a fair presentation of risks for this type of insurance.
The information must be presented in a way which would be reasonably clear and accessible to a prudent insurer. If you are unsure whether to disclose any information, you should speak to us. You need to take into account the size & complexity of your business, and allow yourself sufficient time before your renewal date to consider and/or assess your insurance requirements.
Failure to provide a ‘fair representation’ may result in several remedies by the insurer. If the breach was deliberate or reckless, the insurer can void the contract and keep the premium. If the breach was not deliberate or reckless, the insurer can void the contract, proportionately reduce a claim settlement or amend the insurance policy terms and conditions, then review the merits of a claim on this basis.
You should therefore always provide complete and accurate information to us when we ask you about the insurance risks your business faces before taking out a policy, at renewal and throughout the life of the policy. This also applies to your responses in relation to any assumptions you may agree to in the process of applying for insurance cover.
You must check all details on any proposal form or Statement of Facts and pay particular attention to any declaration you may be asked to sign.
Read all the insurance documents you receive. Make sure you understand the coverage, limits, and other terms. Pay special attention to any warranties and conditions. Not following these could result in your policy being invalid.
You must inform us immediately of any changes in circumstances which 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.
Privacy Notice
We will process any personal information we obtain in the course of providing our services to you in accordance with the UK General Data Protection Regulation. 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 may also disclose details to relevant parties, as necessary, to comply with regulatory or legal requirements. We may contact you or pass your details to other companies associated with us in order to promote products or services which may be of interest to you. 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 or medical conditions, 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 insurance.
Subject to certain exceptions, you will be entitled to have access to your personal and sensitive personal data, See UK Privacy Notice 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 The Customer Services Manager at the address shown above.
Credit checks
We, and other firms involved in arranging your insurance (insurers, other intermediaries or premium finance companies) may use public and personal data from a variety of sources, including credit reference agencies and other organisations. The information is used to help tailor a price, to ascertain the most appropriate payment options for you and to help prevent fraud. Any credit reference search will appear on your credit report, whether or not your application proceeds. If you have any questions about this or any other matter, please do not hesitate to contact us.
Conflict of interest
Occasions can arise where we, or one of our associated companies, clients or product providers, may have a potential conflict of interest with business being transacted for you. If this happens, and we become aware that a potential conflict exists, we will write to you and obtain your consent before we carry out your instructions, and we will detail the steps we will take to ensure fair treatment.
Claims handling arrangements
In the event of a claim, we offer our clients two options: we can handle their claim on their behalf, or we can refer them to our claims specialist. All insurers require immediate notification of a claim or circumstances which might lead to a claim. We will employ due care and skill if we act on your behalf in respect of a claim.
Governing Law
These Terms of Business are constituted under English Law and are subject to the exclusive jurisdiction of the courts of England and Wales.