Our Terms Of Business Agreement (TOBA)

 

Penk Insurance Services Ltd – Terms Of Business Agreement

Our service to you
Because of our wide range of providers we are able to discuss your demands and needs and establish a product best suited to you.

Your duty to us
We will ask for and seek all relevant information from you in order to recommend an appropriate product. You must supply us with the requested information, as failure to do so, or to provide incorrect information may lead to you buying an inadequate product, or worse, the insurer may not pay a claim. Insurer’s request all “material facts” to be disclosed, which may be described as any fact, if known, which may be likely to influence their decision to accept a risk and on what terms. If any information supplied changes during the course of the policy period, you musty notify us immediately as this may influence the cover and policy terms and conditions.

Confidentiality / Data Protection Act
We will treat all customers’ personal information in a confidential manner and we will ask a series of questions to ensure that we are speaking to our customer and not a person who is not authorised to ask questions or to give instructions to us. We can only take instructions to effect or to alter a policy in some way from the Policyholder or their legal representative. Your data is held in compliance with the legislative requirements.

Our quotation to you
All premiums quoted are inclusive of HM Government Insurance Premium Tax (IPT). We reserve the right to withdraw premium indications before they are taken up and to apply any changes notified to us by underwriters after the indication has been given.

Evidence of No Claims bonus
In consideration of being granted temporary insurance cover under a policy without providing us with evidence of no claims bonus, you undertake to provide such evidence within 21 days of the commencement date. If you do not provide such evidence you must pay such increased premium as results from your failure to provide evidence. In the event that the policy has to be cancelled as a result of failure to provide bonus proof and you failing to pay any increased premium, you will be asked to pay a time on risk charge based on the total gross premium plus a cancellation fee of £35.00.

Cancellation
You may have certain rights of cancellation in the early stages of a policy life and these are shown in the insurer’s documents. Policies vary between insurers but be aware that cancellation refunds are not given after a claim (the entire premium is payable) and may be calculated on a short period scale weighted in favour of the insurers, as their costs are similar whether a policy has run for one day or for one year. Also please be aware that we do not refund commission since this is earned for arranging the policy. A cancellation charge of £35.00 will be made in addition to cover our costs in cancelling the policy.

Our charges
We receive our income from insurers who pay us commission for arranging your insurance. In addition to this we will charge £35.00 for new policies, mid-term alterations and renewals to cover our administration costs. We will charge £10.00 for the issue of duplicate certificates and/or cover notes (in addition to the insurers charge). Charges for arranging commercial products will be declared to you on a case by case basis. A charge of £25.00 will be made in the event of a payment default, failure to pay (for late payment of 7 days or more), recorded delivery letters and where we collect a late payment on behalf of a finance or insurance provider. This charge will be made each and every time this occurs. A charge will be made for credit card transactions.

Commission on commercial business
You may request details of commission we receive from insurers and on request we will also provide you with a list of those insurers with whom we are able to place the particular product arranged.

Instalments
If your premium is arranged by instalments a credit agreement or payment plan is issued. Your attention is drawn to the terms and conditions of the agreement or payment plan as charges are made for interest and administration.

Ownership
There is no ownership between any insurer and ourselves.
Premiums received
In the event that insurers grant risk transfer, we will hold money received from you as agent of the insurer, otherwise money received will be held as client money in a statutory trust bank account.

Complaints procedure
Should you have any cause for complaint, please contact the manager in the first instance in order that the situation may be resolved to your satisfaction. In the event that we are unable to resolve your complaint, we will write to you within five working days advising you of the person who will be investigating the circumstances. In the event that your complaint is still outstanding after a further 4 weeks, we will write to you again advising you of the reasons for the delay and giving a timescale in which you will hear from us again. Should you wish to take the matter further you may refer your complaint to the Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR.
Financial Services Compensation Scheme (FSCS)
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 100% for those products where insurance is compulsory. Non compulsory products are covered on a flat 90% basis. Further information about compensation scheme arrangements is available from the FSCS.

Law
This agreement shall be governed by the Laws of England, Wales or Scotland and the parties agree herewith that any dispute arising out of it shall be subject to the (non) exclusive jurisdiction of the relevant Court.

Regulation
Penk Insurance Services Ltd of 49-53 Chatsworth Road, Brampton, Chesterfield, Derbyshire, S40 2AL is authorised and regulated by the Financial Services Authority. Our FSA authorisation number is 308744 and our permitted business is arranging general insurance contracts. You can check this on the FSA’s register by visiting the FSA’s website www.fsa.gov.uk/register or by contacting the FSA on 0845 6061234.