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Terms
and Conditions
Terms of Business
Privacy Statement
Complaints
This document sets out the terms on which London Special Risks Limited (LSR) undertakes to act for its clients.
These are our standard terms and can only be varied with our written agreement.
1. BROKER INFORMATION
London Special Risks is a fully accredited
Lloyd’s broker and has been since being established in 1990. We are authorised
and regulated by the Financial Service Authority (FSA). Our permitted
business is arranging general insurance contracts. Our FSA Register number
is 312125. These details are available on the FSA’s Register maintained
by the FSA and can be viewed by visiting their website http://www.fsa.gov.uk/register
or by contacting the FSA on +44 (0) 845 606 1234.
We are required to comply with the FSA Regulations relevant to an insurance
intermediary. These include the following:
a. A firm must conduct its business with integrity, and
pay due regard to the interests of its customers and treat them fairly.
b. A firm must conduct its business with due skill, care
and diligence.
c. A firm must pay due regard to the information needs
of its clients and communicate information to them in a way which is clear,
fair and not misleading.
d. A firm must act with due care, skill and diligence
when acting for a customer in relation to a claim, and avoid conflicts
of interest.
e. A firm which holds client money has to meet certain
specified conditions.
f. A firm must take reasonable care to establish and
maintain such systems and controls as are appropriate to its business.
g. A firm must maintain and keep up to date a list of
the insurance undertakings it selects from and be able to provide a copy
of the list in a durable medium (such as a hard copy letter, facsimile
or email) to a customer on request. Please read this document carefully.
It sets out the terms on which we agree to act for our clients and contains
details of our regulatory and statutory responsibilities.
We specifically draw your attention to the following sections:
a. Non-statutory trust
b. Segregation of designated investments
c. Interest on client money.
Please contact us immediately if there is anything in these terms of business
you do not understand or with which you disagree.
FSA Regulated Activities
LSR is authorised by the FSA to carry out the following regulated activities
in relation to ‘Non Investment Insurance Contracts’:
a. Arranging (bringing about) deals in investments.
b. Making arrangements with a view to transactions in
investments.
c. Dealing in investments as agent.
d. Assisting in the administration and performance of
a contract of insurance.
Relationships
As an independent insurance intermediary we act as the agent of our client.
We are subject to the law of agency, which imposes various duties upon
us. In certain circumstances we may act for and owe duties of care to
other parties. We will advise you when these circumstances occur so you
will be aware of any possible conflict of interest.
We will always endeavour to exercise the skill and care expected of a
prudent and professional insurance intermediary, in providing independent
advice, placing insurance business and collecting claims when appointed
to act as such.
Our commitment to excellence includes internal quality control procedures
that are subject to regular external audit in order to meet or exceed
the most exacting standards, including BS/EN/ISO 9001.
LSR is owned 100% by LSR Holdings Limited, a holding company registered
in England and Wales.
We offer products from a range of insurers. We will advise and make a
recommendation for you after we have assessed your needs. This will include
the type of cover you seek together with the costs.
Upon receipt of your instructions we will place insurance with insurers,
and keep you informed of the progress of our negotiations.
We will advise you of any inability to place your insurance.
2. INSTRUCTIONS
Whenever possible, we ask that all instructions are confirmed in writing.
We will assume that whoever gives such instructions has the authority
to do so. You have a duty, and it is vital that you provide us with all
information that an underwriter would consider material to his assessment
of the risk and that you keep us informed of changes in material circumstances
to enable us to properly represent your interests. In case of doubt as
to whether information is material or not, it should always be disclosed.
Please see paragraph 8 regarding "The Duty of Disclosure to Insurers".
3. USE OF SUB AGENTS
Where we consider it to be appropriate and for your benefit, it may be
necessary for us to request another insurance broker or intermediary to
act as our sub-agent and assist us in the placement of an insurance contract.
For example, many countries require the use of local intermediaries to
access local insurance markets. In such cases we will provide specific
instructions to such sub-agents so as to meet your insurance requirements.
