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Terms of Business

Definitions.

  1. a) ‘we/us/our’ means Wellington Young Insurance Services Ltd of 87 Market Street, Hoylake, Wirral, CH47 5AA.
  2. b) ‘FCA’ means the Financial Conduct Authority, 25 The North Colonnade, Canary Wharf London E14 5HS.

FCA. We are authorised and regulated by the Financial Conduct Authority. Our Financial Conduct Authority reference number is 310442.This information can be checked on the FCA’s Register by visiting their website http://fca.org.uk  or by contacting the FCA on 0800 111 6768.

Law to be applied. The parties are free to choose the law applicable to a Contract of Insurance. Unless specifically agreed to the contrary all contracts arranged through our Agency are governed by the laws of England and Wales and the parties agree herewith that any dispute arising out of it shall be subject to the exclusive jurisdiction of the English Courts.

Status.  We are a General Insurance Independent Intermediary. We market non-investment insurance products. Our services include:  supplying you with relevant information in order that you can make an informed decision in arranging your insurance cover with insurers who meet your requirements. Helping you with any subsequent event or alteration to the insurance cover we have placed on your behalf. We place insurance with a number of Insurers and we will advise you should we have any special arrangements with them or should you have to deal directly with the insurer for ongoing policy administration. We may issue policies on behalf of some insurers. You will be advised should we act as an Appointed Agent or Appointed Sub-agent for any other organisation regulated by Financial Conduct Authority. In respect of collection of monies, we act as agents for the Insurer.

Classes of Insurance Transacted. Most types of Motor, Household, Marine, Commercial, Public Liability, Employers Liability, Shop, Travel Insurance and Musical Instruments.

Professional Indemnity. Wellington Young Insurance Services Ltd conform with the Financial Conduct Authority regulations in respect of Professional Indemnity Insurance.

Protecting your information. Your privacy is important to us. We will process your personal data in accordance with applicable data protection law.

We process the personal information that you provide to us during enquiries and applications relating to insurance products and services for the purposes of offering and carrying out insurance related services to you or an organisation that you represent. Your personal data is also used for business purposes such as fraud prevention and business management. This may involve sharing your personal data with and obtaining information about you from third parties such as loss adjusters, credit reference agencies, fraud prevention agencies, service providers, professional advisors or business partners and our regulators to verify your identity or creditworthiness, to avoid fraud, for premium collection purposes and to obtain beneficial quotes and payment options on your behalf. In some circumstances the processing may be carried on outside of the European Economic Area where suitable arrangements will be taken to ensure that your personal information is protected and transferred in accordance with applicable data protection law. Should we intend to process your personal data for any purpose not specified in this Terms of Business Agreement, we will provide you with further information prior to such further processing taking place.

We keep your personal data only for as long as reasonably necessary for the purposes for which it was collected or to comply with any applicable legal or regulatory requirements and in accordance at all times with our data retention policy. In order to arrange your insurance policy or when making a claim, we may need to collect or process information relating to your or a dependent’s health or criminal convictions.

We take privacy seriously and have systems in place to ensure the security and accuracy of any personal information we collect. We restrict access to your information as appropriate to those who need to know that information for the purposes set out above. Applicable data protection law gives you the right to access information held about you. Where we are processing your personal data on the basis that you have consented to that processing then you are entitled to withdraw your consent. If you do choose to withdraw your consent, however, we may be unable to continue providing our services to you. From 25 May 2018, you will be entitled to receive the personal data that you have provided to us in a structured, commonly used and machine-readable format and to transmit that data to another data controller. You can exercise your data protection rights, including your rights to access, restrict, object to the processing of, rectify and erase your personal data by contacting us using the contact details above.

Informed Decision. We will provide adequate information in a comprehensive and timely way to enable customers to make informed decisions about the general insurance products or general insurance activity related to services being proposed.

Quotations. Unless otherwise agreed Quotations will be valid for a period of thirty (30) days from the date the quotation is provided. This is subject to no amendment to the original quotation information including the date cover is to commence. We reserve the right to withdraw quotations before they are taken up and to apply any changes notified to us by underwriters after the quotation was given.

Your Cancellation Rights (‘Cooling Off’ Period). You may have the right to cancel your policy during the period of 14 days from the commencement date of your cover or after you receive your policy, whichever is later. Full details are provided in the insurer’s policy document but, in essence, if cover has commenced, you will be entitled to a refund of the premium paid, subject to a deduction for the time on cover calculated on a pro rata basis. We may make an additional charge to cover the administrative cost of providing the policy.

