TERMS OF BUSINESS AGREEMENT
Please read this document carefully as it contains important information. This document sets out the terms of business on which we agree to act for you as a client. It contains details of our regulatory and statutory responsibilities. We specifically draw your attention to Section 4 - Your Duty of Disclosure.
This agreement will supersede any agreement previously in force. You should contact us immediately if you do not understand or you disagree with anything contained within this document.
1. OUR COMPANY
Risk Management & Corporate Insurance Services Limited (RMCI) is an independent insurance intermediary.
Our Registered Office Address is 3/4 Tannery House, Tannery Lane, Send, Surrey, GU23 7EF, and our Registered Company Number is 4127123.
We are authorised and regulated by the Financial Services Authority (“FSA”) and our permitted business is arranging non-investment insurance contracts.
Our FSA Register number is 309725. You can check our details on the FSA Register by visiting the FSA’s website www.fsa.gov.uk/register
or by telephoning the FSA on 0845 606 1234.
We are committed to providing a high standard of professional service and to comply with the FSA regulations relevant to an insurance intermediary which include the following:
A firm must conduct its business with integrity and pay due regard to the interests of its customers and treat them fairly.
A firm must conduct its business with due skill, care and diligence.
A firm must pay due regard to the information needs of its clients and communicate information to them in a way which is clear, fair and not misleading.
A firm must manage conflicts of interests fairly, both between itself and its customers and between a customer and another client.
A firm which holds client money has to meet certain specified conditions.
A firm must take reasonable care to establish and maintain systems and controls as are appropriate to its business.
A firm must maintain and keep up to date a list of the insurance undertakings it selects from and be able to provide a copy of this list in a durable medium to a customer on request.
2. OUR RELATIONSHIP WITH YOU
As an independent intermediary we act for you as an agent and we are subject to the law of agency which imposes various duties on us.
We may have arrangements with Insurers or others that we may use to meet your requirements in which case we will act for and owe duties of care to other parties. We will advise you in these circumstances and will ensure that any conflict of interests in such arrangements is properly managed so that we continue to act in your best interests.
3. YOUR INSURANCE ARRANGEMENTS
We will provide you with either a verbal or written statement of our understanding of your demands and needs before concluding an insurance contract for you. If any of the information contained within the statement is incorrect it is important that you inform us immediately. If we recommend an insurance contract to you we will confirm why we believe the proposed insurance cover is suitable for your requirements. We will confirm if an insurance contract is not arranged on the basis of a recommendation from us, but based on your selection of a product or cover from your answers to certain questions such as those included in a proposal form.
To avoid any misunderstandings, you should provide your instructions to us in writing by letter, facsimile or email. We are not able to take instructions left on voicemails or out of business hours. We are also unable to accept instructions until you have been provided with a formal written quotation.
Following your instructions we will arrange your insurance and keep you informed of the progress of our negotiations. If we are unable to obtain cover to satisfy your requirements we will advise you in writing of any inability to place your insurance. We will provide written confirmation to you that your insurance has been arranged. You must assume that we have not acted upon your instructions until you receive our written confirmation that we have acted upon them.
If you instruct us to arrange cover for a specific period we may enter into agreements in order to fulfil your instructions. You agree that this creates obligations on you to maintain and fulfil such agreements.
4. YOUR DUTY OF DISCLOSURE
It is your responsibility to disclose to Insurers, before the contract is concluded, any fact or circumstance which is known to you or ought to be known to you and which is material to the risk. All material information must be disclosed regardless of whether or not you have completed a proposal form.
Information is material if it might influence the judgement of Insurers in determining the scope of cover, the price or whether or not to accept your risk.
There is no duty on the Insurer to make enquiries and the burden falls upon you as the Insured.
It is your responsibility to act with utmost good faith and if any material information is omitted or misrepresented, Insurers have the right to void your policy and return the premium. The effect of this is that there is no longer an insurance policy and no claims will be paid. Insurers are also able to void cover from inception (the starting date of the policy) and seek repayment of claims they may have paid to you. Insurers may also impose special terms and conditions or even withdraw cover.
