Terms of Business
Thank you for choosing Bond Private Insurance Services Ltd as your private Insurance Manager. Bond Private Insurance Services Ltd is an intermediary regulated by the Financial Conduct Authority (FCA) which acts on behalf of their clients in procuring insurance policies from a range of insurers. It is however essential that all clients are fully aware of the details of their relationship with Bond Private Insurance Services Ltd and are fully aware of all the services, standards, methods of remuneration and the procedures involved should a client wish to make a complaint.
Methods of Communication
Bond Private Insurance Services Ltd will contact clients by e-mail, telephone, post or fax. The client should inform Bond Private Insurance Services Ltd of their preferred communication medium or if they would prefer not to receive communication in a particular manner. In terms of client instruction Bond Private Insurance Services Ltd may initially accept verbal instructions but these will need to be followed up with written/signed confirmation of these instructions.
Regulation & Standards
Bond Private Insurance Services Ltd are authorised and regulated by the FCA. Firm reference number: 491635. Please see The FCA Register. Bond Private Insurance Services Ltd follows the guidelines set up by the FCA in the conduct of their business. Bond Private Insurance Services Ltd conducts its business with the utmost integrity and good faith at all times. Bond Private Insurance Services Ltd currently only advises on the following personal lines insurances:
- Buildings, Contents & Valuables
- Private Enterprise
Any additional services that may be offered in the future will be added to this document in the form of an addendum.
- Providing objective advice on bespoke insurance solutions for the client
- Assessment and valuation of a clients personal insurance requirements
- Management of Claims and advice as required
- Working with clients to ensure an enhanced line of communication with insurers
- Highlight to the client any non standard conditions, exclusions or warranties within their policy
- Document management and communication
Unless advised to the contrary in writing, any insurance company recommended by Bond Private Insurance Services Ltd will be authorised and regulated by the FCA. Bond Private Insurance Services Ltd only utilises insurance carriers who offer the highest level of service and security.
Before purchasing a policy recommended by Bond Private Insurance Services Ltd the client has a duty to disclose every material fact that they know of, or a reasonable person in the circumstances could be expected to know, which is relevant to an insurer whether to accept an insurance risk and if so on what terms. Any change in material facts to the information provided should be reported immediately to allow the assessment, acceptance or continuance of a clients’ insurance cover.
Payments must be settled immediately by cheque, bank transfer, payment card or direct debit. Credit fees are charged in order to cover credit providers’ & Bond Private Insurance Services Ltd costs. A summary of costs are as follows:
- Bond Private Insurance is only able to accept card payments for policies taken out with Chubb Company of Europe SE. There is no charge. All other policies have to be settled by either Cheque, BACS or Direct Debit.
- Monthly Direct Debits are arranged with Close Premium Finance (part of the Close Brothers Group) at an additional flat rate cost of 4.5%
Bond Private Insurance Services Ltd will not release any documentation or certificates to clients until payment has been received as per Terms of Business agreements in place with insurers. However any documentation that is required by law will be made available to clients. Bond reserves the right to cancel any policy in the event of non-payment.
Right to Cancel
Clients have the right to cancel a policy fourteen days from the policy/s inception date. Should a client wish to cancel their policy/s within this period they should do so in writing, confirming their intent to cancel and must enclose any certificates of insurance. Bond will then return the client’s premium less the appropriate charge for the period of cover, administration fees and applicable carrier charges, if any. Cancellations after fourteen days will incur the following charges:
- Applicable Finance charges
- Agreed return of premium less the full annual commission
Unless agreed in writing to the contrary, Bond Private Insurance Services Ltd receives its fees for services provided by means of commissions paid by the Insurers with whom your cover is placed. Any additional charges levied upon Bond Private Insurance Services Ltd by third party providers will be passed on to the client (e.g. Finance charges).
Changes to Cover
Bond Private Insurance Services Ltd will normally deal with requests for alteration or additions to the clients cover on the day of request or the next working day. Should additional information be required to make this change Bond Private Insurance Services Ltd will contact the client as soon as possible. Changes to the policy will be confirmed in writing or e-mail depending on the clients preferred medium. Bond Private Insurance Services Ltd will inform the client of any premium adjustments. A minimum charge of £25.00 will be levied on mid-term policy adjustments to cover administration costs.
Bond Private Insurance Services Ltd will treat all information provided by clients with the utmost confidentiality. Client details will only be disclosed on a need to know basis to any parties involved in the provision of their insurance and associated services (e.g. Specialist loss adjusters and claims handlers), and in accordance with the Data Protection Act 1998. Bond Private Insurance Services Ltd will not disclose client information to any third party without direct permission from the client unless required to do so by law due to regulations or a court order.
In relation to all client information, and any other relevant personal data, this shall at all times comply with the Data Protection Act (DPA) 1998. Bond will only collate and pass relevant data on to insurance providers for the purposes of obtaining quotations and insurance coverage only. Clients and potential clients should also be aware that Insurance providers may also collect and store policyholder data about individuals on their electronic databases for the purposes of providing insurance, claims services and other information about carriers insurance products. Insurance providers may need to make the policyholder data available to selected authorised representatives of member insurers of their group of insurance companies which may operate for underwriting referral and auditing purposes. Bond Private Insurance Services Ltd and Insurers may disclose policyholder data to outside parties, such as premium collection agencies, reinsurers, outside counsel, appraisers and claims administrators to facilitate the provision of insurance and claims services or as otherwise permitted by law. Under the Data Protection Act, clients have the right to see the personal information that Bond Private Insurance Services Ltd hold on their records.
All complaints should be made either verbally or in writing for the attention of the Chief Executive Officer as follows:
Bond Private Insurance Services Ltd
London EC3V 3ND
By telephone: 0203 178 4652
By email: firstname.lastname@example.org
Bond Private Insurance Services Ltd endeavours to acknowledge all complaints within three working days and resolve them within twenty working days. Should Bond Private Insurance Services Ltd be unable to resolve the complaint to the client’s satisfaction within eight weeks from the date made, the client may be entitled to refer it to the Financial Ombudsman Service:
The Financial Ombudsman
Service, South Quay Plaza
183 Marsh Wall
London E14 9SR
By telephone: 0845 080 1800
By email: email@example.com
As with all firms directly authorised by FCA dealing with Retail Customers, Bond Private Insurance Services Ltd. is covered by the FSCS. This is the body established to operate and administer the compensation scheme, set up by major insurance companies, to compensate consumers when authorised firms are unable, or likely to be unable, to satisfy claims against them.
As from 1st January 2010, Compensation limits vary dependent upon the type of insurance claim. Compulsory Insurance (e.g. motor insurance) remains unchanged and is covered for 100% of the claim with no upper limit. Non-compulsory insurance (e.g. home and general insurance products) however, is covered up to a maximum of 90% of the claim with no upper limit. Insurance advice and arranging insurance will also be covered up to 90% with no upper limit
Bond Private Insurance Services Ltd, or the client, may terminate the agreement following a one month notice period in writing or at the anniversary date of the policy/s. Should notice be given by the client, Bond will be entitled to retain all commissions paid in relation to the policy/s placed by them.
The relationship between Bond and its clients is governed by English Law.