SHIELD (INSURANCE CONSULTANTS) LTD.
TERMS OF BUSINESS
WHO ARE WE?
Shield (Insurance Consultants) Ltd trading as Cabshield was established in 1990 and provide dedicated insurance brokerage services to the Public and Private Hire industry. Our Office address is Law House, 2 Strathmartine Road, Dundee, DD3 7RJ. You can call us on 01382 889222 or email email@example.com
These Terms of Business set out the services we provide. You should use it to decide if our services are right for you.
We are authorised and regulated by the Financial Conduct Authority. Our FCA registration number is 306314 and our permitted business is arranging general insurance contracts. You can check this if you wish by visiting www.fca.org.uk/register or by contacting the FCA on 0800 111 6768
The FCA has authorised us to advise, arrange, deal in and assist with the placing and administration of all types of General Insurance Policies. However we do not offer advice on Pure Protection Policies such as, but not limited to: Term Assurance, Private Medical Insurance, Payment Protection Insurance, Permanent Health Insurance, Key Person Insurance or Shareholder Protection Insurance. We are also authorised to undertake certain Consumer Credit activities.
METHODS OF COMMUNICATION
We will normally contact you by telephone, text message, email or post, as agreed with you. Please let us know if you would prefer not to receive any communication by any particular method. Please note all calls may be recorded for training and monitoring purposes. Where your contact details (Or the person in your organisation who we should contact about your cover) changes, you must notify us.
For training and compliance purposes all calls may be recorded.
FINANCIAL SERVICES COMPENSATION SCHEME (FSCS)
Shield (Insurance Consultants) Ltd is covered by the Financial Services Compensation Scheme. 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 arranging is covered for 90% of the claim, without any upper limit, with 100% for compulsory insurances. Further information about this scheme is available from FSCS on 020 78927300 or by visiting http://www.fscs.org.uk.
CABSHIELD PRODUCTS AND SERVICES
We offer Insurance products from a panel of insurers that we have selected for the purpose of providing Commercial Vehicle and Public/Private Hire Insurance. If you would like details of our panel, we will provide this on request.
We act as an agent for all our insurance providers. Some of the insurers we deal with carry out credit checks and this will appear on your credit report whether or not you take out or renew a policy with them.
- Ask you information about you to enable us to assess reasonably your insurance requirements, this may include checking information that we already hold about you and your existing insurance arrangements with us and other parties;
- Use the information you provide to provide you with a statement of your demands and needs and to enable us obtain quotes from the panel of insurers we work with;
- Provide you with information only, including generic comparisons between different insurers for you to choose which is most appropriate to you;
- Offer you additional products from our panel of insurers only if we believe they may benefit you.
We will not
- Provide you with any advice or recommendation as to which policy is appropriate or most suitable for you;
- Add any additional products without your prior agreement;
We may receive a commission from the insurer with whom we place your business, and in such case, the commission will be paid to us either when we are in receipt of cleared funds from you (Or the premium finance company, if one is used) or, when the insurer has received cleared funds from us in respect of the premium due under your policy. The individual agreements we have with each insurer will determine which of the two methods above is used to make this transfer of commission. You are entitled at any time you have an active policy to request information regarding any commission which we have received as a result of placing your insurance business with us.
INFORMATION ON ADMINISTRATION CHARGES
We make a charge for our service and this will always be identified to you. These charges are payable at the point of inception or cancellation of your Policy, A Mid-Term Adjustment is applied, or when duplicate documentation is requested. These charges are non-refundable. Currently, our charges are:
£60 for new business/ renewal arrangement for Single and Multi-Vehicle Policies
£100 for new business/ renewal arrangement for Fleets of up to 50 Vehicles
£200 for new business/ renewal arrangement for Fleets of over 50 Vehicles
£50 for cancellation
£25 for policy adjustments – This includes adjustments as a result of non-disclosure or misrepresentation of information
£25 for direct debit arrangement
£25 for duplicate documentation
DISCLOSURE OF INFORMATION – THE INSURANCE ACT 2015
It is important that you understand that any information, statements or answers made by you to us, or your insurer, are your responsibility. You must take reasonable care not to make misrepresentations when answering insurer’s questions. If you are careless in answering the insurer’s questions or deliberately make a misrepresentation and have not disclosed all material facts to the insurer this may render the insurance void from inception (the start of the contract) and enable the insurer to repudiate liability (entitle the insurer not to pay your claims). You will be liable for any additional premium as a result of any misrepresentation. You are advised to keep copies of documentation sent to or received from us for your own protection. Please do consult us if you are in doubt on any aspect. The requirement for correct information not only applies at commencement and renewal of your policy, but also at any time during the period of insurance. Please be aware underwriters may conduct checks on the claims and underwriting exchange database to validate your claims history. If you are in any doubt as to whether information is material, you should disclose it.
