This terms of business comes into force on the date you receive it from us and will remain in force until you are provided with revised terms. Please read this document carefully, as it sets out our commercial and regulatory obligations and undertakings to you, including limitations on our liability, and also identifies your own responsibilities both to us and to insurers. If there is anything in these terms which you do not understand or with which you disagree, please contact us immediately.
Bannerman Rendell Limited is an insurance intermediary and Lloyd’s broker who acts on your behalf in arranging your insurance. We are authorised and regulated by the Financial Conduct Authority. Our FCA Register number is 308692.
You can check this on the FCA’s Register by visiting their website www.FCA.gov.uk/register/ or by contacting the FCA on 0845 606 1234.
Our permitted business is arranging general insurance contracts which include professional indemnity; cargo; stock & transit; commercial property; quarry operators; home; yachts & cruisers.
As independent insurance intermediaries, we act as your agent and are subject to the laws of agency, which imposes various duties on us. We will take reasonable steps to ensure that our communications with you are clear, fair and not misleading.
Our Registered Office address is as shown at the foot of this document.
We provide the following services, or such of them as may be applicable, with insurer partners: the initial arrangement of cover; mid-term alterations (where required), claims handling and renewal services.
Under this appointment we will advise as to the suitability of any insurance contract after we have assessed your needs. This will include the type of cover you seek together with the costs. Please inform us promptly if we misunderstand your requirements at any stage.
Initial costs estimates
Prior to handling any specific enquiry we may indicate to you a willingness or ability to quote and/or place certain classes of business, or give you indications of rates or premiums that may be obtainable in respect of enquiries or orders you may send to us. These expressions are not based on any specific coverage being obtainable nor on any undertaking that we are able to arrange such cover in any particular instance. Any rates or terms of coverage indicated to you in such circumstances must not be considered as firm quotations and nor may coverage be assumed to be in force until the individual risk has been accepted by insurers and explicitly confirmed by us in writing to you.
Subject to you enabling us to do so, you will be provided in writing and in good time before the expiry of your current policy with the renewal terms, or advised if renewal is not being offered.
We will supply you with a written quotation, which will include the information you need to make an informed decision. We will provide a statement confirming your requirements, which sets out and confirms the reason for making the recommendation. This may be provided as part of the quotation letter.
You will also receive a debit note when we have received your acceptance of the quotation.
Selection of insurers
Upon receipt of your instructions we will approach insurers, and keep you informed of the progress of our negotiations. We will advise you if we cannot place your insurance.
We provide terms on the basis of a fair analysis of the market, having regard to your needs, our experience and the suitability of insurers and the products that they have to offer.
For certain classes of business we have facilities in place with a single insurer/underwriter which enables us to provide quick and competitive terms and/or cover on a continuous basis without sourcing alternative quotations. We may provide a quotation from such a facility and in doing so will be acting as agent of the insurer/underwriter alone. We may accept or decline in any particular case. We may also be authorised under these facilities to settle valid claims and as such we act as an agent of the insurer/underwriter. As a result, there could be a conflict of interest in our relationship with you, so we have an appropriate policy in place to manage any such conflicts and in the event that we are unable to do so we will inform you so that you can make an informed decision as to whether you wish us to act for you.
Where we use such a facility we will not source alternative quotations unless we feel it is appropriate or as agreed following your specific request.
The list of insurers we offer insurance from is available upon request. At the time we provide you with terms we will give you details regarding the basis on which we have obtained them.
Whilst we endeavour to place business with insurers who demonstrate an adequate level of financial solvency, and although their regulator requires them to maintain a minimum level of capital, we cannot guarantee the solvency of any insurer or Lloyd’s syndicate we place business with.
Your continuing duty of disclosure
It is your responsibility to provide full and accurate information to insurers when you take out your insurance policy and when you renew your insurance.
It is important that you ensure that all statements you make on the proposal form, claims forms and any other documentation are full and accurate.
Please note that if you fail to disclose any material information or change of circumstances to your insurers, this could invalidate your insurance cover or could mean that part or all of a claim may not be paid.
We strongly recommend that you check thoroughly the information provided prior to submission and that you keep a record of all correspondence in relation to the arrangement of your insurance cover.
In the normal course of our business we receive income as follows:
Commission paid to us by insurance companies and/or syndicates at Lloyd’s with whom we place business.
We may charge a fee to cover the administration of your insurance. Full details will be provided before you make any commitment on any product we offer.
If we provide professional services outside the arrangement of insurance, a separate fee will be discussed and agreed with you (see also section headed “Claims”)
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.
Some types of insurance contracts we arrange do not usually provide for cancellation, but where underwriters agree, at their sole discretion, to cancel the policy, we will levy an administration charge equivalent to the brokerage included within any return premium.
We will be responsible for issuing invoices for all new and renewal premiums and mid-term alterations (if required) as soon as practicable either at or after inception or renewal of your policy or after any mid-term alteration has been effected.
We will remit premiums to insurers in accordance with their agreed terms of business with us.
You will be responsible for paying fees and premiums in accordance with the amounts and payment dates specified in our invoice or Cover Debit Note to enable us to make the necessary payments to insurers.
We do not fund any premiums on your behalf and we therefore require to be in receipt of cleared funds before paying insurers.
We 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 premium if the delay is attributable to you.
Insurers may dictate specific terms, whereby they require payment of premium by a certain date. We must stress that breach of that term will entitle insurers to void the policy from inception of cover. It is your responsibility to settle premiums in accordance with the terms of business or cover/debit note.
We normally accept payment by cheque or bank transfer or by credit facilities where this has been separately agreed. Full details are available upon request.
Client money is money we receive and hold in the course of carrying on insurance mediation on behalf of our clients (including you) which may be in respect of premiums or claims or which we treat as client money with the Client Money Rules.