It is therefore extremely important that attention is paid to the information which you provide to enable the Insurers to consider the risk and to the accuracy and completeness of that information.
The duty of disclosure arises when you first arrange the insurance but also on each amendment of it. There is also a requirement for you to advise the Insurer of changes throughout the term of the policy.
Please advise us in writing immediately if you need to make any mid-term changes to the insurance so that we can obtain approval of the changes from the Insurers and obtain details of any further information required.
If you are unsure whether information or a change in circumstances may be material you should disclose it.
5. COVER INFORMATION WE PROVIDE
We will provide you with sufficient information early enough for you to make an informed decision about the insurance being proposed before concluding an insurance contract.
We will explain the key features of the proposed insurance including:
The type and basis of cover and its significant features and benefits.
Any significant or unusual restrictions, exclusions, conditions or obligations.
We will make available to you a policy summary and specimen policy wording prior to concluding your insurance contract and we will provide you with a full policy wording as soon as possible after concluding your insurance. We endeavour to provide you with as much information as possible prior to inception and provide policy documentation as soon as possible following your instructions to meet contract certainty.
6. CONFIRMATION OF COVER AND POLICY DOCUMENTATION
We will provide you with policy documentation and/or cover notes and/or written confirmation that cover has been arranged on your behalf. This will include the basis of cover, details of the Insurer(s) involved, policy summary and our invoice. This will be issued in a timely fashion.
On receipt of the above it is your responsibility to read and check the documents carefully. If any of the details of the cover are incorrect or not suitable for your needs, or the participating Insurers do not meet with your approval please advise us in writing immediately. In particular, you should advise us if the cover does not reflect the instructions you have given to us. Failure to do this could mean that your cover is insufficient or incomplete and might not provide you with indemnity in the event of a claim.
We will maintain records and retain documents for the insurances we arrange for you in line with FSA requirements in either electronic or paper format. For some classes of insurance it is possible that a claim may be made under a policy long after its expiry date and it is therefore important that you keep such documents safely. We will provide this service free of charge for as long as we remain your broker. We will automatically destroy records in line with FSA requirements unless you advise in writing otherwise.
7. MID-TERM ALTERATIONS TO YOUR INSURANCE
This Year Abroad Insurance policy is not renewable and mid term adjustments are not possible.
Please remember that the duty to disclose all material information applies for any alteration or extension of your insurance contract.
We will provide you with documentation detailing the premium due for your policy on confirming cover including any taxes that may be payable. In some cases it may only be possible to pay by credit/debit card directly with the Insurer concerned which is the case for the Year Abroad Insurance policy. You will be responsible for meeting the terms and conditions of such an arrangement over which we have no control.
You will be responsible for the prompt payment of premiums, duties, fees and tax. In the event that you fail to pay your premium by the due date stated on your invoice or other policy documentation the insurance may be cancelled immediately by Insurers.
Accordingly you should not assume that insurance cover is in place until you have received written confirmation of cover from us.
Insurers do not necessarily allow any refund in the event that you cancel the insurance mid-term, depending on the class of insurance, whatever your reasoning.
For the avoidance of doubt, have no responsibility for any loss which you may suffer as a result of Insurers cancelling the insurance or taking any other prejudicial steps as a result of the late payment of such sums if such delay is attributable to you. The premium will become due from the moment your insurance commences.
9. INSURER SECURITY
We use both UK and international Insurers You should note that a different legal and regulatory regime may apply for non UK Insurers so your ability to enforce your legal rights or seek compensation may vary.
We will provide you with details of Insurers we use to insure your risk. We use our reasonable endeavours to protect your interests by reviewing and monitoring the suitability of all Insurers that we use. However, we do not guarantee the financial position and solvency of any market utilised and we cannot guarantee the future stability of any Insurer to meet its policyholder obligations. A liability for the premium, whether in full or pro rata, may arise for you under policies where a participating Insurer becomes insolvent. If an Insurer becomes insolvent we will inform you and seek instructions.
