Terms of Business
This document details our service and our arrangements for dealing with Your insurance. Please read it carefully and retain a copy for your records.
The English language will be used for all communications, the contractual terms and conditions, and any information We are required to supply to You, before and during the duration of the contract and this agreement shall be subject to English Law (Scottish Law, where issued in Scotland).
The Financial Conduct Authority is the independent watchdog that regulates financial services. Everett Mead Ltd is authorised and regulated by the Financial Conduct Authority. Our FCA Register number is 754651. You can check our status at https://register.fca.org.uk by contacting the FCA on 0800 111 6768. Our permitted business includes advising, arranging, dealing in and assisting with the placing & administration of General Insurance policies.
We are a data controller and our data protection officer is Simon Morris.
We act as your agent in obtaining quotations and will treat all your personal information as private and confidential to us and anyone else involved in the normal course of arranging and administering your insurance. We will collect data, which will include personal information and risk details, solely to enable us to obtain and provide insurance quotations, arrange and administer your insurance. Data collected by us is contractual, and for the legitimate business interest of effecting a contract of insurance and we will be unable to offer any quotation for insurance if you refuse to provide certain personal data, including health, financial and criminal records data where these would affect the provision of cover and/or performance of insurance contracts.
Your information will be shared with insurers, which could include reputable providers in other countries, to enable them to provide accurate terms and they will also obtain data about you and your insurance history from various insurance anti-fraud databases, such as the Claims and Underwriting Exchange (CLUE) as well as publicly available websites and credit referencing agencies. We will not give anyone else any personal information except on your instructions or authority, or where we are required to do so by law, or by virtue of our regulatory requirements. Information about you and your insurances will be held while you are a client and for three years, and, in certain circumstances up to six years, after expiry of your policies. Under the Data Protection Act 1998 data subjects have the right to see personal information about them that we hold. Please write to our data protection officer at our usual office address.
We are an independent insurance intermediary, who acts on our customers’ behalf in arranging insurance, including: assessing Your insurance needs and Recommending policies suitable for you; arranging Your insurance cover with insurers to meet Your requirements; and helping You with any ongoing changes You have to make. As part of our service, We will assist You with any claim You need to make and tell You what Your responsibilities are in relation to making claims.
For policies purchased solely through our website we will not provide you with any advice, and You will need to make Your own decision on the suitability of any such product.
We are a credit broker, not a lender. We only offer the credit facilities of insurers and/or Close Premium Finance. We may use providers who will conduct a credit check and share your payment record with other lenders, all of which may be recorded on Your credit record. Please contact us if You do NOT consent to a credit check being undertaken, however this may affect our ability to offer instalment facilities to You.
Please Note: Your policy cover will cease if You fail to keep up payments on an instalment agreement or premium finance facility related to it. In entering into a credit agreement to pay Your insurance premium, You give the finance provider the legal Right to cancel Your insurance policy on Your behalf in the event that You default on the loan, and offset any refunded premium against the outstanding amount owed to them. This means that if You default on Your payment terms and the finance provider requests that We cancel Your policy, We will do so as Your agent.
Under the terms of our agreements with the Insurance companies with whom We place business, We receive premiums You pay to us as Agent of the Insurer. We do not pay any interest on premiums held by us in the course of arranging and administering Your insurance.
We normally accept payment by cheque or the following credit/debit cards – Visa, Mastercard, Maestro. You may be able to spread Your payments through insurers’ instalment schemes or a credit scheme, which We have arranged with an established insurance premium finance provider, however rates and acceptance may be subject to a credit check. We will give You full information about Your payment options and the appropriate finance agreement when We discuss Your insurance in detail.
We are covered by the Financial Services Compensation Scheme (FSCS). For Commercial customers with less than £1m turnover, insurance advising and arranging is covered for 90% of the claim, without an upper limit. All compulsory insurances (for example, motor insurance and employers’ liability insurance), insurance advising and arranging are covered for 100% of the claim, without an upper limit. Further information about compensation scheme arrangements is available from the FSCS.
We usually receive a commission from the insurer which is taken from the premium You pay to Us and, in addition, We normally make the following charges to cover the administration of Your insurance:
Arranging new policies: £ 25
Mid term adjustments: £ 0.00
Mid term cancellations and other refunds are refunded NET of commission. We may, in addition, charge a £ 25 administration fee.
Renewals: £ 25
Replacement/duplicate certificates or cover notes: £ 0.00
We may also receive additional remuneration based on the volume or profitability of our account with an insurer. Occasionally We may arrange a policy on which We earn no commission and in these cases We will advise You of the arrangement fee before You take the policy out.
We may also make additional charges specific to the arrangement and servicing of certain policies, but these will always be advised to You in advance.
Our aim is to provide a first class service, however, if You wish to register a complaint, please contact us by writing to Jen McDonald, Everett Mead Ltd. Unit 7, The Courtyard, Timothy Bridge Road, Stratford Upon Avon, CV37 9NP, or, by phone Telephone 01789 613075 by email at firstname.lastname@example.org
If You cannot settle Your complaint with us, You may be entitled to refer it to the Financial Ombudsman Service, for an independent assessment and opinion. The FOS Consumer Helpline is on 0800 023 4567 and their website is at: www.financial-ombudsman.org.uk Or you can contact them by post at:
Financial Ombudsman Service, Exchange Tower, London E14 9SR
All incidents which could lead to a claim must be reported as soon as practicable. Your insurer’s claims contact number is shown in Your policy.
You will be responsible for ensuring that all sums insured and indemnity limits are adequate for the cover requested. We will advise You of the basis of calculation for sums insured and will, on request, give You details of external experts, such as surveyors and valuers, which You may wish to consult. The following information on calculating business interruption sums insured is given for guidance, but you should always seek specific advice from us if you are in any doubt as to what should be included.
Several types of cover exist; Gross Profit basis (usual for manufacturers, retailers etc); Gross Revenue basis (normally for consultants, professions); and Increased cost of working basis, for businesses that believe there would be no loss of profit or revenue in the event of a claim, but would need to cover increased trading costs until the claim is settled.
‘Accounting Gross Profit’ and ‘Insurance Gross Profit’ are not the same thing.
Where your policy includes this cover, the Sum Insured for ‘Gross Profit’ should normally be calculated using the following method:
Annual turnover plus year-end stock and work in progress; less opening stock (and work in progress) and purchases, bad debts and uninsured variable expenses (such as the purchase of raw materials or shipping costs)
Gross Revenue insures the total turnover without deductions and Increased Cost of Working is based on projected additional costs of temporary relocation and other forecast additional costs.
Business interruption sums insured should then be adjusted to take into account the indemnity period (eg. doubled for 2 years indemnity period)
In the event of under-insurance, Insurers may reduce the amount of any claim settlement in the same proportion as the sum insured bears to the total value of the insured items.