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Professional Risks - Terms and Conditions
- Responsibilities, Terms and Conditions
This document outlines our approach to the transaction of insurance activities for the product offered from this website, and highlights what we believe to be our responsibilities and duties to any client of Gallagher London. If you have any questions, please do not hesitate to ask us. In particular we draw your attention to the section dealing with how we safeguard your money. If you are unable to agree these sections then we are prevented by the Financial Services Authority from carrying out business on your behalf.
Arthur J. Gallagher (UK) Limited. We are authorised and regulated by the Financial Services Authority. Our permitted business is arranging general insurance contracts. We follow the rules and principles established by the FSA for our general insurance business activities. The Financial Services Authority (FSA) regulates the insurance industry and requires those authorised by them to follow many different rules, one of them being ‘Treating Customers Fairly’. Our FSA Register number is 312919. These details can be checked on the FSA’s Register by visiting the FSA’s website http:www.fsa.gov.uk/register or by contacting the FSA on 0845 606 1234.
Gallagher is an independent general insurance intermediary and risk management consultancy, and offers transactional and advisory services to meet a wide range of your insurance requirements. We advise on all types of non-life insurance products (with the exception of “personal lines”) and are not tied to any one insurer.
Gallagher will endeavour to meet your stated insurance requirements, including the nature and extent of cover and cost.
In becoming a client of ours, Gallagher will use its knowledge and expertise to implement your insurance programme, subject to available insurers, and will make all efforts to do so before the intended date of inception, renewal or extension of cover, whichever is appropriate.
Gallagher assesses the financial strength of proposed insurers using a range of information, including information produced by recognised rating agencies. We do not guarantee the financial solvency of any insurer.
We will send you documentation confirming the basis of the cover secured on your behalf, including details of your insurers, with a debit note or premium billing, where applicable, showing all the amounts payable. The date(s), by which premium monies must be received by Gallagher will be clearly stated, together with any express financial penalties for late payment to insurers. Failure to settle premiums by the due date could lead to insurers rescinding or canceling the policy or avoiding settlement of claims.
There are no specific obligations imposed on Gallagher by the FSA’s Insurance Conduct of Business rules when dealing with intermediaries. Should intermediaries require any information from Gallagher to enable them to comply with their obligations under these rules, including those on advising and selling standards, or they would like Gallagher to provide a letter for onward transmission to the insured, we will be pleased to do so.
- What’s required of the policyholder?
You may be required to complete a proposal form, questionnaire or similar document. Gallagher will provide guidance where requested, but cannot complete documentation on your behalf.
You are responsible for providing Gallagher with the information requested to enable Gallagher to seek the cover required.
All information that is material to your coverage requirements, or which might influence insurers in deciding whether or not to accept an insurance risk, the terms and conditions that they offer and/or the cost of cover, must be disclosed. Failure to do this could lead to a policy being cancelled or voided.
You should read any policy wordings or documents thoroughly to ensure that they meet your requirements. We will make any necessary changes immediately if any of the details are incorrect.
It is your responsibility to review the evidence of insurance we send you, including cover notes, policy and/or broker insurance documents, to confirm that it accurately reflects the cover, conditions, limits and other terms required. You cannot rely upon any summaries that may have been provided. If there are any discrepancies or any queries, please contact Gallagher London immediately.
You should pay particular attention to any policy conditions and warranties as failure to comply may invalidate the coverage or allow insurers to avoid a claim payment.
You are responsible for notifying claims or circumstances that may potentially give rise to a claim including any noted on a proposal form that have arisen in a period where we have not been involved in arranging your insurance.
- Gallagher's Process and Products
We can arrange your insurance policy in three ways:
A Single Insurer – Gallagher access certain insurers who offer specific products for insureds who have the same or similar needs to you, and develop insurance solutions that best address your needs You will be asked to answer a few simple questions, and to confirm you are able to accept all terms stated within an enclosed statement of fact. This will enable Gallagher to provide instant cover, followed by policy documentation. In this situation your quotation will originate from one insurer only.
A Fixed panel of Insurers – We have developed industry-specific facilities. These may include one or more insurers who will provide specialised terms, conditions and policies for your type of business. These facilities have been negotiated to provide policyholders with the widest cover required for their industry. We will offer an indication of terms, and upon receipt of your completed acceptance/ no claims declaration and statement of fact, we will place cover on your behalf. Our service standard is to send your documents to you within 10 days of either the policy incepting or the cover being placed with insurers, whichever is appropriate.
Open Market Placement - Gallagher London is aware that your business exposures can be complex and specialised or otherwise considered to be high risk. In such circumstances we will require a full proposal form, and in some cases a visit from one of our Account Executives, in order to represent your interests best to insurers so they are fully aware of the business undertaken, which will enable us to fulfil your insurance needs.
