This document is effective from 01 October 2018 (and supersedes all Terms of Business previously issued by us). Please read it carefully. It sets out the terms upon which we agree to act for our clients and contains details of our regulatory and statutory responsibilities. It also sets out some of your responsibilities. Please contact us immediately if there is anything in these Terms of Business which you do not understand or with which you disagree.
About our association
C.M.T.I.A. Limited registered in England No.3139820 of Brentmead House, Britannia Road, London, N12 9RU, is an Appointed Representative of Hayes Parsons Limited (trading as Hayes Parsons Insurance Brokers). Hayes Parsons Limited registered in England No. 816448 of Colston Tower, Colston Street, Bristol BS1 4XE is an independent insurance broker, authorised and regulated by the Financial Conduct Authority to transact general insurance business. Their Financial Services Register number is 311881. You can check any of this on the Financial Services Register by visiting the FCA’s website https://register.fca.org.uk or by contacting the FCA on 0800 111 6768.
Our products and services
We only offer an insurance product underwritten by AXA Insurance UK plc and arranged by Hayes Parsons Limited, authorised to issue policy documentation and/or certificates on behalf of AXA Insurance UK plc. We have not made a personal recommendation as to whether this product is suitable for you. Please read the policy booklet carefully to ensure that the policy meets your demands and needs. In sourcing a suitable policy and in the event of a claim Hayes Parsons will act as agent of our clients. In placing the insurance, Hayes Parsons will act as agent of the insurer.
Treating customer fairly
We aim to provide our customers with an excellent customer service to ensure their insurance requirements are met and to act with them in an honest, fair and professional manner at all times in accordance with their best interests.
Whilst we monitor the financial strength of the insurer with whom we place business, it should be noted that the claims-paying ability of even the strongest insurer could be affected by adverse business conditions. We cannot, therefore guarantee the solvency of any insurer or underwriter. A liability for the premium, whether in full or pro-rata, may arise under policies where a participating insurer becomes insolvent.
Duty of fair presentation
You have a duty to give a fair presentation of risk both to ourselves at the CMTIA and to your insurer, AXA, and to provide information in a clear and accessible manner.
A fair presentation is one which clearly discloses every material circumstance which you, your senior management, or persons responsible for arranging your insurance and including ourselves as your agent, know or ought to know following a reasonable search.
In the event of any deliberate or reckless breach by you to present the risk fairly, the insurer has the right to void the policy and retain the premium.
When we sell you a policy, the insurer pays us a percentage commission from the total premium. If the type of policy we sell reaches specific profit targets, the insurer may also pay us an additional bonus.
Unless otherwise indicated on our documentation an administration charge of £6.00 per section will be made and separately identified on all policy renewal and inception transactions. £6.00 per section is non-refundable in the event of cancellation of our policy after the renewal/inception date.
Hayes Parsons reserve the right to make an administration charge of £10.00 for issuing the following documentation:-
- Replacement policies or certificates in the event of the loss or misappropriation of the original documents
- Copy policies or certificates or confirmation of insurance cover requested by other parties
- Amendments to the cover during the policy year
In the event of a policy being cancelled mid term and not replaced by another policy, Hayes Parsons also reserve the right to retain the commission earned on the original transaction, or else make an administration charge of £10.00 whichever is the higher.
Methods of payment
We normally accept payments by cheque, debit card or credit card (excluding American Express), cash or postal order.
You are responsible for the settlement of premiums within the terms advised to you, so that we can make the necessary payments to your insurers. We have no obligation to fund any premiums on your behalf and cannot be held responsible for any loss which you may suffer as a result of a policy being cancelled or otherwise prejudiced due to the late payment of a premium where the delay is attributable to you.
Handling client and insurer money
Client money collected for onward transmission to insurers, and return premiums due to clients from insurers, is held by Hayes Parsons in a Client Bank Account, under a Statutory Trust in accordance with FCA rules. Where Hayes Parsons collect or hold money as agent of the insurer they may also hold that money in the same Client Bank Account. Client money will be deposited with one or more approved banks, a list of which is available on request. Please notify us immediately if you do not wish us to use any bank or banks on this list. Interest will not be paid to clients in respect of money held in client bank accounts.
All information provided by our clients is treated as confidential and is only disclosed in the normal course of us negotiating, arranging and administering your insurance, together with Hayes Parsons. This may include sharing information with Hayes Parsons, and with your insurer and including their services provided such as claims loss adjusters, and with our service providers who manage our information recording, protection and data security.
We will not release your information to any other third parties without your consent, with a few exceptions for example where requested by court, a regulatory body, or for information already in the public domain.
