Terms of Business
INSURANCE RISK SOLUTIONS LIMITED
When appointing Insurance Risk Solutions to act on your behalf we have a duty to advise you of our Regulatory Status, the service we offer and our basic terms of business.
The following is a summary of the Initial Disclosure Document that we issue to our clients and prospects.
Status Disclosure
Insurance Risk Solutions Limited (IRS) is authorised and regulated by the Financial Services Authority (FSA) under Firm Registration Number 460667. You may check our authorisation by visiting the FSA website http://www.fsa.gov.uk/register or by contacting them on 0845 606 1234
IRS is a subsidiary of Insurance Risk Solutions Holdings Limited.
Explanation of our Service
We are a general insurance intermediary acting for you in the identification, negotiation and placement of your general insurance cover(s). Our service and aim is to ensure that the products or services we recommend meet your needs which will be based upon information that you provide us. If our recommended product doesn’t meet your exact requirements, we will explain the differences in the product or service that we can offer you. At all times, we will provide you with enough information so that you can make an informed decision about the product we are recommending.
For retail clients, if you require extra time to consider the products or services we have offered, we will either advise you how long you have to accept the insurance on the terms we have offered, or; provide you with a written quote if you request one.
Claims Service
As part of our service, we shall assist you in the handling of any claim you need to make.
It is important that you notify us of all incidents or circumstances that may lead to a claim against your insurance policy. Any undue delay or failure to do so could result in a declinature of your claim by your insurer.
Market Analysis
In arranging your insurance we may deal with a number of insurers, details of these will be advised to you when we discuss your individual requirements prior to your commitment to proceed. We will advise you of the basis of our market analysis when making our recommendation to you.
Scope of Regulation
Some of the products we advise on or some of our services may not fall under the rules of the FSA. When this is the case we will give you details before you make a commitment on any product we offer you.
Insurer Security
We will endeavour to place your covers with insurers are able to demonstrate an acceptable level of security. Their regulator requires them to maintain a minimum level of capital however, we cannot guarantee the solvency of any insurer.
Your legal duty to disclose information to us and your insurer
Your insurance is based upon the information provided by you to us and this is then provided to the Insurance Company. You must ensure that such information is complete and accurate. Any facts that may influence the Insurer’s decision to accept your risk or the terms offered must be disclosed. If you are in doubt, please advise us. The duty to disclose information continues during the life of the policy and at renewal.
You are responsible for all answers or statements on proposal forms, claims forms or other material documents and you should ensure these are full and accurate.
Failure to disclose material information at the start of the policy, at renewal or advise the insurer of changes to the risk during the period of insurance may invalidate your insurance cover and could mean that part, or all, of a claim may not be paid. Unless advised by you otherwise, we shall assume that your information remains the same and correct.
Under Insurance
Some non-motor insurance contracts contain an “average condition” and we request that all sums insured be kept at adequate levels to avoid the application of this condition. In the event of a claim, the “average condition” would have the effect of reducing claims payments proportionate to the extent of under-insurance.
Confidentiality
All personal information about you will be treated as private and confidential (even when you are no longer a client) except where the disclosure is made at your request, with your consent in relation to arranging, placing and administering your insurance.
Under the Data Protection Act 1998 you have a right of access to see personal information about you. If you have any queries please write to us.
Payments
Premiums paid by you to us are held in accordance with the strict client money rules of our regulatory body in a non-statutory trust account or held on behalf of the insurer as agent.
Unless otherwise stated on our invoice, our terms are full payment of premium and any fees on or before the inception or renewal date of the policy.
Our Remuneration
We are remunerated for our services to you either in the form of commissions paid to us by Insurers when placing your covers with them or by a fee agreed between you and us before concluding the placement of covers with Insurers on your behalf.
Cancellation Rights
You will find full details of your cancellation rights, and any related charges which may be charged by your insurer, in the policy wording provided by your insurance company.
Law applying to your insurance
Unless otherwise stated, these terms and those of your insurers are subject to the Laws of England and Wales.
Your views and Complaints Handling
We pride ourselves on the service we provide to you at all times. In the event that we fail to achieve these standards, and meet your expectations, we are committed to resolving matters. If you wish to record a complaint please contact us:
- in writing, to your normal point of contact with us or alternatively to the Paul Wisbey our Operations Director at Dettingen House, Dettingen Way, Bury St Edmunds, Suffolk IP33 3TU.
- by telephone on 01284 777555
- in person, at the address shown above.
We take complaints about our service very seriously. We have a documented complaints handling procedure and a copy of this policy is available upon request.
If you are not satisfied with the way we have dealt with your complaint, please write to our Managing Director, Paul Chubbuck at the address stated above.
For retail clients and commercial clients with a turnover of less than £1M, the Financial Ombudsman Service may be prepared to review your complaint. You can find out more at www.financial-ombudsman.org.uk or call them on 0845 080 1800
Financial Services Compensation Scheme
IRS is covered by the Financial Services Compensation Scheme (FSCS). You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of client you are and, in the case of a commercial business, the size of the business and the type and circumstance of the claim.
Insurance advising and arranging is covered for 100% of the first £2,000 of the claim and 90% of the remainder without any upper limit.
For compulsory classes of insurance, insurance advising and arranging is covered for 100% of any claim, without upper limit.
Further information about compensation scheme arrangements is available from the FSCS at www.fscs.org.uk