Balens Terms of
Business
Accepting our Terms of Business and The Financial Services
Authority (FSA)
By asking us to quote for, arrange or handle your insurances,
you are providing your informed agreement to these Terms of
Business. If you are unsure about any aspect of our Terms of
Business or have any questions regarding our relationship with you,
please contact us on 01684 893006. Balens Limited is Authorised and
Regulated by the Financial Services Authority. Our FSA Register
number is 305787. Our permitted business is advising, arranging,
dealing as agent and assisting in the administration and
performance of general insurance contracts. You may check this on
the FSA's Register by visiting the FSA website:
www.fsa.gov.uk/register/firmSearchForm.do or by
contacting the FSA on Tel: 0845 6061234.
Our Service
Our role is to advise you and make a suitable recommendation
after we have assessed your needs. In situations where we are
able to arrange insurance for you but do not offer advice, we shall
confirm the position to you in writing. We will not in any
circumstances act as an insurer nor guarantee or warrant the
solvency of any insurer.
This document sets out our commitment to you as our client and
outlines the principles we follow in doing business with you.
Balens Ltd is a member of the Institute of Insurance Brokers and
was set up for Specialist Scheme, Commercial and General Business
in October 2003, prior to this all Commercial and General Business
was transacted via H & L Balen & Company who now trade
solely as Independent Financial Advisors.
Specialised Scheme Insurance:
- As specialist Insurance Brokers for Health Professionals,
Health Organisations & not for profit organisations. We mainly
arrange Professional Indemnity, Medical Malpractice and
Trustees/Directors Liability and select products from a limited
number of insurers who provide us with Delegated Authority to bind
cover for Affinity Groups and Individuals. We may recommend
specialist Insurers/Brokers from time to time.
Commercial Insurances:
- We select commercial insurance products from a range of
insurers but, for certain specialised covers, we may only deal with
a single insurer or select from a limited number of insurers (you
will be given further information about this before we finalise
your insurance arrangements). These are composite companies
based in the UK or on the Lloyds Market they are members of the
Association of British Insurers and/or other appropriate bodies. We
may recommend specialist Insurers/Brokers from time to time.
Personal Insurances:
- We only select household products from a limited number of
insurers who can deliver the specialised needs of our clients. In
addition we can only deal with a single insurer for Personal
Accident and Sickness, Business Expenses and Legal Expenses
Insurance. You may ask us for a list of the insurers we deal
with for these products. We may recommend specialist
Insurers/Brokers from time to time, you will be given further
information about this before we finalise your insurance
arrangements.
Complaints and Compensation
We are an Ethical Firm and aim to provide you with a high level
of customer service at all times, but if you are not satisfied,
contact us in writing to Mr. D. Balen, Balens Ltd, 2 Nimrod House,
Sandy's Road, Malvern, Worcs, WR14 1JJ or by phone on Tel: 01684
893006 and ask for Mr. Balen or email db@balen.co.uk. When dealing with your complaint we will
follow our complaint handling procedure; a copy of which is
available on request.
We are covered by the Financial Services compensation Scheme
(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. Insurance advising and
arranging is covered for 90% of the claim, without any upper limit.
For compulsory classes of insurance (such as Employers Liability),
insurance advising and arranging is covered for 100% of the claim
without any upper limit. Further information about compensation
scheme arrangements is available from the FSCS on 0800 6781100 or
www.fscs.org.uk.
Payment for our Services
In addition to the premiums charged by Insurers, we normally
receive commission from the Insurers or product providers, details
of which are available on request, and make charges for handling
your insurance. You will receive a quotation, which will tell you
the total price to be paid, showing any fees, taxes and charges
separately from the premium, before your insurance arrangements are
concluded. We also draw your attention to the sections headed
Cancellation of Insurances and Ending your Relationship with us. If
in error, any of our clients overpay their insurance by less than
£3 or €4, the overpayment will be donated to Balens Charitable
Trust. Any overpayments of £3 (€4) or more will be refunded to the
insured by cheque. If you would prefer refunds of less than £3 (€4)
to be paid to you or you wish to know more about our Charitable
Trust, please contact us.
Handling Money
Our financial arrangements with most insurance companies are on
a 'Risk Transfer' basis. This means that we act as agents of
the Insurer in collecting premiums and handling refunds due to
clients. In these circumstances such monies are deemed to be
held by the Insurer(s) with which your insurance is arranged.
You will be notified if Risk Transfer does not apply and such
monies will then be held by us in a Non-Statutory Trust account
pending payment. The establishment of the Non-Statutory Trust
account follows the rules which the FSA introduced to protect money
held by authorised intermediaries. However, you should be
aware that, under the Non-Statutory Trust account rules, we are
permitted to use such monies temporarily held to advance credit to
clients generally. A copy of the Deed of Trust is available
on request or may be inspected at our premises during normal office
hours. If you object to your money being held in a
Non-Statutory Trust account you should advise us immediately.
Otherwise, your agreement to pay the premium together with your
acceptance of these Terms of Business will constitute your informed
consent to our holding your money in a Non-Statutory Trust
account. Interest earned on monies held in such a
Non-Statutory Trust account will be retained by us. For the purpose
of some transactions, client money may pass through other
authorised intermediaries before being paid to the insurer.
Cancellation of Insurances
You should make any request for the cancellation of a policy in
writing and any relevant certificate of insurance must be returned
to us. You are entitled to cancel the policy within 14 days
from the day after the day of conclusion of the contract (30 days
for Income Protection policies). You will be charged for
reasonable costs incurred in relation to the cover and services
provided. Cancellation by you in other circumstances may
result in enhanced, short-period charges as determined by us and/or
the product provider. Any refunds of less than £3 or €4 will be
donated to Balens Charitable Trust, if you require more information
concerning this please contact us. You should also be aware
that, in certain circumstances according to the terms of the
policy, Insurers may be entitled to cancel your policy and allow a
proportionate return of premium. This does not apply to short
term policies of less than one month's duration such as commercial
risks, also many of our specialist Malpractice and Professional
Indemnity policies do not have a return of premium available. If
you allow your insurance policy to lapse we may not be able to
reinstate the policy incorporating previous terms, conditions or at
the same costing.
