Terms of Business Commercial Clients
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.
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 below.
Who are we? – Thomas Sagar Insurances Ltd of Group First House, 12a Mead Way, Shuttleworth Mead, Padiham BB12 7NG are an independent insurance intermediary, registered number 610417. We are authorised and regulated by the Financial Conduct Authority FRN 303967. This can be checked on the FCA’s Register by visiting the FCA’s website http://www.fca.gov.uk/register or by contacting the FCA consumer helpline on 0800 111 6768.
Our relationships – As an independent insurance intermediary we act as the agent of our client and are subject to the law of agency. However, in certain circumstances, we may act for and owe duties to other parties. We will advise you when these circumstances occur so you will be aware of any possible conflicts of interest.
We are affiliated to Thomas Sagar Holdings (Accrington) Ltd, which holds 100% of our voting rights and 100% of our share capital.
Our Service – Our role is to advise you and, after we have assessed your needs, to make a suitable recommendation. We will not in any circumstance guarantee the solvency of any insurer.
Whose products do we offer? – We select personal and commercial insurances from a range of insurers. We will give you further information about this before we finalise your insurance arrangements.
Your duties – You are responsible for providing the complete and accurate information which insurers require in connection with any proposal for insurance cover. Insurance Act 2015 imposes an obligation to make a duty of fair presentation of the risk to your insurers.
A duty of fair presentation requires:
i. Disclosing every material circumstance that you know or you ought to know, or failing that, disclosing sufficient information to put a prudent insurer on notice that it needs to make further enquiries for the purpose of revealing material circumstances
ii. Disclosing in a manner that is reasonably clear and accessible to a prudent insurer
iii. Ensuring every material representation as to a matter of fact is substantially correct, and every material representation as to a matter of expectation or belief is made in good faith
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 which 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 in full. 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 all insurance documents 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.
How are we paid? – We normally receive a commission from insurers or product providers; we may also charge for handling your insurances. You are entitled, to request information about any commission received in the placing of business or the arranging of credit facilities. You will receive a quotation that 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.
Full payment of the premium and fees are due before cover commences, or as otherwise stated under terms of invoice or statement issued to you. Unless we have agreed alternative arrangements in writing, failure to do so may invalidate the cover and enable Insurers to cancel the policy.
You may be able to spread your payments through a credit scheme with a third party finance provider or your insurer. We will give you full information about your payment options when we discuss your insurance in detail. We only offer third party credit facilities with Close Brothers Premium Finance and Premium Credit Ltd.
We will charge fees as follows: New Business – £50, Mid Term Adjustments – £25 (subject to a maximum of £100 in any one year), Renewal – £50 (subject to a maximum of £200 per client in any one year). You will be invoiced accordingly. We also draw your attention to the sections headed ‘What will happen if you cancel’.