4. INSURER SECURITY
We utilise the security ratings provided by specialist rating agencies
in order to ensure that to the best of our knowledge any placement arranged
on your behalf is with insurers that have at the time of concluding the
placement a financial strength rating that indicates an above average
financial strength and is therefore likely to be able to meet their obligations
under the policy and contracts. Based on the information provided by ratings
agencies (which will be provided to you on request), or if the security
does not meet the above standard, we may ask for your prior approval to
use that particular insurer. We cannot and do not guarantee the solvency
of any of any insurers with whom we place business, nor do we have the
necessary information to assess or approve security beyond that mentioned
herein. You should note that the financial strength of an insurer could
deteriorate after the contract has commenced.
A liability for the premium, whether in full or pro rata, may arise under
policies where a participating insurer becomes insolvent.
5. QUOTING AND PLACING INSURANCE
We will endeavour to establish a thorough understanding of your requirements
before negotiations with insurers commence. We will then seek quotations
for insurance which should, in our opinion, meet your requirements.
We will take diligent and timely steps to implement your instructions
and, subject to available insurance market, complete the required insurance
before the intended date of inception, renewal or extension of insurance
cover, confirming to you prior to such date, wherever possible, the coverage
which is in place. Any inability to fulfil your instructions will be brought
to your immediate attention.
When we give you a cost for placing an insurance, it must be taken as
an indication of the premium required by insurers to complete your order
and not as a guaranteed premium, unless otherwise agreed. In case it is
necessary to deviate from a premium discussed during the course of completing
a placement, you will receive a prompt notification accompanied by an
explanation and a request for confirmation of your instructions.
6. REMUNERATION AND OTHER INCOME
The two principal methods of remuneration for insurance broking services
are on an agreed fee basis or by way of brokerage, being a proportion
of the premium paid, which is allowed to us by the insurers.
Our remuneration may be as a fee, or as a brokerage, which is a percentage
of the insurance premium paid by you and allowed by the insurer with whom
the insurance in placed. Brokerage and fees are earned for the policy
period and we will be entitled to retain all fees and brokerage in respect
of the full policy period in relation to policies placed by us. A full
statement of our fees will accompany all contractual documentation.
In addition to client fees and/or brokerage payments we may receive remuneration
by way of administrative fees or commissions for services proved to underwriters.
We may also act as reinsurance brokers to underwriters with whom we have
placed insurance or reinsurance.
Other sources of income include interest earned on bank balances, expense
allowances, fees and collecting commission on claims which may arise on
the business transacted, including payments of any kind allowed by underwriters
for managing or administering certain contracts, binding authorities and
other similar facilities.
The insurers with whom we effect insurance on your behalf may on occasion
and in turn request us to purchase facultative reinsurance for their account.
Any such reinsurance would be a separate and distinct contract for which
remuneration, if any, would be paid by the insurers.
Some insurers allow us incentive commissions in addition to the fees and
brokerage which we may receive. Such incentive commissions can be based
upon profitability, premium income volume and growth or a combination
of these factors. Incentive commissions can also be paid to the broker
to reflect administrative efficiencies across a portfolio of business
placed with an insurer. Notwithstanding the existence of incentive commissions,
we recognise that our overriding responsibility is to promote the best
interest of the insured above our own in the selection of insurers.
We operate a policy of openness and transparency in respect of all brokerage
and commission including incentive commissions and, when requested, we
will use our best endeavours to disclose the level of such commission
earned from arranging each policy of insurance.
7. DOCUMENTATION
Our company’s policy is that policy documentation will be issued
in a timely manner. This will normally occur within 14 days of the contract
of insurance being concluded.
Upon completion of the insurance arrangements on your behalf, we will
advise you by facsimile, letter, electronic mail, or any other agreed
method of communication. We will then forward by surface mail, hard copy
documentation that will provide you formal confirmation of the insurance
arranged, including the terms of the insurance, the names of the insurers
with whom the insurance has been placed and their respective proportions.
For certain types of business, a certificate or policy of insurance issued
by or on behalf of the insurers may be forwarded in lieu of our cover
note.
Except where a policy is not normally issued or you do not require one,
we will send you such a document as soon as practicable after the attachment
of the risk, provided the premium has been paid. This document is the
formal contract and sets out the full terms of the contract between you
and your insurers.
