Leisure Terms of Business
INFORMATION ABOUT US
CFN Insurance Services Limited, also trading as Bridle Insurance, has one trading address; Tamarisk House, North Leigh Business Park, North Leigh, Witney, Oxon, OX29 6SW. The firm is authorised and regulated by the Financial Conduct Authority (“FCA”). Our permitted business is advising, arranging and assisting in the administration and performance of general insurance contracts. We may also act as agents of Insurers. Our FCA Registration Number is 307818. These details can be checked on the FCA’s Register by visiting the FCA’s website or by contacting the FCA on 0800 111 6768 or 0300 500 8082. Please read this agreement carefully as it sets out the terms on which we agree to act for you and contains details of our regulatory and statutory responsibilities. Please contact us immediately if there is anything in these terms of business that you do not understand or with which you disagree.
The FCA regulations set out two types of customer, Consumers and Commercial, and different levels of customer protection apply to each. We have classified you as a Commercial Client.
CFN Insurance Services Limited also trades as Bridle Insurance. We are registered in the United Kingdom, our registered office is Jamesons House, Compton Way, Witney, Oxon, OX28 3AB and our Companies House registration number is 05132465.
We are an independent intermediary and act on your behalf when arranging insurance for you. Our services include consulting with you on your insurance needs and explaining the main features of the products and services that we offer you. This will include details of the provider, policy duration, main details of cover and benefits, any unusual restrictions or exclusions and any significant conditions or obligations applicable, however we will not give advice. We have access to a number of leading insurers and offer a range of insurance products on the basis of fair analysis of these, however, in some circumstances we may only deal with a limited panel or a single insurer. We will give you details of these insurers when we discuss your individual requirements. We will provide a quote for you after we have assessed your needs, or advise you if we are unable to place your insurance.
We always place our business with insurers who we consider to be reputable and of good financial standing. However, we can not guarantee the solvency of any of the insurer’s that we conduct business with and therefore you may still be responsible for any premium due and not be able to recover the premium paid, whether in part or in full should an insurer become insolvent or go into administration.
We aim to produce evidence of cover in a timely manner. This will confirm the basis of the cover, give details of the Insurer(s), and include a debit note. Prior to the conclusion of the contract you will be given a statement of demands and needs. You should read this carefully. It will set out your demands and needs and confirm whether the contract has been personally recommended and if so, the reasons for making that recommendation.
You will be provided with renewal terms in good time before expiry of the policy, or we will notify you that renewal is not being invited. You will be given an explanation of any changes, where necessary and in good time, which might appear in your policy.
DUTY OF DISCLOSURE
We would remind you that you are responsible for ensuring that you provide a fair presentation of the insurance risk based on you conducting a reasonable search for information. You must answer all questions fully and accurately and to the best of your reasonable knowledge both now and throughout the duration of your policy. You must disclose every material circumstance which you know or ought to know, or failing that, disclose sufficient information to put your insurer on notice that it needs to make further enquiries. A material circumstance is one which may influence your insurer as to the acceptability or otherwise of your proposal or renewal and must be disclosed immediately. Failure to do this may mean that your insurance becomes invalid. Therefore, if you are in any doubt as to whether a fact is material then please contact us to discuss further.
YOUR RIGHT TO CANCEL
Your policy wording will set out your insurer's terms regarding cancellation and any applicable charges they may make to cover their costs and in addition we may apply our own administrative charge with the balance refunded to you, subject to no claims having been made.
You must notify us as soon as possible of a loss, claim or circumstances that may give rise to a claim in accordance with the notification provisions contained in your policy. We will provide you with all reasonable assistance in submitting a claim and seeking to obtain reimbursement or indemnity. Should your claim relate to damage of your property you must not instruct any repair work until we or your insurers have authorised you to. Please also take care not to dispose of any damaged items. If your claim relates to a third party i.e. damage or injury to a third party or their property then please forward to us all relevant correspondence immediately, please do not attempt to answer any such correspondence yourself. Your cover could be jeopardised if you attempt to negotiate or respond to any incident without the prior notification / authorisation of us or your insurers.
You must provide the premium due in cleared funds in accordance with the amounts and payment dates agreed at the start of the contract to ensure that your policy remains valid. Failure to meet the payments may lead to Insurers cancelling your policy. You can pay for your policy in full by credit or debit card or we may provide you with details on how to spread your payment through a credit facility. We will give you full information about these options and the interest payable. Where you are due a refund from us we will endeavour to pay this back to you via the same method by which you paid. If you are paying by Direct Debit your policy may renew automatically if, prior to your renewal date, you have not confirmed whether you wish to proceed. We would do this for your protection.
Our remuneration may be as a fee, and, or commission which is expressed as a percentage of any insurance premium payable by you and agreed upon with the Insurer. Where you choose to pay your premium by instalments, we will use a separate Finance Provider and we may receive a commission for introducing you to them. We reserve the right to retain any earned fees and commission in full and to deduct these from any rebated premium should the policy be cancelled prior to the full term. Details of any fees or charges will be advised to you in advance. Any applicable insurance premium tax will be shown on the documentation we provide to you. You are entitled, at any time, to request further information regarding the amount of any commission which we may have received as a result of placing or renewing your insurance cover.
