Information about our insurance services
S-Tech Insurance Services Ltd
154-156 Victoria Road
Cambridge
CB4 3DZ
Telephone: 01223 324233
Fax: 01223 464150
E-Mail: insurance@s-tech.co.uk
The Financial Services Authority (FSA)
The FSA is the independent watchdog that regulates financial services. It requires us to give you this document. Use this information to decide if our services are right for you.
Whose products do we offer?
We offer products from a range of Insurers providing fair market analysis. However, for Legal Expenses products our market analysis will be restricted to a limited number of Insurers, details of which are available on request.
Which service will we provide you with?
We will advise and make a recommendation for you after we have assessed your needs.
What will you have to pay us for our services?
Our services are normally paid for by the Insurers but if a fee is to be charged we will inform you in advance.
Who regulates us?
We are authorised and regulated by the FSA and our registration number is 118690. This can be checked on the FSA website www.fsa.gov.uk/register or by contacting the FSA on 0845 606 1234.
What to do if you have a complaint?
If you wish to register a complaint please contact us at the above address.
If you cannot settle your complaint with us you may be entitled to refer it to the Financial Ombudsman Service.
Are we covered by the Financial Services Compensation Scheme (FSCS)?
We are covered by the 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 the compensation scheme arrangement is available from the FSCS.
S-Tech Insurance Services Ltd
Terms of Business - Commercial Clients
Introduction
This document explains the commercial relationship between you and us.
Information about the insurance services we provide to you is detailed within the document Information About Our Insurance Services.
Duty of Disclosure
We would remind you that it is your responsibility to disclose all material information that is known to you and which might influence the judgement of insurers in determining the scope of cover, the price or whether or not to accept your risk. This applies even if you complete a Proposal Form.
The Insurer is not required to make enquires, the onus falls on you. If you fail to disclose information this may entitle Insurers to avoid cover from inception (the starting date of your policy) and seek repayment of claims they may have paid to you.
This duty of disclosure arises when you first take out a policy as well as when you renew or amend it and some insurance contracts may also include a condition that requires you to disclose any material changes throughout the term of the policy.
If you are unsure whether information or a change in circumstances may be material, you should disclose it.
Premium Payment
Premiums must be settled by the date advised to you.
In many instances payment of a policy premium can be made via a monthly instalment facility subject to an additional charge. If payment is made via this method then we will continue to collect the premium via monthly direct debit from the policy renewal date unless you notify us to the contrary.
Our Remuneration
Our services are normally paid for by the Insurers by way of commission.
In addition to charges made by Insurers, we may make the following charges to cover the administration of your insurance. Such charges will be clearly identified separately for ease of reference. Our current charges are as follows:
- New Business: £25.00
- Renewals: £15.00
- Mid Term Adjustments: £10.00
- Late Payment: £10.00
- Mid Term Cancellation: £10.00
Commission and fees are earned by us for the initial policy planning, renewal and handling. If cancellation or amendment occurs after inception or renewal then any refund of premium for any unexpired period will be returned after deduction of our full annual commission or fee.
We may also receive additional remuneration from insurance providers based on factors such as the aggregate volume, persistency and profitability of the business placed with them.
Termination
Our services may be terminated without cause or penalty by either you or us by giving one months notice in writing to the other or as otherwise agreed.
In the event our services are terminated by you we will be entitled to keep all commission or fees payable (whether or not these have been received by us) in relation to policies placed by us or services provided by us before the date of termination.
From the date of termination we will have no obligation to perform any further services for you of any nature. The responsibility for handling claims after the date of termination will be the responsibility of the party taking over our role unless agreed to the contrary by us.
Client Money
Client money is any money that we receive and hold in the course of arranging or administering insurance on your behalf.
In the majority of our dealings with Insurers we agree to act as their agent in the handling of premium payments or returns. This is subject to Risk Transfer where Insurers assume the credit risk so that payment by you of premium to us will be deemed payment to the Insurers.
In circumstances where Risk Transfer agreements do not exist with insurance providers we will hold client money within a Client Statutory Trust Account prior to passing it to the insurance provider. Certain insurance policies may be arranged via other Insurance Intermediaries and therefore we may pass client money to another party for the purposes of completing the transaction.
Any interest earned on client money held will be retained by us.
Policy and Related Documents
You should review all documents to ensure they accurately reflect the cover, sums insured and limits you require. Particular attention should be paid to policy conditions, warranties and other terms as failure to comply could invalidate your policy.
We will provide you with a duplicate policy document upon request.
Claims Handling
Details of how to make a claim are contained within your policy documents. You may also notify us of any claim and we will provide advice on how to proceed.
All claims or circumstances that could lead to a claim should be notified immediately otherwise Insurers could refuse an indemnity under your Insurance Policy.
Confidentiality
We will treat any information about your business in our possession as confidential. However, information will have to be disclosed to insurance providers to enable us to secure the insurance cover required. Information may also need to be disclosed to third parties for the purpose of arranging credit facilities.
We may use information we hold to provide information to you about other products and services that we feel may be appropriate and to keep you informed on relevant insurance issues. If you do not wish to receive marketing information from us or for us to disclose information about you to other parties for marketing purposes then please contact us.
Third Party Rights
Unless otherwise agreed between us in writing, no terms of this agreement are enforceable under the Contracts (Rights of Third Parties) Act 1999.
Governing Laws
In respect of services provided in England, Wales and Northern Ireland this agreement will be governed by the laws of England, Wales and Northern Ireland. In respect of services provided in Scotland the agreement will be governed by the laws of Scotland.