Terms of Business

Accepting our Terms of Business

By asking us to quote for, arrange or handle your insurances, you are providing your informed agreement to these Terms of Business.  We draw your particular attention to:

  • The section headed ‘Use of personal data’, and specifically the paragraph explaining how ‘sensitive personal data’ will be used; and
  • The section headed ‘Handling money’, which explains our terms for handling client money in a Statutory Trust account.

For your own benefit and protection, you should read these terms carefully.

If you are unsure about any aspect of our Terms of Business or have any questions regarding our relationship with you, please contact us at the above address.

The Financial Conduct Authority

Oncover Insurance Services Limited is authorised and regulated by the Financial Conduct Authority (FCA).  Our FCA Register number is 306045.  Our permitted business is introducing, advising, arranging, dealing as agent and assisting in the administration and performance of general insurance contracts.  You may check this on the Financial Services register by visiting the FCA website, www.fca.org.uk/register/ or by contacting the FCA on 0800 111 6768.

Our service 

Our role is to advise you and, after we have assessed your needs, to make a suitable recommendation.  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 select personal and commercial insurances from a range of insurers, but for certain products, we only select products from a limited number of insurers or only offer products from a single insurer.  We will give you further information about this before we finalise your insurance arrangements; where we select products from a limited number of insurers you may ask us for a list of the insurers we deal with for these products. If you are a commercial insurance customer and we propose using another intermediary to help place your business, we will confirm this to you in good time before any arrangements are finalised. We will not in any circumstances act as an insurer nor guarantee or warrant the solvency of any insurer.

Complaints and compensation

We aim to provide you with a high level of customer service at all times, but if you are not satisfied, please let us know as soon as possible by calling our main office telephone 0207 691 2409, or write to Mr A Patikis, Oncover Insurance Services Limited, 89c College Place, London, NW1 0DR.

When dealing with your complaint, we will follow our complaint handling procedures; a summary of these procedures is available on request. If you are still not satisfied, you may be entitled to refer the matter to the Financial Ombudsman Service. Access to the Financial Ombudsman Service is available for complainants coming within one of the following categories at the time we receive their complaint: Consumers (eg private individuals), businesses employing fewer than 10 persons and with a turnover or annual balance sheet total not exceeding €2 million, Charities with an annual income of under £1 million, Trustees of a trust with a net asset value of under £1 million.

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 Third Party Motor or 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 020 7892 7300 or www.fscs.org.uk.

Payment for our services

We normally receive commission from insurers or product providers.  On request, we will be pleased to provide information about any commission received by us in the handling of your insurancesWe also charge you for handling your insurances as follows: 

Personal Lines Policies £30
Commercial Policies £50
Mid Term Adjustments £30
Duplicate Documents £15
Uncleared Cheques £30
Cancellation of policy or mid term adjustment resulting in a refund of premium £30 fee plus we will also deduct a percentage of the return premium in lieu of our commissions which is reasonable and covers the work undertaken.

 In addition to the above handling charges, we may also charge a fee depending on our remuneration from insurers and the time spent on your enquiry. This fee will not exceed 20% of the premium for Retail customers and 25% of the premium for Commercial customers. You will receive a quotation which will tell you the total price to be paid, and which identifies any fees, taxes and charges separately from the premium, before your insurance arrangements are concluded.

If you opt to pay your premium in monthly instalments, this will be by way of a finance agreement for which we will in most cases receive a commission from the finance company.

We shall be entitled (but not obliged) without notice to you to set off any amounts due to us from you against any amounts which we may receive on your behalf (such as claims monies, refunded premiums and other sums). 

We also draw your attention to the sections headed ‘Cancellation of insurances’ and ‘Ending your relationship with 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 clientsIn these circumstances such monies are deemed to be held by the insurer(s) with which your insurance is arranged.  However, if Risk Transfer does not apply, such monies will be held by us in a Statutory Trust account set up in accordance with FCA rules.

A statutory trust client bank account only allows us to use the money held in trust on behalf of a customer for paying that customers’ premium to an insurance company and to pay premium refunds or claims we receive from that insurance company to the customer, once the premium has been received from that insurance company. We cannot use that customer’s money to pay another customers premium or refund. Unless you tell us otherwise, you are consenting to us holding your money in this way.

Interest earned on monies held in such a 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 or to the insurer concerned.  In the event of cancellation, charges for our services will apply in accordance with the Tariff of Fees under the section entitled ‘Payment for our services’.  The terms of your policy may allow insurers to retain the premium in full or to charge short-period premiums in the event of cancellation before the policy expires.

Ending your relationship with us

Subject to your immediate settlement of any outstanding premiums and fees, you may instruct us to stop acting for you and we will not impose a penalty.  Your instructions must be given in writing and will take effect from the date of receipt.  In circumstances where we feel we cannot continue providing services to you, we will give you a minimum of 7 days notice. 

Unless otherwise agreed in writing, if our relationship ends, any transactions previously initiated will be completed according to these Terms of Business.  You will be liable to pay for any transactions concluded prior to the end of our relationship and we will be entitled to retain commission received for conducting these transactions, together with all fees charged by us for services provided.

Your responsibilities

You are responsible for all Payments / Proposal Forms / Statement of Facts / Finance forms reaching us within 7 days of cover commencing. You are also responsible for providing the 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.

It is important that you read all insurance documents issued to you and ensure that you are aware of the cover, limits and other terms that apply.  Particular attention must be paid to any warranties and conditions as failure to comply with them could invalidate your policy.

You must inform us immediately of any changes in circumstances which 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.

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 which may also provide us with business and compliance support.

We may also disclose details to relevant parties, as necessary, to comply with regulatory or legal requirements.  We may contact you in order to promote products or services which may be of interest to you.  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 or medical conditions, 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 insurances.

Subject to certain exceptions, you will be entitled to have access to your personal and sensitive personal data for which you will be charged a fee of £10If at any time you wish us, or any company associated with us, to cease processing any of the personal data or sensitive personal data we hold, or to cease contacting you about products and services, please write to us at the address shown on the first page of this document.

If you do not want us to use your information in this way, please let us know. 

Conflict of interests

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.

Claims handling arrangements

You should take note of the required procedures in the event of a claim, which will be explained in the policy documentation.  Generally, insurers require immediate notification of a claim or circumstances which might lead to a claim.  We will employ due care and skill if we act on your behalf in respect of a claim.


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