Definitions – “We/us/our” means Addison Bradley & Co Ltd, 24 Chiswell Street, 5th Floor, London, EC1Y 4TY
Status – We act as an Independent Insurance Broker and we are authorised and regulated by the Financial Conduct Authority, Canary Wharf, London. Our FCA registration no. is 305107. You can check this on the FCA’s register by visiting their website www.fca.org.uk/register or by contacting the FCA on 0845 606 1234.
Complaints – If you wish to make a complaint, please contact Ibrahim Kabbara at the above address, or our office on 0207 355 1616. If we cannot settle the complaint satisfactorily, you may be entitled to refer your complaint to the Financial Ombudsman Service. Details of how will be provided to you in these circumstances.
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
Scope of Capacity and Services – We act as Independent Intermediaries on behalf of our Clients and are subject to the Law of Agency which imposes duties on us. We are acting as your agent when we are;-
Advising and arranging your insurance cover with insurers to meet your requirements.
Helping you with any ongoing changes you make.
Placing insurance on your behalf.
Assisting you with any claim you need to make.
Products – A list of insurers is available on request. 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. We will endeavour to conduct a fair analysis of the market place when dealing with your insurance, in the event of us only using one carrier for a particular product; you will be advised at the time of negotiation.
Use of other intermediaries – Where we consider it to be appropriate and for your benefit, it may be necessary for us to request another broker or intermediary to act as our agent and assist in the placement of your insurance product. In such cases, we will provide specific instructions to such sub-agents so as to meet your insurance requirements.
Transparency – You will receive information about any fees we receive relating to the product you are being offered. Our remuneration will either be a fee as agreed with you or commission which is a percentage of the premium paid by you, or a combination of both where appropriate. This will include commission, fees, over-rider agreements, profit share arrangements and any volume business deals that your policy may contribute towards. Brokerage/fees are for the policy period and we will retain all brokerage/fees in relation to policies we’ve placed.
We are committed to ensuring complete transparency of our remuneration and we will, at your request, fully disclose our remuneration
MID Disclaimer – If your policy requires you to populate & update the Motor Insurance Database, it is entirely your responsibility to ensure this is done even if you request us or your Insurer to do this on your behalf. We are unable to accept responsibility if you fail in your obligations to ensure the MID is correct as per current legislation.
Health & Safety – We cannot be held responsible for any client who fails to comply with current Health & Safety (or other relevant) legislation
Payment of Premiums – We normally accept payment by guaranteed cheque or certain credit or debit cards & you should enquire which are available. You may be able to spread your payment through insurers’ instalment facilities or a finance arrangement. We will give you full information about your payment options when we discuss your insurance.
Duty of Disclosure – It is your responsibility to provide complete & accurate information at all times, for the duration of the policy. It is important all statements you make are full and accurate. A fact or circumstance is material if it would influence the judgement of an insurer in fixing the premium or determining whether they would take the risk. Please note that failure to disclose material information could invalidate your insurance cover, and part of, or all of a claim may not be paid or the contract avoided. Please keep copies of documentation sent/received from us. Please contact us if you are in any doubt on any aspect.
Security – We do not guarantee the solvency of any insurer we place business with. A liability for the premium, whether in full or pro rata, may arise under policies where a participating insurer becomes insolvent.
Data protection – Information which you provide to us will not be used or disclosed by us to other parties, except in the normal course of handling a contract of insurance or a claim on your behalf and any related activities, unless we have obtained the necessary consent from you or where we are required to by law or a regulatory body that has authority over us. We will take appropriate steps to maintain the security of your confidential documents and information which are in our possession.
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 secured by the Police to help confirm who is insured to drive. In the event of an accident the database may b used by Insurers and the Motor Insurers Bureau to identify relevant policy information. Other insurance related databases may also be added in the future.
To make sure you get the best offer from Insurers or Third Parties involved in your insurance, i.e. finance providers, now or at any renewal or at any time and to protect their customers from fraud and to verify your identity, they may use publicly available data which they obtain from a variety of sources, including a credit reference agency and other external organizations. Their search will appear on your credit report whether or not your applications proceed.
As well as these searches they or us may use a credit check to ascertain the most appropriate payment options for you. This credit check will also appear on your credit report whether or not your applications proceed.
Unless you contact us to confirm you do not wish us to carry out these searches we will assume your consent has been given and proceed as above.
You must notify us as soon as possible of a claim and circumstances which may give rise to a claim. In the event of a claim you should contact this office and we will promptly advise you and if appropriate, issue you with a claim form and pass all details to your Insurer. You should not admit liability or agree to any course of action, other than emergency measures carried out to minimise the loss, until you have an agreement from your Insurer. We will remit claims payments to you as soon as possible after they have been received on your behalf. In the event that an insurer becomes insolvent or delays making settlement we do not accept liability for any unpaid amounts.
In some cases premiums are collected in line with a strict agency agreement known as a Risk Transfer and when we collect these premiums, we are acting on behalf of the Insurer. Where risk Transfer does not apply, client money is held in a Statutory trust in accordance with the FCA Client Assets Sourcebook (CASS), with our nominated bank. Holding money in line with CASS ensures your money is protected, and used only for the settlement of Insurer accounts. Any interest we earn on client money and any investment returns will be retained by us for our own use.
Payment to Third Parties
We may transfer client money to third person, such as another broker, for effecting a transaction on your behalf through that person. This may include brokers or agents outside the UK. The legal and regulatory regime applying that person outside the UK may be different from that of the UK and in the event of a failure of that firm; this money may be treated in a different manner from that which would apply if an agent in the UK held the money. You may notify us if you do not wish your money to be passed on to a person in a particular jurisdiction.
Your insurance may include a cancellation clause. If you are a Consumer, this is mandatory. Full cancellation details will be explained to you during the negotiation process. 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 the 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 National Crime Agency requires us to obtain evidence of clients’ identity at the start of a business relationship. We may ask or sight of your passport, utility bill or bank statements. For companies, evidence usually consists of a copy of the Certificate of Incorporation or we may check the Companies House register.
Our services may be terminated without cause or penalty by giving one months 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.
Law and Jurisdiction
These Terms of Business shall be governed by and construed in accordance with English law. In relation to any legal action or proceedings arising out of or in connection with these Terms of Business, we both irrevocably submit to the exclusive jurisdiction of the English courts.