Insurance Terms of Business

Authorisation:

Cover my Business is a trading name of F & R Associates, an Independent Intermediary, authorised and regulated by the Financial Services Authority (FSA). Our FSA reference is 450712. You can check this at www.fsa.gov.uk or by ringing 0845 606 1234. Other trading names used by us include: (i) Holiday Insurance Cover and (ii) Smart.

Ownership:

F&R Associates is 100% owned by its working Partners. We do not have any holding in any insurer. No Insurer has any holding in us.

Demands & Needs:

Before your insurance contract is concluded we will provide a statement setting out your demands and needs. This may be included within other documents. If you ask us, or if you require immediate cover, we can give this verbally. In any event we will provide a written statement immediately after conclusion of the contract.

Whose products do we offer:

We offer products from a range of Insurers for both personal and commercial insurance. In some instances the type of product or the circumstances of the client may reduce the number of Insurers that we use. If we only use a single Insurer we will tell you at quotation stage, with reasons why.

Your duty to disclose material information:

You must provide complete and accurate information when you take out your insurance. If you do not, your cover may be seriously affected and a claim turned down. This is an ongoing duty and applies equally when there are any changes to the policy, or at renewal.

A Material Fact is anything which a prudent Insurer would take into account when considering a risk. This includes loss history, convictions that are not "e;spent"e;, business activities and details of any unusual or hazardous processes. If you are in any doubt whether something is material or not then you should disclose it fully to us.

If you transfer an existing policy to us you should bear in mind that information provided to us by your Insurer(s) may be restricted and not include disclosures made by you to any previous intermediary.

Remuneration & Fees:

We are paid a commission by the Insurer for arranging the policy. For mid-term adjustments or cancellation of a policy we will deduct commission reclaimed from any refund. We may, at our discretion, make an additional charge to cover admin costs. If we do, we will tell you how much before you make a payment.

Client money:

All Client moneys we receive are held in an approved Client Bank account (statutory trust) with Lloyds TSB. We may receive interest on this money which you consent to us retaining. Insurers are paid from this account.

Risk Transfer:

We only deal with Insurers who give us Risk Transfer. The benefit to you is that, upon payment of your premium to us, it is deemed as being received by the Insurers at that time. If we use an Insurer who we know does not offer Risk Transfer we will ask you to pay your premium direct to them so you have the same protection.

Conflicts of interest:

There may be occasions where a conflict of interest arises. If this happens, we will inform you and obtain your consent before proceeding. eg an Insurer may give us authority to settle claims on their behalf.

Duty of Care:

We treat Client information as confidential. No information will be passed to another party without your prior consent unless we are legally obliged to do so, or to meet our regulatory requirements. We cannot be held responsible for incorrect data held in the event of a non-disclosure.

Data Protection Act 1998:

This Act gives you certain rights as regards accessing your personal data information held by us. We make a (prior) charge for providing a copy of any information we hold in this manner.

Complaints:

We try to provide you with a professional service for complainants, even those classed as "e;non-eligible"e; by the FSA. If you have any complaints about our service please address your letter to: The Complaints Officer, F&R Associates, 18 Westgate, GRANTHAM, Lincs NG31 6LT

Financial Services Compensation Scheme (FSCS):

We are covered by the Financial Services Compensation Scheme (FSCS). You may be entitled to compensation from this scheme if we cannot meet our obligations to you. Further details can be found at http://www.fcsc.org.uk or by ringing 020 7892 7300.

Claims:

Insurers may share claims information (see www.cueuk.org). Details of how to make a claim under your policy (including contact information) can be found in your policy booklet. We will give you reasonable assistance where possible. If we cannot assist you we will tell you why.