15-16 Newton Place, Glasgow G3 7PY
Call us: 0141 212 8820
These terms of business (the “Agreement”) set out the nature and scope of the services CCRS Brokers Ltd will be providing to you, and other information required by law.
By instructing us to act, you will be deemed to have accepted the terms of this Agreement. In particular, you will be deemed to have given us your informed consent on the way we handle client money.
CCRS Brokers Ltd is authorised and regulated by the Financial Conduct Authority as an insurance intermediary. Our reference number is 487406.
Our permitted business is advising and arranging general insurance contracts.
The Financial Conduct Authority is the independent watchdog that regulates the financial services. It requires us to give you certain information to decide if our services are right for you.
Negotiation and Placing
We will discuss with you your insurance requirements, including the scope of cover and limits to be sought and cost. Upon receipt of your instructions we will endeavour to satisfy your insurance requirements.
During the course of the placement of your insurance we will endeavour to keep you informed of the progress of our negotiations and identify any inability to obtain the coverage sought by you. We will use reasonable endeavours to implement your insurance programme, subject to available insurers, before the intended date of inception, renewal or extension of cover (whichever is appropriate). We will provide you with information about the insurance cover to be recommended to you to enable you to decide whether to accept the insurance cover available. As your insurance intermediary we will answer any questions you may have on the proposed cover, its benefits, restrictions, exclusions and conditions.
We select personal and commercial insurances from a range of insurers, but for certain products, we may only deal with a single insurer or select from a limited number of insurers. We will give you further information about this before we finalise your insurance arrangements.
You are responsible for reviewing the documentation we send you confirming that you have coverage with insurers to ensure that it is in accordance with your instructions. If you have any questions with the coverage, limits or other terms and conditions, or concerns that we have not implemented your instructions correctly please contact us immediately. Further, you should review the insurance premium payment terms we advise you. All premium payment terms must be met on time or your insurers will have the right to effect a notice of cancellation for non-payment of premium. We shall also advise of any charges additional to the insurance premium. We will forward any policy documents, if applicable, and any amendments or endorsements to your policy as soon as reasonably practicable.
We assess the financial soundness of the proposed insurers we recommend for your requirements 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 or otherwise warrant the solvency of any insurer. As a consequence the suitability of any insurer rests with you and we will discuss with you any concerns you may have.
Servicing & Claims
Except where we agree with you otherwise, we will provide our claims handling services for the period of our appointment. These services can be continued beyond our appointment by mutual agreement, and may be subject to a separate fee. Our claims handling services include, upon receiving the required information from you, the notification of the claim or circumstances to insurers, representing you in the resolution of the claim and arranging the collection and/or settlement of the claim in accordance with market practice and your policy terms and conditions. Where claims are to be dealt with by you with insurers directly, we will provide you advice and support as necessary.
Where we collect claims payments, these will be remitted to you as quickly as possible. However, we will not remit claims monies to you before we have received them from insurers.
We may communicate with each other by electronic mail, sometimes attaching further electronic data, where we have each expressed a wish for that to happen. By consenting to this method of communication we and you accept the inherent risks (including the security risks of interception of or unauthorised access to such communications, the risks of corruption of such communications and the risks of viruses or other harmful devices). Notwithstanding that we and you have reasonable virus checking procedures on our system, you will be responsible for virus checking all electronic communications sent to you. You will also be responsible for checking that messages received are complete. In the event of a dispute neither of us will challenge the legal evidential standing of an electronic document.
For certain classes of insurance you may be required to complete a proposal form or similar document. We will provide guidance but we are not able to complete the document for you.
Disclosure of information
Our objective is to obtain the best product we can identify in order to meet your insurance needs. In order to make our business relationship work, you must provide complete and accurate information and instructions in a timely manner, so that we can assist you fully. Please bear in mind that there is no duty on insurers to make enquiries of you. Indeed, you are under a duty to make full disclosure of all material facts and fully and frankly respond to any requests for information made by insurers. Failure to make full disclosure of material facts allows insurers to avoid liability for a particular claim or to void the policy. This duty of disclosure applies equally at renewal of your policies and on taking out new insurance policies.
