Terms of Business Agreement

The purpose of this document is to disclose our status and to set out the basis of the agreement under which we conduct our business and offer our services to you. Please read this document carefully as it sets out the terms on which we agree to act for our clients and contain details of our regulatory and statutory responsibilities.

Introduction

L Wood & Co Ltd are independent Insurance Brokers acting on your behalf as your agent.  The company has operated for over 50years.  Our continued success is based upon building long term client relationships and the provision of the highest standards of professional service.  We offer products from a range of Insurers for all policies we arrange and have access to a wide selection of insurance companies, the Lloyds market and a number of specialist schemes.

We act on your behalf in arranging your insurance.  This will include the initial arrangement of cover, mid-term alterations (where required), claims resolution and renewal processing, and all other aspects of insurance.  We are members of the British Insurance Brokers' Association (BIBA). 

We are authorised and regulated by the Financial Services Authority. Our FSA Reference Number is 306091. These details can be checked by visiting the FSA's website http://www.fsa.gov.uk/register or by contacting the FSA on 0845 606 1234.

Our Services

Our services include assessing your insurance requirements, advising you on the merits of individual policies, arranging cover with Insurers to meet your requirements, and helping you with any ongoing changes you wish to make.  We will make sure, as far as we are able, that the products and services we offer match your requirements. If we cannot match your requirements, we will explain the differences in the product or service we can offer. If it is not practical to match all your requirements we will give you enough information so that you can make an informed decision about your insurance. We will explain the main features of the products and services that we can offer.

Your Duty Of Disclosure

If you are in any doubt about whether information is material, please discuss this with us.  It is your responsibility to provide complete and accurate information to us and Insurers when you take out your insurance policy, throughout the life of your policy and when you renew your insurance.  Failure to disclose information relating to your insurance, or any inaccuracies in information given, could result in your insurance policy being invalid or cover not operating fully.  It is important that we ensure all statements you make on Proposal Forms, Claim Forms and other documents are full and accurate.  If a Form is completed on your behalf, you should check that the answers shown to any questions are true and accurate before signing the document.

You are reminded that it is an offence under the Road Traffic Act to make any false statements or withhold any relevant information to obtain an Insurance Certificate.  You are advised to keep copies of any correspondence you send to us or direct to your Insurer.

Premium Warranties

Where underwriters have specified a premium payment warranty, we will advise you as soon as possible and premium must be paid to insurers by that date.  We will require premium payment at least two working days prior to this to ensure timely processing.  If you do not think you will be able to comply with the premium warranty, please contact us immediately.  Failure to comply can result in the Insurer automatically terminating your policy.

Warranties/Subjectivities

You must comply with any warranties (whether express or implied) contained within the insurance we have arranged.  Failure to comply can result in the Insurer automatically terminating your policy.  Further, where the insurance has been placed with subjectivity, it may be invalidated or coverage prejudiced whilst the subjectivity is outstanding.

Information on Costs

We will provide you with details of the costs of each insurance product or service we are offering.  In addition to the premiums charged by Insurers, we may also make charges to cover the administration of your insurance.  Any specific charge and its purpose will always be advised to you in advance.  The Insurer with whom we arrange your insurance normally pays us a commission.  Alternatively, a fee may be charged for our services.  We may also receive remuneration from Insurers with whom we place volume business and from Premium Finance companies where we arrange credit on your behalf.  We will always disclose our commission earnings to you on request.  Other forms of remuneration cannot be apportioned to any particular risk but we will always disclose the basis of the calculation to you on request.  Unless by prior arrangement any premium return due to you upon cancellation of insurance will be paid net of commission. 

Payment Terms

We will be responsible for issuing invoices for all new and renewal premiums and mid-term alterations as soon as is practicable after inception or renewal of your policy.  We will remit premiums to our insurers in accordance with the agreed terms of trade. You will be responsible for paying promptly all of our invoices for premiums, to enable us to make the necessary payments to insurers. We normally accept payment by cheque, bank transfer, Debit Card, Credit Card (2% surcharge) or by monthly instalments (full details are available on request).

