Our Terms of Business
This Terms of Business document supersedes any previous Terms of Business from 23/11/2016 in line with FCA regulations and constitutes both your informed consent and acceptance of our terms and for us to handle your insurance affairs. Please therefore contact us on receipt if you query any term or other information disclosed.
Laurie Ross Insurance is a Trading Name of Laurie Ross Ltd. Registered in Scotland No SC053328
Registered Office: Laurie Ross Ltd, 7 Buchanan Street, 6th Floor, Glasgow, G1 3HL.
Laurie Ross is authorised and regulated by the Financial Conduct Authority (FCA). Our Firm’s Registration Number is 311353
We are permitted to arrange, advise on and deal as an agent of insurers and clients in respect of general insurance covers and assist in claims handling, plus act as credit brokers for any premium financing arrangements.
In respect of some classes of insurance we may transfer policy insurance arrangements in order to provide competitive terms.
On occasions it will be necessary for us to transfer such policy from one insurer to another where this is beneficial for our clients.
You can check these details on the FCA’s register by visiting the FCA’s website https://register.fca.org.uk/ or by contacting the FCA on 0800 111 6768
How we use your information
To make sure you get the best offer from insurers, when arranging or quoting terms etc or at any renewal, insurers we use, may use publicly available data which they obtain from a variety of sources, including credit reference agencies and other external organisations to validate an insurance risk and to ensure that complete and accurate information has been submitted, as well as to prevent fraudulent applications. Validation could include telephone confirmation of the risk information held, as well as checks on insurance industry databases, such as the Claims and Underwriting Exchange database (CUE) and a request for documents.
Their search could also appear and create a footprint note on your credit report whether or not your application proceeds.
All personal information about you will be treated as private and confidential (even when you are no longer our customer), except where the disclosure is made at your request or with your consent or is required by law or by our regulator the FCA. Your personal information will be used by us for the following purposes:
- To arrange, administer and maintain your insurances
- To assist you with the claims and enquiries
- To maintain your insurance records
- To keep you informed of other products and services we offer
- To enable us to conduct research and statistical analysis
- To monitor our internal customer service
- And share with other carefully selected third parties for marketing purposes
Customer communications via electronic mail
We will email documentation to you wherever possible. It is your responsibility to inform us if you have not received your documentation. We may also contact you by means of electronic mail to keep you informed of other products and services we offer; you may opt-out by following the opt-out instructions on the communication or by giving us notice in writing.
Under the Data Protection Act 1998 you have a right of access to see personal information about you that is held in our records, whether electronically or manually.
You may request, by writing to the address below and enclosing a cheque for £10 payable to Laurie Ross Insurance, details of the information that we hold about you. Details will be provided to you within 40 days of us receiving your request and fee.
Our obligations to protect your interests and combat financial crime
We and our Insurer/Premium Finance providers have legal obligations to protect all customers from financial crime e.g.fraud, and may require to verify your identity. The documents that we may request could include a copy of your driving licence, proof of no claims bonus or confirmation of claim free driving, copy of the test certificate and copy of the Vehicle Registration Document (V5) and, where applicable, a utility bill or proof of trading (for commercial customer).
Your duty of disclosure in connection with your insurance arrangements
Private – Retail Customers: You must take reasonable care not to make a misrepresentation to the insurer. This means that all the answers you give and statements you make as part of your insurance application, including at renewal and when an amendment to your policy is required, should be honest and accurate. If you deliberately or carelessly misinform the insurers this could mean that part of or all of a claim may not be paid.
Commercial Customers: If the insurance is arranged wholly or mainly for the purposes related to your trade, business or profession you have a duty to disclose all material facts whether or not the insurer asks for specific information. This duty applies throughout the life of your policy, and when you renew your insurance. Material facts are any facts which may influence the insurer’s decision to accept the policy and/or what terms applied. Failure to disclose a material fact may invalidate your insurance and could mean that your claim will not be paid.
Recorded telephone conversations
For security and training purposes all telephone calls will be recorded and may also be used as proof of the information you have provided in connection with your insurance.