Further, all information which is material to your coverage requirements or which might influence insurers in deciding to accept your business, finalising the terms to apply and/or the cost of cover must be disclosed. Please discuss with us if you have any doubts about what is material or have any concerns that we may not have material information.
Choice of insurers
If you have any concerns with any insurers chosen for your insurance requirements you must advise us as soon as possible.
Although we will check the policy documents we send you, you are responsible for reviewing your policy to ensure that it accurately reflects the cover, conditions, limits and other terms that you require. Particular attention should be paid to any policy conditions, warranties and the claims notification provisions as failure to comply may invalidate your coverage. If there are any discrepancies you should consult us immediately.
You are responsible for notifying claims or potential circumstances that may give rise to a claim in accordance with your insurance policy. In presenting a claim it is your responsibility to disclose all facts which are material to the claim.
Therefore, to ensure full protection under your policy or similar documentation provided you should immediately familiarise yourself with the coverage conditions or other procedures relating to claims and claims notification. Failure to adhere to the notification requirements particularly with regard to timing requirements may entitle insurers to deny your claim.
Therefore, please carefully consider any claims reporting instructions we provide to you because failure to report a claim in a proper and timely manner may jeopardise coverage of the claim. In addition, you should retain copies of all insurance policies and coverage documents as well as claims reporting instructions, as you may need to report claims after the termination of a policy, perhaps long after its expiry date. It is important, therefore, that you keep your policy documents in a safe place.
Change in circumstances
You will advise us as soon as reasonably practicable of any changes in your circumstances that may affect the services to be provided by us or the cover provided under your insurance policy.
Provision of information
All activities undertaken by us as outlined in this document are provided by us for your exclusive use and all data, recommendations, proposals, reports and other information provided by us in connection with our services are for your sole use. You agree not to permit access by any third party to this information without our express written permission. We reserve our right to take action to protect proprietary information.
Payment of premium
You will provide settlement with cleared funds of all monies due in accordance with the payment date(s) specified in our debit note or other relevant payment documentation (“Payment Date”). Failure to meet the Payment Date may lead to insurers cancelling your policy, particularly where payment is a condition or warranty of a policy. It is imperative that you meet all payment dates. We are under no obligation to pay premium by the Payment Date to insurers on your behalf.
Our remuneration for the services we provide you will be either brokerage, which is a percentage of the insurance premium paid by you and allowed to us by the insurer with whom your insurance contract is placed, or a fee as agreed with you. If appropriate, and with your consent, we may receive a fee and brokerage. Brokerage and fees are earned for the policy period and we will be entitled to retain all fees and brokerage in respect of the full policy period in relation to policies placed by us.
It may, at times, be appropriate (and for your benefit) for us to use other parties such as wholesale brokers, excess and surplus lines brokers, underwriter managers, managing general agents or reinsurance intermediaries. These parties may also earn and retain commissions for their role in providing products and services for you.
You may also choose to use a premium finance company or other service provider in connection with the insurance we place for you or the services we provide. We will receive remuneration from finance providers in addition to any fees or brokerage we receive and if you require any further information on this remuneration please contact your CCRS representative.
In the ordinary course of business we may also receive interest on client and insurer monies from the date we receive the funds until we settle to those due to receive them we confirm that we shall retain that interest.
We will treat any cash balances held by us for you in accordance with the FCA’s Client Money Rules the (“Client Money Rules”). This means that such monies are held separately from our own money. We will hold such cash in our client bank account with a bank approved by the FCA (an “Approved Bank”) which will be a statutory trust account as defined in the Client Money Rules
Client money may be transferred to another person in the United Kingdom (such as another insurance intermediary) for the purposes of carrying out a transaction for you.
We will not pay you interest, or account to you on profits earned on client money.
