Terms of insurance business…
About us – Ashbourne Insurance is authorised and regulated by the Financial Services Authority (FSA). We are permitted to give advice, arrange, assist with claim handling and deal as an agent of insurers with non-investment insurance products. To check registration details on the FSA’s Register, visit the website www.fsa.gov.uk/register or contact the FSA on 0845 606 1234.
Your duty of disclosure – Your insurance is based upon the information provided to the insurance company and you must ensure that all such information is complete and accurate, and that any facts that may influence the insurers decision to accept and pay a valid claim are disclosed.
Return of information by the customer – To maintain a high level of service and ensure the prompt issue of policies and other documents, we rely on customer’s returning any forms, copies or other information without delay. Should any customer fail to respond, they MUST understand the policy will be cancelled at the insurer’s short-term cancellation rate and will incur a charge for the unnecessary administration.
How to cancel – You may have a statutory right to cancel this insurance after a short period providing the relevant insurance certificate is surrendered and there could be no incident that will cause a claim against the insurer. In the event of cancellation the following scale will apply and will be calculated from the date we receive the correct document. Refer to your policy summary or booklet for further details.
Not exceeding 1 2 3 4 5 6 7 8 (months)
Refund amount 70% 60% 50% 40% 30% 20% 10% Nil return
Certain commercial business products terms differ and advise customers to seek specific advice from your usual advisor if contemplating cancellation.
Please note – No refund is available if the policy is the subject of a claim, is a short term policy of less that 12 months or is an added value product that runs alongside an existing policy, “legal expenses” or “breakdown” cover for example.
Regulation states that a refund cannot be paid until that amount has been settled on the insurer’s account.
Unpaid amounts – Should any amount remain unpaid after proper notice, the company reserve the right to take all reasonable steps to legally recover any outstanding amount.
Fees and charges – Please refer to our tariff of administration charges below for fees payable under these terms of insurance business. These apply if you instruct us to alter the policy in any way whatsoever; we reserve the right to retain the full commission and to apply reasonable administration charges.
How to claim – If you are involved in an incident the insurer MUST be advised immediately, the policyholder or driver must not admit liability or agree to any action on behalf of another without prior consent. Your insurer will require you to act promptly with any issue that they raise, where our claim advisory service will provide advice in regard to those issues. It is advisable we are informed of any possible developments; this will enable an accurate assessment when attempting to resolve any outstanding issues on your behalf.
Complaints – 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 The Managing Director at the above address. You may be entitled to refer the matter subsequently to the Financial Ombudsman Service.
Further information is available at www.financial-ombudsman.org.uk
Protecting your information – All personal information about you will be treated as private and confidential (even when you are no longer a customer), except where the disclosure is made at your request or with your consent in relation to administering your insurance, and except where law requires us. The FSA may ask us to provide it with access to our customer records in order that it may carry out a review of our activities.
Some or all of the information you supply to us in connection with your insurance proposal may be passed to other insurance companies for underwriting and claims purposes. Under the Data Protection Act (1998) you have a right of access to see personal information about you that is held in our records, whether electronically or manually. If you have any queries, please write to the Managing Director at the above address.
Protecting your money – Prior to your premium being forwarded to the insurer, and for your protection, we either hold your money as an agent of the insurer (in which case your insurance is treated as being paid for), or we hold it in a client bank account on trust for you. We may extend credit to other customer’s from this account and we may need to transfer your money to another intermediary in some cases. However your money will be protected at all times because of the requirements of the FSA rules. We also reserve the right to retain interest earned on this account.
By accepting these terms of insurance business you are giving your consent for us to operate in this way.
Compensation arrangements – the Financial Services Compensation Scheme covers us. 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 compulsory classes of insurance, insurance advising and arranging is covered for 100% of the claim, without any upper limit. Further information about compensation scheme arrangements is available from the FSCS at www.fscs.org.uk.
Finance providers – Information that relates to their terms and conditions appears at the bottom of these terms and on the documentation provided by them.
This scale of fees & charges will also apply…
We try to keep costs to a minimum; certain services will attract a charge. To minimise those costs, please note the following.
AISL Direct Debit Charges
Funded premiums – If any policy that is funded and paid by direct debit is altered any additional premium must be settled at the point of request where three or less instalments remain prior to renewal.
Terms that relate to commercial business - In addition to any other charge stated in these conditions, these additional charges apply in these situations to commercial customers and override any other similar amount.
Visiting customer’s – This will incur a fee of £50 per hour or part of for occasions where a visit is requested or it is deemed necessary to visit the customer’s premises or any other specified location.
Nil commission policies – Certain policies do not include commission therefore a brokerage fee will be levied to cover the cost to write business of this type. The charge will be equal to 20% of the premium before IPT.
Minimum & Deposit or In Full Policies – There is NO refund and you are responsible for the full premium due. Should any instalments remain unpaid the company or credit provider will take any action necessary to recover an outstanding amount.
Minimum retained premium – If the policy is cancelled due to a failure to comply with a request for the relevant information a charge of 50% of any final apprised premium will be levied.
Failure to notify a material fact could invalidate your policy
Finance providers - The terms and conditions that apply are those issued by the provider concerned, where funding has been accepted as the method to repay a policy arranged by Ashbourne Insurance Services Limited. Therefore, if you’re considering cancellation or intending to default on any future payment demand, the provider will pursue their legal rights to recover any amount that remains unpaid.
These terms do not affect your statutory rights - Pricing Information is correct at 1st March 2007 – PF-2000
Terms of insurance business
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