AWARENESS OF POLICY TERMS
When a policy is incepted and documentation is issued, you are strongly advised to read it carefully, as it is that document, the schedule and any certificate that is the basis of the insurance contract you have purchased. If you are in doubt over any of the policy terms and conditions, please contact us immediately.
YOUR RIGHT TO CANCEL YOUR INSURANCE AND YOUR ‘COOLING OFF’ PERIOD
You have the following rights to cancel any insurance you buy through us:
You have a cancellation right which is set out in the policy document. You are also entitled to a ‘cooling off’ period, which ends 14 days after you receive your policy documents except where a claim is pending or notified.
What you will be charged if you cancel your insurance:
1) Within the ‘cooling off’ period
If you cancel your insurance, before the end of the ‘cooling off’ period, you will be charged by the insurer for the service they have provided up to the point of cancellation and the underwriter may charge an administration fee. We will also make a cancellation charge of £50. Our New Policy Inception or Policy Renewal service charge for arranging your insurance will not be refunded. If we have given you a discount off your premium at inception or renewal this will be deducted on a pro rata basis from any refund due to you on cancellation. In addition any Cash Back received will be deducted from any refund due. Where a cancellation or other mid-term adjustment results in a premium refund being due to you, that refund will be reduced by any administration charge and any other sums you owe in respect of the policy. If you have made a claim, or there has been an incident that will result in a claim, you will be liable to pay the full annual premium. If this is settled as a non-fault claim, or the insurer is able to recover its loss then cancellation may be recalculated.
2) After the ‘cooling off’ period
Some insurers may cancel using short period rates after the cooling off period; this means a percentage of the original premium dependant on length of time on cover. Your policy document will set out your insurer’s terms in this respect and any applicable cancellation charges made by your insurer. These are in addition to our own administration charge.
To exercise your right to cancel your policy, please send your signed request in writing to the address on our letterhead detailing the reason for cancellation. You may also submit this by email if you have an email address registered with us. The date of cancellation cannot be earlier than the date that it is received in our office. If you have made a claim, or there has been an incident that will result in a claim, you will be liable to pay the full annual premium. If this is settled as a non-fault claim, or the insurer is able to recover its loss then cancellation may be recalculated.
3) Cancelling Optional Extras
If you have any additional optional Insurances (e.g. Legal Expenses, Public Liability or Excess Protection) linked to your insurance, then these will be cancelled when your main policy is cancelled. If you have not used the service and cancel within the initial 14 days cooling off period you may be entitled to a partial refund. There will not be any refund if you cancel these optional extras after the 14 day cooling off period
OUR RIGHT TO CANCEL
We reserve the right to withdraw and cancel your insurance if:
- you fail to pay premiums, or instalment of premiums, on demand.
- you fail to supply documentation or information requested by the insurer within 7 days of a written request.
- you are found to have made a false statement or declaration relevant to your insurance, at any time.
In the event we cancel your policy, provided no claims are pending or notified (full premium would be payable is these cases), you will receive a refund in accordance with your Insurers cancellation terms less our £50.00 cancellation fee.
FINANCE INSTALMENT PLANS
We may offer you a facility to pay for your insurance through Close Brothers Premium Finance or via your insurance company. In these circumstances the charges and other details are advised to you separately in accordance with the consumer credit act regulations.
If you choose to receive finance from Close Brothers Premium Finance, they are providing a loan to pay for your insurance. Please note this loan is not directly connected to your insurance policy and you must meet the monthly repayments, regardless of any changes to, or cancellation of your policy. Any refunds will be applied to any outstanding monies on the loan. We will also apply a £25 administration fee to set up the agreement. Please note: Your policy cover will cease if you fail to keep up payments on an instalment agreement or premium finance facility related to it.
PAYMENT METHODS & CLIENT MONEY
We accept payment by cash, debit or credit card. We do not accept personal cheques.
Any payments that we receive from you or which need to be refunded to you are held in a non-statutory trust account for your protection in accordance with FCA rules, A non-statutory trust client bank account allows us to use the money held in trust on behalf of one customer to pay another customers premium before we receive it from that customer and to pay premium refunds or claims before we receive payment from Insurance Companies. This is a standard practice within the insurance industry and we cannot use your money for any other purpose. We do not pay any interest on premiums held by us in the course of arranging and administering your insurance, unless, in the case of consumer transactions we receive more than £20 per transaction, and then we will ask for your permission to retain the interest. Unless you tell us otherwise, you are consenting to us holding your money in this way.
