Terms & Conditions
Wyedean Insurance Services Ltd – Terms of Business
Important Notice Terms of Business
We/us means Abbeygate Wyedean Insurance Services Ltd, 27a Gloucester Road, Ross-on Wye, Herefordshire, HR9 5LE
Tel: 01989 565613
FCA means Financial Conduct Authority FCA Number 305487
FCA Head Office 12 Endeavour Square, London E20 1JN Tel: 0800 111 6768
Regulation: Wyedean Insurance Services Ltd is authorised and regulated by the FCA. Our permitted business is arranging and advising on non-investment insurance contracts. This can be checked on the FCA’s register by visiting their website www.fca.org.uk or telephone 0800 111 6768
Our Service: Wyedean Insurance Services Ltd are independent insurance brokers and act on your behalf in arranging your insurance. We use a number of companies and offer a wide range of insurance products. Upon request we will provide a list of companies and products. Our service includes providing you with advice on your insurance needs, arranging insurance cover with insurers to meet your demands and needs and help with ongoing alterations or claims you may have to make. For your protection our calls may be monitored.
Our Remuneration: In providing services to you as detailed above, we receive a commission from the insurer.
Charges: In addition to the premium charged by the insurers, we make the following charges to cover the administration of your insurance:-
New Business Arrangement Of up To 35.00 Sterling Renewal Arrangement
Of up To 35.00 Sterling
Legal Protection Service
Of up To 25.00 Sterling
Mid Term Adjustments
Of up To 25.00 Sterling
Mid Term Cancellations
35.00 Sterling plus retention of insurers reclaimed commission**
Cancellation During cancellation rights period 35.00 Sterling*
*Any cancellation processed in the cancellation rights period will be subject to a 35.00 Sterling charge plus any additional costs from the insurance company.
**Any Mid Term Cancellation outside of the cancellation rights cooling off period will be subject to your insurers short period cancellation scale as per their policy terms.
Please read the documentation provided by the insurance company for details of charges that may occur during these periods.
Cancellations: If applicable Any Mid Term Cancellation refund will be issued within 6 – 8 weeks of the active cancellation date of your policy.
Cancellation Rights: You have the right to cancel your policy during a period of 14 days either from the day of purchase of the contract or the day you received your policy documents, whichever is the later. If you wish to do so and the insurance has not yet commenced, you will be entitled to a full refund less any admin charges. Alternatively, if you wish to do so and cover has commenced, you will be entitled to a refund, subject to a deduction for the time for which you have been covered on a pro rata basis,
plus a 35.00 Sterling admin cost incurred in issuing the policy. A refund of premium may not be given if you have made a claim under the policy, or an incident has
occurred which may give rise to a claim under the policy. To exercise your right to cancel please contact us. If you do not exercise your right to cancel your policy will continue in force for the term of the policy and you will be required to pay the full premium.
Payment/Documentation: The provision of insurance services is subject to the satisfactory payment of the appropriate premium. Premiums are due for payment by the inception/renewal date of the policy. Premiums resulting from a request for an amendment are due immediately upon request. We will provide full information about your payment options at the appropriate time. We may keep certain documentation such as your insurance certificate until we receive full payment (we will seek agreement of this if appropriate). In these circumstances we will ensure that you receive full details of your insurance cover and will provide you with any documents which you are required to have by law. Failure to make arrangements to pay premiums by the due date will lead to cancellation of cover in respect of new policies and renewals, or the required change not being actioned in respect of amendments. If you are unable to pay the premium by the due date, please let us know immediately.