To exercise your rights, if applicable, to cancel please contact us. If you do not exercise any applicable rights to cancel during this period it will continue to be in force for the full term and you will be required to pay the premium as stated.

Important Information (consumer customers only)

Under the Consumer Insurance (Disclosure and Representation) Act 2012 it is your duty as a consumer to take reasonable care not to make a misrepresentation to an insurer. Under the Act a consumer is defined as an individual who enters into an insurance contract wholly or mainly for purposes unrelated to the individual’s trade, business or profession. A failure by the consumer to comply with the insurers request to confirm or amend particulars previously given is capable of being a misrepresentation for the purpose of this act.

It is important that you ensure all statements you make on proposal forms, claim forms and other documents are full and accurate and we recommend that you keep a copy of all correspondence in relation to the arrangement of your insurance.

Under the act an insurer has a remedy against a consumer in respect of qualifying misrepresentations in breach of the consumers’ duty of reasonable care where the insurer deems the misrepresentation to be either deliberate, reckless or careless.

If in doubt about any point in relation to your duty to take reasonable care and subsequent qualifying misrepresentations please contact us immediately.

The duty to make a fair presentation (commercial customers only)

You must make a fair presentation of the risk to us and your insurer at inception, renewal and variation of your policy. This means that you must tell us about all facts and circumstances which may be material to the risks covered by the policy in a clear and accessible manner or give us and your insurer sufficient information to alert us of the need to make enquiries about such facts or circumstances.

Material facts are those which are likely to influence your insurer in the acceptance of or assessment of the terms or pricing of the policy. If you are in any doubt as to whether a fact is material, you should tell us about it.

Please let us know if any of the facts, information or circumstances we were told about at inception or at last renewal have changed.

Failure to do so could invalidate the policy or lead to a claim not being paid or not being paid in full.

If you do disclose a change in the facts, information or circumstances you told us about at inception or at last renewal, your insurer reserve the right to withdraw or alter renewal terms and/or the renewal premium.

Awareness of Policy Terms. When a policy is issued you are strongly advised to read it carefully. The policy document, schedule and any certificate of insurance provides the basis of the cover you have purchased. If you are in doubt over any of the terms or conditions, please seek our advice promptly.

Financial Crime. Please be aware that current UK money laundering regulations require us to obtain adequate ‘Know Your Client’ information about you. We are also required to cross check you against the HM Financial Sanctions List as part of the information gathering process. We are obliged to report to the Serious Organised Crime Agency any evidence or suspicion of financial crime at the first opportunity and we are prohibited from disclosing any such report. We will not permit our employees or other persons engaged by them to be either influenced or influence others in respect of undue payments or privileges from or to insurers or clients.

Documents. We will issue all documentation to you in a timely manner. Documentation relating to your insurance will confirm the basis of the cover and provide details of the relevant insurers. It is therefore important that the documentation is kept in a safe place, as you may need to refer to it or need it to make a claim.

A new policy/policy booklet is not necessarily provided each year, although a duplicate can be provided at any time upon request.

You should always check the documentation to ensure all the details are correct and if this is not the case you should contact us immediately.

With your consent we reserve the right to retain certificates at this office until all payments due under the policy have been made. Any facilities for payment of premiums by instalments through us will be the subject of a written or verbal agreement. This will include authority to retain certificates of insurance until all payments have been received. This agreement also constitutes your consent that in the event of a default or non payment of the agreed premium, wholly or in part, Wellington Young Insurance Services Ltd are authorised to cancel your policy on a short period rate basis. By accepting this agreement, you agree that delivery of any certificates of insurance to us shall constitute delivery to yourself in accordance with statute law. Should we withhold any documents we will ensure you receive full details of your insurance cover along with proof of insurance.

Cancellation. We wish you to be aware of the following points:

  1. Insurers have a tendency not to give cancellation refunds if you have made a claim on your policy.
  2. Mid – term cancellations for whatever reason are calculated on a short period scale weighted in favour of the insurer eg 30% charge for the first month increasing by up to 15% per month thereafter or part month thereof. If the policy is cancelled after seven months, insurers charge 100% of the premium. Some insurers also charge a cancellation fee in addition to the short period charge for cancelling the policy.
  • We do not refund commission, since this was earned for arranging the policy (unless you are replacing the policy through our agency).
  1. Instalment credit charges, standing order fees and brokerage fees are non-refundable.
  2. Insurers tend not to deal with a cancellation request until the Certificate of Insurance is in their possession

Commission. In some instances, we receive commission from the premiums you pay to us. Commission will only be withdrawn after the premium has been received from you. This will be done in accordance with Financial Conduct Authority regulations and the agreements that we have with the insurers. If you wish to know the amount of commission that we are paid in respect of your insurance contract, this information is available on request.