Your documentation will confirm the basis of the cover, give details of
the insurers, and be accompanied by a policy summary and a debit note
which will clearly show the dates upon which the premium is due, together
with any penalties for late or non payment.
Attached to your policy documentation will be a statement of demands and
needs. You should read this carefully. It will set out your demands and
needs and confirm whether the contract has been personally recommended
and, if so the reasons for making that recommendation (where applicable).
Any amendment to the insurance contract will be confirmed by the issuance
of an addendum to the cover note or endorsement to the certificate or
policy of insurance, unless such amendment is reflected within the already
issued documentation.
You should check all documentation received from us and satisfy yourselves
that it is entirely in accordance with your understanding and instructions;
this review should include checking that use of the insurers is acceptable
having regard to local taxation and permitted by the relevant regulatory
authorities. Anything at variance with your understanding and instructions
or if you require any clarification of the content should be advised to
us immediately in writing.
You should retain all cover notes, policies and certificates for as long
as it is possible to make a claim under a particular cover note, policy
or certificate.
Subject to receipt of confirmation that there are no material changes
to the risk or underwriting information we will offer renewal at least
21 days before the expiry of the policy. Renewal terms will be communicated
to you in writing no less than 21 days before expiry of the policy, or
notified that renewal is not being invited. Attached to the renewal terms
will be a statement of any changes to the terms of the policy, and changes
to directive-required information (information required under EU Directives),
statement of price and information about cancellation.
Mid-term changes to your policy will be provided in good time, prior to
the change
taking effect.
It is our policy to retain documents for business effected on your behalf
in electronic or paper format for at least 6 years.
For some types of insurance cover it is possible that a claim may be made
under a policy long after its expiry date and it is therefore important
you keep such documents safely.
8. DUTY OF DISCLOSURE TO INSURERS
You must disclose to insurers, before the contract is concluded, any fact
or circumstance which is known to you (or which ought to be known to you)
in the ordinary course of your business and which is material to the risk.
It is a requirement of English law traceable to the Marine Insurance Act
1907 in relation to contracts of insurance, that any insured (both prospective
and actual) and their agents act, at all times, with the utmost of good
faith towards insurers. Should you not act with the utmost good faith,
or if you fail to disclose any material fact or circumstance to insurers,
insurers may avoid the contract.
Furthermore, the law also requires an insured to disclose to insurers,
before the contract is concluded, every material circumstance that is
known to them, and they are deemed to know every circumstance which, in
the ordinary course of business ought to be known to them.
Every circumstance is deemed material if the knowledge of such would influence
the judgement of a prudent insurer (not necessarily restricted to the
insurer in question) in determining whether or not he would accept the
risk and if so upon what terms and at what premium. A circumstance may
be held to be material on the grounds that, even though a prudent insurer,
had he been aware of it, would not have declined the risk or charged a
higher premium, it was something that he would have reasonably wished
to know and take into account when assessing the risk.
Therefore, in addition to providing all of the basic information necessary
to enable the risk to be placed, the prospective policyholder and his
agents must ensure that the duty to disclose material matters relating
to the risk is satisfied. In particular, they must be satisfied as to
the accuracy and completeness of the information provided to the insurers
and ensure that all information is provided of which an insurer would
need to take account in considering whether or not to accept the risk
and, if so, upon what terms and at what premium.
If there is any doubt as to whether information is material, it must be
disclosed to insurers.
Should there be a failure to act with the utmost good faith or to disclose
any material circumstance to insurers, they may have the right to avoid
the contract. This means that they would act as if the contract had never
come into existence; they would thus seek the recovery of any paid claims,
but would generally return any premium received.
The obligation to act with the utmost good faith and to make a full disclosure
of all material circumstances continues throughout the period of the contract.
They specifically arise:
- when the contract is amended, extended or renewed;
- during the notification, negotiation and collection of claims; and
- when the insured is required, under any circumstances, to provide information to insurers.
It may also be that the terms of the insurance
contract include specific ongoing disclosure warranties.
You will be invited
to confirm at least 21 days prior to renewal that there are no material
changes to the information. Where you are required by insurers to complete
a proposal or claim form or other document, you are reminded that the responsibility
for the accuracy of all the detail provided is yours alone.
