Terms of Business
Keith Michaels PLC of Central House, 1-15 Central Road, Worcester Park, Surrey, KT4 8EG is authorised and regulated by the Financial Conduct Authority. Our Firms Registration Number is 306600. We are permitted to advise you of your insurance needs, arrange your insurance cover with insurers to meet your requirements and assist in claims handling with respect to non-investment insurance policies. You can check these details on the FCA’s Register by visiting the FSA’s website http://www.fca.gov.uk/register or by contacting the FCA on 0800 023 4567. We are also authorised by the FCA for consumer credit broking/lending and only offer our own credit facility.
We select insurers following a fair analysis of the market with the exception of Breakdown Cover which is placed through various providers namely RAC & Call Assist.
Your Responsibilities when applying for Insurance
Consumers: You must take reasonable care not to make misrepresentation to the insurer. This means that all the answers you give and statements you make as part of your insurance application, including at renewal and when any amendment to your policy is required, should be honest and accurate. If you deliberately or carelessly misinform the insurers, this could mean that part or all of your claim may not be paid.
Non-consumer customers [For insurances subject to The Insurance Act 2015, effective from 20 August 2016]: Where we arrange insurance wholly or mainly for purposes related to your trade, business or profession, you have a duty under The Insurance Act 2015 to make a fair presentation of the risk. This means that you must disclose every material circumstance which you and/or your senior management and/or anyone responsible for arranging your insurance know or ought to know. Alternatively, you must disclose sufficient information which would put the insurer on notice that it needs to make further enquiries for the purpose of revealing those material circumstances.
Your duty of fair representation applies at the start of the policy, at renewal and when any variation of the policy is arranged. If you fail to make a fair representation, the insurer may refuse to pay your claim or reduce the settlement amount, depending on the circumstances.
How to cancel
You may have a statutory right to cancel this policy within 14 Days. Please refer to your policy summary or your policy document for further details. If you cancel you will receive either a pro rata refund of premium or short period refund from the insurer depending upon which insurer it is. Insurers are also entitled to make an administrative charge. We may keep an amount that reflects the administrative costs of arranging and cancelling the policy.
If you wish to cancel outside this period you may not receive a pro rata refund of premium. We may also keep an amount that reflects the administrative costs of arranging and cancelling the policy (see tariff of charges).
Protecting your information
We take your privacy extremely seriously and we will only use your personal details in line with our Privacy Notice. Please read our Privacy Notice carefully [on our website at www.keithmichaels.co.uk] and contact us immediately if you have any queries. Where necessary, for example where we would like to use your data for some marketing purposes, we shall ask for your specific consent to do so. Your personal information includes all of the details you have given us to process your insurance policy (we will not ask for more information than is necessary). We may share your data with Third Parties for the provision and ongoing performance of your insurance policy. Your data may be transferred outside the UK. We will not sell, rent or trade your data under any circumstances. All of the personal information you supply to us will be handled strictly in accordance with the applicable Data Protection regulations and legislation.
How to claim
In the event you have occasion to claim on your policy you must notify either Winn Solicitors or your Insurer immediately and they will promptly advise you and if appropriate issue you with a claim form. You should not admit liability or agree to any course of action other than emergency measures carried out to minimise the loss until you have agreement from your Insurer.
Fees and charges
In addition to premiums charged by insurers we may, at our discretion, make a charge to cover administration costs. These are as follows:
New Business: £50.00 or up to 20% of annual premium
Renewal: £50.00 or up to 20% of annual premium
Mid Term Adjustments: Up to £50.00
Cancellation Prior to Inception: £25.00
Cancellation Up to 14 Days: Up to £100.00 or commission retained whichever is greater, plus insurer’s time on risk charge *
Cancellation after 14 Days: Up to £100 plus insurer’s time on risk charge
Dishonoured Cheques: £10.00
Direct Debit Returns: £10.00
Cancellation/Mid-term adjustments * – Commission retained. For example, if there is still six months left to run on the policy we will retain 50%, subject to a minimum of £100.00. If at any point you would like to know the commission we have earned on your policy then please feel free to contact us to request that information
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 or arranging premium finance
Any payments that are outstanding following the cancellation of a policy that are not cleared within 21 days will be passed to Insurance Collections Bureau and subject to an additional 20% charge.
In respect of some classes of insurance we may operate block insurance arrangements in order to provide competitive terms. On occasions it will be necessary for us to transfer such blocks from one insurer to another where this is beneficial for our clients.
This Terms of Insurance Business document constitutes both your acceptance that we may do this and your prior request for us so to do.
Protecting your money
Prior to your premium being forwarded to the insurer, and for your protection, we hold your money as an agent of the insurer which means your policy is treated as being paid for.
By accepting this Terms of Insurance Business document, you are giving your consent for us to operate in this way.
We and/or the insurers/or credit providers may use publicly available data from a variety of sources, including credit reference agencies and other external organisations to verify your identity or creditworthiness, to avoid fraud, and to obtain beneficial quotes and payment options on your behalf. Each of these searches may appear on your credit report whether or not your application proceeds.
By agreeing to these terms and conditions you agree to these uses of your information.
It is our intention to provide a high level of service at all times. However, if you have reason to make a complaint about our service you should contact Neil Donovan at the above address or ring 020 8329 1150. You may be entitled to refer the matter subsequently to the Financial Ombudsman Service. You can contact the Financial Ombudsman Service by telephone on 0800 023 4567 and further information is available at http://www.financial-ombudsman.org.uk/
If you do decide to refer any matter to the Financial Ombudsman Service your legal rights will not be affected.
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 90% of the claim without any upper limit. For compulsory classes of insurance, insurance advising and arranging is covered for 100% of the claim, without any upper limit. This scheme does not apply to consumer credit. Further information about compensation scheme arrangements is available from the FSCS on 0800 678 1100 or 020 7741 4100 or by visiting http://www.fscs.org.uk/