On some occasions we will receive the premiums you pay to us as agent for the insurers. This will be the case where we place your insurance under a binding authority or where the insurer has agreed that payment of monies to us is payment to the insurer. This means that, in effect, premium has been paid to the insurer as soon as it is received by us.
Data Protection and Confidentiality
We will process any personal information we obtain in the course of providing our services to you in accordance with the Data Protection Act 1998. In administering your insurances it will be necessary for us to pass such information to insurers and other product or service providers which may also provide us with business and compliance support.
We may also disclose details to relevant parties, as necessary, to comply with regulatory or legal requirements. We may contact you in order to promote products or services which may be of interest to you. We will not otherwise use or disclose the personal information we hold without your consent.
Some of the details you may be asked to give us, such as information about offences or medical conditions, are defined by the Act as sensitive personal data. By giving us such information you signify your consent to its being processed by us in arranging and administering your insurances.
Subject to certain exceptions, you will be entitled to have access to your personal and sensitive personal data. If at any time you wish us, or any company associated with us, to cease processing any of the personal data or sensitive personal data we hold, or to cease contacting you about products and services.
Conflicts of Interests
Circumstances may arise where we may find we have a conflict of interest or otherwise have a material interest in or related to a matter in which we are acting. For example, we may be asked to act on behalf of any insurer in the appointment of a loss adjuster; or, we may find that the interests of two of the clients for whom we act conflict.
We have conflict management procedures and we seek to avoid conflicts of interest but where a conflict is unavoidable we will explain the position fully and manage the situation in such a way as to avoid prejudice to any party.
The insurance market is complex and there could be other relationships not described here which might create conflicts of interest. Whatever the circumstances, we will act in your best interests; and, if a conflict arises for which there is no practicable solution, we will withdraw unless you wish us to continue to act for you and provide us with your written consent to that effect.
Complaints and compensation
We aim to provide you with a high level of customer service at all times, but if you are not satisfied, please contact us:
|In writing…||Write to CCRS Brokers 15 Newton Place Glasgow G3 7PY|
|By phone…||Telephone 0141 212 8820|
If you are still not satisfied, you may be entitled to refer the matter to the Financial Ombudsman Service (except in the case of a business with a group annual turnover of £1m or more, a charity with an annual income of £1m or more or trustees of a trust with a net asset value of £1m or more).
We are 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 business and the circumstances of the claim. Insurance advising and arranging is covered for 100% of the first £2,000 and 90% of the remainder of the claim without any upper limit. For compulsory classes of insurance (such as Third Party Motor or Employers Liability), insurance advising and arranging is covered for 100% of the claim, without any upper limit. Further information about compensation scheme arrangements is available from the FSCS on 020 7892 7300 or www.fscs.org.uk.
UK money laundering regulations require us to obtain evidence of identity of clients for whom we act at the start of a business relationship. For companies (other than listed ones) evidence of identity will usually comprise of a copy of certificate of incorporation, a list of directors, a list of shareholders and the registered address. We are obliged to report to the National Criminal Intelligence Service any evidence or suspicion of money laundering at the first opportunity and we are prohibited from disclosing any such report.
Our services may be terminated either by us or you upon the giving of one month’s notice in writing to the other or as otherwise agreed. In the event our services are terminated by you we will be entitled to receive any and all fees or brokerage payable (whether or not the same have been received by us) in relation to policies placed by us.
Third Party Rights
Unless otherwise agreed between us in writing no term of this Agreement is enforceable under the Contracts (Rights of Third Parties) Act 1999.
This Agreement, which sets out the terms of our relationship with you, will be governed by and construed in accordance with Scottish Law and any dispute arising under it shall be subject to the exclusive jurisdiction of the Scottish courts.
Cancellation of insurances
You should make any request for the cancellation of a policy in writing and any relevant certificate of insurance must be returned to us or to the insurer concerned.
In the event of cancellation, charges for our services will apply in accordance with the Tariff of Fees The terms of your policy may allow insurers to retain the premium in full or to charge short-period premiums in the event of cancellation before the policy expires.
Our General Terms of Business can be downloaded from here