The duty of disclosure
and the consequence of its breach may vary to a limited degree from the foregoing
dependent upon the laws applicable to the insurance contract.
If you are in
any doubt as to the ambit of the duty of disclosure please do not hesitate
to contact us.
9. CLIENT MONEY
Client money is money of any currency that
we receive and hold in the course of carrying on insurance mediation on behalf
of our clients (including you) or which we treat as client money in accordance
with the client money rules of the FSA. A copy of these rules is available
on request.
Client money can be held in one of the following ways:
a. It can be held on
behalf of insurers/underwriters
b. It can be subject to statutory trust in accordance
with the FSA client assets sourcebook (CASS)
c. It can be subject to a non-statutory
trust
Non-Statutory Trust
We hold client money subject to a non-statutory
trust. This means that we are entitled to and may use client money held on
behalf of one client to pay another client’s premium before the premium
is received from that other client, and to pay claims and premium refunds to
another client before we receive payment from the insurer.
However, we are not
entitled to use client money to draw commissions before we receive the relevant
premium form the client.
Segregation of Designated Investments
We separate client money
from company money in accordance with FSA requirements. We may do this by paying
it into a client bank account. However, we may also do this by arranging to
hold separately permitted designated investments with a value at least equivalent
to the money that would otherwise have been paid into a client bank account.
If we do this we will be responsible for meeting any shortfall in our client
money resource which is attributable to falls in the market value of a segregated
investment.
Interest on Client Money
Any interest earned on client money
held by us and any investment returns on any segregated designated investments
will be retained by us for our own use.
Currencies of Account and Exchange Procedures
LSR maintains
bank accounts in the following currencies: Great British Pound, United States
Dollar, Euro and Canadian Dollar. Any remittances from yourselves in other
than these currencies to LSR will be converted for deposit in one of these
accounts and you should note that an exchange loss may occur.
Should a subsequent
return of monies be necessary, this will normally be in the currency in which
it is held by us and of the amount held by us in that currency regardless of
any exchange loss that has occurred or may occur. If you were to require remittance
in another currency we will endeavour to meet your request, but any further
exchange loss will also be borne by yourselves.
Payment to Third Parties
We may transfer client money to another organisation, such as another
broker or settlement agent, for the purpose of effecting a transaction
on your behalf through that organisation.
This may include brokers and settlement
agents outside the UK. The legal and regulatory regime applying to a broker
or settlement agent outside the UK may be different from that of the UK
and in the event of a failure of the broker or settlement agent, this money
may be treated in a different manner from that which would apply if the
money were held by a broker or settlement agent in the UK. You may notify
us if you do not wish your money to be passed to a person in a particular
jurisdiction.
10. BANK ACCOUNTS
Client money will be deposited with one
or more approved banks, a list of which is provided to you. Please notify
us immediately if you do not wish us to use any bank or banks on this list.
We
may on occasion choose to hold client money with a bank which is not an
approved bank. In such circumstances the legal and regulatory regime applying
to the bank with which the client money is held will be different from
that of the UK and, in the event of a failure of the bank, the client money
may be treated differently from the treatment which would apply if the
client money were held by an approved bank in the UK.
Where we propose to
hold client money with a bank which is not an approved bank we will request
your consent in writing to the use of the particular bank.
We may hold client
money with Barclays Bank PLC, the Bank of Scotland, Alliance and Leicester
and Close Brothers, all of England, and others whom we may from time to
time approve. If you do not wish to have your money placed with these or
any particular banks please notify us immediately.
We may hold client money
in a client bank account outside the UK. In such circumstances the legal
and regulatory regime applying to the bank will be different from that
of the UK and, in the event of a failure of the bank, your money may be
treated in a different manner from that which would apply if the client
money were held by a bank in the UK. You may notify us if you do not wish
your money to be held in a particular jurisdiction.
11. ACCOUNTING
Premium Payment
You must provide the premium due in cleared
funds in accordance with the amounts and payment dates specified in our
debit note. Failure to meet the payment date may lead to insurers cancelling
your policy.
