Our FSA Keyfacts document explaining who we are.

Transcription

1 Questionnaire & Application Pack For Housing Associations Professional Indemnity Insurance This pack contains the following documents:- Our FSA Keyfacts document explaining who we are. Our FSA Demands & Needs statement. The questionnaire application for insurance. Our request document to correspond by . Sennet Professional Risks Limited is an Appointed Representative of Griffin Insurance Services Limited (registered in England # ) trading as Barraclough & Partners who are Authorised and Regulated by the Financial Services Authority. FSA register #

2 about our services Registered Offices : LegalRisks.co.uk (LegalRisks.co.uk is a trading style of Sennet Professional Risks Limited) Company registration # Park Street Deal Kent CT14 6AG 1. The Financial Services Authority (FSA) The FSA is the independent watchdog that regulates financial services. It requires us to give you this document. Use this information to decide if our services are right for you 2. Whose product do we offer? We offer products from the whole market We only offer products from a limited number of companies. Ask us for a list of the companies and products we offer We can only offer products from one company We only offer our own products Ask us for a list of companies and products that we offer. 3. Which services will we provide you with? We will advise and make a recommendation for you after we have assessed you needs You will not receive advice or a recommendation from us. We may ask some questions to narrow down the selection of products that we will provide details on. You will then need to make your own choice about how to proceed. We will provide basic advice on a limited range of stakeholder products and in order to do this we will ask some questions about your income, savings and other circumstances but we will not - conduct a full assessment of your needs - offer advice on whether a non stakeholder product may be more suitable 4. What will you have to pay us for our services? Before we provide you with advice, we will give you our keyfacts guide about the costs of our services. We will tell you how we get paid, and the amount, before we carry out any business for you. 5 Who regulates us? Sennet Professional Risks Limited is an Appointed Representative of Griffin Insurance Services Limited (registered in England # ) trading as Barraclough & Partners who are Authorised and Regulated by the Financial Services Authority. FSA register # You can check this on the FSA s Register by visiting the FSA s web site or by calling them on Loans and Ownership Legal Risks [Legal Risks is a trading style of Sennet Professional Risks Limited Is a privately owned limited liability company, limited by shares. 7 What to do if you have a complaint If you wish to register a complaint, please contact us In writing Write to Mr Paul James, Legalrisks.co.uk, 11 Park Street, Deal, Kent. CT14 6AG. By telephone By pauljames@legalrisks.co.uk If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Services Ombudsman, Financial Ombudsman Service,South Quay Plaza,183 Marsh Wall,London E14 9SR Telephone: is procedure will not prejudice your legal rights. 8 Are we covered by the 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 obligations. This depends on the type of business and the circumstances of the claim. Most types of investment business are covered 100% of the first 30,000 and 90% of the next 20,000 so the maximum compensation is 48,000. Insurance advising and arranging is covered for 100% of the first 2,000 and 90% of the remainder of the claim, without any upper limit. For compulsory classes of insurance, insurance advising and arranging is covered for 100% of the claim, without any upper limit.

3 Demands and Needs Statement Legalrisks.co.uk operates a policy of clarity and use of plain English. We act for you as an Insurance Intermediary. We will search the insurance market pertinent to your request for insurance coverage. This means if you ask us for a specific insurance type of insurance (office insurance, business insurance, indemnity insurance etc) we will approach specific underwriters who are experts in those fields. How do we do this? To enable us to search for insurance for you we ask you questions about what insurance you need. The best way we can do this is by asking you to fill in a questionnaire (also known as a Proposal Form or Application Form) which contains a range of questions. Each type of insurance has a different type of questionnaire that is designed to give underwriters the information that they require so that they understand your activities and the amount of risks associated to your work. The questionnaire allows you the opportunity to explain your work and requirements for insurance, the scope of cover and amount, often referred to as the limits of indemnity. Very often a Curriculum Vitae will be requested in addition to this. This information will allow underwriters to offer you terms and conditions for your insurance policy. It is essential that all information contained in these questionnaires is accurate and that no details or information which may effect underwriter s decisions is withheld. Any withholding of pertinent information may allow underwriters to limit or refuse payment of claims. Execution only insurance We will not undertake execution only insurance (placement of insurance by demand of the client in preset form with predetermined underwriters) unless in our opinion this permits the client appropriate insurance provisions. Assessment of Demands and Needs Once we have received your completed questionnaire we can review your request for insurance. Depending on the information you provide us we can assist you with advice on the scope of cover and the amount of insurance you may require. We are dependent upon the information which is provided to us as well as the specific requests as to what advice about insurance you need. Our advice to you will not only depend on the information we require but will take into account your ability to purchase. If you are involved with or undertake work within specific types of work that are governed by Law or Institutes or Associations or Societies we will ensure that your insurance is adequate for purpose relative to these needs. Once we have obtained terms and conditions form underwriters we will confirm these to you by means of a quotation. This document will detail the insurance, it s cost and special clauses (conditions that affect the scope of cover) for the insurance cover. We will issue this quotation based on our reading of the questionnaire and the suitability of the underwriters terms so as to afford you the most appropriate insurance. We recommend that you not only consider the immediate necessity or requirement for professional indemnity insurance but other insurances that may be appropriate to your needs such as Office & Contents and Employers Liability. We can advise you on various forms of insurance which are related and are often purchased as packages and how these best fit your requirements. In certain circumstances we may not be the appropriate intermediary to undertake the effecting of the insurance contract. In these circumstances we will advise you and the options open to you.

