Terms of Business

Terms of Business

Regulation

We, CoverSupermarket.com 9 Croft Court, Whitehills Business Park, Blackpool, FY4 5PR an appointed representatives of M&J Yates Ltd who are authorised and regulated by Financial Conduct Authority (FCA) to sell general insurance products. Our FCA register number is 304571 and you can check this on the FCA's register by visiting their website at www.fca.org.uk/register or by contacting them on 0845 606 1234

Complaints

It is our intention to provide you with a high level of customer service at all times. If there are occasions when we do not meet your standards, please contact Mr M T Yates either verbally or in writing, who will take details of your concerns. We will acknowledge in writing, advising you of who is dealing with your concerns and attempt to address your concerns within 5 working days. If our investigation takes longer, we will provide you with an explanation or a full response within the current FCA timescales. If we cannot satisfy your complaint you may be entitled to refer it to the Financial Ombudsman Service.

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. Full details and further information on the scheme are available from the FSCS.

Explaining our service

We provide access to all forms of general insurance products, services and advice, together with risk management services, to a wide range of corporate, small commercial and retail clients. We will seek to avoid conflicts of interest, but where conflict is unavoidable or does arise; we will explain the situation and manage it in such a way as to avoid prejudice to any party. We will not unfairly put its own interests above our duty to any client for whom we act.

Products

We offer products from a range of insurers however you will be advised if your product is offered from a limited market or single insurer. We will advise and make a recommendation for you after we have assessed your needs. This will include the type of cover you seek together with the costs.

Payment

We provide our Clients with a debit note detailing the premiums, including any taxes that the Insurers may be obliged to collect. Some underwriters include terms of settlement on certain contracts; others require that the premium be paid within certain strict guidelines. This is a condition of the policy and must be complied with, as failure to meet payment deadlines can lead to a policy being cancelled and render the contract voidable ab initio.

Remuneration

Our remuneration will be either a fee as agreed with you or commission which is a percentage of the premium paid by you and a combination of both where appropriate. Brokerage/fees are for the policy period and we will be entitled to retain all brokerage/fees in relation to policies placed by us. You will receive a quotation which will tell you about any additional fees relating to the particular product you are being offered. You will always be notified in this event.

Duty of Disclosure

The law imposes onerous duties upon anyone entering into an insurance contract and anyone acting on his behalf. For example, the Proposer has a duty to disclose all facts/circumstances that may influence the underwriter in deciding whether to accept the risk, impose special terms, or charge an increased premium. This duty arises at inception and throughout the lifetime of the policy. The duty also applies to the submission & substantiation of all claims. This information must always be disclosed to the Insurers. A proposal/claim form, or any other document relating to the insurance must be answered fully and accurately. This is the sole responsibility of the Insured as failure to disclose such material information may invalidate your insurance cover and could mean that part or all of a claim may not be met. If you are unsure whether information may be material, please discuss this with us.

Misrepresentations Act (Consumers only)

You are respectfully reminded of your duty to take reasonable care not to make a misrepresentation in any information that is provided by you to insurers and to answer all questions asked by insurers honestly. Under the Consumer Insurance (Disclosure and Representations) Act 2012, a misrepresentation may amount to a failure to comply with a request from an insurer for confirmation, or amendment, of details previously provided by you. Please be aware that the duty to take care not to make a misrepresentation exists not just prior to any placement being effected but also at any subsequent renewal and any variation of the contract terms during the period of insurance. In the event of a deliberate or reckless misrepresentation, insurers may avoid the contract. Under the Consumer Insurer (Disclosure and Representations) Act 2012, a deliberate or reckless misrepresentation is a misrepresentation where you know it to be untrue or misleading (or do not care either way) and that you know (or do not care) that the matter to which it relates is relevant to insurers.

Insurers may also avoid the contract where a careless misrepresentation has been made. A careless misrepresentation is a misrepresentation that is neither deliberate or reckless. In such instances, if insurers would not have entered into the contract had the careless misrepresentation not been made, then insurers may be entitled to avoid the contract. However, if insurers would have imposed different terms had the careless misrepresentation not been made, then insurers may be entitled to treat the contract as if those terms applied.

