Our terms and conditions of business
The purpose of this document is to describe our professional relationship and services that we will provide to you.
- Accepting our terms of business
- The Financial Conduct Authority
- Our service: helping you to decide
- The capacity in which we act for you
- Our product range and the range of insurers used
- Payment for our services and fee tariff
- Conflicts of interest
- Claims handling arrangements
- Handling money
- Cancellation of insurances
- Ending your relationship with us
- Your responsibilities
- Financial crime
- Use of personal data
Accepting our terms of business
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.
For your own benefit and protection, you should read these terms carefully. 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 address above.
The Financial Conduct Authority
Square Mile Insurance Services Limited is authorised and regulated by the Financial Conduct Authority (FCA). Our FCA Register number is 311852.
Our permitted business is introducing, advising, arranging, dealing as agent and assisting in the administration and performance of general insurance contracts. You may check this on the FCA’s register by visiting the FCA website, www.fca.org.uk/register or by contacting the FCA helpline on 0800 111 6768.
Our service: helping you to decide
Our role is to advise you and, after we have assessed your needs, to make a suitable recommendation, preparing market presentations, negotiating the most appropriate terms, checking the accuracy of policies issued, notifying your insurers of any alterations to a policy that you have instructed us to make, process, record and assist any claims or circumstances which might result in a claim. Discussing your renewal requirements and negotiating terms. We will not in any circumstance guarantee the solvency of any insurer. In the event that advice is not provided we will confirm this to you before finalising your insurances.
The capacity in which we act for you
In providing our service, we act as your agent. However, in some circumstances we may place your insurance under a special arrangement with an Insurer. In this case we will advise you in which capacity we will act.
Our product range and the range of insurers used
We select personal and commercial insurances from a range of insurers, but for certain products, we only select products from a limited number of insurers or offer products from a single insurer. We will give you further information about this before we finalise your insurance arrangements. Where we select products from a limited number of insurers you may ask us for a list of the insurers we deal with.
We aim to provide you with a high level of customer service at all times. However, if something goes wrong we need you to tell us about it.
As an authorised insurance intermediary we have a formal complaints procedure which can be viewed on our website at www.squaremileinsurance.com or you may write to us at the address shown on the Contact Us page. When dealing with your complaint, we will follow our complaints procedure with a full investigation and formal response. If you are still not satisfied, you may be entitled to refer the matter to the Financial Ombudsman Service. Contact details are shown on our Complaints Procedure.
Payment for our services & fee tariff
We normally receive commission from insurers or product providers.
In good time before the conclusion of each insurance contract, or upon renewal, we will remind commercial customers of the right to be informed of the level of commission which we receive from underwriters. All of our commercial customers are entitled, at any time, to request information regarding any commission which we may have received as a result of placing their insurance business.
We reserve the right to charge a Fee in addition to insurance premium commission for handling your insurances as follows:
|Advised at inception/quotation|
|Premium <£250||fee £50|
|Premium 250-£500||fee £35|
|Premium 500-£1000||fee £25|
|Misc fees (Consumer & Commercial)|
|Mid-term adjustments||fee £15|
|Lost Documents / Certs||fee £15|
|Credit/debit card payment||2% or £2 minimum|
You will receive a quotation which 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. Quotations are valid for 30 days. Premiums and fees fall due and must be paid by the settlement date stated on our invoice and or accompanying correspondence.
When renewal is invited and the policy is paid by direct debit, we will issue a notice to you and the absence of a response will be deemed as your consent to cover being renewed automatically.
We reserve the right to retain any commission or fee earned on a policy cancelled mid-term and in-turn the pro rota insurance premium will be returned when credited by the insurer. In view of the costs involved in making changes to a policy we will not issue refunds of less than £25.
We also draw your attention to the sections headed ‘Cancellation of insurances’ and ‘Ending your relationship with us’.
Conflicts of interests
Occasions can arise where we, 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 contact 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 which might lead to a claim. We will employ due care and skill if we act on your behalf in respect of a claim.
Our financial arrangements with most insurance companies are on a “Risk Transfer” basis. This means that when we receive your premium it is deemed to have been received by your Insurer.
Claims monies and refunds will remain the property of your Insurer until it is paid to you. However, if Risk Transfer does not apply; such monies will be held by us on your behalf as “Client Money”. All monies are held in a Statutory Trust account, in accordance with FCA rules, until released to the recipient. Any interest earned on monies held in such a Statutory Trust account will be retained by us.
In certain circumstances, Client Money may pass through other authorised intermediaries before being paid to the insurer.
Cancellation of insurances
You should make any request for the cancellation of a policy in writing and any relevant certificate of insurance must be returned to us or to the insurer concerned.
In the event of cancellation, charges for our services will apply in accordance with the Return to contents
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 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. In the event that we no longer place insurances for you and if we continue to handle your claims, we may seek to agree a fee.
You are responsible for providing the complete and accurate information which 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 and check all insurance documents; registration numbers; 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 and conditions as failure to comply with them could invalidate your policy.
You must inform us immediately of any changes in circumstances which may affect the services provided by us or the cover provided by your policy.
We adhere to strict terms of credit and therefore any request for payment must be settled by the due date stated. Failure to do so may invalidate cover and entitle Insurers to cancel your policy.
If you are unsure about any matter, please contact us for guidance.
We are committed to minimising the threat of financial crime and have a zero tolerance policy towards acts of bribery and corruption. We expect all entities with whom we do business in the UK and Worldwide to comply with all applicable law, statutes, regulations and codes relating to anti-bribery and corruption including the Bribery Act 2010. We will screen all client names against UK and international sanctions lists and other intelligence data to ensure that we do not violate any laws.
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 in order to promote products or services which may be of interest to you. We will not otherwise use or disclose the personal information we hold without your consent.
Some of the 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.
All data recommendations, proposals, reports and other information provided by us in connection with your insurance needs are for your sole use. You agree not to permit access by any third party to this information without our express permission. We reserve the right to protect proprietary information.
Credit checks may be undertaken by insurers prior to issuing premium indications; this is taken as a tacit agreement.