Terms of Business

Information about our Insurance Services

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 products do we offer?

We offer products from a range of insurers for:

Household, Motor, Travel, Commercial Package, Property, Liability, Professional Indemnity, Directors & Officers, Personal Accident & Sickness, Marine, Marine Transit, Event Insurance, Engineering.

You can ask us for a list of insurers we offer insurance from.

3.

Which service will we provide you with?

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 cannot, in any circumstances act as Insurer, nor guarantee or warrant the solvency of any insurer.

4.

What will you have to pay us for this service?

At Savage & Bullock Limited we do not generally make any additional charges to the insurer premium for policies over £1000, however on smaller cases we will usually make a charge of £10 unless advised otherwise.  If we do charge a fee it will be with prior agreement with you and we will confirm such charges in writing.  We will retain commission refunded to insurers in the event of any mid-term adjustments or mid-term cancellation resulting in a refund.

You will receive a quotation, which will tell you about any other fees relating to any particular insurance policy.

5.

Who regulates us?

Savage & Bullock Ltd, Unit 2 Abbey Enterprise Centre, Premier Way, Romsey, Hampshire, SO51 9DF is authorised and regulated by the Financial Services Authority. Our FSA Register number is 301115.

Our permitted business is all non-investment insurance contracts, for both retail & commercial clients.

You can check this on the FSA's Register by visiting the FSA's website www.fsa.gov.uk/register/ or by contacting the FSA on 0845 606 1234.

6.

How we look after Client Money

We will hold client money separate from our own money with an approved bank account designated as subject to a Statutory Trust.  We act as Trustees of our clients’ monies and must meet certain legal and regulatory conditions

7.         Duty to Supply Information

It is your responsibility to provide complete and accurate information to answers when you take out the insurance policy, throughout the life of the policy and when you renew your insurance. It is important that you ensure that all statements you make on proposal forms, claims forms and other documents are full and accurate. Please note that if you fail to disclose any material information your insurers could invalidate your insurance cover and this could mean that part or the entire claim may not be paid.

Your attention is particularly drawn to the importance of the DECLARATION and signature on insurance proposal forms.

8.       Confidentiality 

All Information provided by our clients is treated as confidential and only disclosed in the normal course of negotiating, arranging and administering your insurance.  There are a few exceptions, for example information requested by a court, a regulatory body or information that is already in the public domain. We will not release information to any party without your prior consent. 

9.        What to do if you need to make a claim

You can make a claim under any policy we arrange on your behalf by contacting our office on telephone number 01794 518220. Alternatively you can telephone your Insurers if they provide a Claims Helpline. Details of any such Helplines will be included in your policy documentation. You will be advised if you need to complete a claim form or produce documentation to support your claim.

It is important that any claim or incident likely to give rise to a claim is reported to us or your Insurers as quickly as possible. In certain circumstances late notification may result in your claim being rejected.

If a claim involves damage to your property, please do not  :

• Dispose of the damaged item and or
• Authorise repair work (except in an emergency or to prevent further damage) until we or your Insurers advise you can

If your claim involves damage to third party property or injury to persons please pass copies of all correspondence, including solicitors’ letters, to us immediately and unanswered. Any attempt to negotiate or respond to the incident without prior reference to us, or your Insurers might prejudice your cover.

7.

What to do if you have a complaint

It is our intention to provide you with the highest level of service at all times. However, if you do feel you have cause to be unhappy in any way with your insurance cover, in the first instance please contact Philip Savage who will be able to assist you. Your complaint will be acknowledged within 5 working days of receipt. We will normally be able to respond in writing within 20 working days but sometimes the time-scale can be longer if the complaint is complicated or information is required from a third party. We will keep you informed if this is the case.

If you wish to register a complaint, please contact us:

… in writing

Write to Savage & Bullock Ltd, Unit 29 Abbey Enterprise Centre, Premier Way, Romsey, Hampshire, SO51 9DF

… by phone

Telephone 01794 518220

If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service, South Quay Plaza 183 Marsh Wall London E14 9SR/Tel : 0845 080 1800/e-mail : complaint.info@financial-ombudsman.org.uk

The Financial Ombudsman Service only applies to complaints from :

A private individual

• A business with a group annual turnover of less than £1 million at time of complaint
• A charity which has an annual income of less than £1 million at the time of complaint
• A trustee of a trust which has a net asset value of less than £1 million at the time of complaint

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.

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.  Further information about the compensation scheme arrangements is available from the FSCS.