This document is effective from 14 January 2005. Please read it carefully.
It sets out the terms upon
which we agree to act for our clients in connection with their insurance arrangements, and contains details of our regulatory
and statutory responsibilities. It also sets out some of your responsibilities. Please contact us immediately if there is
anything in these Terms of Business which you do not understand or with which you disagree.
ABOUT OUR ASSOCIATION
The Combined Market Traders
Insurance Association is an Appointed Representative of Hayes Parsons Ltd which is authorised and regulated by the Financial
Services Authority (FSA). You can check this information on the FSA’s Register by visiting the FSA’s
website at www.fsa.gov.uk/register or by contacting the FSA on 0845 606 1234.Our
trading address is 9 St Edmunds Road, Gants Hill, Ilford, Essex IG1 3QL
We only offer insurance
products from Zurich Insurance Company
You are responsible, on an ongoing basis, for providing
us and/or your insurers with all material facts relating to the insurance covers we arrange on your behalf. Material facts
are those which are likely to affect the assessment and acceptance of risks being insured. Failure to provide full and accurate
information may mean that your cover is invalid. If you are in any doubt as to what facts are considered to be material then
you should disclose them to us or your insurers.It is very important that information
given in proposal forms, claim forms and declarations to insurers is correct. If a form or declaration is completed on your
behalf, it is your responsibility to check that the answers given to all questions are true and complete. You are advised
to keep copies of any correspondence you send to us or direct to your insurers.
Unless we tell you otherwise when you take
out or renew a policy with us we make no charges in addition to the insurer’s premium. The right is reserved to make
an administration charge of £5.00 for issuing replacement policies or certificates in the event of the loss or misappropriation
of the original documents.In the event of a policy being
cancelled mid term, and not replaced by another policy, we reserve the right to retain the commission earned on the original
SETTLEMENT TERMSYou are responsible for the prompt settlement of insurance premiums so that we can make the necessary payments
to your insurers. We have no obligation to fund any premiums on your behalf and cannot be held responsible for any loss which
you may suffer as a result of a policy being cancelled or otherwise prejudiced due to the late payment of a premium where
the delay is attributable to you.
CLIENT MONEYAll client money collected for onward transmission to insurers, and return premiums due to clients
from insurers, is held in a Client Bank Account, under a Statutory Trust in accordance with FSA rules. Client money will be
deposited with one or more approved banks, a list of which is available on request. Please notify us immediately if you do
not wish us to use any bank or banks on this list.
All information provided by our clients is treated as confidential and only disclosed in the normal course
of negotiating, arranging and administering your insurance. This may include disclosing information to agents and service
providers such as loss adjusters and approved contractors.With
a few exceptions, for example information requested by a court, a regulatory body, or information which is already in the
public domain, we will not release information to any other party without your consent.
otherwise in our documentation all quotations provided for new insurances are valid only for a period of 30 days from the
date of issue and subject to satisfactory completion of a Proposal Form.You
should be aware that quotations may change or be withdrawn if the information given to us or your insurers in proposal forms
or declarations differs from that provided at the time the quotation was issued.
CHANGES TO YOUR COVER
We will normally
deal with requests to increase or amend cover on the day your instructions are received, or the next working day if a weekend
or public holiday. Sometimes changes cannot be processed without obtaining additional information. If additional information
is required we will contact you as quickly as possible. We will confirm changes to your policy, once agreed, in writing. We
will also advise you of any extra premiums you must pay or premiums we must return to you.
RECEIPT OF INSTRUCTIONS
We do not consider
instructions to arrange or change cover sent to us by post, electronic mail or facsimile, or left on answering equipment,
to have been received until they reach the relevant personnel in our offices. We do not accept responsibility for instructions
which do not reach us due to failures in the postal, electronic or telecommunications systems.
Our aim is to produce
documentation and correspondence in a clear and understandable format. In the event of any uncertainty we would ask you to
let us know immediately. Our staff are always happy to clarify the cover provided. You should check all policy documentation
to ensure that the details are correct and the cover provided meets with your requirements. Any errors should be notified
to us immediately. We recommend that you keep policy documents for as long as a claim is possible under the policy. We may
keep certain documents while we are awaiting full payment of premiums, fees or administration charges, or if you ask us to
do so. In these circumstances we will ensure that you receive full details of your insurance cover and provide you with any
documents which are required by law.
In the event of a claim you should contact Zurich Insurance on 0121 456 1999 quoting the policy number shown
on your certificate. Please ensure that you report all incidents that could give rise to a claim
as soon as you become aware of them. You will be advised if you need to complete a claim form or produce documentation to
support your claim. In certain circumstances late notification may result in your claim being rejected. Pease pass copies
of all correspondence, including solicitors’ letters, to insurers immediately and unanswered. Any attempt to negotiate
or respond to the incident without prior reference to your insurers or us might prejudice your cover.You should be aware that a claim arising after renewal of the policy has been invited might affect the assessment
and acceptance of renewal by your insurers.
We act as the agent of our client.
We are subject to the law of agency which imposes certain duties on us. Where we become aware of any actual or potential
conflict of interest we will inform you of the situation, the options available to you and obtain your consent before we carry
out your instructions.
We recognise the importance of service and set
ourselves high standards. Should there be an occasion when we do not meet your expectations we are equally committed to dealing with any complaint in a thorough and professional manner.
If you wish to register a complaint please contact us either in writing, addressed to the Directors of the Combined Market
Traders Insurance Association at the above address or by telephone on 020 85545273 or 020 85008489. If you cannot settle your
complaint with us you may be entitled to refer it to the Financial Ombudsman Service.
We are covered by the Financial
Services Compensation Scheme (FSCS). You may be entitled to compensation from the FSCS if we cannot meet
our obligations. This depends on the type of business and the circumstances of the claim. Insurance advising
and arranging is covered for 100% of the first £2,000 and 90% of the remainder of the claim, without any upper limit.
Further details about compensation scheme arrangements are available from the FSCS.
LAW AND JURISDICTION
These Terms of Business
shall be governed by and construed in accordance with English Law. In relation to any legal action or proceedings arising
out of or in connection with these Terms of Business we both irrevocably submit to the non-exclusive jurisdiction of the English