Terms and Conditions
Castleacre Insurance Services Ltd is an independent insurance intermediary registered in the UK and regulated by the Financial Services Authority (FSA).
TERMS OF BUSINESS
Castleacre Insurance Services Ltd is an independent insurance intermediary registered in the UK and regulated by the Financial Services Authority (FSA).
Our primary responsibility is to you, our client. We aim to deliver the highest standards of service that you expect from an agent who enjoys your trust and confidence. In exchange we are remunerated via commissions and fees, which we will always disclose. We do not accept ‘volume overriders’.
The following highlights important insurance practices and procedures. It also sets out the basis upon which we will act as your agent. If you do not wish our relationship to be governed in such a manner, you need to advise us before we arrange any insurance on your behalf.
1. WHOSE PRODUCTS DO WE OFFER
We research the whole market and offer products from a wide range of insurers who we feel are competitive and understand the nature of your particular requirements. If required we will provide you with a list of insurers we offer products from.
2. SERVICES WE PROVIDE TO YOU
Establishing your Demands & Needs in good time before negotiations with the insurer(s) commence, we will ask what your requirements are. We will help where necessary in compiling this information, and in its submission to the insurer(s).
Liaison between you and the insurer – We will seek to obtain competitive indications for insurance and coverage which, in our opinion, are as efficient as possible to protect against the proposed risks. We will advise you of the relevant terms indicated by the insurer(s). We will make a personal recommendation based on your demands and needs and a fair analysis of the market. We will take diligent and timely steps to implement your instructions and endeavour to place all of the required insurance(s) before its intended date of inception, renewal or extension. We will confirm to you prior to such date the coverage which is in place and any subjectivities attaching.
Documentation – We will send you a cover note or a confirmation letter which provides a summary of the main terms of the insurance and identifies the insurer(s)with whom it has been placed. Please check this and advise us if there is any variance with your instructions immediately. If the policy is able to be issued in a timely fashion after completion we will not send you a cover note unless you specifically ask for one.
We will also send you details of the premium charged by the insurer(s) for the insurance: showing the full premium, any rebate due to you, therelevant tax and our commission.
Premiums – Premiums must be settled to us by the inception of the policy. If anyamendments require changes to the payment structure these must be complied with as soon as instructed.
Amendments -If you require any amendments to the terms of the insurance please contact us as soon as possible specifying the required changes with supporting documents if necessary.
Use of Sub-agents – We may sometimes consider it beneficial to instruct, on your behalf, specialist insurance brokers to assist in the placement, for instance when accessing Lloyd’s, but in all cases we remain responsible to you for the completion of your instructions.
3. DUTY OF DISCLOSURE
Insurance contracts are contracts of ‘Utmost Good Faith’. This means that a proposer of insurance must disclose to the insurer(s) all material information relating to the risk under consideration. “Material” in this context refers to all information which a prudent insurer (not necessarily the insurer in question) would wish to take account of when considering whether or not to accept the risk and, if so, upon what terms and what price. Material information does not necessarily have to actually increase the risk.
The duty of disclosure continues up until the policy is concluded and continues during the period of the policy contract. It may also be that the terms of the policy include ongoing disclosure conditions or warranties.
In completing a proposal form or claims form or any material document relating to an insurance policy, the accuracy of all answers, statements and/ or information is the insured’s responsibility.
In the event that there is a breach of the duty of disclosure, the insurer may have the right to avoid the insurance from its commencement. Under such circumstance, the insurer(s) would be entitled to seek recovery of any claims already paid by them under this insurance, although at the same time the insurer(s) would generally be obliged to return paid premiums.
4. UNDERINSURANCE
It is your duty to make sure that your property is insured at the correct value. Underinsurance can be countered by making sure that your possessions are regularly valued. (Please contact us if you need assistance as we have many contacts with professional valuers). In the event of a claim and insurers discover underinsurance, you may have your claim recovery reduced by the same percentage that you are underinsured.
5. CLAIMS PROCEDURES
Claims should be notified either directly to Castleacre or if you prefer, directly to your insurer(s). We will work closely with you to ensure that you receive as full and reasonable a recovery within the terms of the contract in as speedy a timeframe as possible.
6. REMUNERATION
Our principle remuneration for arranging your insurance will be either by way of commission paid to us by the insurer for introducing the insurance to them, or by a fee agreed with you. Unless we hear otherwise we will always collect commission which we will declare to you.
In addition, you should be aware that as a result of arranging the insurance, we may receive additional income from the following sources:
- Interest earned on monies passing through our insurance broker accounts.
- Income derived from arranging premium finance
- Expense allowances from insurer(s) for managing and administering certain binding authorities including claims which may arise thereunder.
We do not receive or solicit volume overriders as we consider that this creates a conflict of interest. In the event that a contract is cancelled after the cooling-off period we reserve the right to keep our commission.
7. HOLDING CLIENT MONIES
We hold monies paid to us on your behalf before paying to insurers. All client monies are held in a separate trust account. Any interest earned on monies in this account accrues to the benefit of Castleacre Insurance Services Ltd.
8. WHO REGULATES US
Castleacre Insurance Services Ltd, of Cygnet Court, Swan Lane, Boxford, Suffolk CO10 5NZ is authorised and regulated by the Financial Services Authority. Our FSA registered number is: 308705.
Our permitted business is arranging 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 6061234.
9. OWNERSHIP
There is no shareholding between any insurer and Castleacre Insurance Services Ltd.
Registered in England under the Companies Act 2006 No. 05114821 at Cygnet Court, Swan Street, Boxford, Suffolk CO10 5NZ.
10. COMPLAINTS
If you have a complaint regarding our practices or performance, please contact us at the following address:
Castleacre Insurance Services Ltd
Cygnet Court
Swan Lane
Boxford
Suffolk CO10 5NZ
detailing the nature and underlying circumstances of your complaint. We will try to resolve this immediately by the close of the next business day. If that is not possible we will send you a copy of how we intend to handle the situation outlining our complaints handling procedure.
If the complaint is not resolved to your satisfaction you have recourse to the Financial Ombudsman Scheme (FOS). The FOS has been set up by the Financial Services Authority but is independent of the FSA and as such is there to resolve disputes between consumers and regulated firms in an efficient manner.
Making a complaint against us is in addition to and does not replace your right to seek legal redress against us. Any dispute shall be governed by English Law.
11. THE FINANCIAL SERVICES COMPENSATION SCHEME (FSCS)
We are covered by the FSCS. 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.
Insurance advising and arranging is covered for 100% of the first £2,000 and 90% of the remainder of the claim, without any upper limit.
Further information about compensation scheme arrangements is available from the FSCS.
TOBA (UK) 10.2007
UNLESS WE HEAR FROM YOU WE WILL ASSUME THAT YOU AGREE TO THESE TERMS