Regulation
Excel Insurance is authorised and regulated by the Financial Services Authority. Our FSA authorisation number is 306629 and our permitted business is arranging general insurance contracts. You can check this on the FSA’s register by visiting the FSA’s website www.fsa.gov.uk/register or by contacting the FSA on 0845 6061234.
Our service to you
Because of our wide range of providers, we are able to discuss your needs and establish a product best suited to you.
Depending on the product being arranged, we will provide cover of behalf of:
a. A fair analysis of the Insurance market,
b. A panel or limited number of Insurance providers or
c. A sole provider with whom we place all policies arranged for that particular product.
You will be notified accordingly.
Your duty to us
We will ask for and seek all relevant information from you in order to recommend an appropriate product. You must supply us with the requested information, as failure to do so, or to provide incorrect information may lead to you buying an inadequate product, or worse, the Insurer may not pay a claim.
Insurer’s request that all “material facts” be disclosed to them. A material fact is one which may be described as any piece of information, if known, which may be likely to influence their decision to accept a risk and on what terms. If any information supplied changes during the course of the policy period, you musty notify us immediately as this may influence the cover and policy terms and conditions.
Credit checks
To make sure you get our best deal at inception and at each subsequent renewal of the policy, and to ascertain the most appropriate payment options for you and to protect you from fraud, some insurers use public and personal data from a variety of sources, including a credit reference agency and other organisations. The search will appear on your credit report whether or not your application proceeds. If you have any questions about this or any other matter, please do not hesitate to contact us.
Confidentiality / Data Protection Act
We will treat all customers’ personal information in a confidential manner and we will ask a series of questions to ensure that we are speaking to our customer and not a person who is not authorised to ask questions or to give instructions to us. We can only take instructions to effect or to alter a policy in some way from the Policyholder or their legal representative. Your data is held in compliance with the legislative requirements.
Our Quotations
All premiums quoted are inclusive of HM Government Insurance Premium Tax. We reserve the right to withdraw premium indications before they are taken up and to apply any changes notified to us by underwriters after the indication has been given.
Evidence of No Claims bonus
In consideration of being granted temporary insurance cover under a policy without providing us with evidence of no claims bonus, you undertake to provide such evidence within fourteen days of the commencement date. If you do not provide such evidence you must pay such increased premium as results from your failure to provide evidence. In the event that the policy has to be cancelled as a result of failure to provide bonus proof and you failing to pay any increased premium, you will be asked to pay a time on risk charge based on the total gross premium plus a
cancellation fee.
Cancellation
You have certain rights of cancellation in the early stages of a policy life and these are shown in the insurers’ policy details document.
Policies vary between insurers but be aware that cancellation refunds are not given after a claim and are otherwise calculated on a short period scale weighted in favour of the insurers as their costs are similar whether a policy has run for one day or for one year. Also please note that we do not refund commission since this is earned for arranging the policy (unless you are replacing the policy through our agency with another insurer).
Our charges
We receive our income from insurers who pay us commission for arranging your insurance. In addition to this we may charge a fee of up to £25.00 to cover our administration. Charges for arranging commercial products will be declared to you on a case by case basis. A charge of up to £25.00 may be made in the event of a default, failure to pay, or recorded delivery letters. This charge may be made each and every time this occurs.
Commission on Commercial business
You may request details of commission we receive from insurers, and on request, we will also provide you with a list of those insurers with whom we are able to place the particular product arranged.
Instalments
If you are paying by instalments, a credit agreement is issued. Your attention is drawn to the terms and conditions of the agreement as charges are made for interest and administration.
Ownership
There is no ownership between ourselves and any insurer.
Tacit renewals
In the event that your renewal is being paid by instalments, we will notify you prior to renewal date of the premium and terms and conditions which will apply. Unless we hear from you on or prior to renewal date your policy will be renewed.
Premiums received
In the event that Insurers grant risk transfer, we will hold money received from you as agent of the insurer, otherwise money received will be held as client money in a statutory trust bank account.
Complaints Procedure
Should you have any cause for complaint, please contact the Manager in the first instance, in order that the situation may be resolved to your satisfaction.
In the event that we are unable to resolve your complaint, we will write to you within five working days advising you of the person who will be investigating the circumstances. In the event that your complaint is still outstanding after a further four weeks, we will write to you again advising you of the reasons for the delay and giving a timescale in which you will hear from us again.
Should you wish to take the matter further you may refer your complaint to the Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR. Our complaints procedure is available on request.
Financial Services Compensation Scheme
We are covered by the Financial Services Compensation Scheme. 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 £2000 and 90% of the remainder of the claim without any upper limit, for those products where insurance is compulsory. Non compulsory products are covered on a flat 90% basis. Further information about compensation scheme arrangements is available from the FSCS.
Governing Law
This agreement shall be 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.
v5. October 2011