In addition to the amount charged by insurers we may also charge a fee to cover the administration of your insurance. Unless otherwise agreed, the following charges will apply:
1. New business, mid term adjustment, or renewal of your policy:
For premiums of up to £500 our fee will be £50.00
For premiums over £500 our fee will be 10% unless otherwise agreed
2. Any return premium £50
Client Money is money that we receive and hold in the course of carrying on insurance mediation on behalf of our clients (including you as our Client) or which we treat as “Client Money” in accordance with the FCA’s Client Money rules. We only hold Client Money on behalf of an Insurer in accordance with a written agency agreement with the insurer, as the majority of insurers that we use have granted us risk transfer. Holding client money under a risk transfer agreement means that the insurer will bear the risk for any losses or claims. Occasionally we may use another intermediary to arrange your insurance and your premium will be passed to these intermediaries for payment to the insurer. Where this is the case the firm will use appropriate skill, care and judgment in selecting third parties in order to ensure adequate protection of client money.
Where client money is not held under a risk transfer agreement, client money is segregated from the firm’s money in a statutory trust account. This means that in the event of the firm’s failure, client monies are protected against claims of general creditors whose entitlements will be subordinated to those of the clients. All client money is held at an approved bank and in accordance with FCA Rules. By accepting these terms of business you consent to us holding your money in this way.
PAYMENT TO THIRD PARTIES
We may transfer Client Money to another person, such as another broker for the purpose of effecting a transaction on your behalf through that person. This may include brokers and settlement agents outside the UK. The legal and regulatory regime applying to a broker or settlement agent outside the UK may be different from that of the UK and, in the event of a failure of the broker or settlement agent, this money may be treated in a different manner from that which would apply if the money were held by a broker or settlement agent in the UK. You may notify us if you do not wish your money to be passed to a person in a particular jurisdiction. Where client money is transferred to third parties the firm will use appropriate skill, care and judgment in their selection process to ensure adequate protection of client money.
It is our intention to provide you with the highest possible level of customer service at all times. However we recognise that things can go wrong occasionally and if this occurs we are committed to resolving matters promptly and fairly. If you feel we have not meet the appropriate standards, please contact us by writing to The Compliance Officer, Tamarisk House, North Leigh Business Park, North Leigh, Witney, Oxon, OX29 6SW or by contacting us on 01993 772957.
If we have given you our final response and you are still dissatisfied, you may in certain circumstances, be able to refer your case to The Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London, E14 9SR, telephone 0845 080 1800, www.financial-ombudsman.org.uk.
COMPLAINTS IN RELATION TO LLOYD’S POLICIES
In respect of any complaints received by Pardus relating to Lloyd’s business written on behalf of Underwriters, when a complaint is received, Pardus will log the complaint on its internal systems and promptly notify Underwriters within 24 hours who will take over the responsibility of dealing with the complaint. To the extent required, Pardus will cooperate with Underwriters to ensure the fair and consistent handling of the complaint. Lloyd’s will aim to conclude the majority of complaints received within 8 weeks in accordance with the FCA Handbook. This operates under a ‘two stage’ complaints process.
Any complaint, whether verbal or written, that cannot be resolved within 24 hours must be referred to Underwriters who will have 14 days, including the time Underwriters spend trying to resolve a complaint, to issue a Stage 1 response.
Lloyd’s obtains the documentation from the Underwriters and undertakes a full review of the complaint. When the review is complete a Final Response will be issued by Lloyd’s detailing the outcome of the investigation. If the complainant remains dissatisfied at this point, the matter can be referred to the Financial Ombudsman Service “FOS” (if eligible) provided it is done within 6 months of the date of the Final Response. The FOS can only consider the complaint following consideration by Lloyd’s.
We are covered by the Financial Services Compensation Scheme (FSCS). You may in certain circumstances, be entitled to compensation if we cannot meet our obligations. This will depend on the type of business and the circumstances of the claim. Further information about compensation scheme arrangements is available from the FSCS at Financial Services Compensation Scheme, Exchange Tower, Harbour Exchange, London, E14 9SR, 0800 023 4567, 0300 123 9123, https://www.fscs.org.uk.
MONEY LAUNDERING/PROCEEDS OF CRIME ACT
UK money laundering regulations require us to obtain evidence of the identity of clients for whom we act at the start of a business relationship. Claims payment will be made in favour of you. If you require a payment to be made to a third party then you must confirm the required payee name and details and provide a brief explanation for your request.
CONFLICTS OF INTERESTS
The firm will manage conflicts of interests fairly. Where a conflict of interest exists which cannot be resolved, the firm will inform you of the conflict and obtain your consent before proceeding any further.
All information about you and your insurance is confidential. We will process your data as laid out in our Privacy Notice which is attached.
LAW AND JURISDICTION
These terms of business shall be governed by and construed in accordance with English law and practice and any disputes arising under it shall be determined in the English Courts.