You may be able to spread your payments through an insurer’s instalment scheme or a credit scheme that we have arranged with a third party finance provider. Our Consumer Credit Licence number is 1279184.  We will give you full information about your payment options when we discuss your insurance in detail.

We may keep certain documents, such as your insurance policy documents or Certificate, while we are waiting for full payment of premiums.  In these circumstances, we will ensure that you receive full details of your insurance cover and will provide you with any documents that you are required to have by law. Any money received under risk transfer arrangements will be held by us as agent of the Insurer.  We will hold monies received from you in an interest bearing designated non-statutory trust Bank Account.  We will remit such monies to Insurers in line with our agreements with them.  Payment of any invoice issued to you should be settled within 30 days, unless a longer period for payment has been agreed with you, or credit arrangements have been made.

Security

It is always our intent that business is placed with Insurers who are of a financial standing and reputation to support the policy being underwritten.  L Wood & Co Ltd cannot and does not guarantee the solvency of any Insurer it uses, nor does it rate, assess or approve security.  You should be aware that we have no obligation to fund any premiums on your behalf, and have no responsibility for any loss that you might suffer as a result of the insurer cancelling the policy or taking any other prejudicial steps as a result of late payment of such sums if such delay is attributable to you.

Cancellation of Cover

If you wish to cancel your policy you should advise us in writing and return any documents we request including your insurance certificate.  Unless otherwise agreed, we only arrange annual contracts and Insurance Contracts do not usually allow a proportionate refund if the policy is cancelled.  When a claim has been submitted, it is possible no refund of premium will be allowed.  If your policy entitles you to a cooling off period, we will provide details in writing.

Claims

Private Customers

Your policy document will generally give you details on whom to contact in order to make a claim. If this information is not provided, or you require assistance, please contact us. We will then advise you as to what action is required and by whom.

Commercial Customers

When we receive notification of an incident that might give rise to a claim under your policy, we will inform Insurers without delay.  We will advise you promptly of Insurers’ requirements concerning claims, including the provision, as soon as possible, of information required to establish the nature and extent of a loss.  We will notify you of any request for information we receive from your Insurers.  We will forward any payments received from Insurers in respect of any claim to you without delay.

Confidentiality

All personal information about our customers is treated as Private and Confidential.  We will only use and disclose the information we have about private individuals in the normal course of arranging and administering their insurances, and will not disclose any information to any other parties without their written consent.  Under the Data Protection Act 1998, private customers have a right to see personal information about them that we hold in our records.  If you wish to exercise this right, you should write to us at the above address.

FRAUD PREVENTION

In order to help insurers to check the information provided and also to prevent fraudulent claims, they pass information to the Claims and Underwriting Exchange register, run by Insurance Database Services Ltd (IDS Ltd).  When your claim is dealt with, the register may be searched.  When you provide information about an incident this may be passed onto the register.

Complaints Procedure

It is our intention to provide you with a high level of customer service at all times.  However, if you have a complaint, in the first instance, you should discuss this with the member of staff you have been dealing with.  You may make your complaint either orally or in writing.  If you are not satisfied with the response you should contact the Managing Director of L Wood & Co Ltd, Mr Kevin Wood.  We take all complaints that we receive seriously and will handle any complaint promptly and fairly.  Your complaint will be acknowledged in writing promptly.  We will tell you who will be dealing with your complaint and when you can expect to receive an answer.  Most concerns can be resolved quickly but occasionally the complaint may be sufficiently complicated to warrant longer investigation.  In this event we will contact you with an update and give you an expected date of response.  If we find that your complaint is valid, we will agree with you a mutually acceptable form of redress.

You may also wish to contact your Insurer.  Your policy document provides details of your Insurer’s Complaints Procedure.  Should you feel the problem has still not been resolved, then you may wish to seek referral within a time limit of six months to the Financial Ombudsman Service (FOS), South Quay Plaza, 183 Marsh Wall, London, E14 9SR. www.financial-ombudsman.org.uk/  You may also be entitled to compensation from Financial Services Compensation Scheme.  This depends on the type of business and the circumstances of the claim.  Further information is available from the FSCS.