Your Duty to Provide Information: It is your responsibility to provide information to insurers when you take out your insurance policy, throughout the life of the policy and when you renew your insurance. It is important that you ensure all statements you make on proposal forms, claims
forms and other documents are full and accurate. Where statements of fact documents form the basis of your insurance contract, the information should be accurate, and any errors advised to us immediately. You are responsible for checking that the policy terms and conditions meet your requirements and for notifying claims or circumstances that might give rise to a claim. To ensure full protection under your policy you should familiarise yourself with the coverage conditions and procedures relating to claims and their notification. Failure to disclose facts; pertaining to your insurance, or any inaccuracies in information given, could result in your insurance being invalid or cover not operating fully. It is important that you ensure all statements you make on Proposal forms, Claims forms and other documents are true, full and accurate. If a form is completed on your behalf, you should check that the answers shown to any questions are true and accurate before signing the document. You are advised to keep
copies of any correspondence you send to us or direct to your insurer. If you are in any doubt over any of the policy terms and conditions, please seek our advice immediately.
E-Mail: In certain circumstances we may agree to correspond with you via e-mail. By providing your email address you are consenting to us communicating with you via e-mail. If you email a request to arrange insurance cover or to amend any details under an existing policy, cover will not be in force until your request has been accepted by insurers and we have confirmed this. You must take reasonable steps that your messages are complete and accurate and are secure against being altered in the course of transmission, are free from harmful viruses.
Termination of terms: These terms of business may be varied or suspended at any time by notice in writing. Any such variation will not affect rights or obligations already accrued by either party.
Agent of Insurer: We act as agent for the insurer for some of the insurance companies that we deal with for the purpose of receiving and holding premiums. Where we do not act as agent for the insurer, we will treat monies held as Client Money and will hold these in a non-statutory trust account.
Non-Statutory Trust: The aim of the trust is to protect the client in the event of the failure of the firm, or the failure of the bank or a third party at which the money may be held. In such a circumstance, the firm’s general creditors should not be able to make claims on client money, as it will not form part of this firm’s property. The fact that we will hold money in trust gives rise to fiduciary duties, which will be owed to you until the client money reaches the insurer or product provider. We hold client money subject to a non-statutory trust. This means that we are entitled to and may use client
money held on behalf of one client to pay another client’s premiums before the premium is received from that other client, and to pay claims and premium refunds to another client before we receive payment from the insurer. However, we are not entitled to use client money to pay commissions before we receive the relevant premium from the client.
Interest on Client Money: Any interest earned in client money held by us will be retained by us for our own use, rather than paid to you. We will take your reading of this document, and continuance of the application process to indicate that you understand and have given your consent for us to hold your monies in the statutory trust and to receive interest.
Payment to Third Parties: We may transfer client money to another person, such as another broker or settlement agent, for the purpose of effecting a transaction on your behalf through that person. This may include brokers and settlement agents outside of 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 to a particular jurisdiction.
Confidentiality: We take protecting our customers very seriously and abide by the rules of the General Data Protection Regulation (GDPR). Please refer to our Privacy Notice for information on how we hold and process your data.
Copies of Privacy Notice are supplied on all emails, can be viewed at website http://www.wyedeaininsure.com or hard copies supplied on request.
If you have queries in this respect, please contact us in writing to the Compliance Officer at. 27a Gloucester Road, Ross-on-Wye, Herefordshire, HR9 5LE
Complaints: It is always our intention to provide a first-class service. However, should you have any cause for complaint about the provision of our service outlined above, please contact us orally or in writing. Your complaint will be acknowledged within five business days advising you who is dealing with your complaint and indicating when you may expect an answer. We will provide a formal written response within 8 weeks from the receipt of the original complaint. If the complaint cannot be resolved within this timescale we will write with an explanation as to the progress and the likely timescale involved. If we are unable to settle your complaint, you may be entitled to refer it to The FCA, 12 Endeavour Square, London, E20 1JN.
Tel: 0800 111 6768
Your insurer also operates a complaint procedure, details of which are in your policy.
Law & Jurisdiction: These terms of business shall be governed by and constructed in accordance with UK Law. In relation to any legal action or proceeding arising out of or in connection with these terms of business we both irrevocably submit to the non-exclusive jurisdiction of the British courts.
Note: Your acceptance of these Terms of Business does not affect your normal legal rights.