- Your money and how it is kept safe
Premium to be paid in full to Arthur J. Gallagher (UK) Ltd within 15 days of Inception. (not applicable to Premium Credit Loan or Direct Debit)
Client money (premiums and claims) is segregated from Gallagher's own money and held, in accordance with FSA requirements, in a designated non-statutory trust client bank account with an approved bank. Gallagher has a fiduciary duty to protect clients’ money until it is remitted to the client or insurer, whichever the case may be. Gallagher retains any interest earned and any investment return on funds in our client money bank account. We are not entitled to use client money to pay commissions before we receive the relevant premium from you.
When we receive your money (either premiums or claims), if insurers allow, we hold it as their agent. This means that the insurer is deemed to have received those monies (such as premium paid by you) on the date upon, which the monies are received by Gallagher.
Please note that in order to comply with anti-money laundering procedures in some circumstances our quotations will be subject to you supplying us with additional information, which will allow us to open your account. If this is necessary we will contact you as soon as possible, detailing what will be required.
- Gallagher adhere to the following procedures
All data, recommendations, proposals, reports and other information provided by us in connection with your insurance needs is for your sole use. You agree not to permit access by any third party to this information without our express written permission. Gallagher reserve the right to take action to protect proprietary information.
Gallagher will only accept business from insurance intermediaries that have the legally required regulatory authorisation. You may, therefore, be required to confirm your firm’s authorised status and to provide evidence thereof.
Certain insurers grant Gallagher binding authorities or similar facilities to accept business on their behalf. We may propose placing a policyholder’s insurance under a binding authority, or similar facility where we reasonably consider this best meets their insurance requirements.
Where the insurance has been bound under a binding authority or similar facility granted to Gallagher, in accordance with market practice Gallagher may receive a commission from insurers linked to the overall profitability of the facility.
Gallagher has put in place procedures to ensure that any conflicts of interest that may arise in relation to the performance of its obligations under these responsibilities, terms and conditions are identified, openly resolved and clearly understood.
Gallagher's services may be terminated by either party giving the other notice in writing or as otherwise agreed, such notice to take effect immediately upon receipt by the other party.
Gallagher’s remuneration will be either commission, which is a percentage of the insurance premium that is agreed by the insurers with whom the insurance contract is placed, or a fee agreed with the client. If appropriate, and with your consent, the remuneration may be a mixture of these. If Gallagher charge an additional fee for documentation or other ancillary services, such as claims handling, this will be subject to specific prior agreement with the client.
In the event that, for any reason, the insurance is cancelled or otherwise terminated prior to the expiration date, Gallagher will be entitled to retain all commission and fees in respect of the full policy period. If we are being remunerated on a fee basis, those fees only relate to activities undertaken in the current year. Should you subsequently choose to place the insurances with another broker we will need to agree with you a fee for handling any outstanding work, including claims that may remain with us.
Upon request, Gallagher will disclose to you all forms of remuneration it receives in connection with the placing of your insurance risks.
Gallagher does not accept additional commission payments from insurers based upon the aggregate premium volume placed with them, the insurer’s renewal retention rate, or any other similar contingency (such arrangements being commonly known as ‘placement services agreements’, ‘market services agreements’ and the like).
Gallagher may provide services to insurers that are not directly related to the services provided to you. In such cases, we receive remuneration direct from the insurers in recognition of those services.
Gallagher reserves the right to outsource certain administrative functions.
Complaints should be reported to Gallagher’s Compliance Officer who will deal with your complaint quickly and efficiently and attempt to resolve it within 5 working days.
Sarah Dalgarno
Chief Risk Officer
Arthur J. Gallager (UK) Ltd
9 Alie Street
London
E1 8DE
Tel: +44 (0) 20 7204 6000
Fax: +44 (0) 20 7240 6001
www.ajginternational.com
Registered in England and Wales No. 1193013
Should Gallagher be unable to meet its liabilities because of its financial circumstances, you may be entitled to compensation from the Financial Services Compensation Scheme. There is no charge for bringing a claim to the scheme.
Gallagher treat any non-public information in their possession that relates to the Client’s business as confidential. It may be necessary, however, to disclose this information to Insurers when acting on your behalf, where it is reasonably considered such information is material to the risk being covered.
Unless otherwise agreed by Gallagher in writing no term of this document is enforceable under the Contracts (Rights of Third Parties) Act 1999.
Gallagher is registered under the Data Protection Act 1998 and where applicable Gallagher undertake to comply with the Act in all their dealings with personal data.
irstCity’s documents, setting out the terms of our relationship with you will be governed by and construed in accordance with English Law. Any dispute arising under it shall be subject to the exclusive jurisdiction of the English courts.
If the detail included within your specific documentation differs from these responsibilities, terms and conditions the specific policy terms prevail. |