Terms of Business Agreement – Initial Disclosure Document

InsuredOnline.co.uk is a trading style of Rowett Insurance Broking Ltd

About our insurance services

Rowett Insurance Broking Ltd
Head Office:
140 Alexandra Road
St Austell
Cornwall
PL25 4QJ

1. The Financial Services Authority
Rowett Insurance Broking Ltd is authorised and regulated by the Financial Services Authority (FSA). Our FSA register number is 121233.
The FSA is the independent watchdog that regulates financial services. It requires us to give you this document. Use this information to decide if our services are right for you.
Our permitted business is advising, arranging, dealing as agent and assisting in the administration and performance of general insurance contracts.
You may check this on the FSA’s register by visiting their website: www.fsa.gov.uk/register or by contacting the FSA on 0845 6061234

2. Our Service
Our role is to advise you and make a suitable recommendation after we have assessed your needs.
PERSONAL INSURANCES:
We offer products from a range of insurers for motor and home insurance.
We only select travel and other personal insurance products (pet, marine, etc.) from a limited number of insurers.
COMMERCIAL INSURANCES:
We select commercial insurance products 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.

3. Payment for our services

We normally receive commission from the insurers or product providers and make charges for handling your insurances as follows:
Mid-term adjustments: £10.00
Mid-term cancellations: a maximum of 15% of the return premium or a minimum £10.00
Replacement/duplicate documents: £15.00 or as charged by the insurer
Providing credit for premium payment: 5% of the premium or a minimum £10.00
A fee of £10.00 may be placed on policies with a premium of less than £150.00
The specific amount and purpose of any additional charges will always be advised in advance.
Full payment of premiums and fees is due before cover commences, or as otherwise stated under terms of credit.
We normally accept payment by guaranteed cheque, debit card and most credit cards. There is a charge of 3.8% for all credit card payments.

4. Branches
We operate from three branches.
Our head office is at 140 Alexandra Road, St Austell, Cornwall, PL25 4QJ.
We also operate from offices at:
10a New Bridge Street, Truro, Cornwall, TR1 2AA, and
3 Alexandra Road, Crownhill, Plymouth, Devon, PL6 5AE.

5. Handling Client and Insurer Money
We hold all client money collected for onward transmission to the insurer as well as return premiums, credits and claim payments due to clients from insurers in a client bank account under a statutory trust in accordance with the authorisation we have from the FSA to do so. For the purpose of some transactions, client money may pass through other authorised intermediaries before it is received by the insurer. Where we collect or hold money as agent of the insurance undertaking you will be notified accordingly. Interest will not be paid to customers in respect of money held in client bank accounts.

6. Claims Handling Arrangements
If you need to claim on your policy you must notify us or your insurer promptly and we will issue you with a claim form or helpline number. Any details you provide will be passed on to your insurer. You should never admit liability or agree a course of action until you have received confirmation from your insurer. We will employ due care and skill if we act on your behalf in respect of a claim.

7. Complaints and Compensation
We aim to provide a high level of customer service at all times, but if you are not satisfied, contact us:
…in writing Write to Rowett Insurance Broking Ltd, 140 Alexandra Road, St Austell, Cornwall, Pl25 4QJ.
…by phone Telephone 01726 61811.

If you are still not satisfied, you may be entitled to refer it to the Financial Ombudsman Service.
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. Insurance advising and arranging is covered for the first £2000 and 90% of the remainder of the claim without any upper limit. This depends on the type of insurance, size of business and the circumstances of the claim.

8. Cancellation of Insurances
You should make any request for the cancellation of a policy in writing and any relevant certificate of insurance should be returned to us. In the event of cancellation, charges for our services will apply in accordance with the tariff of fees above. 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.

9. Your responsibilities
You are responsible for providing the complete and accurate information, which insurers require in connection with any proposal for insurance cover. This is particularly important before taking out a policy and at renewal, but it also applies throughout the life of a policy. If you fail to disclose any material fact or other information material to the insurance this could invalidate the policy and mean that claims may not be paid.
You should inform us of any change of circumstances that may affect the services provided by us or the cover provided by your policy.
If you are unsure about any matter, please contact us for guidance.

10. Confidentiality of Personal Data
All personal information is treated by us as confidential and is processed in accordance with the relevant legislation. We will not use or disclose personal information without your consent, other than in the normal course of arranging and administering your insurances, except where we are compelled by law (including by regulators or law enforcement agencies) to disclose such information. In such instances personal information held by us may be disclosed on a confidential basis, and in accordance with the Data Protection Act 1998, to such third parties.