Our Terms of Business
Please read carefully. These terms of business apply unless agreed in writing otherwise.
Giles Insurance Brokers Ltd is authorised and regulated by the Financial Services Authority (FSA), registration number 311786. This can be verified by visiting the FSA's web site http://www.fsa.gov.uk/register or by contacting the FSA on 0845 606 1234. We may provide services that are not regulated by the FSA because they do not relate to cover provided by an insurance policy.
In arranging your insurance we are acting for both yourselves and insurance companies. This is evidenced by distinct Terms of Business Agreements with each party.
We are remunerated by insurers for certain activities which may include:
Prospecting and soliciting new clients, establishing client relationships, understanding the nature of the products we sell, collecting basic information from you (usually in a proposal form) obtaining quotations and placing cover, collecting and submitting paperwork, issuing policy documentation and collecting premiums.
We are remunerated by you for certain activities which may include:
Comparing Insurers products and security, providing risk advice, gathering enhanced data and providing it to Insurers, comparing and negotiating premiums, reporting to you our findings and making recommendations, obtaining instructions from you, establishing and maintaining relationships with insurers on your behalf, providing advice and assisting in completing proposal forms, checking and issuing policy documentation, checking terms and conditions imposed by Insurers meet your requirements, notifying and providing advice in the event of a claim.
We derive our earnings from a mixture of commission and professional fees, which apply for new business, mid-term adjustments and renewals. You are entitled, at any time, to request information regarding any commission which we may have received as a result of placing your insurance business.
The professional fees will be dependent upon the level of premium, service, administration, complexity, seniority of staff involved, scarcity of supply and operational factors. Professional fees will always be advised to you in advance and will be non refundable in the event of policy cancellation.
We may also benefit from earnings we are able to generate;
- due to the amount of business placed with certain insurers and the underwriting performance of those insurers that are not identifiable to any specific client or account
- through management of cash balances held, on behalf of insurers and clients, that are not identifiable to any specific client or account
- from our relationship with other non insurance companies whether or not identifiable to any specific client or account
In the absence of any other agreement, non-payment of any premium or non-receipt of forms may be taken as your instruction to cancel cover. Any alterations resulting in a return premium will be payable net of commission. If a policy should be cancelled the net premium less commission, if any, will be returned to you less a £50 cancellation fee for commercial policies or £25 for all other customers. Sometimes there is no return premium, for example, following a claim. The return could be low due to insurer short period scales. For 'minimum and deposit' premium policies there is no return on cancellation. Please check with us before providing cancellation instructions.
Tel: 0141 285 3300Fax: 0870 191 6766
