Insurance Terms of Business – non-advised
These terms of business (Agreement) represent the agreement made between you and Covermonster Limited trading as INCOME ASSURED, under which we will provide non-advised (execution only) protection insurance services (life assurance, critical illness insurance, permanent health insurance and accident, sickness and unemployment insurance) to you. Under the FCA definition we are a ‘restricted’ firm as INCOME ASSURED does not give advice on mortgages, investments or pensions.
All work carried out is subject to these terms except where changes are expressly agreed in writing by both parties or where we have the right to amend these terms by giving notice to you.
This agreement shall be governed and construed in accordance with English law. English courts shall have exclusive jurisdiction to settle any dispute arising from this agreement. You and we irrevocably agree to submit to such jurisdiction and irrevocably waive any objection to any such action or proceeding being brought in those courts. The language of this agreement is English and we will communicate with you in English. All execution of business will take place at the firm’s registered address in 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ.
In this agreement the expressions ‘we’, ‘us’ and ‘our’ refer to Covermonster Limited and the expressions ‘you’ and ‘your’ refer to you, the client. FCA means the Financial Conduct Authority.
Covermonster Limited is authorised and regulated by the FCA which regulates the financial services industry in the UK. Their address is 25 North Colonnade, Canary Wharf, London E14 5HS. You can check the FCA’s Register on their website www.FCA.gov.uk IFMS’ FCA reference is 730780.
Unless we notify you otherwise, you will be classed as a “Retail Client” which means that you will receive full protection under the rules of the FCA and be eligible to refer complaints to the Financial Ombudsman Service (FOS).
1. Non-Advised Services to be provided by us to you
You will not receive advice or a recommendation from us for protection policies.
We may ask some questions to narrow down the selection of products that we will provide details on. We will disclose to you the specific terms of the policy as well as any disadvantages to the product, such as exemptions or areas of cover that are excluded to you. You will then need to make your own choice about how to proceed.
We offer products from a range of insurers for life assurance, critical illness insurance, permanent health insurance and accident, sickness and unemployment insurance. Where you may have a specific need or circumstance (such as being involved in hazardous occupations or sporting pursuits) this may limit the number of firms that will offer terms
2. Fees & Commission
Where we arrange an insurance product we will, with your agreement, take the commission paid by the provider.
The amount of commission will be disclosed to you in cash terms prior to the completion of any business. We will not charge a fee for any work undertaken. If you cancel your policy and there is a claw back of commission by the provider we reserve the right to invoice you for the sum clawed back.
In arranging your policy it will be necessary for us to create records about your personal circumstances and insurance arrangements. These records will be maintained and kept by us for as long as required by FCA rules.
4. Communicating with you
Where appropriate, we use non-encrypted email for communicating with you, unless you tell us not to do so. You should be aware that email and other modes of electronic and/or internet communication are not secure or error free methods of communication, and information sent in this way can be intercepted, lost, destroyed, arrive late or be incomplete. Similarly, communications on a mobile phone are not secure and can be intercepted.
If you do not want us to communicate with you by email or by mobile phone, please let us know.
We will take all reasonable care to ensure that confidentiality is maintained in all communications with you and will take all reasonable precautions to check for common viruses before sending information electronically. By instructing us to act, you agree that Covermonster Limited will not be liable to you for any loss or damage which you may suffer or incur as a result of our proper use of such communication channels.
5. Governing law
This agreement shall be governed and construed in accordance with English law. English courts shall have exclusive jurisdiction to settle any dispute arising from this agreement. You and we irrevocably agree to submit to such jurisdiction and irrevocably waive any objection to any such action or proceeding being brought in those courts. The language of this agreement is English and we will communicate with you in English.
If you have a complaint about the service you receive please write to Compliance Officer, Covermonster Limited, Unit 7, Penwith Business Centre, Long Rock, Penzance, TR20 8HL. Alternatively telephone: 0800 088 2358.
If you feel that your complaint is not handled to your satisfaction you may subsequently complain to the Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London, E14 9SR, Tel: 0207 676 1000. Web: www.financial-ombudsman.org.uk/contact/index.html
We are covered by the Financial Services Compensation Scheme (FSCS). 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. Most types of insurance business are covered:
- Insurance Business: Non-compulsory insurance provision (both general and life insurance): protection for 90% of the claim, with no upper limit.
We will advise you of any changes in your protection. Further information about compensation arrangements is available directly from the Financial Services Compensation Scheme and their website; http://www.fscs.org.uk.
8. Client Money
We are not authorised to handle or control client money. This means we will not accept any money or cheques unless it is a cheque in settlement of an invoice for our fees, charges, or disbursements.
9. Your Instructions
We may accept instructions from you by telephone, in writing, in person or by email. We do, however, reserve the right to request that you confirm any instructions in writing, in any form we specify, either before or after we act upon your instructions.
Where we enter into this Agreement with two or more individuals jointly, we will accept instructions from any one of those individuals on behalf of all the individuals, unless agreed otherwise with you in writing.
10. Conflicts of interest
Occasions can arise where we, or one of our clients, will have some form of interest in the business that we are transacting for you. If this happens, or we become aware that our interests or those of one of our other customers conflict with your interests, we will inform you in writing and obtain your consent before we carry out your instructions.
11. Data Protection
Information about you (personal data) you provide to us is subject to the Data Protection Act 1998 (Act). By accepting this Agreement you consent to us or any company associated with us to process, both manually and by electronic means, your personal data for the purposes of providing services and administration.
We may also process information about other individuals (e.g. your spouse) which you provide to us. In providing such information on other individuals you agree that you have obtained those individuals’ consent to our processing information about them for the purposes of this Agreement.
“Processing” includes obtaining, recording or holding information or data, transferring it to other companies associated with us, product providers, the FCA or any other statutory, governmental or regulatory body for legitimate purposes including, where relevant, to solicitors and/or other debt collection agencies for debt collection purposes and carrying out operations on the information or data both inside and outside the European Economic Area.
We may also contact you (including by telephone) with details of products, promotions, services or for related marketing purposes in which we think you may be interested.
Your personal data may also contain sensitive personal data for the purposes of the Act, being information as to your physical or mental health or condition; the commission or alleged commission of any offence by you; any proceedings for an offence committed or alleged to have been committed by you, including the outcome or sentence in such proceedings; your political opinions, religious or similar beliefs, sexual life; or your membership of a Trade Union.
If at any time you wish us or to cease processing your personal data or sensitive personal data, or contacting you for marketing purposes, please tick the following boxes that apply and post it to: Compliance Officer, Covermonster Limited, Unit 7, Penwith Business Centre, Long Rock, Penzance, TR20 8HL. Alternatively telephone: 0800 088 2358.
I do not wish to be contacted for marketing purposes by email, telephone or post □
I wish you to cease processing any sensitive personal data □
You may be assured that we will treat all personal data and sensitive personal data as confidential and will not process it other than for legitimate purposes. Steps will be taken to ensure that the information is accurate, kept up to date, and not kept for longer than is necessary.
Measures will also be taken to safeguard against unauthorised or unlawful processing and accidental loss or destruction or damage to the data.
You are entitled to have access to your personal data and sensitive personal data held by us. You may be charged a small fee (subject to the statutory maximum) for supplying you with such data.