Please read this Terms of Business (ToB) carefully. It will apply when you ask us to provide a quote, and when you ask us to arrange and handle insurance on your behalf. It will continue to apply until we cease to act for you, or until it is replaced by a revised ToB in the future.
Who we are and who regulates us
Stuart Benger & Company Ltd is an independent general insurance broker. We arrange insurance for both commercial and personal clients. We are authorised and regulated by the Financial Conduct Authority (FCA). The FCA is the independent watchdog that regulates financial services. Our FCA number is 300862. You can check this at www.fca.gov.uk/register or by contacting the FCA on 0800 111 6768. Our permitted business is advising on, arranging and assisting in the administration and performance of contracts of insurance.
Our service
We are an Insurance Intermediary and as such we act as the agent of our client. However, in certain circumstances we may act for and owe duties of care to other parties. We will advise you when these circumstances occur so you will be aware of any possible conflict of interest. We will advise and make a recommendation for you after we have assessed your insurance needs. If we are unable to make a recommendation or offer advice or where your requirements cannot be fully met we will provide you with enough information to enable you to make an informed purchasing decision. We will assist you in effecting any changes that you need to make to your insurance policy, with the renewal of your insurance policy and with any claim you need to make.
Your duty to make a “Fair Presentation” (Commercial Clients)
If you are Commercial client then you have a duty under the Insurance Act 2015 when arranging insurance, or when seeking to amend existing insurance, or at the renewal of an insurance, to make a “fair presentation” of the risk to be insured. This requires you to undertake a reasonable search of the information that you know or that is known to other people involved in your business. If you fail to make a “fair presentation” then your insurance may be invalidated or cancelled, or part or all of a claim may not be paid.
Your duty to provide correct information (Non-Commercial Clients)
If you are arranging insurance as a Non-Commercial client then you have a duty under the Consumer Insurance (Disclosure and Representations) Act 2012 to take reasonable care to avoid making a misrepresentation to the insurer, by answering all questions honestly and to the best of your knowledge. If you do not your insurance policy may be cancelled, or treated as if it never existed, or a claim may be rejected or not paid in full. It is important that all statements or information that you provide, either verbally or on quote forms, proposal forms, claim forms or other documents are complete and accurate. If any forms are completed on your behalf you must check that the information given is correct before signing the document. The insurer may request additional information, and failure to provide such information could invalidate your insurance or lead to part or all of a claim not being paid.
Whose products we offer
In the majority of cases we will carry out a ‘fair analysis’ of the market in order to identify a suitable product. This means that we will compare products from a sufficiently large range of insurance providers in terms of cover, price, quality of service and other relevant features in order to select appropriate policies for you. However for certain types of insurance we may deal with only a single or a few carefully chosen insurers. In certain circumstances we may use the services of other regulated intermediaries in order to access the right policy for you.
Remuneration
We receive commission from insurers, which is a percentage of the premium paid by you and allowed by the insurers. In addition we may charge a professional or administration fee to cover the placing and ongoing handling of your insurance.
The specific amount and purpose of any professional or administration fee will always be advised to you in advance. We earn the entirety of our commission and/or fees when your cover is successfully placed and take our commission and/or fees immediately upon receipt of payment unless agreed otherwise with your insurer.
Disclosure of Earnings
You are entitled at any time to request information about earnings that we, or any other intermediary we have used, receive as a result of placing your business. In addition to commission from insurers, we may also receive payments based on volumes of business or profitability of the account placed with them. These payments can vary from year to year. Such remuneration is only earned on the basis that it does not detract from our obligation to act in the best interests of our clients at all times.
How we will handle your money
Our Non-Statutory Trust account has been set up in accordance with strict rules laid down by the Financial Conduct Authority. We are required to inform you that we may use your premium to settle premiums due under other policies including those payable by other clients. We are the agent of insurers for the collection of premiums which we hold on a risk transfer basis, which means that payment to us is regarded as payment to the insurer. Occasionally we may require you to pay the insurer directly. In arranging your insurance we may use other intermediaries who are Authorised and Regulated by the FCA and your premium may be passed to these intermediaries for payment to insurers. Any interest, or investment returns, earned on your money whilst in our possession will be retained by us.
Payment Terms
We can accept payment by cheque, debit card, or BACS. We require full payment of the premium prior to cover effected unless otherwise agreed in advance. You may be able to spread your payments through a credit scheme run either by your insurer or by a finance provider and we will advise you further if these options are available.
Mid-term adjustments or cancellations
In the event of an adjustment that results in a return of premium or cancellation mid-term we will refund the premium due net of our full commission and any charge made by insurers. Where the premium is being paid by instalments we will claim our full commission along with any charge made by the insurers in the calculation of any outstanding monies.
Cancellations due to premium instalment default
If any credit agreement payment is not met, you acknowledge and agree that we may instruct on your behalf the relevant insurer to cancel the insurance and to collect any refund of premium which may be made by the insurer and use it to offset any outstanding costs.
Insurers
Whilst we take every care to check the financial stability of any insurer with which we place business, we cannot be held responsible if that insurer subsequently ceases to trade.
Treating Customers Fairly
We set high standards for ourselves and it is our intention to treat customers fairly at all times. If at any time you feel that you have not been treated fairly please contact us in order that the matter may be addressed.
Prevention of Bribery
It is our intention to meet the requirements of the Bribery Act 2010, and to prevent bribery taking place. If, at any time, you feel that we have not acted in a way that meets the requirements of the Bribery Act 2010 you should contact us immediately.
Claims
As part of our service we can assist you with any claim you need to make. If you wish to make a claim in the first instance you should contact us, unless the policy documentation indicates otherwise. If you are ever in any doubt as to what action to take in connection with a claim please contact us.
Complaints
It is our intention to provide you with a high level of customer service at all times. If you should wish to make a complaint about our service we have a formal complaints procedure. In the first instance you should send a brief outline of your complaint to our Managing Director, Mark Benger. 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. Other out of court complaint and redress procedures may be available.
Financial Services Compensation Scheme (FSCS)
We are covered by the FSCS. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of insurance and the circumstances of the claim. Full details and further information on the compensation scheme is available from the FSCS.
Handling of Client Data
We take seriously our responsibility to hold and manage information that our clients give us securely and confidentially, in accordance with the General Data Protection Regulation 2018 (GDPR). We are classed as a Data Controller under GDPR. We collect and hold client data for the purposes of carrying out our professional duties for our clients, and by providing such data to us you acknowledge our right to hold and retain the data. We may, in the ordinary conduct of our business, need to pass some of your data on to other regulated intermediaries who are also subject to GDPR. You have the right to request that we erase all of your data but thereafter we will not be able to act on your behalf. However if we are required by law or by the FCA to retain client data then we will advise you of this. More information about our handling of client data can be found on our “Privacy Notice” which is available on request.
Claims and Underwriting Exchange Register and Motor Insurance Anti-Fraud Register
Insurers pass information to the Claims and Underwriting Exchange Register operated by Insurance Database Services Limited and the Motor Insurance Anti-Fraud and Theft Register compiled by the Association of British Insurers. The objective is to check information provided and to prevent fraudulent claims. Motor insurance details are also added to the Motor Insurance Database operated by the Motor Insurers’ Information Centre (MIIC), which has been formed to help identify uninsured drivers and may be accessed by the police to help confirm who is insured to drive. In the event of an accident this database may be used by insurers, MIIC and your motor insurer to identify relevant policy information.
Applicable Law
This Client Notice - Terms of Business document is subject to English Law and the jurisdiction of English Courts.