E Coleman & Co Ltd - Terms of Business
Our Terms of Business
Coleman is an independent intermediary, established in 1928. We advise on all types of non-life general insurance products and we are not tied to any one insurer.
We are authorised and regulated by the Financial Conduct Authority (FCA), who are an independent body that regulates financial services. Our FCA Reference No. is 306919 and you can check our status at www.fca.org.uk or by contacting the FCA on 0800 111 6768.
Coleman does not hold shares in the insurance undertakings with which we place our Clients' insurance, and no insurers hold shares in E. Coleman & Co. Ltd.
Which service will we provide you with?
We are an independent intermediary, who acts on our customers' behalf in arranging insurance. We will work with you to identify your insurance demands and needs, advising you on the cover required, the expected cost and likely terms and conditions. We will then endeavour to satisfy those needs when you instruct us to do so.
We will keep you updated with our progress towards placement of your insurance and any inability to obtain cover sought by you. All reasonable steps will be taken to implement your insurance needs, subject to the availability of insurers, before the intended date of inception, renewal or extension of cover.
Our advice will be confirmed in a demands & needs and suitability statement, giving reasons for our recommendation so that you are able to make a decision as to its acceptability to you. In respect of any premium finance facility we may offer, you will not receive advice or a recommendation from us and you will then need to make your own choice about how to proceed.
As your insurance broker we will be happy to deal with any queries you may have with regard to the recommended insurance cover, its benefits, restrictions, conditions, warranties and exclusions.
We will let you know if the insurance has been selected on the basis of a fair analysis of the market, or from a limited number of insurers or from a single insurer. You can ask us for a list of insurers approached on your behalf.
Our permitted business includes advising, arranging, dealing in and assisting with the placing and administration of all types of General Insurance policies. We also have permission to provide credit broking services.
What will you have to pay us for our services?
Our remuneration will be either as a fee agreed with you, or commission, which is a percentage of the insurance premium paid by you and allowed to us by the insurer with whom the contract is placed, or where appropriate a combination of both. Where we need to charge a fee we will agree this with you beforehand. In addition, we normally make a \u00a345.00 administration charge for arranging new policies and renewing policies.
Further, we provide services to insurers that are not directly related to the services provided to you and usual and customary remuneration in the form of a management or administration fee or profit sharing commission in recognition of such services provided to the insurer over the given period may be received by us.
We may also receive an introductory payment from those institutions we introduce you to and who provide you with finance to assist you with the payment of your insurance premiums. We do not charge any fees for credit broking.
Commission and fees are earned for a policy period and we will be entitled to retain all fees and commission in respect of the full policy period in relation to policies placed by us. We will only take our commission when cleared funds have been received from you.
What to do if you have a complaint
We will provide you with a summary of our complaints procedure and respond to you promptly. We will keep you informed of the progress of your complaint and aim to make a final response to you within eight weeks, or keep you informed as to why this is not possible. In the event that your complaint relates to activities or services provided by another party, we will ensure that your complaint is appropriately forwarded in writing, and will track the progress of the complaint and responses of that party.
After our final response has been issued, if you still cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service, for an independent assessment and opinion.
The FOS Consumer Helpline is on 0845 080 1800 and their address is: Exchange Tower, Harbour Exchange Square, London, E14 9SR
What insurers do we recommend?
We will only deal with insurers that meet with our minimum financial requirements, unless we receive our client's specific instructions to the contrary. However, we cannot and do not guarantee the solvency or continuing solvency of any insurer used and Clients should be aware that an insurer's financial status could change after cover has commenced.
We may use providers who will conduct a credit check, which will be recorded on your credit record. Please contact us if you do NOT consent to a credit check being undertaken, however this may affect our ability to offer instalment facilities to you. In relation to the provision of credit, we offer only the facilities provided by Insurers, or those of Premium Credit Ltd.
Are we covered by the Financial Services Compensation Scheme?
We are covered by the FSCS. This is the UK's statutory fund of last resort for customers of authorised financial services firms, like ours. The FSCS can pay compensation if an authorised firm is unable or likely to be unable to pay claims against it, usually because it has gone out of business or is insolvent.
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 90% of the claim, without any upper limit. For compulsory classes of insurance, such as motor and employers liability, insurance advising and arranging is covered for 100% of the claim, without any upper limit. No cover is provided for advising or arranging Marine and Aviation classes of insurance. Further information about compensation scheme arrangements is available from the FSCS.
What do I need to do if I want to cancel?
If you wish to cancel a policy mid-term you must notify us and surrender whatever documents we require and you must let us know of any incidents that could give rise to a claim under the policy. There may be a return of premium due to you in respect of the unexpired term, but this is at the discretion of the insurer. There will be no return of premium where the policy is arranged on a "Minimum & Deposit" basis. Refunds will be paid to you net and we reserve the right to offset any such return of premium against outstanding amounts due from you to us.
Either you or we may terminate our services without cause or penalty. If by you, we will be entitled to retain all fees and commissions payable whether or not they have been received by us.
What documents will be provided?
We will ensure that the insurers produce all policies, certificates and other documents that you need and we will check them for accuracy. We do not hold documents on behalf of Clients.
Certain classes of insurance require that you complete a proposal form, statement of fact, questionnaire or similar document. We will provide guidance to help you complete the form but we are not able to complete the document for you.
