Terms Of Business and Trading

Please read this document carefully. It sets out the terms and conditions on which we agree to act for you, contains details of our responsibilities to you and to insurers. Please contact us immediately if anything contained in this document you do not understand or with which you disagree. Your receipt of this document constitutes your informed consent to its contents.

 

Definitions

A consumer means anyone acting outside of their trade or profession unless acting for their trade or profession. A commercial customer is someone who is acting within the course of their business or for anyone they represent. “you or “your” means you and anyone acting for you. “we” or “us” means the firm noted in the header of this document

 

Key Facts about our Insurance Services

BWA (Commercial) Ltd are an insurance intermediary appointed by a number of insurance companies and specialised insurance intermediaries to sell their products.  We are authorised and regulated by the Financial Conduct Authority (FCA), reference number 304505.  You can check this on the FCA Register by visiting the FCA website  www.fca.gov.uk/register or by contacting the FCA on telephone number 0800 111 6768.  The FCA is an independent watchdog that regulates financial services.

 

The FCA has authorised us to advise, arrange, deal in and assist with the placing and administration of all types of General Insurance policies.  We can act both as agent of insurer, and on behalf of you, the customer. We have in place management controls to deal with any conflicts of interest that might arise. Unless we advise you otherwise, we are acting on your behalf.   We also act on behalf of insurers when collecting premiums under risk transfer

 

Our service includes: advising you on your insurance needs; arranging your insurance cover with insurers as far as possible to meet your requirements; helping you with any ongoing changes you have to make; assist you with any claim you make, including the recovery of any uninsured losses you may incur.  We offer products from a range of insurance companies and specialised insurance intermediaries, a list of which is available upon request. We may at times use a preferred supplier where we feel this benefits the customer you will be advised if we do this. The policies we offer you usually involves presenting to a reasonable number of insurance companies that will insure for the risk at hand, and this is called a fair analysis of the market. 

We will provide you with advice and guidance, after assessing what you want and need and recommend a suitable policy based on our experience of dealing with similar risks.  Alternatively we will provide you with information only; including generic comparisons between different insurers, you will need to make your own choice as we will not provide you with any advice or specific recommendations. We will confirm to you the level of service we are providing as part of our sales process.  

We are committed to providing a professional service and to act in accordance with the FCA conduct of business rules and principles. We will provide you with sufficient information verbally or in writing to allow you to make an informed decision before concluding a contract and cover documentation will be forwarded promptly, once received by us.

 

Law & Language

If any provision of these Terms is found to be invalid or unenforceable in whole or in part, the validity of the other provisions of these Terms and the remainder of the provision in question will not be affected.  These Terms shall be governed by the laws of England and Wales or Scotland and the parties agree herewith that any dispute arising out of it shall be subject to the exclusive jurisdiction of the relevant court. These Terms supersede all proposals, prior discussions and representations (whether oral or written) between us relating to our appointment as your agent in connection with the arranging and administration of your insurance.  These Terms constitute an offer by us to act on your behalf in the arranging and administration of your insurance.  In the absence of any specific acceptance communicated to us by you (whether verbal or written) you are deemed to accept our offer to act for you on the basis of these Terms, by conduct, upon your instructing us to arrange, renew or otherwise act for you in connection with insurance matters.  This Terms of Business is subject to English Law and the jurisdiction of the English Courts.  We will use the English Language for all communications, the contractual terms and conditions and any information we are required to supply to you, before and during the contract.

 

Our Liability to you

Unless we have otherwise agreed with you in writing, we shall treat your instructions to place or renew insurance cover as acceptance of the limitation of our liability to you and to any other person with an interest in your insurance cover, as follows, Except in respect of any claim:-

Resulting from our fraudulent act, resulting from a breach by us of the FCA’s rules or principals of business, in relation to any liability for death or personal injury resulting from our negligence, in relation to any other liability which cannot lawfully be excluded or limited. Our liability to you (whether in contract, tort (including, without limitation, negligence) or otherwise) shall be limited to £1,500,000 in respect of any insurance mediation activities undertaken by us on your behalf over any 12 month period. We will not be liable for any consequential loss whatsoever however arising and all liability in tort save in relation to liability for our negligent acts causing personal injury or death or other liability expressly reserved by statute.

 

Fees/Charges

We do not make charges for our services, other than the premiums charged by insurers, as we rely on commission paid to us by insurers.  However where commission is not paid to us or the commission falls below our normal expectations, we may, at our discretion, charge a fee.  Full details of any fee will be advised to you in advance of arranging cover and we will disclose any commission earned by placing your insurance contracts on request.

 

We accept payment by guaranteed cheque or by insurers’ instalment scheme or where appropriate, outside finance if agreed by you.  Some insurers also accept payment by credit/debit card.  We will give you full details about your payment options when we discuss your insurance.