DATA PROTECTION ACT
FRAUD PREVENTION AND DETECTION
To prevent and detect fraud we, and any insurer whom your business in placed may at any time:
- share information about you if required to do so by law, with any regulatory, judicial, governmental or similar body or taxation authority if competent jurisdiction.
- check and /or file your details with fraud prevention agencies and databases.
- we and other organisations may also search these agencies and databases to help make decisions about the provision and administration of your insurance.
- undertake credit searches and additional fraud searches.
We can supply further details of the databases which we use on request, these include:
Claims and Underwriting Exchange Register (CUE) and Motor Insurance Anti-Fraud Register (MID)
Insurers pass information to the Claims and Underwriting exchange register operated by Database Services Limited and the Motor Insurance Anti-Fraud Register compiled by the Association of British Insurers. The objective is to check information provided and to
prevent fraudulent claims. Motor Insurance details are also added to the Motor Insurance Database operated by the Motor Insurers’ Information Centre (MIIC), which has been formed to help identify uninsured drivers and may be used by Insurers, MIIC and your
motor insurer to identify relevant policy information. Other insurance related databases may also be added in the future.
HM Financial Sanctions List
We are required to screen all our clients against the Financial Sanctions List as it is prohibited for a firm to deal with any person or organisation on this list.
Driver and Vehicle Licensing Agency (DVLA)
With effect from 8th June 2015 the paper counterpart licence is no longer valid. Any new penalty points (endorsement) will only be recorded online by the DVLA and the only way to check driving history is online. Please visit the DVLA website http://www.gov.uk/view-driving-licence.
LIMITATION OF LIABILITY
We believe the insurers on the panel of insurers we provide quotes from to be reliable and of good financial standing, but it should be noted the claims paying ability of any insurers is not guaranteed and could be affected by insolvency or adverse trading conditions. We do not accept liability for any losses suffered by you and cannot be held liable if an insurer your business is placed with is unable to meet their obligations, or for any costs associated with replacing or arranging alternative cover. You are still responsible for paying any premium or part premium due. You may have to pay a further premium to arrange for alternative insurance cover
It is your responsibility to ensure that the level of cover insured for is adequate and appropriate to your circumstances and the reinstatement value of any item or quantum of any risk insured. We accept no liability for the accuracy of any sum insured.
We aim to always treat you fairly. We consider carefully the products we offer to our clients and we work hard to make sure you are not misled and that the information we provide is clear and understandable. Our Complaints process is fair, reasonable and accessible and we will always try to put things right if we have made a mistake. We want you to be confident and comfortable with your dealings with us.
If you should wish to make a complaint about our service we have a formal complaints procedure.
- in the first instance you should contact us at the address given below.
- we shall supply you with a copy of our complaints procedure upon receipt of your complaint or at any time upon request.
- you will be advised of any redress available to you, should you believe the matter has not been resolved to your satisfaction.
- if you cannot settle your complaint with us you may be entitled to refer it to the Financial Ombudsman Service. We will advise you if you are able to refer any complaint to the Financial Ombudsman Service.
2 Strathmartine Road
By email: firstname.lastname@example.org
By telephone: 01382 889222
By fax: 01382 832349
If your complaint concerns the service from your insurer
Cabshield acts on behalf of Insurance companies or Lloyd’s syndicates: the procedure that will apply depends on the insurer. To identify which procedure applies to you, please refer to your policy wording.
If the complaint is against one of the Insurance companies or Lloyd’s syndicates we deal with on your behalf, we will supply you with their complaints procedure on request. However this can usually be found in your POLICY BOOKLET or the KEY FACTS sheet.
We will inform them of your complaint on your behalf.
If your complaint regards a Lloyd’s syndicate, you can ask them to investigate your complaint by contacting:
One Lime Street
By email: email@example.com
By telephone: +44 (0)20 7327 5693
By fax: +44 (0)20 7327 5225
Via website: www.lloyds.com/complaints
Details of Lloyd’s complaints procedures are set out in a leaflet “Your complaint – How We Can Help” available at www.lloyds.com/complaints and are also available from the above address.
FINANCIAL OMBUDSMAN SERVICE (FOS)
If you are not satisfied with how your complaint has been handled or we are unable to resolve your complaint, you can refer your case to the Financial Ombudsman Service. You can find information about the FOS at
The Financial Ombudsman Service
By email: firstname.lastname@example.org
By telephone: 0800 023 4567 or 0300 123 9123
Download a copy of this agreement here.