The final decision on the suitability of an Insurer therefore rests with you and if you have any concerns about the security offered please contact us in writing immediately.
Most insurance policies require prompt notification of claims or claims circumstances as a condition of the cover and some policies may specify a time period or format for notification.
We will advise you when confirming cover who you should contact if you have a claim.
If an Insurer declines cover, delays settlement or becomes insolvent we will inform you and seek instructions. We do not accept liability for any unpaid amounts due from Insurers. We will also inform you if Insurers want you to notify claims directly to them. For the Year Abroad Insurance policy you should notify claims directly to the insurer.
11. CLIENT MONEY
Client money is money of any currency that we receive and hold in the course of arranging or administering insurance on your behalf or which we treat as client money in accordance with the FSA client money rules. A copy of these rules is available on request.
Client money can be held in any one of the following ways:
Subject to a Statutory Trust.
Subject to a non-Statutory Trust.
In accordance with the FSA client assets sourcebook (CASS).
Client money will only be held on behalf of an Insurer in accordance with a written agency agreement. Client money will be deposited by us only with an approved bank. Any interest earned on client money held by us will be retained by us.
In the case of the Year Abroad Insurance policy the premium may be paid directly by you to the insurer through their collection process and subject to their client money procedures.
We will provide protection for client money by holding all client money in a Statutory Trust account.
Under FSA client money rules the majority of Insurers we deal with now require that we act as their agent in handling payment of all premiums and return premiums. This is subject to Insurers granting ‘Risk Transfer’.
Payment to Third Parties
We may transfer client money to a third party, such as another broker or settlement agent, for the purpose of effecting a transaction on your behalf through that third party. Where this is the case we use our reasonable endeavours to ensure that your money is only deposited with an approved bank.
We will inform you if we intend to arrange an insurance contract on your behalf or transfer your money to Insurers using a third party.
12. OUR COSTS AND REMUNERATION
Our remuneration in respect of the services we provide to you will be charged in the form of a policy fee paid to us by the Insurers underwriting the insurance.
We may also be entitled to benefit from:
- earnings which we are able to generate due to the weight of account placed with certain markets and its underwriting performance, which are not identifiable to any specific account.
- earnings which we are able to generate through management of cash balances held on behalf of Insurers and clients which are not identifiable to any specific account.
Please also note that where we consider it in your best interests to do so we may use other insurance brokers/intermediaries to assist us in arranging and placing your insurance. These insurance brokers/intermediaries may earn and retain part of our remuneration.
Our remuneration is earned for the policy period or any longer period agreed between you and us. We reserve the right to retain all fees and brokerage in respect of the full policy period or any longer period of an agreement between you and us in relation to policies placed on your behalf. Our remuneration is earned at the time you instruct us to arrange your insurance.
We take complaints made against us very seriously and maintain a complaints procedure to ensure that complaints are dealt with promptly and fairly. A copy of our complaints procedure is available on request.
If you wish to register a complaint please contact our Head of Compliance:
In writing: RMCI
3/4 Tannery House
By phone: 0870 7574 870
If you cannot settle your complaint with us you may be entitled to refer it to the Financial Ombudsman Service.
14. COMPENSATION SCHEMES
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.
Full details and further information are available directly from the FSCS.
15. CANCELLATION CLAUSE
Your insurance contract normally includes a cancellation clause depending on the class of insurance. You will find full details of your cancellation rights, and any related charges which may be levied by your Insurer, in the policy documentation. In general, retail customers (as defined by the FSA) have 14 days to cancel their policy with effect from the later of either the day they receive the full terms and conditions of their policy or the day the policy is sold. Please note that the above is by way of general guidance only.
