Terms of Business
Terms of Business for General Insurance Mediation Business April 2008
Reed Insurance and Quoteline are registered business names in Jersey of Reed Insurance Associates Limited a Jersey registered company No: 52449 formed in 1992 which is wholly owned by Jersey resident shareholders.
It is regulated for General Insurance Mediation Business (GIMB0034) by the Jersey Financial Services Commission (www.jerseyfsc.org).
We are an independent insurance broker who acts on your behalf to arrange your insurances.
Our Services:
The service we provide includes:
- Advising you on your insurance requirements
- Arranging cover with insurers
- Amending your cover as and when you require
- Assisting you with any claims that occur
- Reviewing your insurances upon your request
We do not provide advice on the adequacy of sums insured of any sort.
Security of Insurers and Other Intermediaries:
We assess the financial soundness of the proposed insurers and markets we recommend using public information, including that produced by recognised rating agencies. However we will not in any circumstances act as an insurer nor will we guarantee the solvency of any insurer or market used for your requirements. The decision regarding the suitability of any insurer or market rests with you. If you have any concerns regarding any insurers chosen for your insurance requirements we will be pleased to discuss them with you.
If your insurance is placed via another insurance intermediary located outside Jersey, your premium may be passed to that intermediary and will be subject to a different regulatory regime. In the event of failure of the insurance intermediary your premium may be treated differently than it would be if it were held by an insurance intermediary in Jersey.
Your Duty to Insurers:
Your insurance is based upon the information provided to the insurance company and you must ensure that all such information is complete and accurate and that any facts which may influence the insurer's decision to accept the risk or the terms offered have been disclosed. The duty to disclose information continues during the life of the policy and at renewal, you must make sure you inform your insurer of any changes affecting your insurance.
You are responsible for all answers or statements on proposal forms, claim forms or other material documents and you should ensure these are full and accurate. Failure to disclose material information at the start of the policy or advise the insurer of changes to the risk during the period of insurance may invalidate your insurance cover and could mean that part or all of a claim may not be paid.
Your Duty to understand your Insurance documents:
It is imperative that you read and understand the contents of your insurance policies, cover notes and other documents and correspondence you receive from us or insurers. Having read such documents we will be pleased to help clarify any issues or questions that arise. We will not accept any liability whatsoever from a client's failure to read and fully understand the contents of policies, cover notes and other documents and correspondence.
Complaints:
It is our intention to provide a high level of service at all times. If however you have reason to make a complaint about our service, we have internal procedures for handling complaints fairly and promptly. In the first instance you should contact:
The Managing Director,Reed Insurance,
PO Box 854,
Charles Bisson House,
30-32 New Street,
St. Helier,
Jersey,
JE4 0YJ.
Your complaint will be acknowledged within 5 business days. Wherever possible your complaint will be dealt with within 20 business days and if compensation or redress is felt appropriate details of this will be provided. If it is felt that your complaint is not justified you will be provided with full reasons for this decision. If it is not possible to respond to your complaint within 20 business days you will be advised of the reasons in writing and given a note of when you may expect a final response. If you are dissatisfied with our response, please follow the complaints procedure in your policy booklet.
Confidentiality:
All personal information about you will be treated as private and confidential (even when you are no longer a customer) except where the disclosure is made at your request, with your consent in relation to arranging your insurance or where we are required to by law.
Some or all of the information you supply to us in connection with your insurance proposal will be held on computer and may be passed to insurance companies for underwriting and claims purposes. In addition we may use some of the information to advise you of other products and services offered by insurance companies, and may pass details to other carefully selected companies whose products and services we feel may be of interest. If you do not wish to receive such details please contact our Managing Director as above.
We may pass information about you to credit reference agencies for the purpose of arranging payments by instalments, and may also pass to them records of your payment history with us. Information about you may be exchanged by your insurer with other insurance companies for underwriting and claims handling purposes. Under the Data Protection (Jersey) Law 2005 you have a right of access to see personal information about you that is held electronically in our records. If you have any queries please write to the Managing Director as above.
Money Laundering
Legislation requires us to take all reasonable steps to safeguard our company and our clients against the risk of financial crime. In order to meet our obligation it may become necessary to ask you to provide us with additional information concerning a particular insurance transaction you ask us to carry out for you.
Charges and Bank Interest:
It is our normal policy to charge administration fees or make charges in certain cases.
The following scale of charges will apply:-
| New policy or renewal administration fee | up to £20 |
| Mid-term adjustment fee | £15 |
| Mid-term cancellation fee* | £15 |
| Returned cheque charge | £15 |
| Duplicate cover note charge | £15 |
| Duplicate certificate charge | £15 |
| Duplicate windscreen disc charge | £15 |
| Credit Card payment | 2% of annual premium |
| Direct Debit Service Charge | a % age of the annual premium, which varies dependent on the number of instalments, currently it is 7% for 9 or more instalments subject to a minimum charge of £12 per annum. |
* plus retention of the full annual commission
Any bank interest on your insurance premium whilst held in our insurance broking client account will be retained by us. Please note if an insurance policy is cancelled in the first year of cover you may not be entitled to a proportionate refund from insurers. Please be aware that telephone calls to and from our office may be recorded for both security and training purposes.