Introduction

These terms of business come into force on the date you receive it from us and will remain in force until you are provided with revised terms. Newland Insurance Brokers Ltd is an insurance intermediary acting on your behalf in arranging your insurance. Newland’s registered address is Unit 1, Briar Rhydding House, Baildon, BD17 7JW. 

We provide the following services on behalf of insurer partners: the initial arrangement of cover, mid-term alterations (where required), claims resolution, renewal processing. We only offer products from a limited number of insurers. The list of insurers we offer insurance from is available upon request. 

 

Our status

Newland Insurance Brokers Ltd of Unit 1, Briar Rhydding House, Baildon, BD17 7JW is authorised and regulated by the Financial Conduct Authority. Our FCA Register number is 494397.

Our permitted business is advising and arranging general insurance contracts. You can check this on the FCA's Register by visiting the FCA's website www.fca.org.uk/register/ or by contacting the FCA on 0800 1116768. 

 

Settlement terms

We will be responsible for issuing invoices for all new and renewal premiums and mid-term alterations as soon as practicable after inception or renewal of your policy.  We will remit premiums to 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. 

For the avoidance of doubt, we have no obligation to fund any premiums on your behalf.  
We also have no responsibility for any loss that you may suffer as a result of insurers cancelling the policy or taking any other prejudicial steps as a result of the late payment of such sums if such delay is attributable to you. You agree that the settlement of premiums in good time is your responsibility.  

We normally accept payment by cheque or bank transfer or by credit facilities where this has been separately agreed. 

 

Complaints

It is our intention to provide you with the highest possible level of customer service at all times. Should we not meet your expectations, we have a complaints procedure, which is explained below.  

Should you wish to complain please contact us either: 

•    In writing:Unit 1, Briar Rhydding House, Baildon, BD17 7JW
•    By telephone: 01274 414800
•    By fax: 01274 410020
•    By e-mail: admin@newlandinsurance.co.uk

Should you not be satisfied with our final response, you may be entitled to refer the matter to the Financial Ombudsman Service (FOS) within six months of the date of our final letter. 

A copy of our complaints procedure is available upon request. 

 

Charges

We are normally remunerated by commission from the insurance provider; where this is not the case or the available commission is inadequate to cover our administration costs we may charge you a brokerage fee, which will be agreed with you before the commencement of cover.  

In addition we [may] charge non-refundable fees for handling your insurances as follows: New policies and renewals £250 maximum for policies under £1,000 and no more than 25% of premium for policies over £1,000, mid-term changes, duplicate documentation, and cancellation, £80.00; requests for personal information held, £10. 

If you are a commercial customer you are entitled to ask us to disclose the amount of commission that we will receive in respect of any policy you take out.  We reserve the right to retain commission in respect of any premium refunds made by insurers.

 

Compensation

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 amount of the claim, without any upper limit. For compulsory classes of insurance, insurance advising and arranging is covered for 100% of the amount of claim, without any upper limit.

Further information about compensation scheme arrangements is available from the Financial Services Compensation Scheme.  
(http://www.fscs.org.uk).  

 

Your duty to disclose information

If you are a consumer and enter into a contract of insurance wholly for non-business purposes you are under a legal duty to take reasonable care not to misrepresent information to insurers.  

If you misrepresent information deliberately, recklessly or carelessly respond to insurer questions then a claim under the policy may not be paid. 

If you are a commercial customer, entering into a contract of insurance by way of business, it is your responsibility to provide complete and accurate information to insurers when you take out an insurance policy, throughout the life of the policy, and when you renew your insurance. It is important that you ensure all statements you make on proposal forms, claim forms and other documents such as statement of fact are full and accurate. Please note that if you fail to disclose any material information to your insurers, this could invalidate your insurance cover and could mean that part or all of a claim may not be paid. You should take particular care to check the accuracy of all information you provide. 

Payment clause for stat trust accounts
Usually any monies we collect from you or refunds due to you are subject to a ‘risk transfer’ agreement with insurers and will be held in a designated ‘client’ account pending payment to the insurance provider or refund to you. In these circumstances it is agreed that we are agents of the insurers and that monies paid to ourselves are deemed to be paid to the insurer. Payments may be made via finance agreements and we will treat these in the same way or you may pay insurers directly via direct debit. If risk transfer does not apply, we will then hold your money in a statutory trust client account until we pay your insurers.

The establishment of a statutory trust follows FCA rules to protect client money held by authorised intermediaries. Any interest payments on this account remain ours. A copy of the trust deed is available on request. Failure to maintain payments may result in cancellation of your policy. 

 

Claims

It is essential to notify insurers immediately of all incidents that may result in a claim against your insurance policy. You should do this before incurring any costs or committing to any payment. Your policy summary and policy document will provide you with details on who to contact to make a claim or you can contact us for advice. 

 

Solvency of insurers

We cannot guarantee the solvency of any insurer with which we place business. This means that you may still be liable for any premium due and not be able to recover the premium paid, whether in full or in part, should an insurer become insolvent. 

 

Conflicts of interest

If we, one of our clients or providers become aware of any potential conflict of interest with regard to business we are transacting for you we will write to you and obtain your consent before we carry out
your instructions and we will inform you of how we intend to ensure that you are treated fairly. 

 

Instructions-corporate customers

We will take instructions from any individual who purports to be authorised by you and we reasonably believe this to be the case. If you wish to restrict the individuals from whom we may take instruction
then you must inform us in writing and we will act accordingly. 

 

Cancellation

Your policy document will detail your rights to cancel your insurance once you have taken it out. Depending on the type of policy you have purchased, you may be entitled to cancel within 14 days (30 days for certain products) of either conclusion of the contract or receiving your policy documentation, whichever occurs later and receive a full refund provided no claim has been made.  
Otherwise, where you cancel a policy before renewal you may be responsible for paying a charge to meet the cost of cover provided, and administration expenses, which means that you may not receive a proportionate refund depending upon the terms of the particular policy.

To enable your insurer to process the cancellation, you will need to return certificates and any official documents to insurers within 30 days of your notice to cancel.