Terms of Business for General Insurance Mediation Business – Effective from 1st May 2018 - 31st December 2022
Your attention is drawn to the following notes relating to the insurance you have arranged, or wish to arrange with us.
We assess the financial soundness of the proposed insurers and markets we recommend using public information, including that produced by recognised rating agencies. However we will not in any circumstances act as an insurer nor will we guarantee the solvency of any insurer or market used for your requirements. The decision regarding the suitability of any insurer or market rests with you. If you have any concerns regarding any insurers chosen for your insurance requirements we will be pleased to discuss them with you.
If your insurance cover is placed via another insurance intermediary located outside Jersey, your premium (insurance money) may be passed to that intermediary and will be subject to a legal and regulatory regime that is different from Jersey’s. In the event of the failure of the insurance intermediary, your premium (insurance money) may be treated differently than it would be if it were held by an insurance intermediary in Jersey.
Any bank interest earned on your premium (insurance money), while it is held in our Insurance Broking Account, will be retained by us.
Insurers may not give a proportionate refund if a policy is cancelled in its first year.
It is our normal policy to make administration and other charges in certain cases, which are not refundable. Where a fee or charge is payable, you will be advised before you commit to the insurance.
The following scale of charges will apply:-
|New policy or renewal||£50 or up to 15% of annual premium|
|Duplicate covernote or certificate||£50|
|Duplicate windscreen disc||£50|
|Premium Instalments Plan service||6% of annual premium|
* plus retention of the full annual commission
It is our intention to provide a high level of service at all times. If however you have reason to make a complaint about our service, we have internal procedures for handling complaints fairly and promptly. In the first instance you should contact:
55 The Esplanade
Jersey JE1 4HQ
Our procedure is that:-
Jersey law will apply unless you agree otherwise with us.