4 Client Information Sheet - Your Questionnaire. Proposal forms and Information So that underwriters can fully assess you and your business they require information about your activities. This information is compiled by means of completing a questionnaire or proposal form. In this form you will be asked questions about yourself, your company and its activities. It is imperative that you answer these questions as fully as possible and declare all details that may be pertinent to the future insurance contract. Incorrect answers or withholding of pertinent information could lead to underwriters having the right not to pay claims or repudiating the policy. What sort of information? Underwriters want to know who you are, how much experience you and your company have and exactly what you do. The questionnaire will ask you all of these details. Sometimes it is a good idea to provide additional information. For instance, if a sole trader or two partner practice, provision of CVs is a good way forward. If you have company brochure it is a good idea to supply this. The clearer and fuller the information the better, this will allow us to obtain the most appropriate terms for you. If your company has not started trading then underwriters will require good estimates of what you intend to do and the amount you expect to earn or turnover. If your company provides consultancy or training services then clearly describe what you consult in or what you train people for. If you or your company use standard terms of trade then a copy of these will help underwriters to understand how you work and how you control the work with your clients. If you have any questions about what should be disclosed please contact us for clarification. The questionnaire forms part of the insurance contract, so it is important that all information is clear, factual and that no information that could affect the insurance terms is withheld. As part of the insurance contract the questionnaire must be hand signed and dated by you declaring its accuracy. What happens once the Questionnaire is returned to Legalrisks.co.uk? Once Legalrisks.co.uk has received the questionnaire and any additional information we will approach various underwriters for you so as to obtain the most appropriate scope of insurance for your needs. These terms will be provided to you in the form of a quote. If you have any questions about the terms or conditions of the quote you must ask for clarification. Sometimes underwriters apply conditions or need additional information and you must be aware of these terms. Please ask us what they mean. In certain circumstances you may instruct us to effect insurance that may not be appropriate. In such circumstances we will advise you of the appropriateness and reserve the right to withdraw our services. As your agent we are legally bound to act in your best interest at all times. For further information on what happens during the process of insurance please visit our web site at Please complete the following questionnaire, check all the details, sign and date the document, enclose any accompanying information and return it to us By post to : or By to : Freepost RRXS-STER-CSEG Legalrisks.co.uk 11 Park Street Deal CT14 6AG or By fax to :

5 Housing Charities and Associations 1.a Name of Charity / Association 1.b Address of Registered Office Post Code 1.c Address Telephone Number Facsimile Number 2 Type of Charity / Association, (e.g. Trust, Limited Company, Industrial / Provident Society, Unincorporated Association / Trust, Incorporated by Royal Charter etc) and summary of all its activities: 3.a Date Charity / Association established 3.b Registered Number 3.c Name(s) of any Subsidiary Companies 4 Please state the total numbers of: i) Directors, Officers, Council Members, Trustees (and / or Governors) ii) iii) iv) Qualified Staff Other Staff Voluntary Workers (other than fund-raisers) 5.a Please give a breakdown of income: i) Funding (Government, Local Authority, Health Authority, etc) ii) Rental. iii) Other (please specify below) Total

6 Please provide details in relation to (iii) above (e.g. how income is derived): 5.b Are the Charity s / Association s funds managed by: i) Professional Managers (external) ii) Directly by the Charity / Association management If the answer is to question i), please provide details and advise length of time they have carried out such duties, (if changed within the last three years please give reasons): 5.c Please confirm that full rights of subrogation are maintained against these advisors 5.d Money and Cheques i) Are written references obtained in respect of employees responsible for the handling of cash ii) (a) Is all money received by inside staff recorded and banked daily (b) Is there a requirement for all employees to account for money received at least weekly iii) Are bank statements, bank paying-in slips, receipt counterfoils and other supporting documents checked at least monthly against the cash book and other records independently of the person making the cash entries or paying into the bank iv) (a) Are petty cash payments always made against authorised vouchers (b) Are cash in hand, petty cash and unpaid wages checked at least monthly independently of the person preparing wage sheets to ensure payments match payroll and staff numbers v) Are all salaries / wages T paid by credit transfer or crossed cheque checked independently of the employees handling such money vi) Are all payments, other than petty cash and salaries / wages made by crossed cheque vii) (a) Are all cheques prepared independently of the signatory and does a signatory to a cheque examine full supporting evidence (b) Can you confirm that no one person has the authority to issue cheques bearing their signature alone (c) Can you confirm that you do not use pre-signed cheques If the answer is to any of the above questions, please provide details and (where relevant) a note of any limitations which do apply, e.g. cheques limited to a certain amount, etc.:

