Terms of Business

These Terms of Business set out the basis on which Centor Insurance and Risk Management Ltd will provide insurance services to you as a client of the firm. Please take a few minutes to read through these and if you have any questions we will be happy to answer them.

These Terms of Business are valid from 14 January 2005 until further notice.

About Us:

Centor Insurance & Risk Management Ltd, 9 Bonhill Street, London, EC2A 4PE is authorised and regulated by the Financial Services Authority and our FSA registration number is 306951. These facts can be checked by visiting the FSA’s website www.fsa.gov.uk or by contacting the FSA on 0845 606 1234. We are an independent insurance intermediary, 100% owned by the working directors.

Our Services:

As an intermediary, we owe duties to you and, unless you instruct us to do otherwise, our services include:

• Advising you on your insurances and providing other risk management services as agreed with you
• Placing your insurances from a range of insurers on the basis of a fair analysis of the market. If there are circumstances where we can only offer a product from a single insurer or limited number of insurers we will advise you accordingly and supply a list of those insurers on request
• Making amendments, at your request, to policies we have placed on your behalf
• Dealing with insurance claims made on insurance policies we have placed on your behalf (unless arrangements for direct notification to insurers have been agreed between us)
• Collecting premiums from you as agent for the insurance undertaking unless we inform you otherwise on certain isolated instances
• Retaining for the appropriate period documents relating to the placement of your insurances and of claims made (following which the documents will be destroyed)

Our Remuneration:

Unless we have agreed with you otherwise, payment for our services to you will be by way of commission paid to us by insurers. Some insurers may make additional payments to us contingent on the aggregate income and/or profitability of their account with us and/or in respect of work we undertake on their behalf. We do not make any additional fees or charges.

Your Obligations:

Your obligations are as follows:

• When instructing us to place or to renew insurances on your behalf, to disclose any material facts; that is, any facts likely to influence an insurers decision whether or not to accept the risk and on what terms and at what premium to accept the risk
• To disclose any material fact of which you become aware whilst your insurances remain in force
• To seek our advice if you are in any doubt as to whether any facts might be material
• To pay any premiums within the period stipulated in the debit notes we send you
• To review any confirmation of cover we send and advise us immediately if you consider that it does not reflect your demands and needs
• To review the Insurers with whom your insurances have been placed and advise us immediately if you object to them taking part in your insurances
• To act as if uninsured and to take all prudent and reasonable steps to prevent injury or damage of the type covered by the insurances and also to take such actions after the event as are sensible to minimise its loss
• To advise us without delay of any claim or circumstances likely to give rise to a claim under the insurances
• To retain any insurance policies in a safe place
• To provide instructions to us in writing in order to avoid any misunderstandings about the cover. In urgent cases we will accept verbal instructions but we request that they be confirmed in writing immediately thereafter

All answers or statements given on a proposal form, claim form or other document relevant to your insurances will be your responsibility and you should always check the accuracy of the information we provide to insurers on your behalf.

Failure to disclose, or misrepresentation of, material facts entitles insurers to decline claims and delay in notifying a claim may also entitle insurers to decline a claim.

Failure to pay premiums in accordance with a premium payment condition might invalidate your insurance. For the avoidance of doubt, we have no obligation to fund any premiums, fees, duties and taxes on your behalf and have no responsibility for any loss which you may suffer as a result of insurers cancelling cover as a result of late payment of such sums if such delays are attributable to you.

We will not withhold any insurance documentation from you without your permission unless we are legally entitled to do so.

Peace of Mind

We are covered by the Financial Services Compensation Scheme and 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. The compensation level is 90% of the claim (increased to 100% of the claim for compulsory classes of insurance) without upper limit for all classes.

Confidentiality:

We will treat all of the information you provide us as private and confidential to us and anyone else involved in providing your insurances (including loss adjusters and claims handlers appointed by insurers) even when you are no longer a customer. We will not give anyone else any information about you except:

• When you ask us to or give us permission
• If we have to by law

Unless you advise us otherwise, we shall assume that we have your permission to disclose your personal information where necessary for the purpose of transferring or delegating our responsibilities for the handling of your insurances.

Third Party Rights:

These Terms of Business exclude any rights which may be conferred upon Third Parties by the Contracts (Rights of Third Parties) Act 1999.

Statutory Rights:

Your normal Statutory Rights are not affected by this Agreement.

Governing Law:

This Agreement shall be governed by and construed in accordance with the Laws of England and Wales.

Accounting:

All monies belonging to you are held in an Account segregated from the Company’s funds. Any funds held in the Account will be forwarded to you or the relevant insurer for payment of premium when requested. We have agreed with you that interest will not be payable to you on any balance standing to your credit on the Account.

Complaints:

We believe that providing the very highest level of service is of paramount importance, and undertake to resolve any complaint you have, however large or small, in a timely and assiduous manner.

• If you are not satisfied with any aspect of the service that you have received from Centor, please refer the matter either orally or in writing to our Compliance Officer or Chief Executive Officer.
• If it cannot be resolved immediately, we shall acknowledge receipt of your complaint, in writing, within 5 business days of it being made.
• If we have not been able to resolve your complaint to your satisfaction within 20 business days, we will advise you in writing why this has not been possible and state when our final response can be expected.
• If, after our final response has been received, you are not satisfied with the outcome and you are an eligible complainant, you may refer the matter to the Financial Ombudsman Service.

Termination:

You, or we, may terminate the authority to act on your behalf at any time, without penalty. Notice of this termination must be given in writing, and will not affect the completion of any transaction already initiated on your behalf.