Policies voided or cancelled from inception by insurers will be treated as a cancellation and we will retain any commission and fees before returning the net premium to you. By accepting these terms of business, you agree that we may retain the portion of the premium that relates to commission that would have been due to us.

Money

We will hold money that you pay to us in accordance with the regulators rules or under a risk transfer agreement with insurers. This will include holding your money as follows:-

 

A statutory trust client bank account that only allows us to use the money held in trust on behalf of a customer for paying that customers’ premium to an insurance company and to pay premium refunds or claims we receive from that insurance company to the customer, once the premium has been received from that insurance company. We cannot use that customer’s money to pay another customers premium or refund. Also for this reason it is not possible for you to offset the refund against premiums owed on another policy.

In arranging your insurance we may employ the services of other intermediaries who are regulated by the FCA and your premium may be passed to these intermediaries for payment to insurers. These firms are also required to hold clients’ money in a separate trust account. We will also inform you if at any time we are required to pass your premium to firms that operate outside the UK where the protection may be different. Should you not wish us to pass premiums to a firm outside of the UK, please inform us.

 

Complaints

It is our intention to provide you with the highest possible level of customer service at all times. However we recognise that things can go wrong occasionally and if this occurs we are committed to resolving matters promptly and fairly. A copy of our complaints procedure is available on request.

Should you wish to complain you may do so:-

• In writing to the Complaints Manager – Paul Berry

• By telephone or fax (see above)

• By e-mail at paul@bwaltd.co.uk

• In person by visiting our office (see above for address)

Should you not be satisfied with our final response, you may be entitled to refer the matter to the Financial Ombudsman Service (FOS). You may if you wish, and if you are an eligible complainant within the terms of The Financial Services Act, refer your complaint, if not satisfied, or if we do not comply with the above time limits to:-

The Financial Ombudsman Service, SouthQuayPlaza, 183 Marsh Wall, London E14 9SR, Telephone Number – 0800 023 4567 / 0300 123 9123 Website www.financial-ombudsman.org.uk

 

Financial Services Compensation Scheme (FSCS)

If we are unable to meet our obligations, you may be entitled to compensation from the FSCS. If we have advised or arranged insurance for you this will be covered for 90% of a claim, without any upper limit, however compulsory classes of insurance (such as motor insurance) is covered for 100% of a claim.  Further information is available from the FSCS helpline on 0207 892 7300 and www.fscs.org.uk.  The FSCS is the UK’s statutory fund of last resort for customers of authorised financial services firms.  Compensation is usually payable if an authorised firm is unable or unlikely to pay claims usually because it has ceased trading or become insolvent

 

Communication & Documentation

We will issue all documentation to you in a timely manner. Documentation relating to your insurance will confirm the basis of the cover and provide details of the relevant insurers. It is therefore important that the documentation is kept in a safe place, as you may need to refer to it or need it to make a claim. A new policy/policy booklet is not necessarily provided each year, although a duplicate can be provided at any time upon request.  You should always check the documentation to ensure all the details are correct and if this is not the case you should contact us immediately.

 

Notification of Incidents/Claims

It is essential to notify us immediately of all incidents that may result in a claim against your insurance policy. You must do so whether you believe you are liable or not. Any letter or claim received by you must be passed to us immediately, without acknowledgement. Only by providing prompt notification of incidents can your insurance company take steps to protect your interests. Your policy summary and/or policy document will provide you with details on who to contact to make a claim.

Insurers will make their cheques payable to the policyholder. If you require a payment to be made to a third party then you must confirm the required payee name and details and provide a brief explanation for your request. Please contact us for guidance on claiming under your policy.

 

Cancellation (“Consumer” customers only)

Your policy document will detail your rights to cancel your insurance once you have taken it out. Depending on the type of policy you have purchased, you may be entitled to cancel within 14 of either conclusion of the contract or receiving your policy documentation, whichever occurs later.  This is often referred to as a cooling off period. Where you cancel a policy before renewal you will be responsible for paying a charge to meet the cost of cover provided and administration expenses. Please see the Refunds section. To enable your insurer to process the cancellation, you will need to return certificates and any official documents to our office within 30 days of your notice to cancel.