We comply with the requirements of the General Data Protection Regulations (GDPR) from 25 May 2018 on under reference Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and repealing Directive 95/46/EC (General Data Protection Regulation) OJ L 119/1, 4.5.2016.
Changes to your cover
Hayes Parsons will normally deal with requests for alterations on the day your instructions are received, or the next working day if a weekend or public holiday. Sometimes changes cannot be processed without obtaining additional information. If additional information is required they will contact you as quickly as possible. Hayes Parsons will confirm changes to your policy, once agreed, in writing. They will also advise you of any extra premiums you must pay or premiums they must return to you.
Receipt of instructions
We do not consider instructions to arrange or change cover sent to us or Hayes Parsons by post, email or facsimile, or left on answering equipment, to have been received until they reach the relevant personnel in Hayes Parsons and receipt has been confirmed to you in writing. We do not accept responsibility for instructions which do not reach us due to failures in the postal, electronic or telecommunications systems.
Our aim is to produce documentation and correspondence in a clear and accessible format. You currently receive your insurance documentation from Hayes Parsons in hard copy sent by post, but please note that this documentation can be provided to you in other formats including email. Should you wish to receive your insurance documentation in a different format, please let us or Hayes Parsons know. In the event of any uncertainty, or error, we would ask you to let Hayes Parsons know immediately. Their staff are always happy to clarify the cover provided. You should check all policy documentation to ensure that the details are correct and the cover provided meets with your requirements.
If your policy includes Employers’ Liability insurance it is prudent to keep a copy of all Employers’ Liability Certificates issued. It is important that you can identify the insurer for your statutory liabilities for each period of insurance and we therefore strongly recommend that you retain this certificate to evidence the insurance in place as long as potential liability exists.
Making a claim
Please ensure that you report all incidents that could give rise to a claim as soon as you become aware of them, by contacting AXA direct on 0345 900 4185 option 3 quoting the policy and certificate number. If you require any further assistance telephone Hayes Parsons on 0117 929 9381 and ask for the claims department. You will be advised if you need to complete a claim form or produce documentation to support your claim. In certain circumstances late notification may result in your claim being rejected.
If your claim involves damage to third party property or injury to persons please pass copies of all correspondence, including solicitors’ letters, to AXA immediately and unanswered. Any attempt to negotiate or respond to the incident without prior reference to your insurers or Hayes Parsons might prejudice your cover. You must not, under any circumstances, admit liability without prior permission from your insurer.
You should be aware that a claim arising after renewal of the policy has been invited might affect the assessment and acceptance of renewal by your insurers.
Conflicts of interest
Hayes Parsons Limited is subject to the law of agency which imposes certain duties on them. They also have proper regard for the interests of others, including insurers for whom they act. Where they become aware of any actual or potential conflict of interest they will inform you of the situation, the options available to you and obtain your consent before they carry out your instructions.
We recognise the importance of service and should there be an occasion when we do not meet your expectations we are equally committed to dealing with any complaint in a thorough and professional manner. If you wish to register a complaint please contact Hayes Parsons either by writing to; Nigel Rawlings, Compliance and Training Manager, Hayes Parsons Limited, Colston Tower, Colston Street, Bristol BS1 4XE or by email; firstname.lastname@example.org or by telephone; 0117 929 9381. If you cannot settle your complaint with us you may be entitled to refer it to the Financial Ombudsman Service (FOS) (www.financial-ombudsman.org.uk) for an independent assessment and opinion. The FOS Consumer helpline is 0800 023 4567 or contact them at Financial Ombudsmen Service, Exchange Tower, London E14 9SR.
Hayes Parsons is covered by the Financial Services Compensation Scheme (FSCS). You may be entitled to compensation from the FSCS 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, insurance advising and arranging is covered for 100% of the claim, without any upper limit. Further details about compensation scheme arrangements are available from the FSCS on their website www.fscs.org.uk or via their helpline on 0800 678 1100.
If you wish to cancel your policy you may be entitled to a refund of part of your premium as long as no claims have occurred during the time you have been on cover. The refund due may not necessarily be proportionate to the remaining period of cover. Your policy cannot be cancelled until the original certificate of insurance is returned to Hayes Parsons.
Law and jurisdiction
These Terms of Business shall be governed by and construed in accordance with English Law. In relation to any legal action or proceedings arising out of or in connection with these Terms of Business we both irrevocably submit to the non-exclusive jurisdiction of the English courts. You are deemed to have accepted these terms of business and give your consent for us to operate in the ways described, unless you advise us otherwise within 7 days of receipt.