Introducers TOBA. Terms of Business Agreement for Introducers

Transcription

1 Introducers TOBA Terms of Business Agreement for Introducers

2 Free Online Multiquote Platforms The leader in its field and its FREE Earn commission or oer discounted rates to members and clients Up and running in 24 hours or less 24/7 opening for your clients No admin, no postal costs Instant quotes, wide choice of leading insurers for you clients Policy and cover issued direct to members and clients within minutes White-labelled in your name No complicated contracts, no catches and no costs Your own back oice system We handle all insurance matters and claims You don t have to be FSA regulated as an introducer The UK s leading quote and buy system for Introducers, brokers Professional Insurance Agents Ltd is authorised and regulated by the Financial Services Authority. registered in England with Company Number

3 Introducers TOBA Terms of Business BETWEEN Professional Insurance Agents Limted FSA Firm Reference Number: Company Registration Number: AND Please enter your contact name, company name, address and telephone number: Telephone: _ _ Website: FSA or Regulatory Authority Reference Number: _ Company Registration Number: _ Page 1

4 Terms of Business Oline Submissions Statement: Professional Insurance Agents Ltd are specialist Professional Indemnity Insurance and corporate brokers oering professionals and businesses the following covers: Professional Indemnity Insurance Directors & Oicers Liability Insurance Intellectual Property Insurance Residents Association Insurance Charities & Trustees Insurance Medical Malpractice Insurance Oice Combined Insurance Public & Employers Liability Insurance Kidnap & Ransom Insurance Event Cover Annual Business Travel Insurance Property Owners Insurance Shops and Commercial Insurance We consider all these classes of insurance to be classified as commercial clients. We act on behalf of those clients and place their insurances with a range and selection of providers and insurers Online Submissions 1. As introducers to us you cannot advise clients on their insurance needs (unless registered and qualified to do so), in which case you should complete our brokers agreement not this introducers agreement. 2. Our Quote & Buy software is available to be accessed from your website when set up by us and will provide your visitors with insurance quotes from a wide selection of underwriters and insurers clearly showing Professional Insurance Agents Limited as the broker dealing with the client. 3. The system can issue quotes and policy covers, which if taken up will be be sent directly to the purchasers by once payment is made. 4. All matters relating to the systems covers, payments or queries of any kind should be directed to Professional Insurance Agents Ltd and will for the purpose of the insurance policies issued to them, be solely the responsibility and the clients of Professional Insurance Agents Ltd (but only in respect to that). 5. An introducer cannot make changes, collect premiums or advise purchasers about their insurances. This is against the law unless you are a registered FSA broker. Page 2

5 Terms of Business 6. It must be made clear to visitors wishing to purchase covers from your website that you are acting purely as an introducer and referring visitors via the system to Professional Insurance Agents Ltd so that quotes, covers and advice can be obtained from us. 7. The system will issue statements each month to the introducer together with a cheque for the commission they have earned. Currently introducers receive between 5% - 10% commission of the premium collected when a client has purchased via the introducers website (depending on sales this could increase). 8. No covers can be issued or changed in anyway by the introducer using the online system, all alterations must be agreed via Professional Insurance Agents Ltd and their suppliers before any such amendments can take place. 9. Cancellations - if a client cancels their policy with 14 days there will be a full refund to them; up to 3 months on cover, a time-on-risk fee will be charged on a pro-rata basis. After 3 months no refund will be given. In the event that commission has been paid to an introducer they will be asked to re-pay or have it countered on their next statement. All claims or circumstances that may lead to a claim must be notified to Professional Insurance Agents Ltd only, without delay. An introducer must not get involved. 10. Where professions are not shown on the online system introducers cannot assume or tell a client that they can use another job title to obtain quotes, Please check with us first if the professional class is not listed as we may be able to accommodate. All advice on insurance matters must come through to us. Purchasers from an introducers website will receive the following documents when they purchase their insurance online: f f Policy Schedule. f f Policy Wordings. f f Copy of their Proposal. f f Claims Procedures. f f Terms of Business. f f Demands & Needs. f f Treating Customers Fairly. f f About Our Insurance Services. 11. We are happy to confirm that funds sent to us have been sent onto the insurers, underwriters or wholesale brokers. Page 3

6 Terms of Business From our point of view once those monies have been sent on and received by the insurers, underwriters or wholesale brokers, they cease to be our responsibility. If a policy is cancelled mid term or during the period of insurance agreed with you, the introducing broker, you may be responsible to pay back all or part of the commissions received from us. 12. When Professional Insurance Agents Ltd oer their software system to an introducer the software can only be used on the agreed website, and cannot be copied, adapted or passed onto any other company or person without prior consent in writing from Professional Insurance Agents Ltd. It is acknowledged by the signing of this agreement that the software remains the sole property of Professional Insurance Agents Ltd and all intellectual property rights are exclusively theirs. Unless otherwise arranged the software will always remain on Professional Insurance Agents Ltd s servers. 13. Where a client has purchased from an introducers website via our online Quote & Buy System that client will be registered as our client. Payment for the insurance and issuing cover will be acknowledged direct to the purchasing client via our system and all queries relating to this purchase will be directed to us. 14. Data protection and confidentiality each party agrees by receiving information from each other about a client, that this information is to be treated as confidential and that they will not disclose it to another person not entitled to receive it, except as may be necessary to obtain quotations, terms or conditions from various sources on behalf of a client or as may be required by law or the FSA. 15. Contracts (Rights of Third Parties) Act unless agreed by both parties, no terms of this agreement can be enforced by a third party under the contracts (Rights of Third Parties) Act This agreement shall be governed in accordance with UK laws. 17. All premiums received by Professional Insurance Agents Limited and the insurers, will be held in a trust account and in accordance with the FSA rules. 18. This agreement can be cancelled by either party with 30 days notice, unless the introducer goes into liquidation, bankruptcy, faces criminal prosecution or if the same applies to Professional Insurance Agents Ltd. Should any of these apply, cancellation can be immediate. 19. The introducer must immediately inform us of any change of circumstance that may aect the running of their business; this includes compliance issues, mergers, change of ownership, serious claims against them, acquisitions and dishonesty, retirement or sale of the business. 20. All monies received by us will be placed into a statutory bank account until requested by the underwriters or insurers. Our client accounts earn no interest direct, and they are also set up so that no bank charges are taken from these accounts. They are purely for the holding of either insurance companies or clients funds only. Page 4

7 Declaration Declaration We/I by signing this agreement, have understood the terms and conditions and agree to be bound by these, in addition we/i have the authority to sign on behalf of the under mentioned organisation. Signed and dated on behalf of: _ X: Print Name: Position: Date: _ Signed and dated on behalf of Professional Insurance Agents Limited: X: Graham Hearsey / Karler Mears / Lynn Hearsey Director Date: _ Page 5

8 The UK s leading quote and buy system for brokers and underwriters