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WHEELS (GT INS) LIMITED
337 Hunslet Road
Hunslet
Leeds
LS10 1NJ
Telephone Number – 0113 277 0707
Fax Number – 0113 270 9933
E-mail – info@wheelsinsurance.co.uk
TERMS OF BUSINESS
Accepting our Terms
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; and
The section headed ‘Handling money’, which explains our terms for handling client money in a Non-Statutory Trust account.
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 above address.
The Financial Services Authority
Wheels (GT Ins) Limited is authorised and regulated by the Financial Services Authority (FSA). The FSA is the independent watchdog that regulates financial services. Our FSA Register number is 300239.
We are permitted under the FSA to advise you on your insurance needs, arranging insurance cover with insurers or other intermediaries to meet your requirements and assisting you with any ongoing changes that you may have to make. As part of our service we will assist you with any claim that you need to make.
You may check this on the FSA’s register by visiting the FSA website, HYPERLINK "http://www.fsa.gov.uk/register" www.fsa.gov.uk/register or by contacting the FSA on 0845 606 1234.
Ownership
Wheels (GT Ins) Limited has no direct, or indirect, holding in any Insurer and no Insurer has any direct, or indirect holding in Wheels (GT Ins) Limited. Wheels (GT Ins) Limited is 100% owned by working Directors.
Our Service
Our role is to advise you and, after we have assessed your needs to make a suitable recommendation. In situations where we are able to arrange insurance for you but do not offer advice, we shall confirm the position in writing to you. We will not in any circumstances act as an insurer nor guarantee or warrant the solvency of any insurer.
Level of Service and Products Offered
In relation to the general insurance products we offer, we can provide advice, or information:
- on the basis of a fair analysis of the market; or
- from a limited number of Insurers; or
- from a single Insurer.
We always offer fair analysis of the market service unless it is not possible to do so and we will explain this to you.
Where we offer advice or information from a limited number of Insurers, or a single Insurer (for example where certain specialised risks are offered by only one, or limited Insurers), if you ask us to do so, we can provide you with a list of the Insurer/s. It may be that we are contractually obliged to conduct our activities in this manner and, if this is the case, we will inform you accordingly.
Before your insurance contract is concluded, you will be provided with a statement setting out your demands and needs, which will confirm whether we have made a personal recommendation and, if so, explaining the reasons for our recommendation. This statement may be incorporated within other insurance documentation.
If you request it, or if you require immediate insurance cover, we will give you this information orally but, in any event, we will still provide you with the statement immediately after conclusion of the insurance contract.
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 the Managing Director, at the above address.
If you cannot resolve your complaint with us, you may be entitled to refer the matter to the Financial Ombudsman Service.
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. Further information about compensation scheme arrangements is available from the FCSC on 0207 892 7300 or visit www.fscs.org.uk
Remuneration
We normally receive commission from insurers or product providers; we may also charge you for handling your insurances.
You will receive a quotation that 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 the 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.
You are entitled, at any time, to request information regarding any commission, which may have been received as a result of placing your insurance business.
As part of our agreement with various insurers, we may also (in addition to commission received on individual policies) receive additional income. This is generally based on a level of business transacted with an insurer and incorporates agreed standards of performance including overall premium income, loss ratio and accounts payments. Such income is based on overall performance and not identifiable to individual clients.
Charges
In addition to the premiums charged by insurers, we may make the following charges to cover administration of your policy:
Arranging the new policy from £15.00
Mid term adjustments £35.00
Renewals from £20.00
Mid term cancellations £75.00 (plus our full commission)
Replacement certificates £15.00
Represented payments/cheques £25.00
Debit card payments £0.50
Credit card payments 3%
Recorded/Special Delivery Letters £5.00
Default on premium instalments £25.00 per premium instalment default
(Please refer to Premium Payment Section within these Terms of Business)
Client money
Our financial arrangements with most insurance companies are on a ‘Risk Transfer’ basis. This means that we act as agents of the insurer collecting premiums and handling refunds due to clients. In these circumstances such monies are deemed to be held by the insurer(s) with which your insurance is arranged. You will be notified if Risk Transfer does not apply and we will then hold such monies in a Non-Statutory Trust account pending payment. The establishment of the Non-Statutory Trust account follows the rules that the FSA introduced to protect money held by authorised intermediaries.
