Terms of Business

Definitions
IMS London Limited is an independent insurance broker. We/us/our refers to IMS London Limited of Dean House, 193 High Street, Enfield EN3 4DZ. Tel: 0208 805 2211 Fax: 0208 805 2218

Registration & Status
We are regulated by the Financial Services Authority and their code of practice (registration number 300186). You can check this on the FSA register www.fsa.gov.uk/register or telephoning on 0845 606 1234. We act on your behalf as an independent insurance intermediary (broker) in the advising, arranging and servicing of all classes of general insurance business. We are registered in England as a limited company No 4179849. The Financial Services Authority (FSA) is the independent watchdog that regulates financial services. We place business with a range of insurers, underwriters, agents and sometimes other intermediaries.

Our Service
We offer our service usually from a range of insurers but for specific risks this may be a limited number of insurers or even a single insurer. In the event we use a limited number of insurers or only one insurer we would advise the customer accordingly prior to conclusion of the contract. We will make a recommendation to you after we have assessed your needs or advise you if we are unable to find you a suitable insurer.

Insurer Security
We regularly check the financial strength of the insurers with whom we place business by reference to Standard & Poor's published insurer ratings. It should however be noted that the claims-paying ability of even the strongest insurers can be affected by adverse business conditions. We cannot therefore guarantee the solvency of any insurer or underwriter.

Confidentiality & Data Protection Act
Unless required by law to make any disclosures all information supplied to us will be kept confidential and released only to our associated companies and insurers. You have the right to view any personal information held about you on our records under the data protection legislation, a copy of all such information will be provided on written request.

Disclosure
You are responsible on an ongoing basis for providing us with all material facts relating to the insurance covers we arrange on your behalf. All information, statement and answers given are your responsibility and must be complete and correct before inception of insurance, on renewal and during the life of the policy. Failure to disclose any material fact may result in the invalidation of all insurance cover. Material facts are matters or information which may affect an insurer's decision to accept a proposal and must be disclosed at inception and throughout the duration of your policy. If you are unsure as to whether a fact is considered material please ask us for advice. 

Charges
We are remunerated for arranging your insurance by the insurer and will disclose the amount, if asked. Unless we state in our documentation, or agree separately with you, no fees or service charges are payable in addition to your insurance premiums. However we do reserve the right to make an administration charge of no more than £25 for issuing the following documentation: i) Replacement policies or certificates in the event of the loss or misappropriation of the original paperwork ii) Copy policies or certificates requested by other parties, such as solicitors or banks.n the event of a policy being cancelled mid term, and not replaced by another policy, we may deduct our commission from any premium rebated by the insurers to cover administration cost. We may also receive benefit from providers of premium financing facilities where, with your agreement, we have made such arrangements on your behalf. 

Client Money
Client money is money of any currency that we receive and hold in the course of carrying out insurance mediation on behalf of clients. For certain insurers our agency agreement with them allows us to hold the premiums you pay, as agent of the insurer but where an insurer does not allow us to act as agent we will hold your premiums as client money in a statutory trust account in accordance with the FSA client assets sourcebook. Holding your premiums in a statutory trust account means we will not use your money to pay another clients premium to insurers. Any interest or exchange gains earned on client money held by us will be retained by us. We may transfer client money to another broker for the purpose of effecting the transaction where we have used another broker to place the insurance on your behalf.

Payment
We are responsible for issuing invoices detailing the premium, taxes and fees (if applicable) for all new and renewals and mid term alterations. You are responsible for paying promptly all invoices to enable us to pay your insurer in respect of your insurances within the credit terms imposed upon us by insurers. Please note that we have no obligation to fund any premium, taxes or fees (if applicable) on your behalf and we have no responsibility for any loss you may suffer as a result of insurers cancelling the insurance or taking any other prejudicial steps as a result of late payment where it is substantially attributable to you. New policies require full payment on or before the inception date of the policy. Alterations to existing policies require immediate on or before the date of the endorsement(s) carried out. Full payment is required for all renewals before the date of insurance re-commencing. The methods of payment are available if requested and stated on each quotation.  

Cancellation
Your policy document will detail your rights to cancel your insurance once you have taken it out. Depending on the type of policy you have purchased, you maybe entitled to cancel within 14 days. Where you cancel a policy before renewal you will be responsible for paying a charge if applicable to meet the cost of cover and any administrations expenses.

Awareness of Policy Terms
When a policy is issued you are advised to read it carefully; it is that document, the schedule and certificate of insurance which forms the basis of your contract with the insurers. If you require clarification as to any of the terms, conditions applicable you may contact us for advice. When your policy includes Employers Liability cover it is a legal requirement that the certificate of insurance be kept for a period of 40 years.

Renewals
Renewals are invited on the understanding that there have been no changes in the material facts other than those advised during the course of the policy or on the renewal declaration. All cover eases as of the renewal date and where instructions to renew have been given no cover is in force until you receive written confirmation.

Quotations
All our quotations are subject to subsequent acceptance by insurers, and are valid for 30 days unless otherwise stated. In the event that unacceptable revised terms are offered by insurers you are entitled to cancel cover (subject to no claims or losses occurring during the period and payment of the insurer's time on risk charges). All premiums quoted include our commission and /or fees along with insurance premium tax (I.P.T.) at the current rate. Please note that liability premiums are issued, unless otherwise stated, as ‘minimum' and ‘deposit' premiums. For example, in the event of policy cancellation mid term, no refund of the annual premium is given. Return premiums may be issued in respect of material damage premiums subject to no claims or losses and the insurer's short period cancellation scale. The IMS (London) Limited policy placing fee is non-refundable. Specimen policies are available on request.

Claims and Incidents
It is a specific and fundamental requirement that you notify us immediately of all and any incidents which may give rise to a claim as delays in notification may result in the invalidation of a claim. All third party correspondence, claims, writs summons etc. should be forwarded to us unanswered and without delay- liability must not be admitted nor any course of action undertake without your insurer's written instruction. Alternatively you can telephone your insurers if they provide a claims help line. Details of any such help lines will be included in your policy documentation. You will be advised if you need to complete a claim form or produce documentation to support your claim.

Complaints procedure
We aim to offer a high standard of service however should you have cause for complaint, please write to our Principal at the above address. We undertake within five working days to acknowledge receipt of your complaint and either address matters or outline to you a time scale within which you will receive a detailed reply. In the event that matters are not resolved to your satisfaction you may request from us details of the FSA dispute resolution procedure. Your insurer also operates a complaints procedure, the details of which may be found in your policy documentation.

Money Laundering
At the start of a business relationship UK regulations require us to obtain evidence of the identity for whom we act. We are obliged to report at the first opportunity any evidence or suspicion of money laundering to the National Criminal Intelligence Service.

Law and Jurisdiction
This Terms of Business agreement sets out the terms of our relationship with you and is governed by and construed in accordance with English Law and any dispute arising under it shall be subject to the exclusive jurisdiction of the English Courts. Unless otherwise agreed between us in writing no term of this agreement is enforceable under the Contracts (Rights of Third parties) Act 1999.

Hours of Business
Our office hours are 9:00am to 5:00pm Monday to Friday excluding public holidays.

 
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