Where insurers have specified that the premium must be received
by a certain date, failure to comply can result in the automatic termination
of your insurance contract.
For each risk that we place for you, we will
send you a debit note reflecting the premium due, any commission or discount
and the net amount of premium payable to us. Where an insurer requires
the net premium to be paid directly to them, this will be indicated on
the debit note.
Where relevant, any taxes to be remitted to appropriate
authorities through ourselves and/or taxes which may be deducted from the
premium payable will also be shown on the debit note. If taxes are deductible,
you should ensure that those taxes are remitted to the appropriate authority.
Insurers
invariably include as a term of the insurance a "settlement
due date" or in some cases an "express warranty" which requires
the premium or part thereof to be paid to them by a certain date or series
of dates.
Where insurers have specified a premium payment warranty we will advise
you of this as soon as possible. If you do not think you will be able to
comply with the premium payment warranty you should contact us immediately.
Failure to comply with the exact terms of the premium payment warranty
may result in insurers terminating your policy. You are required and expected
to settle all amounts due in accordance with the terms of the debit note.
You
are therefore strongly recommended to ensure that the premium is paid to
us in sufficient time to ensure that cleared funds are received so as to
enable us to pay the insurers participating on your policies by the due
date on your behalf.
Credit Notes
We will send you a credit note for all claims
and returns of premium. You should not take credit for any such amounts
until they appear on your Statement of Account.
In the event that you submit
a claim or a return of premium on a policy where one or more of the subscribing
insurers has become insolvent or is delaying its settlements, we cannot
and do not accept liability for the uncollected amounts. We will settle
to you the amounts collected from the responding insurers, and advise you
of those insurers who have not paid and the amounts unpaid by them. You
may not offset remittance of premiums against claims due.
Where appropriate
we will offer you full assistance to submit a claim for the unpaid amounts
in a Liquidation, Receivership, Scheme of Arrangement or any similar process.
Statements of Account Each month we will send you a statement which will
summarise all outstanding items due to and from you. The full details of
each item on the statement will have been set out on the debit and credit
notes that you will already have received from us and upon which you are
expected to settle amounts due in accordance with the terms therein.
You
should advise us immediately in writing in the event you are unable to
agree any of the items on the statement.
Where the balance is due to us
it should be sent to us immediately, or within any period that has been
specifically agreed between us or has been specified by insurers.
Where
the balance is due to you we will settle this promptly, once you confirm
to us that the balance is correct, but we can only include in our payment
those items due to you where insurers have paid us.
Payment Arrangements
Premium must be paid in a timely manner
and the medium of payment take due account of the requirement to meet the
payment conditions under the policy.
It is our recommendation that payment
of premium be made by telegraphic transfer if the payment is due to underwriters
within 10 days of the payment date. Please note that on average a cheque
takes 14 days to be cleared.
Premium payments are to be made by telegraphic
transfer to our client bank accounts as detailed below quoting our debit
note reference or statement details of the items being settled. You are
not to accept any changes to these details unless we notify them to you
in writing, in the form of a letter. All payments along with a breakdown
of items being settled should be advised to our finance department to assist
in the account reconciliation.
Where telegraphic transfer is not appropriate
or available, a cheque or bankers draft, made payable to London Special
Risks Ltd IBA, should be sent to our registered office address (attention
LSR Accounts Department) together with written remittance details as previously
stated. Payments by cheque are likely to delay settlement to other parties
due to the time taken for payment to clear.
Unless we agree otherwise,
premiums should always be paid in the currency in which they have been
debited.
12. CLAIMS
You must notify us as soon as possible of a claim or circumstances
which may give rise to a claim. In the event of a claim you should contact
our Claims Executive on +44 (0) 207 459 9200.
We will remit claims payments
to you as soon as possible after they have been received on your behalf.
We
will provide you with assistance in submitting a claim and seek to obtain
reimbursement for you. You should note that the regulator in the UK does
not aim for a zero failure regime and it is possible therefore that an
insurer may become insolvent or delay making settlement. We do not accept
liability for any unpaid amounts whether in the event of insolvency or
in the normal course of events.