Data Protection

All information provided by our Clients is considered to be confidential and is only disclosed in the normal course of negotiation and maintenance of insurance transactions undertaken on their behalf. Unless requested by a court of competent jurisdiction, a regulatory body or information which is already in the public domain, we will not release information to any other party without your prior consent. We may use information we hold about you to provide you with information about other products or services we offer that we fell may be appropriate to you. We may seek to obtain credit checks and /or reference in the course of our activities. It may also be necessary to pass information about you to credit reference agencies for the purpose of arranging payments by instalments any may also pass to them details of your payment record with us. Under the Data Protection Act 1998 you have the right to see personal information about you that we hold in our records. If you have any queries, please contact us in writing.

IMPORTANT

Insurers pass information to the Claims and Underwriting Exchange run by Insurance Database Services ltd and the Motor Insurance Anti-Fraud and Theft Register run by the Association of British Insurers. The aim is to check information provided and also prevent fraudulent claims. Motor insurance details are added to the Motor Insurance database run by the Motor Insurers' Information Centre that has been formed to help identify uninsured drivers and may be searched by the Police to help confirm who is insured to drive. In the event of an accident the database may be used by Insurers and the Motor Insurers Bureau to identify relevant policy information. Other insurance related databases may also be added in future.

Insurer Security

It is important to us that business is placed with Insurers who are of a financial standing and reputation to support the policy being underwritten. We cannot and do not guarantee the solvency of any Insurers or placing agents it uses, nor does it rate, assess or approve security. A liability for the premium, whether in full or pro rata, may arise under policies where a participating insurer becomes insolvent.

Claims

To assist us in the handling of any claim it is vital that you notify us promptly when an incident which may give rise to a claim occurs, and provide all information, claims forms and estimates as quickly as possible. Delays may prejudice negotiations and entitle the Insurer to repudiate the claim.

Client Money

Client money is held in a statutory trust in accordance with the FCA client assets sourcebook (CASS). Copies of these rules are available on request. Any interest we earn on client money & any investment returns will be retained by us for our own use.

Cancellation Clause

Your insurance contract may include a cancellation clause. If you are a retail consumer, this is mandatory. In the event that you fail to pay your premium by the due date the insurance may be cancelled forthwith or by the insurers, giving notice of the cancellation. In the event of cancellation, insurers may return a pro rata premium to us, but you are advised to check your insurance policy for full details of your insurers' cancellation clause. Once our remuneration has been earned, in the event that the insurance is cancelled after inception, our fees or brokerage will not usually be returnable.

Money Laundering/Proceeds of Crime Act

The United Kingdom Money Laundering Regulations require us to obtain evidence of the identity of clients for whom we act at the start of a business relationship or in respect of certain transactions. We are obliged to report to The National Criminal Intelligence Service any evidence or suspicion of money laundering at the first opportunity and we are prohibited from disclosing any such report.

Termination

Our services may be terminated without cause or penalty by giving one month's notice in writing. In the event that our services are terminated by you other than at the expiry of the policy we will be entitled to retain any fees and all of the brokerage payable. The responsibility for handling claims reported after the date of termination shall in the absence of an express agreement be the responsibility of the party taking over the role.

Conditions/Warranties

You must comply with any conditions, clauses & warranties contained within the insurance we have arranged. Failure to comply can result in the Insurer terminating your policy. Further, where the insurance has been placed with subjectivity, it may be invalidated or coverage prejudiced whilst subjectivity is outstanding.

Commission Disclosure

We would remind you that you are able to request full commission disclosure at any time during the contract term.

Governing Law

This and any accompanying document shall be governed by and construed in accordance with English Law and the Courts of England shall have exclusive jurisdiction to settle any disputes that may arise out of or in connection with them.

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CoverSupermarket is a trading name M T Yates Ltd who are authorised and regulated by the Financial Conduct Authority No 304571