Brokerage Fees and Other Charges. For policies where no commission is received or it is at a reduced level and makes the business uneconomical to handle, we will add a brokerage fee to the premium when a policy is taken out or renewed. Any brokerage fees or other charges we make will always be reasonable and will always be advised to you in advance and shown clearly on the correspondence we send to you. Some underwriting agencies we use also apply an underwriting fee.

If a policy is cancelled mid – term we will refund to you any return premium but we will deduct the balance of our commission plus a £15.00 handling fee.        

Providing copies of lost or defaced documents involves extra administration for which a brokerage fee of £15.00 is made. This will be in addition to any charge the insurer may make for issuing the replacement documentation.

In addition to the amount charged by the insurer, a maximum brokerage fee of up to £25.00 may be charged for changes requiring the issue of a cover note or revised documentation. You will be advised prior of the amount. Other taxes or costs or both, which are not imposed by us, may be levied in relation to the products purchased.

In order to cover the costs incurred, we charge (£15.00) fifteen pounds each time a cheque is unpaid. If you know you will not have funds to meet a cheque, just call us and we will be pleased to delay presentation to assist. We will also charge  the cost for correspondence sent by Special Delinery.

Consumer Credit Licence

We are authorised and regulated by the Financial Conduct Authority in respect of our current Consumer Credit Licence.

Payment Terms/Methods/Premium Financing. Our payment terms are as follows (unless specifically agreed by us in writing to the contrary):

  • New policies: immediate payment on or before the inception date of the policy
  • Alterations to existing policies: immediate payment on or before the effective date of the change
  • Renewals: due in full before the renewal date

If payment is not received from you in accordance with the above terms, we, or your insurer may be forced to cancel or lapse the relevant policy/policies, which could mean that part or all of a claim may not be paid.  You may also be in breach of legally required insurance cover.

When renewal is invited and the policy is paid by monthly direct debit, we will issue a notice to you. To ensure you are not left without cover, the absence of a response to this notice will be deemed as your consent to cover being renewed automatically. If any direct debit or other payment due in respect of any credit agreement you enter into to pay insurance premiums is not met when presented for payment or if you end the credit agreement we will be informed of such events by the credit provider. If you do not make other arrangements with us to pay the insurance premiums you acknowledge and agree that we may, at any time after being so informed, instruct on your behalf the relevant insurer to cancel the insurance and to collect any refund of premiums which may be made by the insurer and if any money is owed under your credit agreement pay it to the credit provider or if we have already been debited with the amount outstanding use it to offset our costs. You will be responsible for paying any time on risk charge and putting in place any alternative insurance and/or payment arrangements you need.

We normally accept payment by cheque, electronic transfer or most popular credit and debit cards. You may also be able to spread your payments through an instalment or credit scheme. We will give you full information about your payment options when we discuss your insurance in detail.

We have arranged facilities for paying by instalments with a finance provider (Premium Credit Ltd) and we may make a small brokerage fee for the service. The interest rates provided are commercially competitive and will always be set no higher than any relevant insurer’s own payments  scheme, if available.

Looking After Your Money.  We act as the agent of the insurer when collecting or refunding premiums. This means when you have paid us you have effectively paid the insurer, this is known as risk transfer.

Any premium payment received from you will be held by Wellington Young Insurance Services Ltd in a Non-Statutory Trust Bank Account. In the event of the failure of the firm, the firm’s general creditors should not be able to make claims on this money as it will not form part of our property.

Complaints. If you are at any time unhappy with our service please contact us by phone, email or in writing at the address shown above marked for the attention of Mr Cary Wellington Director or Mr Steve Griffiths Director.

It is our policy to respond fairly and promptly; this means acknowledging a written complaint within a maximum of 5 days and providing a full response or update within 20 days. In most cases it will be quicker.

If you are dissatisfied with our final decision you may be able to refer the matter to the Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London, E14 9SR; telephone 0845 080 1800; website financial-ombudsman.org.uk. The facility is not available if you are a limited company or otherwise acting in a business capacity where your annual turnover exceeds £1m.

Compensation. We are covered by the Financial Services Compensation Scheme and you may be entitled to compensation from the scheme if

we cannot meet our obligations. Further information about compensation scheme arrangements is available from the Financial Services

Compensation Scheme at www.fscs.org.uk

Notice. 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 which 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 Insurance Bureau to identify relevant policy information.