Cancellation rights vary between Insurers and you must make specific reference to your Insurer’s documentation if you are considering cancelling your policy. If you are a retail customer and you exercise your right to cancel your policy within the 14 day cancellation period you must refer to the insurance policy wording for the insurers’ applicable procedures.
In the event that you fail to pay your premium by the due date stated the insurance may be cancelled immediately by Insurers.
Once our remuneration has been earned, in the event that the insurance is cancelled or transferred after inception we will retain such remuneration.
16. MONEY LAUNDERING/PROCEEDS OF CRIME ACT
We are obliged to take reasonable steps to safeguard our company and our clients against the risk of financial crime. In order to help us achieve this we may need to ask you to provide us with additional information relating to any insurance transactions you ask us to undertake on your behalf.
17. CONFIDENTIALITY AND DATA PROTECTION
We will treat any personal data or other information we receive from you as confidential. We are registered under the Data Protection Act 1998 and undertake to comply with the Act in all our dealings with any personal data you provide to us, in arranging and administering insurance contracts with Insurers and others on your behalf or in providing related services. Your personal information will be kept secure at all times.
By continuing to browse and use our website you consent to the collection and use of personal information as set out in this policy.
Please note that the Internet is NOT a totally secure means of communication and we cannot therefore guarantee the security of all information conveyed by this means. We are not responsible for any resultant damages or loss of confidentiality you or others may incur by your choosing to use this medium.
Before providing us with any third party information please ensure you have the permission of the person to do so and that they are informed about how their data may be used.
18. PROFESSIONAL INDEMNITY INSURANCE
We carry professional indemnity insurance as required by the FSA.
19. AMENDMENTS TO AND TERMINATION OF THIS AGREEMENT
In the event that our services are terminated for any reason we reserve the right to retain any remuneration received or to claim any remuneration that is still payable.
A failure at any time by us to enforce any right or obligation shall not be deemed to be a continuing waiver of such right or obligation. No amendment or variation of this Terms of Business Agreement requested by you shall be valid unless confirmed in writing by our duly authorised Officer. We reserve the right to amend this Terms of Business Agreement at any time during our appointment (including, for the avoidance of doubt, during the term of your insurance) by giving you not less than 7 days' written notice. We may freely assign or delegate all or any part of this Terms of Business Agreement and/or the services to any third party.
20. GOVERNING LAW AND JURISDICTION
Risk Management & Corporate Insurance Services Limited (RMCI) undertakes its activities as an insurance intermediary in accordance with the laws of England and Wales.
Any disputes and this Terms of Business Agreement will be governed by and construed in accordance with the laws of England and Wales. In relation to any legal action or proceedings arising out of or in connection with this Terms of Business Agreement we both irrevocably submit to the non-exclusive jurisdiction of the English courts.
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If you need any further clarification of the above please just contact us.
DEMANDS AND NEEDS STATEMENT
Risk Management & Corporate Insurance Services Limited (RMCI) of 3/4 Tannery House, Tannery Lane, Send, Surrey GU23 7EF is authorised and regulated by the Financial Services Authority. We are insurance intermediaries and members of the British Insurance Brokers Association (BIBA). Our FSA Register number is 309725. Our permitted business is arranging non-investment insurance contracts. You can check this on the FSA’s Register by visiting the FSA’s website www.fsa.go.uk/register
or by contacting the FSA on 0845 606 1234.
This document has been provided before the insurance contract is concluded.
A Statement of your Demands and Needs
This product meets the demands and needs of full time students (aged between 19 and 35 years of age registered at a Higher Education Institution in the UK) who wish to insure themselves against the financial impact of specified unforeseen circumstances/events occurring before and during their trip. Full conditions of policy terms and conditions can be found in the policy wording.
A Statement on whether a personal recommendation has been made or not
In choosing this product you have not received any personal recommendation from RMCI & or Year Abroad Insurance & or YearAbroadInsurance.com
This document and all other documents on this site should be fully read and understood. These documents must always be read in conjunction with the full policy terms, conditions, and exclusions