7 6 Procedure and History i) Do professional external auditors audit at least once a year (a) for your accounts (b) all computer systems installations which are used for financial and stock control purposes ii) Are auditors recommendations on security against fraud implemented to their satisfaction iii) Can you confirm that the Charity / Association has not suffered any loss during the past five years through Fraud or Dishonesty of any Trustee, employee or other Assured iv) Are you able to confirm that the answers provided under questions 5.d app locations If you have answered to any of the above questions please provide details below: 7.a Please provide a full description of all your activities, (including details of work for other Associations, etc) 7.b Do you anticipate any major changes in these activities in the forthcoming twelve months? If please give full details 7.c State whether construction work undertaken is to well established techniques or the nature of new and original thought developments, processes or designs employed 7.d Has the Association ever failed to complete a project? If please give full details

8 7.e Provide brief details of any Quality Control procedures and / or accreditations that are in effect 7.f Please provide details of your gross turnover for the last financial year, (split between own work and agency work for third parties). NB Design work includes architects, engineers etc Technical supervision work includes surveying, clerk of works etc Type Own Agency New Build / Construction Turnover a- in-house providing Design and Technical Supervision b-specialist consultants providing Design c-specialist consultants providing Design and Technical Supervision Refurbishment / Rehabilitation Turnover a- in-house providing Design and Technical Supervision b-specialist consultants providing Design c-specialist consultants providing Design and Technical Supervision Design and Technical Supervision work (fees earned from third party) Property Management and Property Maintenance Turnover Other (excluding rental etc) If Other please specify 7.g Please provide details of the five largest contract commenced during the last five years Starting Date Type of Contract Total Contract Value Completion Date Professional Services provided 7.h Please provide details of the three major new contracts likely to commence during the net twelve months Starting Date Type of Contract Total Contract Value Completion Date Professional Services provided 7.i Is any work carried out by independent specialist consultants or sub-contractors? If please provide the following information in relation to work undertaken during the last twelve months.

9 Name of Consultant or Sub-contractor Qualification Type of Work Fees or Turnover Do you require such consultants or sub-contractors to carry Professional Indemnity insurance? If for what limit of Indemnity? TE: Underwriters retain rights of recourse against consultants and sub-contractors unless specifically agreed otherwise. 7.j (i) Does the Association use a standard form of contract, agreement or letter of appointment? If specify form(s) or enclose copies (ii) Does the Association always enter into a written contract: Have you at any time entered into collateral warranties, duty of care agreements or similar agreements? If please provide details of those entered into during the last twelve years Starting Date Type of Contract Client Total Contract Value Fees Completion Date 7.k Is the Association a member of a consortium, joint venture or group practice or engaged in any single project partnership? If please provide full details including names or other members / partners and their capacities in the Consortium / practice TE: Special arrangements must be made with Underwriters if coverage is required for work done whilst a member of a Consortium. In such cases a copy of the consortium agreement will be required. 8.a Please confirm the Number of Units managed : (i) Own Residential Commercial (ii) On Behalf of Others Residential Commercial 8.b Does the Charity / Association run any residential and / or day centres / homes? If please complete Appendix A attached

10 9 Stock and Other Goods i) What is the maximum value of stock at any one location ii) Are different employees acting independently responsible for ordering, certifying receipt of and authorising payment for goods and services? iii) Independently of employees responsible for the stock are physical stock and inventory checks carried out at least annually? If you have answered to any part of the above questions please provide details below: 10.a Have any complaints concerning the Charity / Association been made to the Charity Commissioners or any other Regulatory or Official Body or Institution? 10.b Has the Charity / Association ever been, or is it currently, subject to an investigation by the Charity Commissioners or other Regulatory or Official Body or Institution? 10.c As far as is known has the Proposer ever been refused this type of insurance or had a similar insurance cancelled? 10.d If an insurance similar to that now proposed had been or were now in effect would any claim which has been made or which is now pending against any persons proposed for insurance have fallen within the scope of such insurance? 10.e Is any person proposed for insurance aware AFTER ENQUIRY of any circumstance or incident which they have reason to suppose might afford grounds for any future claim such as would fall within the scope of the proposed insurance? If the answer if to any of the above questions, please provide details below: 11 Amount of indemnity required: 250, ,000 1,000,000 Other THE FOLLOWING ADDITIONAL INFORMATION MUST BE PROVIDED WITH THIS APPLICATION FORM i) A copy of the Charity s / Association s latest Profit and Loss Account and Balance Sheet ii) iii) A copy of the latest Auditors Report A copy of the indemnity and / or exclusion clause(s) contained in the trust deed, constitution, or memorandum or Articles of Association iv) A copy of any publicity material or newsletter circulated by the Charity / Association