When you advise us that a claim has arisen
on a policy we have placed for you we will collect your claim from insurers,
unless you request or arrange otherwise, in which case we will give you
every assistance.
Insurers usually require immediate notification of any
claim or circumstance that may give rise to a claim.
Failure to do so may
enable insurers to deny liability under a policy. If you have any doubt
about what constitutes a notifiable claim or circumstance you should contact
us immediately.
In the event that an insurer is unable to pay any claim
on any policy we will notify you promptly.
You should be aware that we may
perform a limited service for the insurers in relation to insurers claims
advisors (e.g. surveyors, adjusters and lawyers) by relaying instructions,
disseminating reports and collecting fees or other disbursements where
we consider this should not create a conflict of interest. If we consider
that a conflict of interest may arise, we will refrain from performing
any (further) service for the insurers unless you otherwise agree in writing.
We
will collect any claim under the Policy but after 5 years we will charge
5% of any amount collected to cover our exceptional administration costs.
You will be notified of any such costs nearer the time and we shall obtain
your consent before proceeding with the claim.
13. PRODUCTION OF COPY DOCUMENTATION
In the event that you require copy
documentation more than 5 years after the placement of the risk we reserve
the right to charge our reasonable cost of producing the documents based
upon an hourly rate of £150 plus VAT.
14. RUN OFF OR LIQUIDATED INSURERS
We reserve the right to retain any balance
received from a liquidated insurer where after having made the appropriate
effort to contact you and unable to obtain a written confirmation that
your claim(s) under the policies of insurance have been met.
15. WARRANTIES/SUBJECTIVITIES
You must comply with warranties
(whether express or implied) contained within the insurance we have arranged.
Failure to comply may result in the insurer automatically terminating your
policy.
Further, where the insurance has been placed that includes a subjectivity,
the insurance may be invalidated or coverage prejudiced whilst the subjectivity
remains outstanding.
16. CANCELLATION CLAUSE
Your insurance contract may include
a cancellation clause. In the event that you fail to pay your premium by
the due date the insurance may be cancelled forthwith or by insurers, giving
notice of the cancellation of the insurance contract, insurers may return
to LSR pro rata premium from the date of notice or from such date of cancellation
as may be required in that notice.
Where applicable, any other party with
an interest in the insurance policy will be advised of any non payment
of premium and given the opportunity to pay the outstanding amounts. In
the event of a total loss covered within the terms of the insurance policy,
all future instalments shall immediately become due and payable and insurers
shall be entitled to take credit thereof.
Once our remuneration has been
earned, in the event that the insurance is cancelled after inception, our
fees or brokerage will not usually be returnable.
17. CANCELLATION OF THIS
AGREEMENT
Our agreement may be terminated by either one of us giving 30
days’ written
notice in writing to the other. In the event that our services are terminated
by you we will be entitled to receive any fees or brokerage payable.
18.
INSURED VALUES
In the event that you insure your property for less than
its current replacement value, insurers may apply
averaging; for example
if your insured values are say 80% of replacement values you may only be
paid 80% of your partial losses. This might vary according to the policy
conditions and laws applicable to the contract.
19. COMPLAINTS
It is our intention to provide you with a first class service
at all times. However, there may be occasions when you feel this objective
has not been achieved. If you feel that we have not met your expectations,
in the first instance please address your concerns to your account executive
who will endeavour resolve any problems.
LSR will take all complaints seriously.
We have a complaints handling procedure in place. Our procedures meet the
standards set by the Financial Services Authority.
The FSA has published
guidance on how to make a complaint. If you remain dissatisfied please
contact our Complaints Officer as shown below:
In writing
London Special Risks Limited
Minster House
42 Mincing Lane
London EC3R 7AE
By telephone or
email
Tel: 020 7459 9216
Fax: 020 7459 9301
E-mail: info@londonspecialrisks.com
You should always quote your policy
number or claim number, where available, and the broker responsible for
arranging your insurance. Our Complaints Officer will handle your complaint
as follows:
- A written acknowledgement of your complaint will be provided within five business days.
- A final or holding response will be sent within four weeks of receiving the complaint.
- A final response should be sent within eight weeks of receiving the complaint.
