Terms of Business for General Insurance Mediation Business – Effective from 25th November 2019
Your attention is drawn to the following notes relating to the insurance you have arranged, or wish to arrange with us.
Who we are
- Islands Insurance and Touzel & Islands Insurance are registered business names in Jersey of M J Touzel (Insurance Brokers) Ltd.
- M J Touzel (Insurance Brokers) Ltd is a wholly owned subsidiary of Islands Insurance Holdings Ltd.
- Our ultimate parent company is National Farmers Union Mutual Insurance Society Limited (NFU Mutual) which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. General Insurance Mediation Business in Jersey is regulated by the Jersey Financial Services Commission.
- We are an Insurance Intermediary who acts on your behalf in arranging your insurance.
Explanation of our service.
- Our service includes advising you on your insurance needs, arranging your insurance cover with NFU Mutual and other Insurers to meet your requirements, and helping you with any ongoing changes you have to make. As part of our service, we also assist you with any claim you need to make.
- In arranging your insurance we deal with a number of insurers, details of these will be advised to you when we discuss your individual requirements, prior to your commitment to proceed.
Market Security and other Insurance Intermediaries
We assess the financial soundness of the proposed insurers and markets we recommend using public information, including that produced by recognised rating agencies. However we will not in any circumstances act as an insurer nor will we guarantee the solvency of any insurer or market used for your requirements. The decision regarding the suitability of any insurer or market rests with you. If you have any concerns regarding any insurers chosen for your insurance requirements we will be pleased to discuss them with you.
If your insurance cover is placed via another insurance intermediary located outside Jersey or Guernsey, your premium (insurance money) may be passed to that intermediary and will be subject to a legal and regulatory regime that is different from that where you reside or your business is domiciled. In the event of the failure of the insurance intermediary, your premium (insurance money) may be treated differently than it would be if it were held by an insurance intermediary where you reside or your business is domiciled.
Your duty to give information to Insurers
- 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 which may influence the insurer’s decision to accept the risk or the terms offered have been disclosed. The duty to disclose information continues during the life of the policy and at renewal, you must make sure you inform your insurer of any changes affecting your insurance.
- You are responsible for all answers or statements on proposal forms, claim forms or other material documents and you should ensure these are full and accurate.
- Failure to disclose material information at the start of the policy or advise the insurer of changes to the risk during the period of insurance may invalidate your insurance cover and could mean that part or all of a claim may not be paid.
Bank Interest and Refunds
Any bank interest earned on your premium (insurance money), while it is held in our Insurance Broking Account, will be retained by us.
Insurers may not give a proportionate refund if a policy is cancelled at any time other than at renewal.
Unless we agree otherwise the law applicable to your policy will be:
1. the law applying in that part of the United Kingdom, the Channel Islands or Isle of Man where you normally live or (if applicable) the first named policyholder lives.
2. In the case of a business or organisation the law applying in that part of the United Kingdom, the Channel Islands or Isle of Man where you have your principal place of business.
3. Should neither of the above be applicable the law of England and Wales.
All communication and any documentation relating to your insurance needs or policy will be in English.
If English is not your first language we are happy, with your express consent, to discuss your policy with your authorised representative however all policy documentation and written correspondence issued will be in English.
It is our normal policy to make administration and other charges in certain cases, which are not refundable. Where a fee or charge is payable, you will be advised before you commit to the insurance.
The following scale of charges will apply:-
|New policy or renewal||£50 or up to 15% of annual premium|
|Duplicate covernote or certificate||£50|
|Duplicate windscreen disc||£50|
|Premium Instalments Plan service||6% of annual premium|
* plus retention of the full annual commission
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, we have internal procedures for handling complaints fairly and promptly. In the first instance you should contact:
55 The Esplanade
Jersey JE1 4HQ
Our procedure is that:-
- Your complaint will be acknowledged within 5 business days.
- Wherever possible your complaint will be dealt with within 20 business days (14 days for insurance policies placed at Lloyd’s of London) and if compensation or redress is felt 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. If it is not possible to respond to your complaint within 20 business days (14 days for Lloyd’s business) you will be advised of the reasons in writing and given a note of when you may expect a final response.
If your complaint is not resolved to your satisfaction you may be able to refer the matter to the Channel Islands Financial Ombudsman (CIFO). You can contact CIFO at:
Jersey: 01534 748610
Guernsey: 01481 722 218
- On occasions we may accept instructions from someone other than the policyholder if we feel that by not doing so we will prejudice the interests of the policyholder. On such occasions we will always seek to receive confirmation of these instructions from the policyholder.
- Telephone conversations will be recorded for legal, training or quality purposes.