You are responsible for reviewing the policy and other documents to ensure that they accurately reflect the cover, conditions, limits and other terms that you need. Particular note should be made of the policy conditions and warranties, as failure to comply with them could invalidate the cover. If you find any discrepancies you should advise us immediately. You should retain all documentation for any period during which a claim against your insurers could be made.
We will issue insurers' renewal terms in a timely manner. On certain occasions we will renew the insurances in the absence of any instructions from you to the contrary, but you will always be advised where this applies. If your insurers are not offering renewal we will let you know.
How do I pay?
An invoice detailing the premium and any relevant taxes for the insurances will be sent to you. Payments by cheque should be sent to the address on the invoice. Alternatively, payments can be made either by direct transfer or credit/debit card (a 2% charge will apply to credit card payments). Premium instalment facilities may be available and details will be given on request.
In order to ensure continuation of cover, settlement with cleared funds must be made to us within the specified time period given. If you are unable to pay by the due date you must notify us. Failure to meet the payment date may lead to insurers cancelling cover. Our service to you does not include payment to insurers of your due premiums from our own funds.
In most instances money is received on behalf of an insurer and placed in an account for the benefit of the insurer. In all other instances your money will be placed in a Statutory Trust Client Account. Return premiums will be sent to you as soon as possible. Any interest earned on Client money will be retained by us rather than paid to you.
If you wish to pay your premium by instalments your details may be passed to our third party instalment provider, however, acceptance may be subject to a credit check. They will send you a welcome pack detailing their full terms and conditions. If you have any questions about your instalments you should contact the provider direct on the contact number provided.
On renewal of your policy we will continue to pass your details to the third party provider unless you instruct us otherwise. If any direct debit or other payment due in respect of the credit agreement you enter into with the provider to pay insurance premiums is not met when presented for payment or if you end the credit agreement with the provider or if you do not enter into a credit agreement with the provider we will be informed of such events by the provider.
If you do not make other arrangements to pay the insurance premiums you acknowledge and agree that we may, at any time after being so informed, instruct the relevant insurer to cancel the insurance (or, if this occurs shortly after the start or renewal of the insurance, to notify the insurer that the policy has not been taken up).
We will collect any refund of premiums which may be made by the insurer and if any money is owed to the provider under your credit agreement pay it to the provider or, if the provider has debited us with the amount outstanding, use it to offset our costs. You will be responsible for paying any time on risk charge and putting in place any alternative insurance and\/or payment arrangements you need.
Please note your policy cover will cease if you fail to keep up payments on an instalment agreement or premium finance facility related to it and your credit rating may be affected.
Are my details secure?
Information given to us by our Clients will be treated as confidential and will not be disclosed other than in the normal course of providing our services on behalf of our Clients. Any exception would need your consent or would be a requirement at law.
Information may be shared within the Coleman Group of companies and may be used for research or statistical purposes. From time to time we may also provide our Clients with information about products or services that we believe would be of interest to them.
Under the Data Protection Act 1998 you have the right to see personal information about you that we hold in our records. If you have any queries please write to us at our Head Office address.
You are responsible for notifying claims or potential claims as soon as you are aware of them and you must disclose all facts that are material to the claim. Please contact us to notify us of any claim or potential claim. Alternatively, you can contact your insurer direct on the phone number contained within your insurer documentation.
When we collect claims payments these will be remitted to you as quickly as possible. However, we will not remit claims monies to you before we have received them from your insurers.
This agreement will be governed by and construed in accordance with English Law and dispute arising under it shall be subject to the exclusive jurisdiction of the English courts.
IMPORTANT INFORMATION FOR PERSONAL LINES (CONSUMER) CUSTOMERS ONLY
Your right to cancel
You have a legal right to cancel your policy or credit agreement for any reason, subject to no claims having occurred, within 14 days of receiving the full terms and conditions. You will always be advised where this right applies. A charge will apply for the period of cover provided. If you wish to cancel a policy you must advise us in writing, prior to expiry of the 14 day cancellation period, to our usual office address. If you cancel a credit agreement you will need to repay any sums provided in full and make alternative arrangements to pay your premium.
Consumers' responsibility to provide information
You must take reasonable care to answer all questions honestly and to the best of your knowledge, and if you volunteer any other information, you must ensure that the information is not misleading. If any information that you have provided to us changes before you take out your insurance, during the life of the policy or at renewal, you must inform us of the changes.
If you deliberately, recklessly or carelessly misrepresent any information in relation to this insurance then your policy may be cancelled, or treated as if it never existed, or your claim rejected or not fully paid.
IMPORTANT INFORMATION FOR COMMERCIAL CUSTOMERS ONLY
Prior to the conclusion of each insurance contract, or upon renewal, we will remind commercial policyholders of their right to be advised of the level of commission which we receive from underwriters. You are entitled, at any time, to request information regarding any commission which we may have received as a result of placing your insurance business.
Commercial customers' duty to give information
It is your responsibility to provide complete and accurate information to insurers when you take out your insurance policy, throughout the life of your policy, and when you renew your insurance.
It is important that you ensure that all statements you make on proposal forms, statements of fact, claim forms and other documents are full and accurate as failure to disclose any information or change in circumstances to your insurers which could influence the cost, or their decision to accept your insurance, could mean that your policy could be invalidated or cancelled without refund, or that part or all of a claim may be not be paid.