If
your dissatisfaction is with your insurer, you may approach a senior
executive of your insurer. Full details of the name and address are available
from our Complaints Officer at the above address.
If you remain dissatisfied
and you are insured by a member of Lloyds' of London, you may write to:
Lloyd's
Complaints and Advisory Department
Lloyd's of London
1 Lime Street
London
EC3M 7HA
If it is not possible to resolve your complaint within eight
weeks, you will be sent a letter explaining the reasons for the delay
and informing you that you can refer your complaint to the Financial
Ombudsman Service as below:
In writing
The Financial Ombudsman Service
South Quay Plaza
183 Marsh Wall
London E14 9SR
By telephone or email
Tel:
0845 080 1800
Email: enquiries@financial-ombudsman.org.uk
Website: www.financial-ombudsman.org.uk
Any decision made by the Financial
Ombudsman is only binding on the insurers and you remain free to take
any legal action that you see fit.
20. COMPENSATION
We are covered by the Financial Services Compensation
Scheme (FSCS). You may be entitled to compensation from the FSCS if we
cannot meet our obligations.
Conditions apply depending on the type of
business and the circumstances of the claim. Full details and further
information on the scheme are available from the FSCS which can be contacted
on +44 (0) 20 7892 7300. see the FSCS website for further details www.fscs.org.uk.
21.
MONEY LAUNDERING
UK money laundering regulations and the Proceeds
of Crime Act 2002 require us to obtain evidence of the identity of clients
for whom we act at the start of a business relationship. This might,
for example be evidenced by sight of a current signed passport and two
utility bills/bank statements. For companies (other than listed ones)
evidence of identity will usually comprise a copy of certificate of incorporation,
a list of directors, a list of shareholders and confirmation of the registered
address.
We are obliged to report to the National Criminal Intelligence
Service any evidence or suspicion of money laundering at the first opportunity
and we are prohibited from disclosing any such report.
Claims payment
will be made in favour of you. If you require a payment to be made to
a third party then you must confirm in writing the required payee name
and details and provide a brief explanation for your request.
22. CONFIDENTIALITY
AND CONFLICTS
Any information we receive from you will not be used or
disclosed other than in the course of carrying out your instructions
as your insurance broker, unless your consent has been obtained or the
information is required by a court of competent jurisdiction, or by our
Regulators, or is already in the public domain, or has been received
by us from a third party not under any duty of confidentiality.
23. DATA
PROTECTION
We are required by the principles laid down in the Data Protection
Act 1998 to ensure that we process all personal data provided by you
in accordance with the this Act (personal data is for example name, address,
telephone number or e-mail address.)
Therefore unless you advise us specifically
to the contrary we presume that you consent to:
- transfer of personal data by us in the course of our activities on your behalf
- the use of personal data by such insurers to whom your personal data has been disclosed
24. PROFESSIONAL ADVISORS
If other professional advisors
become involved we will assume, unless you notify us otherwise, that
we may disclose any such information to and discuss it with, such other
advisors as necessary. We have procedures designed to prevent our acting
for one client in a matter where there is, or could be, a conflict
with the interests of another client for whom we are acting. If a conflict
does arise we will notify you of the circumstances and will take account
of legal constraints, our Regulator’s
rules and the interest of the respective parties (including your instruction
and comment) in order to decide whether we should continue to act for
both parties, for one party or for neither.
25. GOVERNING LAW AND JURISDICTION
These terms of business and any accompanying
or associated engagement letter shall be governed by and construed in
accordance with the law of England and Wales and the courts of England
shall have exclusive jurisdiction to settle any disputes that may arise
out of or in connection with them.
26. TERMINOLOGY
In order to avoid repetition of words used in this document,
the term "insurance" includes reinsurance and other risk transfer
products, the term "insured" includes
any reinsured and the term "insurers" includes reinsurers.
Minster House, 42 Mincing Lane, London, EC3R 7AE
Telephone +44 (0) 20 7459 9200
Fax +44 (0) 20 7459 9300/301
www.londonspecialrisks.com
email@londonspecialrisks.com
Authorised and regulated by the Financial
Services Authority Registered in England No 1264149. Lloyd’s Broker
