1. Accepting our Terms of Business
By asking us to quote for, arrange or handle your insurances, you are providing your informed agreement to these Terms of Business. We draw your particular attention to the section headed ‘Use of personal data’ and specifically the paragraph explaining how ‘sensitive personal data’ will be used. For your own benefit and protection, you should read these terms carefully. If you are unsure about any aspect of our Terms of Business or have any questions regarding our relationship with you, please contact us at the below address. Your acceptance of these terms does not affect your legal rights.
2. Definitions
IMS London Limited is an independent insurance broker. We/us/our refers to IMS London Limited of Dean House, 193 High Street, Enfield EN3 4DZ. Tel: +44 (0) 208 805 2211, Fax: +44 (0) 208 805 2218.
3. The Financial Services Authority
IMS London Limited trading as IMS Insurance Group is authorized and regulated by the Financial Services Authority (FSA). Our FSA Register number is 300186. Our permitted business is introducing, advising, arranging, dealing as agent and assisting in the administration of general insurance contracts. We also use Introducer Appointed Representatives (IARs) and Appointed Representatives (ARs) which can also be found under our register of FSA who introduces us consumers. You may check this on the FSA’s register by visiting the FSA website, www.fsa.gov.uk/register/ or by contacting the FSA on 0845 606 1234.
4. Our service
Helping you to decide
Our role is to advise you and, after we have assessed your needs, to make a suitable recommendation. However, we may ask some questions to narrow down the selection of products on which we will provide details; you will then need to make your own choice about how to proceed. In some circumstances we provide advice and we will therefore confirm in separate documentation whether or not any advice or recommendation has been made before finalizing your insurances. We will not provide further advice or recommendations following the arrangement of insurance cover, unless you notify us of a material change of circumstances or formally request that we review your insurance arrangements. At renewal, unless we give you a quote for cover with an alternative insurer, we will not offer advice or make recommendations (unless you request this during the renewal process).We will not in any circumstance guarantee the solvency of any insurer.
The capacity in which we act for you
In providing our service, we may sometimes act as an agent of the insurer. We will confirm the capacity in which we will act for you before undertaking any relevant transactions on your behalf.
Our product range and the range of insurers used
We select personal and commercial insurances from a range of insurers, but for certain products, we only select products from a limited number of insurers or only offer products from a single insurer. We will give you further information about this before we finalize your insurance arrangements; where we select products from a limited number of insurers you may ask us for a list of the insurers we deal with for these products.
We also introduce products under white-labelled websites through online. These products are designed and administered by the underwriters and insurers. Therefore, we do not accept any liability in relation to these products and any query or problem must be raised with the underwriters and insurers.
5. Your responsibilities
You are responsible for providing the complete and accurate information which insurers require in connection with any proposal for insurance cover. This is particularly important before taking out a policy and at renewal, but it also applies throughout the life of a policy. If you fail to disclose information, or misrepresent any fact which may influence the insurer’s decision to accept the risk or the terms offered, this could invalidate the policy and mean that claims may not be paid. You must check all details on any proposal form or Statement of Facts and pay particular attention to any declaration you may be asked to sign. It is important that you read all insurance documents issued to you and ensure that you are aware of the cover, limits and other terms that apply. Particular attention must be paid to any warranties and conditions as failure to comply with them could invalidate your policy.
You must inform us immediately of any changes in circumstances which may affect the services provided by us or the cover provided by your policy. If you are unsure about any matter, please contact us for guidance
6. Payment for our services
We normally receive commission from insurers or product providers. We also charge you for handling your insurances as follows:
- New business: £50.00
- Issuing duplicate documentation: £25.00
- Mid-Term Adjustments: £25.00
- Renewals: £50.00
- Copies of personal data – £10 per request.
If for some reason we charge a higher fee for our services you will be fully informed in the quotation and invoices. In the event of a policy being cancelled mid term, and not replaced by another policy, we may deduct our commission from any premium rebated by the insurers to cover administration cost. In good time before the conclusion of each insurance contract, or upon renewal, we will remind you of your right to be informed 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. You will receive a quotation which will tell you the total price to be paid, and which identifies any fees, taxes and charges separately from the premium, before your insurance arrangements are concluded. Full payment of premium and fees is due before cover commences, or as otherwise stated under terms of credit, or in the debit note, invoice or statement issued to you.
7. Client Money
Client money is money of any currency that we receive and hold in the course of carrying out insurance mediation on behalf of clients. For certain insurers our agency agreement with them allows us to hold the premiums you pay, as agent of the insurer but where an insurer does not allow us to act as agent we will hold your premiums as client money in a statutory trust account in accordance with the FSA client assets sourcebook. Holding your premiums in a statutory trust account means we will not use your money to pay another clients premium to insurers. Any interest or exchange gains earned on client money held by us will be retained by us. We may transfer client money to another broker for the purpose of effecting the transaction where we have used another broker to place the insurance on your behalf.
8. Cancellation of insurances
You should make any request for the cancellation of a policy in writing and any relevant certificate of insurance must be returned to us or to the insurer concerned. The terms of your policy may allow insurers to retain the premium in full or to charge short-period premiums in the event of cancellation before the policy expires.