Ending our Relationship
You may terminate our authority to act on your behalf with 14
days notice (30 days notice with regard to Income Protection) or as
otherwise agreed without penalty. Notice of this termination must
be given in writing and will take effect from the date of receipt.
Termination is without prejudice to any transactions already
initiated which will be completed according to these terms of
business unless otherwise agreed in writing. You will be
liable to pay for any transactions of adjustments effective prior
to termination and we will be entitled to retain any and all fees
or brokerage payable in relation to policies placed by us prior to
the date of termination. In circumstances where we feel we cannot
continue providing services to you, we will give you a minimum of 7
days notice.
Your Responsibilities (Duty of Disclosure)
You are responsible for providing complete and accurate
information, which insurers require in connection with any proposal
for insurance cover. This is particularly important before
taking out a policy and at renewal, but it also applies throughout
the life of a policy. If you fail to disclose information, or
misrepresent any fact which may influence the insurer's decision to
accept the risk or the terms offered, this could invalidate the
policy and mean that claims may not be paid. You must check all
details on any proposal form or Statement of Facts and pay
particular attention to any declaration you may be asked to
sign.
You must read all insurance documents issued to you and ensure
that you are aware of the cover, limits and other terms that
apply. Particular attention should be paid to any warranties
and conditions as failure to comply with them could invalidate your
policy. You must take note of the required procedures in the
event of a claim, which will be stated in the policy
documentation. Generally, Insurers require immediate
notification of a claim or circumstances that might lead to a
claim. You must inform us immediately of any changes in
circumstances that may affect the services provided by us or the
cover provided by your policy. If you are unsure about
any matter, please contact us for guidance.
Changes of Circumstances Notification -You must notify us in
writing if there are any changes since originally completing your
proposal form or other relevant documentation, as this could have a
bearing on your cover. We undertake to notify this to your
Insurers and supply appropriate documentation for the
alteration.
Use of Personal Data
We will process any personal information we obtain in the course
of providing our services to you in accordance with the Data
Protection Act 1998. In administering your insurances it will be
necessary for us to pass such information to insurers and other
product or service providers or professional body/training school.
We may also disclose details to relevant parties, as necessary, to
comply with regulatory or legal requirements. We will not otherwise
use or disclose the personal information we hold without your
consent. Some of the details you may be asked to give us, such as
information about offences, are defined by the Act as sensitive
personal data. By giving us such information you signify your
consent to its being processed by us in arranging and administering
your insurance. Subject to certain exemptions, you will be entitled
to have access to your personal data for which we reserve the right
to charge a reasonable fee (as at 1 January 2011 a reasonable fee
in connection with this matter is defined as £10/€13). We will
maintain records of the insurance contract(s) we arrange on your
behalf. It is our policy to keep records in accordance with best
practice within the insurance industry. We are happy to provide
this service free of charge for as long as you are our
client.
Claims Handling Arrangements
It is essential that we are notified immediately of any claims,
or circumstances which could give rise to a claim. When you
notify us, you must include all material facts concerning the
claim. Your policy wordings will describe in detail the
procedure and conditions in connection with making a claim.
In addition to providing a claims handling service we will:
- Employ due care and skill if we act on your behalf in respect
of a claim.
- Give you guidance on pursuing a claim under the policy and, if
required, negotiate with Insurers on your behalf.
- Provide you with information about how to handle complaints and
potential clashes between you and your clients.
- Inform you in writing if we are unable to deal with any part of
a claim.
- Handle claims fairly and promptly and keep you informed of
their progress.
- Account to you, without avoidable delay, once a claim has been
agreed and settled.
Settlement of claims will be dependent upon collection from
insurers. Part payment may be made during the collection
process, but we cannot be responsible for the wrongful non-payment
or delay by insurers in paying any claim.
Quotation Validity Period
There is usually a 15 or 30 day validity period after which it
will be necessary to re-quote. This will be stated in your
quotation letter which you should refer to. It will be
necessary to sign a further declaration after a 30 day period has
expired in order to go on cover or continue cover. Cover for
previous work performed (retroactive cover) may not be included by
Insurers if a gap has occurred between a previous policy and a new
or renewal one. Cover also needs to be provided after
termination (run-off) on some of our specialised policies should
you not take up a renewal from us, it is important to always refer
to our instructions and information in this regard.
Governing Law
Balens Ltd undertakes its activities as an insurance
intermediary in accordance with the Laws of England and Wales and
any disputes will be governed by and construed in accordance with
the Laws of England and Wales.
Conflicts of Interest
Occasions can arise where we or one of our clients or product
providers may have a potential conflict of interest with business
being transacted for you. If this happens, and we become aware that
a potential conflict exists, we will write to you and obtain your
consent before we carry out your instructions and we will detail
the steps we will take to ensure fair treatment.
Treating Customers Fairly and Call
Recording
As an Ethical Firm we aim to treat our customers fairly. For
training and monitoring purposes your telephone conversations with
us may be recorded.
Marketing
We may use your information to keep you informed by post, e-mail
or other electronic means, about insurance, financial products and
services which may be of interest to you. Information may be
disclosed and used for these purposes after your policy has lapsed.
By providing us with your contract details, you consent to being
contacted for these purposes. You can contact us at any time to
have your details removed from lists used by us for marketing
