Terms Of Business
The Financial Conduct Authority (FCA)
The FCA is the independent watchdog that regulates financial services. It requires us to give you this document. Please use this information to decide if our services are right for you.
We are an Independent Insurance Intermediary and we will act on your behalf in:
a) Arranging your insurance cover with insurers to meet with your requirements or where requirements cannot be fully met, provide you with enough information to enable you to make an informed decision;
b) Helping you with any changes that you need to make to your insurance during the policy period;
c) Telling you when you need to renew your policy in time to allow you to consider and arrange any continuing cover.
d) Guiding you on how to make a claim
We will advise and make a recommendation for you after we have assessed your needs for your general commercial insurances. In any circumstances where we do not wish to make a recommendation we will make this clear to you.
We offer products from a range of insurers for most types of general commercial insurance. However for Commercial Combined and Customers Goods Insurance have authority to act on behalf of a limited panel of Insurers in placing the business. The identity of these Insurers will be provided on request.
Who regulates us?
Reason Global Insurance Ltd of 4th Floor, Lyndean House, 43-46 Queens Road, BRIGHTON BN1 3XB United Kingdom is authorised and regulated by the Financial Conduct Authority. Our FCA number is 304381.
Our permitted business is advising on, arranging, transacting and administering general insurance contracts. You can check this on the FCA’s website: www.FCA.org.uk or by contacting the FCA on 0845 606 9966.
Information on Costs
In addition to the premiums charged by insurers, we may charge a professional fee to cover the placing and ongoing handling of your insurance.
Customers may be charged a fee by mutual agreement. The specific amount and purpose of any professional fee and administration charge will always be advised to you in advance. We receive the entirety of our commission immediately upon receipt of your premium payment unless agreed otherwise with your insurer and any fee payable by you is also to be received in full from you at the time the risk is placed.
Mid-term adjustments or cancellations
In the event of an adjustment that results in a return of premium or cancellation mid-term we will refund the premium due net of our full commission and any charge made by insurers when we have received payment of the return premium from the insurer. Where the premium is being paid by instalments we will claim our full commission along with any charge made by the insurers in the calculation of any outstanding monies.
If any payment in respect of credit arrangements is not met, you acknowledge and agree that we may instruct on your behalf the relevant insurer to cancel the insurance and to collect any refund of premiums which may be made by the insurer and use it to offset any outstanding costs.
We normally accept payment by guaranteed cheque or the bankers automated clearing system (BACS). We do not accept payment in cash. Unless otherwise agreed, we require full payment of the premium within 21 days of the date of the invoice issued to you. You may be able to spread your payments through a credit scheme and we will give you full information about your payment options and details of the interest payable at the time we provide you with a quotation.
We may share your information with and obtain information about you from credit reference agencies. If you require information about the credit reference agency we have received information from or the credit reference agencies we have approached please do not hesitate to contact us. Please note that any searches undertaken priorto you proceeding with your application will be soft searches and will not affect your credit rating.
How we will handle your money
Our client bank account has been set up in accordance with the strict rules laid down by the FCA. In arranging your insurance we may employ the services of other intermediaries who are regulated by the FCA and your premium may be passed to these intermediaries for payment to insurers. We will retain any interest derived from holding your money. We are the agents of insurers for the collection of certain premiums.
Your Duty to Provide Information (Consumer clients)
It is your duty to take reasonable care to answer all questions honestly and to the best of your knowledge. If you do not, your insurance policy may be cancelled or treated as if it never existed or your claim may be rejected or not paid in full. It is important that all statements you make on proposal forms claim forms and other documents are full and accurate. If a form is completed on your behalf, you should check that the answers shown to any of the questions are true and accurate before signing the document. Failure to provide requested information to your insurers could invalidate your insurance cover and mean that part or all of a claim may not be paid.
Fair presentation of risk (Commercial clients)
The Insurance Act 2015 requires you to make adequate enquiries within your business to identify and verify that information relevant to the risks concerned is disclosed. This must include knowledge of “senior management” of your business and those involved in buying insurance (including us as brokers). Reasonable enquiries must also be made of any relevant third parties involved with your business, including external consultants, contractors and anyone insured by the policy. Risk information should be clearly seen by insurers and brokers and not masked in large amounts of information. You must highlight unusual activities and /or known areas of concern that could affect risk. It is your duty to take reasonable care to answer all questions honestly and to the best of your knowledgeand 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. If you do not, your insurance policy may be cancelled or treated as if it never existed or your claim may be rejected or not paid in full. It is important that all statements you make on proposal forms claim forms and other documents are full and accurate. If a form is completed on your behalf, you should check that the answers shown to any of the questions are true and accurate before signing the document. You are advised to keep copies of correspondence or documents sent to us. If you are in any doubt as to whether information is material, you should disclose it. Please do consult us if you are in doubt on any aspect. Failure to provide requested information to your insurers could invalidate your insurance cover and mean that part or all of a claim may not be paid.
Disclosure of Earnings
You are entitledat any time, to request information about earnings that we, or any other intermediary we have used, receive as a result of placing your business. In addition to commission from insurers, we may also receive payments based on volumes of business or profitability of the account placed with them. These payments can vary from year to year. Such remuneration is only earned on the basis that it does not detract from our obligation to act in our client’s best interest at all times.
