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.

Our Service

For over 40 years we have been providing a professional insurance broking service. One of the stated aims of the FSA is to ensure that customers are treated fairly. We select insurance products from a range of insurers and our service includes advising you on your general insurance needs, arranging cover to suit your requirements, and issuing documentation to you promptly. We shall assist with the ongoing administration of your insurances, and will provide professional advice and support in the event of a claim.

We will always endeavour to match your stated requirements with available policies and if we cannot do so we will provide you with enough information to reach an informed decision about your insurances. We will explain the main features of the insurances we offer you, including details of the insurer, main details of cover, any unusual restrictions or exclusions and any significant conditions or obligations which you must meet.

As an intermediary, we cannot and do not guarantee that the insurers with whom we place your insurances will meet your claims. A liability for premium, whether in full or pro rata, may arise despite an insurer becoming insolvent. For legal expenses insurance we only offer policies from a single insurer, Motorist Services Ltd.

Payment for our services

Unless we have agreed with you otherwise, payment for our services will be by way of commission we receive from insurers and other third parties for arranging your insurances with or through them.

Our remuneration in respect of any policy will be due on the date of inception or renewal of that policy. We will be entitled to retain all commission or agreed fees in respect of the full policy period including where those policies are cancelled or where you appoint another intermediary in our place during the policy period.

Some insurers may make additional payments to us reflecting the aggregate income and/or profitability of their overall account with us. Where we arrange third party finance for your premiums we may receive additional payments by reference to the level of interest you pay. We will provide you with written details of any payments of the types described if you ask us to do so.

The Financial Services Authority

Mark Richard (Brokers) Ltd. is authorised and regulated by the Financial Services Authority (FSA). Our register number is 305499. Our permitted business is advising, arranging, dealing as agent and assisting in the administration and performance of general insurance contracts.

You can check this on the FSA’s Register by visiting the FSA’s website www.fsa.gov.uk/register or by contacting the FSA on 0845 606 1234.

Your responsibilities

You are responsible for providing complete and accurate information, together with supporting documentation either we or your insurers may require, when you take out your insurance policy, throughout the life of your policy, and when you renew your insurance. It is important you check all details on any proposal form or statement of facts and pay particular attention to any declaration you may be asked to sign. Failure to disclose, or misrepresentation of, material facts entitles insurers to decline claims and may lead to your policy being completely invalidated. If you are in any doubt what constitutes material information please ask for advice.

Handling Client Money and/or Insurer 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 with which your insurance is arranged. If Risk Transfer does not apply then all such monies will be held by us in a Non-Statutory Trust account pending payment. The establishment of the Non-Statutory Trust account follows the rules which the FSA introduced to protect money held by authorised intermediaries. However, you should be aware that, under the Non-Statutory Trust account rules, we are permitted to use such monies temporarily held to advance credit to clients generally. A copy of the Deed of Trust is available on request or may be inspected at our premises during normal office hours. If you object to your money being held in a Non-Statutory Trust account you should advise us immediately. Otherwise, your agreement to pay the premium together with your acceptance of these Terms of Business will constitute your informed consent to our holding your money in a Non-Statutory Trust account. Interest earned on monies held in such a Non-Statutory Trust account will be retained by us.

Complaints and compensation

We aim to provide you with a high level of customer service, but if you are not satisfied, contact the manager either in writing at...

   Mark Richard (Brokers)Ltd., 282 St Johns Lane, Bristol, BS3 5AY.

or by phone on...

   Telephone 0117 9231330

Ultimately you may refer the matter to the Financial Ombudsman Service (except in the case of a business with a group annual turnover of £1m or more, a charity with an annual income of £1m or more or trustees of a trust with a net asset value of £1m or more).

We are covered by the Financial Services Compensation Scheme. You may be entitled to compensation if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim. Further information about compensation scheme arrangements is available from the FSCS on 020 7892 7300 or www.fscs.org.uk

Cancellation of Insurance

All policies are quoted on the basis that the policy will run for its full term irrespective of the payment method. In the event of a policy being cancelled prior to this, insurers’ short period rates will normally apply. Any refund payable will be reduced by the amount of commission reclaimed by the product provider.

Legal Expenses and Vehicle Breakdown policies run concurrently with the main policy and in the event of the main policy being cancelled these policies will also terminate without refund. You are therefore advised to seek our advice before deciding to cancel any policy.

Confidentiality of personal data

All personal data is treated by us as confidential and is processed in accordance with the relevant legislation. We will not disclose personal data without your consent, other than in the normal course of administering your insurances, except where we are compelled by law to disclose such data.

Governing Law

The relationship between us is governed by English law. If there is a dispute which cannot be resolved under our complaints procedure, it will only be dealt with in the courts of England and Wales.