11 This page forms your declaration to underwriters and can also be used to provide any additional information that you might want to provide pertinent to your Firm that may assist underwriters in their decision making process. In all cases underwriters will require you to sign and date this form. If you present this proposal form to us electronically (by ) you will eventually be required to sign and date this form. I/We declare that the statements and particulars in this proposal are true and that I/We have not mis-stated or suppressed any material facts. I/We agree that this proposal, together with any other information supplied by me/us shall form the basis of any Contract of Insurance effected thereon. I/We undertake to inform insurers of any material alteration to these facts occurring before completion of the Contract of Insurance. Returning this proposal does not bind the Proposer or Underwriter to complete this insurance but does authorise 'Sennet Professional Risks Limited' to seek terms on my/our behalf from Insurers including current Insurers if any. Signed: Date: (this must be signed by a Partner, Director or equivalent ranking employee) All information provided to us and then to underwriters is governed by the DATA PROTECTION ACT Sennet Professional Risks Limited and Underwriters act strictly in accordance with the Act its principals and tenets and any subsequent amendments thereto.

12 If you complete the Appendix section please sign and date the declaration page attaching to that section. Appendix A A.a Does the Charity / Association run any residential and / or day centres / homes? If please provide details of background vetting procedures utilised in respect of staff employed at these centres / homes prior to their engagement: A.b If you are involved in the training, supervision or sole charge of youths under the age of 18 or vulnerable adults please give FULL details of activities and duties undertaken. A.c If you are involved in the provision of any form of treatment, medical, surgical, psychiatric care or advice please give FULL details of activities and duties undertaken A.d If you are involved in the provision of any legal financial or environmental advice please give FULL details of activities and duties undertaken

13 A.e If you are involved in any form of medical, scientific or sociological research please give FULL details of activities and duties undertaken A.f If you make any charges for the services that you provide or enter into contracts for provision of services please give FULL details of activities and duties undertaken A.g If you undertake any certification, examination, licensing or any regulatory advice or function please give FULL details of activities and duties undertaken

14 Appendix Declaration page This page forms your declaration to underwriters and can also be used to provide any additional information that you might want to provide pertinent to your Firm that may assist underwriters in their decision making process. In all cases underwriters will require you to sign and date this form. If you present this proposal form to us electronically (by ) you will eventually be required to sign and date this form. I/We declare that the statements and particulars in this proposal are true and that I/We have not mis-stated or suppressed any material facts. I/We agree that this proposal, together with any other information supplied by me/us shall form the basis of any Contract of Insurance effected thereon. I/We undertake to inform insurers of any material alteration to these facts occurring before completion of the Contract of Insurance. Returning this proposal does not bind the Proposer or Underwriter to complete this insurance but does authorise 'Sennet Professional Risks Limited' to seek terms on my/our behalf from Insurers including current Insurers if any. Signed: Date: (this must be signed by a Partner, Director or equivalent ranking employee) All information provided to us and then to underwriters is governed by the DATA PROTECTION ACT Sennet Professional Risks Limited and Underwriters act strictly in accordance with the Act its principals and tenets and any subsequent amendments thereto.

15 E Correspondence Agreement Form This is an agreement between :- Name of Client Address : and Legalrisks.co.uk (being a trading style of Sennet Professional Risks Limited Company Registration ) Legalrisks.co.uk requests the Clients agreement to correspond by means of and other electronic forms of communication. Legalrisks.co.uk will keep copies of all E documents and correspondence on a permanent basis and make such available to the client whensoever requested. Legalrisks.co.uk is bound by the Data Protection Act 1998 registration # Z X and will maintain all records pertinent to the client under compliance thereto. We hereby agree to accept electronic correspondence between ourselves and Legalrisks.co.uk as legal documents and an acceptable means of correspondence. Signed For and on behalf or Legalrisks.co.uk Date 16/08/2008 Signed For and on Behalf of the Client Date This document must only be signed by the Principal, a Senior Director or other such person who has the authority or authorisation of the Company to undertake such an agreement.