 

Confidentiality and Data Protection

We are registered under the Data Protection Act 1998 and we undertake to comply with the Act in all our dealings with your personal data. All information about you of a sensitive or personal nature will be treated as private and confidential.  We will however use and disclose the information we have about you in the course of arranging, placing and administering your insurance.  This may involve passing information about you to insurers, other intermediaries, risk management assessors, uninsured loss recovery agencies and other third parties involved (directly or indirectly) in your insurance. To make sure you get our best deal and to ascertain the most appropriate payment options for you and to protect you from fraud, we use public and personal data from a variety of sources, including credit reference agencies and other organisations. Our search will appear on your credit report whether or not your application proceeds. By agreeing to the terms and conditions you agree to these uses of your information.  We may also pass information about you to credit reference agencies and premium finance providers in connection with the assessment of your financial standing generally and, in particular, where you have requested a premium instalment plan – this may include details of your payment record with us.  We may also pass information about you to other companies with which we are associated.  We or they may also use the information we hold about you to provide you with information on other products and services we or they can offer and which we or they feel may be of interest to you.  Please notify us promptly in writing if you do not wish your details to be used for any of these purposes otherwise we shall treat the issue of these Terms as evidence of your informed consent.  In the interests of security and to improve our service, telephone calls you make to us may be monitored and / or recorded for training purposes.

IMPORTANT INFORMATION

 

WARNING – CONSUMERS

 

WHERE THE MAIN PURPOSE OF THE CONTRACT IS FOR PRIVATE USE

 

Your duty to give information

When applying for or amending your insurance policy, we and / or your insurer will ask a number of questions to assess the risk prior to agreeing cover. It is your duty to ensure that you answer all questions raised by insurers or us honestly and reasonably. These questions are designed to enable us or the insurer to obtain a comprehensive picture of the nature of the risk to be insured, and only by asking such questions and receiving answers which are given honestly and with reasonable care, can we or the insurer be in a position to offer terms which are designed to meet your demands and needs.

The reason why this is vital and extremely important is that if you fail to tell us or the insurer something when asked, or, if you answer carelessly or act deliberately or recklessly in making misrepresentations when answering questions, your policy may leave you with no insurance protection; insurers may not pay a part or all of your claim and may cancel your policy.  You may find it difficult to re-arrange cover because you did not tell an insurer everything when asked, and you will have to disclose this fact when you reapply for insurance. 

 

FAILURE TO ANSWER QUESTIONS HONESTLY AND REASONABLY, WHEN ASKED, MAY LEAVE YOU WITH NO COVER AND A CLAIM NOT PAID.

 

WARNING – COMMERCIAL CUSTOMERS ( OR WHERE THE MAIN PURPOSE OF A CONSUMER CONTRACT IS NOT FOR PRIVATE USE)

 

Your duty to give information

IT IS IMPORTANT THAT YOU UNDERSTAND YOUR DUTY TO PROVIDE ALL MATERIALLY IMPORTANT INFORMATION, FULLY, COMPLETELY AND ACCURATELY TO US AND YOUR INSURERS NOT ONLY WHEN YOU TAKE OUT YOUR INSURANCE, BUT ALSO THROUGHOUT THE LIFE OF YOUR ARRANGEMENT, AT THE ANNUAL RENEWAL OR AT ANY OTHER TIME WHEN CHANGES OCCUR.

Materially important information is any information that could influence an insurer’s decision to accept your risk including the cost of your insurance.  For example, details of previous insurance claims that you have made, or reported.  Personal information about you, such as Criminal Convictions (you have a duty to give this information even when the insurance relates to a business and not you).  General information about the risk, such as the construction of a building, (for example, concrete floor, timber frame with brick, stone, and a slate roof) if you are not sure how much information to provide or do not understand the question please ask.

The reason why this is vital and extremely important is that if you fail to tell us something, your policy will leave you with no insurance protection; insurers will not pay any claims and will cancel your policy.  You will find it difficult to re-arrange cover because you did not tell an insurer everything, and you will have to disclose this fact when you reapply for insurance. 

 

FAILURE TO DISCLOSE THESE FACTS MAY LEAVE YOU WITH NO COVER AND A CLAIM NOT PAID.

 

WARNING

Warranties and Conditions Precedent

Your policy contains a number of WARRANTIES and CONDITIONS PRECEDENT.   These are horrible terms which you must comply with word for word, otherwise the insurer might not pay any claims and might cancel your policy from the start. Even if there is no connection between a breach of these terms and the cause of the loss. 

Failure to comply with these terms may leave you with no insurance cover and your claim not being paid!

An insurance warranty is not a good thing, it does not mean that it is a guarantee of something; it typically means that you must comply with terms in order that your insurance protection remains operative.

Conditions Precedent: Some conditions do impose a responsibility on you to have done something or completed something before a certain section of the policy will operate. If you do not do the thing stated, cover will not be in place.

 

FAILURE TO COMPLY MAY LEAVE YOU WITH NO COVER AND A CLAIM NOT PAID.

 

IMPORTANT

Warranties are not always referred to as such within a policy and schedule. They may be referred to as conditions, endorsements, special terms as well as warranties.

It is important that you look out for these and if you have any doubt about a particular statement, please ask us for advice.

 

FAILURE TO COMPLY WITH THESE MAY LEAVE YOU WITHOUT ANY COVER IN THE EVENT OF A CLAIM AND THE