OUR FIRMS TERMS OF BUSINESS
The Financial Conduct Authority (FCA) is the independent watchdog that regulates Financial Services and General Insurance. It requires us to give you this document. Please use this information to decide if our services are right for you. Effective from 1st April 2017 these Terms of Business supersede all previous Terms of Business. Please keep this with your policy. Proceeding with a quotation or Renewal implies your acceptance of our Terms of Business.
Priory Insurance Brokers Ltd, 4 Fairland Street, Wymondham, Norfolk, NR18 OAN are authorised and regulated by the Financial Conduct Authority. Our registration Number is 300596. Our permitted business is arranging general insurance contracts. We are also authorised and regulated to carry on credit broking. We can be contacted: Tel 03453 304305 or Email [email protected]
or by contacting the FCA on 0800 111 6768. We are an independent insurance broker. As we are not tied to any one insurance company we are able to offer products from a range of Insurers in order to find the most suitable product for you, price alone will not always be the best policy. A written list is available upon request. For the following classes of products we use single providers :- Insure daily via our website uses Markerstudy Insurance Ltd only. Our Motor Legal Expenses product is only provided by BD Elite Ltd and underwritten by Financial & Legal Insurance Company Ltd.
We offer a full range of insurance products, advice, information and claims service. In respect of any advice we give you in connection with any policy, we act as your agent. In respect of collection of any money, we hold all client funds in non-statutory account for your protection.
Under the terms of our client bank account (which has been set up in accordance with strict rules laid down by the FCA), we are required to inform you that we may use your individual premium to settle premiums due under other policies (including those payable by other clients). We are the Agent of Insurers for the purpose of collection of certain premiums. We may on occasions place business through another FCA regulated intermediary in which case premiums will be passed to that intermediary for payments to the Insurer. We are also a credit broker in that we introduce those wishing to pay by instalments to firms that are able to lend money under a regulated credit agreement by way of business.
We will advise our clients on their insurance needs from information they provide to us. We will arrange insurance cover in accordance with our client’s requirements with a single insurer, an insurer with support from other insurers or a panel of insurers we have selected. We will help our clients with any changes to such insurance cover that they wish to make. We will assist our client’s with claims on insurance polices that they have arranged through us.
We will aim at all times to conduct our business with utmost good faith and integrity.
When we are providing a quotation for a contract of insurance we will take due care to make sure of its accuracy and that we can place it at the price quoted. We will tell our clients the name of the insurer.
Quotations are valid for a period of 7 days but maybe extended upon request. Summaries of policy cover provided by us are for Information purposes only and do not form part of the contract of insurance. For full details of policy cover, you should refer to the policy document and schedule of insurance or summary of policy cover provided by insurers. Customers are entitled to a new policy document at each renewal from the Insurers, upon request.
CONFIRMATION OF COVER
As soon as is practical after we have effected an insurance contract, we will write to our clients to confirm the type of insurance cover and outline the terms of the insurance which has been arranged. In respect of motor insurance this may take the form of a Road Traffic Act covernote or Policy documents.
We recommend to our clients that they read and check all confirmation of cover documents, policies and any other documents to make sure that their requirements have been met. If any amendment is necessary we must be informed immediately. We suggest that our clients keep all confirmations of cover and policy documents for as long as a claim is possible under the insurance policies. A specimen of any policy is available at any time upon request.
If payments are made using the insurance company’s' credit scheme or a separate finance company then any queries must be directed to the insurance company or finance company, as the agreement is between you and them. In these circumstances we cannot accept any responsibility for premium default as the Insurers impose their own cancellation conditions. You have the option of sourcing your own credit agreement.
It is always our intention to provide a first class service. However, if you have cause for complaint you should in the first instance, contact Mark Whitmore, Complaints Manager. We will supply you with a copy of our complaints procedure upon receipt of a complaint or at any time upon request. If you cannot settle your complaint with us you may be entitled to refer it to the Financial Ombudsman Service – http://www.financial-ombudsman.org.uk/. Alternatively other out of court complaint and redress procedures may be available.
We will, within 5 working days, provide you with an acknowledgement of the complaint and details of who will be handling it together with a copy of our complaint handling procedure.
We receive commission from the premiums that you pay to us. We may also receive remuneration from credit providers. We shall only withdraw commission after we have received the premium from you, and in accordance with FCA regulations and agreement that we hold with insurers.
We may retain interest/investment income on premiums paid to us by our clients. Disclosure of Commission will be made upon request.
In addition fees may be charged for specialist services/polices, details of which will be provided at the time of the quotation.
