Yachtmaster Insurance Services Ltd Terms of Insurance Business
Yachtmaster Insurance Services Ltd are authorised and regulated by the Financial Conduct Authority, FCA Register number 312171. Our permitted business is arranging with a view to transactions in non-investment insurance contracts, arranging (bringing about), advising and dealing as an agent on non-investment insurance contracts and assisting in the administration and performance of non-investment insurance contracts. You can check this on the FCA’s Register by visiting www.fca.org.uk or by contacting the FCA Customer Contact Centre on 0845 606 9966. We are also authorised by the FCA for consumer credit broking and act for one lender in this respect.
We offer products from a range of insurers for most marine insurance products and therefore our service is based on a fair analysis of the market. Ask us for a list of insurers we offer insurance from. For legal expenses we offer only one insurer’s product, and for home insurance, three insurer’s products.
Your insurance is based upon the information provided to the insurance company and you must ensure that all such information is complete and accurate, and that any facts that may influence the insurer’s decision to accept and pay a valid claim are disclosed. Failure to disclose material information may invalidate your insurance cover and could mean that part, or all, of a claim may not be paid. If you are not sure then please ask.
Your Personal Data
All personal information about you will be treated as private and confidential (even when you are no longer a customer), except where the disclosure is made at your request, with your consent, in relation to administering your insurance or where law requires us. As part of the FCA’s duties, we may be asked to provide them with access to our customer records in order that they may carry out a review of our activities.
Some or all of the information you supply to us in connection with your insurance proposal will be held on computer and may be passed to other insurance companies for underwriting and claims purposes. Under the Data Protection Act 1998 you have a right of access to see personal information about you that is held in our records, whether electronically or manually. If you have any queries, please write to Mr D Long at the address at the bottom of this document.
Fees and Charges
In addition to the premiums and fees charged by Insurers (as per the policy), we normally make the following charges to cover the administration of your insurance: New Policies and renewal - Up to £50; Midterm Adjustments - Up to £15; Re-Issue of documentation - £10; Time on Risk/Cancellation - in addition to the insurers cancellation fee (if any) we will make a charge of up to £50 for the cancellation of policies. No refund will be made if a claim has been paid or is outstanding at the time you cancel the policy. Where a fee or charge is payable, you will be advised before you commit to the service. We will make a 2% charge for credit card transactions to cover bank charges directly incurred by us. There is no additional fee for payments made by debit card, bank transfer, cheque or cash.
We may offer the facility to use the services of an external premium credit provider to pay premiums by instalments. Where this is offered there is an interest charge payable usually between 10% and 15% of the total premium. The interest amount will be advised prior to committing to the service. Please ask for details.
You are entitled at any time to request information regarding any commission which we may have received as a result of placing your insurance business or arranging premium finance.
Block Transfers & Profit Commission
In respect of some classes of insurance we may operate block insurance arrangements in order to provide competitive terms. On occasions it will be necessary for us to transfer such blocks from one insurer to another where this is beneficial to our clients. This terms of business document constitutes both your acceptance that we may do this and your prior request for us to do so.
For policies underwritten under binding authorities a) the Munich Re. Syndicate at Lloyds and b) Allianz, we operate a profit commission system based on the profitability of these accounts. For these accounts we act as agent for the insurer. For all other insurers we act as agent of the Insured.
Your Cancellation Rights
If on receiving the contractual terms and conditions of your policy you decide that the cover is not what you had intended, you have 14 days from the date of receipt to inform us that you wish to cancel. In order to invoke your cancellation right you must send your original policy document and schedule to us with the word “cancelled” written on both. We will make a pro rata charge for the time we have been on risk plus an administration charge of up to £50.00 for this and the insurers may also make a charge for cancellation. You must read the insurer’s policy summary for details of this.
Protecting your money
We accept payment by cheque, bank transfer or credit/debit card and require the premium to be paid in full, this includes any adjustments made during the policy period. We may offer instalment facilities with Close Brothers Premium Finance. Please ask for details.
Prior to your premium being forwarded to the insurer, we hold your money as an agent of the insurer (in which case your policy is treated as being paid for) in an insurer premium account. We may transfer your money to another intermediary in some cases. However your money will be protected at all times because of the requirements of FCA rules. We also reserve the right to retain interest earned on this account.
Refer to your policy for information on how to notify a claim or contact our office.
It is our intention to provide a high level of service at all times. If, however, you have reason to make a complaint about our service you should contact Mr D Long in the first instance. Your complaint will be acknowledged within 5 business days. Within four weeks you will receive either a final response or an explanation of why the complaint is not yet resolved plus an indication of when a final response will be provided. Within eight weeks you will receive a final response or, if this is not possible, a reason for the delay plus an indication of when a final response will be provided. If compensation or redress is felt to be appropriate, details of this will be provided. If it is felt that your complaint is not justified you will be provided with full reasons for this decision. After eight weeks, if you are not satisfied with the delay you may refer your complaint to the Financial Ombudsman Service. You can also refer to the Financial Ombudsman Service if you cannot settle your complaint with us. Further information is available from the FOS at: http://www.fos.org.uk or telephone 08000 234567
We are covered by the Financial Services Compensation Scheme. 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. The scheme covers 90% of the claim, with no upper limit. The scheme does not apply to consumer credit. Further information about compensation scheme arrangements is available from the FSCS at: http://www.fscs.org.uk or telephone 08000 678 1100
Yachtmaster Insurance Services Ltd, Ferry Quay House, Ferry Quay, Woodbridge, Suffolk, IP12 1BW.