Fees and charges tariff
The fees and administration charges below will apply if you instruct us to arrange new policies, carry out a mid-term adjustment, renewal or cancellation on your behalf:
- New Business and Renewal Fees up to 12%
- Mid-Term Adjustments which affect your risk will be charged at £25
- Temporary Mid-Term Adjustments will be charged at £25
- Cancellations at customer’s request will incur a £30 fee plus loss of commission
- Cancellation of policy within the 14 days cooling off period will incur a £15 fee
- Card handling fee of up to 2.5%
- Refunds credited to your account by any insurer of under £25 will not be repaid to you
- Issue of Duplicate Documents will be charged at £5
Finance and direct debit arrangements
We can offer premium finance funding arrangements from associated finance companies and insurers, all of which are also regulated by FCA.
Premium Credit limited are our preferred providers: http://www.premium-credit.co.uk/contact.html.
However we will confirm full details of any finance arrangements prior to arranging cover.
To use these facilities you must be over 18 years old and hold a bank or building society account which supports Direct Debit. If you choose to pay by instalments your personal information and the bank details you provide on the Direct Debit Instruction will be passed to one of our third party finance providers. They will send you a welcome pack with the individual agreements showing all applicable charges, with full terms and conditions, prior to commencing collection of your instalments. A credit agreement will be included for you to sign and return or validate online. The third party finance provider may begin by processing your Direct Debits before you return or validate your signed credit agreement to pay for any insurance you have instructed.
You will however have a statutory right to cancel this premium finance arrangement within the first 14 days from receipt of the Welcome Pack. There will be no charge for withdrawal from the loan agreement within the defined time frame and any money we have collected in respect of this loan will be refunded. If you do withdraw from the loan agreement then you must find an alternative method of payment for your insurance premium.
On renewal of your insurance we will continue your arrangement with the third party finance provider unless you instruct us otherwise.
Protecting your money
Prior to your premium being forwarded to the insurer, and for your protection, we hold your money as an agent of the insurer in a regulated “Customer Money Account” (in which case your insurance is treated as being paid for). We may need to transfer your money to another intermediary involved in placing and arranging your cover in some cases, however your money will be protected at all times because of the requirements of the FCA rules.
We also reserve the right to retain interest earned on this account. By accepting these Terms of Insurance Business you are giving your consent for us to operate in this way.
You are entitled, at any time, to request information regarding any commission which we have received as a result of placing your insurance business.
Your claim support services
In the event of a claim our Laurie Ross Claims Team are here to help you. We will help your claim to progress quickly and efficiently and provide a single point of contact at all times.
Please store our Claim Number on your phone for convenience – 0141 266 0007
How to cancel
You may have a statutory right to cancel this insurance within a short period. Please refer to your policy summary or your policy document for further details. If you cancel within 14 days you will receive a pro-rata refund of premium from the insurer (subject to no claims being intimated). Insurers are also entitled to make an administration charge and we may also keep an amount that reflects our administrative costs of arranging and cancelling the insurance (see fees and charges). If you wish to cancel outside this period you may not receive a pro-rata refund of premium. We may also keep an amount that reflects our administrative costs of arranging and cancelling the insurance subject to no claims being intimated (see fees & charges). Please note that we reserve the right to deduct any monies owed to us due to non-payment from any return premium. In the event of a fault claim being made under your policy the full annual premium is due and payable and therefore no refund of premium will be issued following cancellation.
It is our intention to treat all our customers fairly and provide a high level of service at all times. However, if you have a reason to make a complaint about our service you should in the first instance contact your local Laurie Ross branch manager. If you feel they have been unable to resolve the matters raised with them, you may notify your complaint in writing to our Managing Director June Lynch at our Registered Office: Laurie Ross Ltd, 7 Buchanan Street, 6th Floor, Glasgow, G1 3HL.
You may be entitled to refer the matter subsequently to the Financial Ombudsman Service, Exchange Tower, London, E14 9SR, Tel No 0800 023 4567 Further information is available at http://www.financial-ombudsman.org.uk/
Your legal rights are not affected if the matter is referred to the Financial Ombudsman Service.
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 their circumstances of the claim. Insurance arranging and advising is covered for 90% with no upper limit. For compulsory classes of insurance, 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 678 1100 or www.fscs.org.uk.