However, you should be aware that, under the Non-Statutory Trust account rules, we are allowed within the Terms of the Trust document to settle accounts with Insurers and clients from funds contained in the designated bank account irrespective of whether the funds have been received from the particular client or insurer to which the account relates. All money received which is defined as “Client Money” may be used for insurer account settlement or client account settlement in accordance with the terms of the Trust Document.
A copy of the Deed of Trust is available on request or may be inspected at our premises during normal office hours. If you object to your money being held in a Non-Statutory Trust account you should advise us immediately. Otherwise, your agreement to pay the premium together with your acceptance of these Terms of Business will constitute your informed consent to our holding your money in a Non-Statutory Trust account. We will retain interest earned on monies held in such a Non-Statutory Trust account.
Client money passed to another Insurance Intermediary
If your insurance has been arranged through another insurance intermediary, in accordance with FSA Regulations we have to inform you that in managing and/or arranging your insurance requirements, we may transfer money that you have paid to us, in payment of an insurance premium, to another insurance intermediary. This may include brokers and settlement agents outside the UK. The legal and regulatory regime applying to a broker or settlement agent outside the UK may be different from that of the UK and in the event of a failure of the broker or settlement agent, this money may be treated in a different manner from that, which would apply if the money were held by a broker or settlement agent in the UK. You may notify us if you do not wish your money to be passed on to a person in a particular jurisdiction. We do however; still remain responsible to you in respect of your money. By accepting these Terms of Business, you are giving your consent for us to act in the manner described in this section.
Premium Payment
Premiums must be paid in full prior to either the inception date of the policy or by the due date in respect of renewal. Unless we have agreed alternative arrangements in writing, failure to do so may invalidate the cover and enable Insures to cancel the policy.
Where Insurers have specified that the premium must be received by a certain date by application of a Premium Payment Condition or Warranty and we have advised you of this, failure to comply may entitle them to cancel cover from inception.
Unless you make alternative arrangements for payment of outstanding premiums you give Wheels (GT Ins) Limited permission to debit monies from the debit or credit card, using details which you have provided to Wheels (GTIns) Limited held on your file, if you default on any payment.
If it has been agreed that you pay your policy premium in instalments using one of our finance facilities, please note that is you default on an instalment you will be charged £20.00 by the finance provider and £25.00 will be charged by Wheels (GTIns) Limited.
“Wheels (GTIns) Limited, at its discretion, reserves the right to instruct a debt collection agency, using information retained on your file, to recover unpaid insurance premiums and fees due”.
Cancellation of Insurances
Your policy document will explain your rights to cancel your insurance and the insurer’s terms. Your insurers may calculate their cancellation refund by applying ‘short term’ rates. This means that the refund of premium will not be proportionate to the annual premium and the time on cover and may give rise to deficit in the premium(s) paid and those required by the insurers.
Cancellation of Insurance Cont:
Requests to cancel must be in writing from the policyholder and any relevant certificate of insurance must be returned.
On a return premium we repay commission on the amount to the insurer and this will be deducted from the final amount refunded to you, together with any monies owed to your finance provider (if applicable). Please also refer to the charges section on page 2.
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.
In the circumstances where we feel we cannot continue providing services to you, we will give you a minimum of 7 days notice.
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.
Your responsibilities
You are responsible for providing the complete and accurate information that 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 that 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 or conditions as failure to comply with them could invalidate your policy.
You must inform us immediately of any changes in circumstances that 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.
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 Act 1998. 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.
Some 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.
We will keep records of all our business transactions for a minimum period of three years. We treat all our clients’ records as confidential even when a client ceases to be a client. We cannot be held responsible for incorrect data held in the event of non-disclosure.
Under the Data Protection Act 1998, you have the right of access to your personal records held on our files. This may incur a small administration fee and we will tell you what the fee is if you ask for a copy of your information.
Conflicts of Interest
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.
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 that might lead to a claim therefore you should advise us immediately in the event of a claim against your insurance policy so that we can ensure that your claim is passed to the insurer promptly or so that we can inform you that we cannot deal with the notification. We will employ due care and skill if we act on your behalf in respect of a claim.
In the event of a Total Loss Claim a settlement cheque will be issued to us by the insurer. This cheque will be held by our accounts team if you have a balance outstanding for the policy. Once the balance has been settled the cheque will be released.
Governing Law
In respect of Policies issued in England and Wales, these Terms and Conditions of Trading will 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. In respect of policies issued in Scotland, these Terms and Conditions of Trading will be governed by, and construed in accordance with the Laws of Scotland and the parties submit to the exclusive jurisdiction of the courts of Scotland.