Client money will be held by us in one of the following ways:
In a Statutory or Non-Statutory Trust account, in accordance with the FCA Client Asset Sourcebook; or
As agent for insurers and co-mingled with monies held in these accounts; or
As agent for insurers in a separate account
Client money will only be held on behalf of insurers in accordance with a written agency agreement.
The aim of a Statutory or Non-Statutory Trust is to protect client money in the event of the failure of the insurance intermediary or the bank or third party at which the money may be held.
Where we hold money in a Non-Statutory Trust we may use the funds in that account as a short term credit facility to fund another client’s premium before it is received from that other client and/or to pay claims and premium refunds to another client before we receive the same from an insurer.
Between receiving any money from you and us passing it on to insurers (and vice versa), we may remove it from the Trust account in which it is held to another account in order to earn interest or other investment income from it. In such an event the account in which it is placed will be set up with the same Trust protection as the account from which it is removed. We will retain any interest or income accrued.
By accepting these terms, you consent to the way we will hold your premium and/or other insurance related money in accordance with the above.
Premiums charged will be subject to the taxes and rates applicable in each case, usually based in the territory of the insured risks. Our services will be supplied from the United Kingdom and any fees will be taxable accordingly. In general, according to our understanding of the law, our fees would not be subject to taxation for services supplied outside the European Economic Area. We do not provide tax advice services and so you must not rely on any expression of opinion from us as to the tax consequences of any transaction.
We will issue policy documentation in a timely manner.
Your policy documentation will confirm the basis of the cover and give details of the insurers. If you do not think the cover described in these documents fully meets your requirements, please inform us immediately. Otherwise we will assume that the documentation is in order.
You should be particularly attentive to anything described as a Warranty or a Subjectivity as any failure to comply with these may enable an insurer to terminate the cover immediately or from the beginning of the policy period.
We may keep, where it is legitimate to do so, certain documents, such as your insurance policy and/or certificates of insurance until we receive full payment of premium and/or administration charges.
In these circumstances we will ensure that you receive full details of your cover and any documents that you require by law.
Unless otherwise agreed, we will provide a claims handling service for as long as you remain a customer of ours or as required by contract, and we will provide you with reasonable guidance in pursuing your claim.
Should you cease to have a current policy placed by us then we reserve the right to charge for providing a continuing claims service. Full details will be provided before you make any commitment to accept these services.
We will handle claims fairly, promptly and keep you advised of developments.
We will explain in writing (where appropriate) why your insurers are unable to accept your claim; otherwise we will forward settlement without avoidable delay once it has been agreed.
While we will be happy to communicate with you and others by e- mail, please bear in mind that such communications may not always be confidential and receipt by us may be delayed by message carriers outside your or our control.
We take all complaints seriously. If you wish to register a complaint then please contact the Managing Director, either:
In writing to 5-10 Bury Street, London. EC3A 5AT By telephone on 020 7929 3400.
On receipt of your complaint we will acknowledge it in writing and tell you how we will handle it. If we are unable to resolve your complaint, you may be entitled to refer it to the Financial Ombudsman Service.
A copy of our complaints procedure is available upon request.
We are covered by the Financial Conduct Compensation Scheme (FSCS). You may be entitled to compensation from the FSCS 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.
Further information about compensation scheme arrangements is available from the FSCS.
Financial Crime and Proceeds of Crime Act
As part of our commitment to ensure that our business is not exposed to these risks it may be necessary for us to either obtain evidence of the identity of clients for whom we act at the start of a business relationship, or to seek further information from them during the course of our relationship. For individuals’ evidence of identity might, for example, be evidenced by sight of a current signed passport and two utility bills, bank statements etc. For companies (other than listed ones) evidence of identity will usually comprise a copy of the certificate of incorporation, a list of directors, a list of shareholders and the registered address.
Certain insurers we deal with have a sharing of information agreement to prevent fraud. To help prevent fraudulent claims, your insurer exchanges information with other insurers through various databases.
Whenever you arrange your insurance through us, your cover and premium will be agreed with your insurer on the basis that you agree to their passing on claims information to the Claims and Underwriting Exchange Register and other databases.
Under the conditions of your policy, you must tell us about any incident (such as an accident or theft) which may or may not give rise to a claim.
When you tell us about an incident, your insurers will pass information relating to it to the registers.
If you give false or inaccurate information or they suspect fraud, they will record this.
All personal information held by us in relation to you will be treated with confidence and, where appropriate, in accordance with data protection legislation, including the Data Protection Act 1998.
By appointing us to arrange insurance on your behalf you agree that we may use and disclose information that we have about you in the normal course of arranging and administering your insurance.
We may use the information that we hold about you to provide additional information regarding products and services that we feel may be appropriate to you.
To make sure you get the best from insurers, now or at renewal, or at any time, and to protect their customers from fraud and to verify your identity, they may use publicly available data which they
obtain from a variety of sources, including a credit reference agency and other external organisations. Their search will appear on your credit report whether or not you proceed with the
As well as these searches insurers may use a credit check to ascertain the most appropriate payment options for you. Where a premium credit facility is offered this may also involve a credit check being undertaken. These credit checks will also appear on your credit report whether or not you proceed with the insurance and/or the premium finance.
By accepting our Terms of Business you agree to these uses of your information.
You or we may terminate our authority to act on your behalf at any time without notice period or penalty. However, notice of termination must be given in writing and will be without prejudice to the completion of any transactions already initiated.
Any business currently in progress will be completed unless we receive your instructions to the contrary.
Any fees outstanding at the date of termination will be due within four weeks of the termination date.
These terms of business shall be governed by and construed in accordance with, the Laws of England and Wales and the parties submit to the exclusive jurisdiction of the courts of England and Wales.