Terms of Business

This Terms of Business incorporates all products and services provided by Libra Insurance Services Ltd, including wedcover (a trading style of Libra Insurance Services Ltd.)

Status

• Libra Insurance Services Limited, of Harrison House 140-142 High Street Bushey Herts WD23 3DH are general insurance brokers. We act as your agent and accept responsibility for advice given and for arranging your insurance.

Regulation

• We are Authorised & Regulated by the Financial Services Authority (FSA) to sell general insurance products. Our FSA register number is: 306697. This can be checked by visiting the FSA’s website: www.fsa.gov.uk/register or by contacting the FSA on 0845 606 1234

Classes of Business Transacted

• Libra Insurance Services Limited can advise on and arrange most classes of personal and commercial insurance. We have agencies with leading insurers and access to the Lloyds Market.

Client Classification

Under the FSA, clients are classified as either retail customers or commercial customers:

• Retail Customers - Individual clients and /or businesses with a turnover of less than £1M.
• Commercial Customers – Businesses with a turnover of more than £1M either individually or as part of a group.

Disclosure of Sources of Remuneration

• In common with other insurance intermediaries we are remunerated in various ways;

1) Where appropriate, by fees agreed with clients.
2) By normal commissions paid by insurers
3) Placement fees which will be disclosed separately in full.
4) Additional commission may be generated based on the size of account placed with certain insurers and/or the underwriting performance of the account. This is a relatively small proportion of our overall income.
5) Earnings which are generated through the management of cash balances, held on behalf of insurers and/or clients, which are not identifiable to any specific account.

Insurer / Client Monies

• All monies paid by clients’ are held in a separate ‘Clients’ Trust Account’. After deduction of our commission, all monies are deemed to be in trust. Other than clients’ and/or insurers, no creditor(s) of Libra Insurance Services Ltd will have claim or access to these funds. Libra Insurance Services Ltd will retain any interest earned whilst these funds are held on deposit pending payment to insurers/clients.

Charges

• In the certain circumstances where we feel it is appropriate to make a charge, this will be detailed separately from the insurer premium. We may also make the following charges to cover our administration costs:-

Premium Payment

• All premiums are normally due on or before the date of renewal or inception of cover. Policy cover may be voided if premiums are outstanding more than 15 days after the renewal date.

• For Motor Insurance, Professional Indemnity & some other classes of business. THERE ARE NO DAYS OF GRACE.

Completion of Proposal forms

• Your attention is particularly drawn to the importance of the Declaration and Signature on the Insurers proposal forms. Any failure to disclose facts material to the insurance or any inaccuracies in your answers could invalidate the cover.

• Where there is no proposal form and a statement of fact is issued, it is your obligation to check and verify that the facts are correctly stated. If there are any inaccuracies, you must inform us immediately.

• Insurers pass information to the Claims and Underwriting Exchange Register, and other databases to check the information you have provided is correct and to prevent fraudulent claims. It is your duty to ensure that you have disclosed all claims however small or large.

• Please do consult us if you are in any doubt.

Duty to Disclose Information

• It is important that you understand that any information, statements or answers made by you to us, or your insurers, are your responsibility and must be correct. Any failure to disclose facts material to the insurer or any inaccuracies in your answers may invalidate your insurance cover in part or whole. Facts material to the insurance are matters or information which may influence your insurer as to the acceptability or otherwise of your Proposal or Renewal and must be disclosed immediately. You are advised to keep copies of documentation sent to or received from us for your own protection. The disclosure of information not only applies at commencement and renewal of your policy, but also at anytime during the period of insurance.

Awareness of Policy Terms

• When a policy is issued, you are strongly advised to read it carefully, as it is that document, the schedule and any certificate of insurance that is the basis of the insurance contract you have purchased. If you are in doubt over any of the policy terms and conditions, please seek our advice promptly.

Cooling Off

• Should the insurance policy not be in accordance with your demands and needs, most insurers allow 15 days from the date of inception of the contract for you to cancel or void the cover. Provided no claims have been made in that time, you will be entitled to a refund of premium.
A small administration charge may be levied.

Claims Procedure

• All claims should be notified to us promptly. Where there is a dedicated claims service provided by the insurer, you may report the claim directly to them if appropriate.

• Your insurance policy documentation will provide details of how you can make a claim.

• We will give you reasonable guidance to help you make a claim under your policy and will consider and handle your claim fairly and promptly. We will keep you informed as to how your claim is progressing and will write to you explaining why, should we be unable to deal, with all or any part of your claim.

 
Complaints Procedure for Clients

• It is our intention to provide you with a high level of customer service at all times. Your custom is valuable to us and we want you to be satisfied completely with the response and service we provide. However, if you have a complaint, in the first instance please contact:-

• The Compliance Officer
Libra Insurance Services Ltd.
Harrison House 140-142 High Street Bushey Herts WD23 3DH
Telephone: 020 8950 0404 - Facsimile: 020 8950 3131

Your complaint will be acknowledged within five business days of receipt. You will be advised of the person who will be dealing with your concerns and when you can expect to receive a response. We aim to provide a full written response within twenty business days to the matters you have raised, unless the complaint is particularly complicated and warrants further investigation. If this is the case, you will be advised in writing if more time is required to provide you with a satisfactory response.

Our aim is to resolve all problems internally in a fair and speedy manner. If however, you cannot settle your complaint with us, you may be entitled to refer your complaint to the Insurance Ombudsman Service. (NB This only applies to retail customers). Details are available on request.

Professional Indemnity Insurance

• We maintain professional indemnity insurance.

Financial Services Compensation Scheme (FSCS)

• We are covered by the FSCS. You may be entitled to compensation from the scheme if we cannot meet our financial obligations. This depends on the type of insurance contract and the circumstances of the claim. Insurance advising and arranging is covered for the first £2000 and 90% of the remainder of the claim without any upper limit. Further information about the compensation scheme is available from the FSCS

Personal Data

• Any personal information provided by you may be held by Libra Insurance Services Ltd and your insurer(s) in relation to your insurance cover. This will be used for servicing your cover and administering claims. Information may also be passed to loss adjusters, insurance surveyors and/or other such persons for insurance related purposes. This may involve the transfer of your information to countries which do not have data protection laws. Under data protection legislation, you can ask in writing for a copy of certain personal records held about you. A charge may be made for this service. In signing the proposal form or otherwise seeking insurance through us, you are agreeing to the above terms.

Use for Marketing Purposes

• We may use, analyse and assess information held about you to give you information about products and services from members of the Libra Group, and those selected parties which we think may interest you. We may pass this information to other members of Libra Group so that they may do the same.

Libra Group means Libra Insurance Services Ltd & Covenham Financial Services Ltd and/or associated companies.

E.&O.E. Libra Insurance Services Ltd 2009