9. Ending your relationship with us
Subject to your immediate settlement of any outstanding premiums and fees, you may instruct us to stop acting for you and we will not impose a penalty. Your instructions must be given in writing and will take effect from the date of receipt. Unless otherwise agreed in writing, if our relationship ends, any transactions previously initiated will be completed according to these Terms of Business. You will be liable to pay for any transactions concluded prior to the end of our relationship and we will be entitled to retain commission received for conducting these transactions, together with all fees charged by us for services provided.
10. A firm’s right to end the relationship
In circumstances where we feel we cannot continue providing services to you, we will give you a minimum of 7 days notice. Circumstances in which a firm may no longer wish to continue providing services to a customer could include:
- Non-payment of premium or fees
- Failure to provide requested documentation or information
- Deliberate failure to comply with terms set out within the TOB or insurer’s documentation
- Deliberate misrepresentation or non-disclosure, attempted fraud or other instances of bad-faith.
Unless otherwise agreed in writing, if our relationship ends, any transactions previously initiated will be completed according to these Terms of Business. You will be liable to pay for any transactions concluded prior to the end of our relationship and we will be entitled to retain commission received for conducting these transactions, together with all fees charged by us for services provided.
11. Complaints and compensation
We aim to provide you with a high level of customer service at all times but, if you are not satisfied, please contact us:
In writing… IMS London Limited, 193 High Street, London, EN3 4DZ
By phone…+44 (0) 208 805 22 11
When dealing with your complaint, we will follow our complaint handling procedures; a summary of these procedures is available on request. If you are still not satisfied, you may be entitled to refer the matter to the Financial Ombudsman Service (except in the case of a business with a group annual turnover of £1m or more, a charity with an annual income of £1m or more or trustees of a trust with a net asset value of £1m or more). We are covered by the Financial Services Compensation Scheme (FSCS). 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 £2,000 and 90% of the remainder of the claim without any upper limit. For compulsory classes of insurance (such as Third Party Motor or Employers Liability), 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 on 020 7892 7300 or www.fscs.org.uk.
12. Renewals
Renewals are invited on the understanding that there have been no changes in the material facts other than those advised during the course of the policy or on the renewal declaration. All cover ceases as of the renewal date and where instructions to renew have been given no cover is in force until you receive written confirmation.
13. Quotations
All our quotations are subject to subsequent acceptance by insurers,and are valid for 30 days unless otherwise stated. In the event that unacceptable revised terms are offered by insurers you are entitled to cancel cover (subject to no claims or losses occurring during the period and payment of the insurer’s time on risk charges). All premiums quoted include our commission and /or fees along with insurance premium tax (I.P.T.) at the current rate. Please note that liability premiums are issued, unless otherwise stated, as ‘minimum and ‘deposit’ premiums. For example, in the event of policy cancellation mid term, no refund of the annual premium is given Return premiums may be issued in respect of material damage premiums subject to no claims or losses and the insurer’s short period cancellation scale. The IMS London Limited policy placing fee is non refundable. Specimen policies are available on request.
14. Use of personal data
We will process any personal information we obtain in the course of providing our services to you in accordance with the Data Protection Rules. In administering your insurances it will be necessary for us to pass such information to insurers and other product or service providers which may also provide us with business and compliance support. We may also disclose details to relevant parties, as necessary, to comply with regulatory or legal requirements. We may contact you or pass your details to other companies associated with us in order to promote products or services which may be of interest to you. We will not otherwise use or disclose the personal information we hold without your consent. Some of the details you may be asked to give us, such as information about offences or medical conditions are defined by the Act as sensitive personal data. By giving us such information, you signify your consent to its being processed by us in arranging and administering your insurances. Subject to certain exceptions, you will be entitled to have access to your personal and sensitive personal data for which you will be charged a fee of £10. If at any time you wish us, or any company associated with us, to cease processing any of the personal data or sensitive personal data we hold, or to cease contacting you about products and services, please write to IMS London Limited, 193 High Road, Dean House, London EN3 4DZ.
15. Conflict of interests
Occasions can arise where we, or one of our associated companies clients or product providers, may have a potential conflict of interest with business being transacted for you. If this happens, and we become aware that a potential conflict exists, we will write to you and obtain your consent before we carry out your instructions and we will detail the steps we will take to ensure fair treatment.
16. Claims handling arrangements
You should take note of the required procedures in the event of a claim, which will be explained in the policy documentation. Generally insurers require immediate notification of a claim or circumstances which might lead to a claim. We will employ due care and skill if we act on your behalf in respect of a claim. We might charge you for our claim handling services and you will be informed about our charges prior to commencing the handling of claim.
17. Money Laundering
At the start of a business relationship UK regulations require us to obtain evidence of the identity for whom we act. We are obliged to report at the first opportunity any evidence or suspicion of money laundering to the National Criminal Intelligence Service.
18. Law and Jurisdiction
This Terms of Business agreement sets out the terms of our relationship with you and is governed by and construed in accordance with English Law and any dispute arising under it shall be subject to the exclusive jurisdiction of the English Courts. Unless otherwise agreed between us in writing no term of this agreement is enforceable under the Contracts (Rights of Third parties) Act 1999.
19. Hours of Business
Our office hours are 9:00am to 5:00pm Monday to Friday excluding public holidays