Where the insurance being placed affects or may affect your tax liabilities it is strongly recommended you consult your own tax advisers. Reason Global Insurance cannot accept liability for any tax you may become liable for in relation to any insurance policy we put in place on your behalf. Where the insurer requires you to pay tax in addition to their premium we will advise you of this at the time of providing our quotation.
As part of our service we can assist you with any claim you need to make. When you first become a customer we will give you details of how you can make a claim and tell you what your responsibilities are in relation to making claims. If you are ever in any doubt as to what action to take in the event of a claim, please contact us at the address given below.
Claims and Underwriting Exchange Register and Motor Insurance Anti-Fraud Register
Insurers pass information to the Claims and Underwriting exchange register operated by Database Services Limited and the Motor Insurance Anti-Fraud Register compiled by the Association of British Insurers. The objective is to check information provided and to prevent fraudulent claims. Motor insurance details are also added to the Motor Insurance Database operated by the Motor Insurers’ Information Centre (MIIC), which has been formed to help identify uninsured drivers and may be accessed by the police to help confirm who is insured to drive. In the event of an accident, this database may be used by insurers, MIIC and your motor insurer to identify relevant policy information. Other insurance related databases may also be added in the future.
Motor Insurers Database (MID)
If we arrange motor insurance on your behalf, your policy details will be included on the MID which is run by the Motor Insurers’ Information Centre (MIIC). MID data may be used by the DVLA & DVLNI for the purpose of Electronic Vehicle Licensing and by the Police for the purposes of establishing whether a driver’s use of the vehicle is likely to be covered by a motor insurance policy and/or for preventing and detecting crime. If you are involved in an accident (in the UK or abroad), other UK insurers, the Motor Insurers’ Bureau and MIIC may search the MID to obtain relevant policy information.
Persons pursuing a claim in respect of a road traffic accident (including citizens of other countries) may also obtain relevant information which is held on the MID. You can find out more at www.miic.org.uk
You are legally required to ensure that all your vehicle details are accurately stored and maintained on the MID. You will be provided with access details to complete this obligation. The onus is entirely on you to comply and under no circumstances is Reason Global Insurance able to submit these details on your behalf nor are we able to accept any liability for any claims arising out of failure to comply.
It is our intention to provide you with a high level of customer service at all times. If you should wish to make a complaint about our service we have a formal complaints procedure. In the first instance you should address your complaint to John Luker at the address below. We shall supply you with a copy of our complaints procedure upon receipt of a complaint or at any time upon request. You will be advised of any redress available to you, should you believe the matter has not been resolved to your satisfaction. If you cannot settle your complaint with us you may be entitled to refer it to the Financial Ombudsman Service. We will advise you if you are able to refer any complaint to the Financial Ombudsman Service.
Financial Services Compensation Scheme (FSCS)
We are covered by the 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 90% of the claim, without any upper limit. For compulsory classes of insurance this increases to 100% of the claim, without any upper limit. Further information about compensation scheme arrangements is available from the FSCS.
Privacy Notice (How information about you will be used)
What Information we collect about you:
When you contact us for an insurance quotation we collect the relevant information needed by an insurer to calculate the premium and understand your insurance needs. We collect this information during our meetings and /or telephone conversations with you and through the completion of proposal forms and fact finds.
How your information will be used:
The information we collect will be passed to insurers to enable them to calculate a competitive insurance quotation to meet your requirements. In order to obtain the most competitive cover it may be necessary to pass your information to other insurance intermediaries who are authorised and regulated by the Financial Conduct Authority.
Information provided by you may be put onto a register of claims and shared with other insurers to prevent fraudulent claims.
Should you wish to pay your premium by instalments we may pass your information to a premium finance provider however, this will not be done without discussing payment options with you first.
We may share your information with and obtain information about you from credit reference agencies. If you require information about the credit reference agency we have received information from please do not hesitate to contact us. Please note that any searches undertaken priorto you proceeding with your application will be soft searches and will not affect your credit rating.
We will retain any information we have collected about you for up to 6 years after our professional relationship has terminated however, data held electronically may be retained for longer.
Your rights of access to your data:
You have a right to obtain a copy of the personal information that we hold about you. If you believe that any information held is incorrect or incomplete, you should contact us. Any information that is found to be incorrect or incomplete will be amended promptly.
You also have a right to “be forgotten”, this means you can ask for the information which we hold about you to be deleted from our records but this will mean that we will be unable to continue to handle your insurance arrangements.
Bribery Act 2010
You warrant that you are abiding by the terms of the Bribery Act 2010 and that you have in place a suitable company Anti-Bribery & Corruption Policy and internal Whistle Blowing Procedures. If your Registered Address is outside the United Kingdom, we require you to abide by the equivalent legislation in your Home State.
Reason Global Insurance has a strict ethical policy under which we will not tolerate bribery and corruption within our own organisation or on the part of any Third Party with whom we conduct business. We will cease trading with any Client in any circumstances where we are not satisfied with their ethical approach to bribery and corruption matters.
This Terms of Business document is subject to English Law and Jurisdiction.