Terms of Business

Regulation

We act as an Independent Broker on your behalf. Because of our wide range of providers we are able to discuss your needs and establish a product best suited to you. Sky Insurance is a trading name of the Sky Insurance Services Group Limited who are authorised and regulated by the Financial Services Authority. Our firm reference number is 469048 and our permitted business is arranging general insurance contracts. You can check this on the FSA’s register by visiting the FSA’s website www.fsa.gov.uk/Pages/register or by contacting the FSA on 0300 500 5000.

Your duty of disclosure

Your insurance is based on the information provided to the insurance company and you must ensure that all such information is complete and accurate, and that any facts that may influence the insurers decision to accept the policy and what terms are applied must be disclosed.

FAILURE TO DISCLOSE MATERIAL INFORMATION MAY INVALIDATE YOUR INSURANCE AND COULD MEAN THAT PART, OR ALL, OF A CLAIM MAY NOT BE PAID

Confidentiality/ Data Protection Act

All personal information about you will be treated as private and confidential (even when you are no longer a customer), except where the disclosure is made at your request or with your consent in relation to administering your insurance, and except where law requires us.

Some or all of the information you supply to us in connection with your insurance proposal may be passed to insurance and other companies for underwriting, claims and premium collection purposes.  Your data will be held in accordance with the Data Protection Act 1998, under which you have the right of access to see personal information about you that is held in our records, whether electronically or manually.  If you have any queries, please write to The Manager at Sky Insurance, Sky House, 28 Station Close, Potters Bar, Herts. EN6 1TL.

Our Quotation to You

All of our premiums are offered after a fair analysis of the market with the exception of certain products that will be advised at the time of inception.

All premiums quoted are inclusive of HM Government Insurance Premium Tax (IPT).

We reserve the right to withdraw or amend any premium indications before they are taken up.

Cancellation

You may have a statutory right to cancel this policy within a short period.  Please refer to your policy summary or policy booklet for further details. If you cancel within this time, you will receive a pro rata refund of the premium from the insurers. Insurers are also entitled to make an administration charge.  We may keep an amount that reflects the administrative costs of arranging and cancelling the policy. If you wish to cancel outside of this period, you may not receive a pro rata refund. We are entitled to retain our commission and fees as they are deemed earned upon the inception of your instructions.  Cancellation cannot occur until we are in receipt of your current insurance certificate and written instructions to cancel your policy. Cancellation refunds are not given if there have been any losses or accidents which may result in a claim during the period of insurance.

If you are paying via a finance agreement/direct debit, cancelling the direct debit mandate does not cancel the policy.

Protecting your Money

Prior to your premium being forwarded to the insurer, and for your protection, we either hold your money as an agent of the insurer in which case your policy is treated as being paid for.  We may extend credit to other customers from this account and we may transfer your money to another intermediary in some cases.  However your money will be protected at all times because of the requirements of FSA rules.  We also reserve the right to retain interest earned on this account.

By accepting this Terms of Insurance Business document, you are giving your consent for us to operate in this way.

Our charges / Return Premiums

We receive our income from insurers who pay us commission for arranging your insurance. In addition to this we charge a fee of £20.00 (or 5% of the annual premium for commercial clients) for arranging the policy at inception, renewal, setting up a finance agreement and for duplicate documents. A charge of £25.00 (or 5% of the annual premium for commercial clients)  is applied for all mid term or temporary adjustments. All charges are in addition to the insurers premium and, if applicable, insurers charges are non-refundable. If you are entitled to a return premium under your policy, we will deduct our charges from the insurer’s refund and retain our commission, as we must repay our commission to your insurer on any return premium issued.

Please note that any net premium below £25.00 will be held as a credit on your policy record against any future adjustment or renewal.

If you are paying via a finance agreement/direct debit, your net return premium will be returned to your finance provider. A charge of up to £20.00 may be made in the event of a default, failure to pay, late payment or recorded delivery letters. This charge may be made each and every time this occurs. Charges are also non-refundable.

 Complaints procedure 

It is our intention to provide a high level of service at all times, however, if you wish to make a complaint about our service you should contact the Office Manager in writing or by calling 03303 331 250.  You may be entitled to refer the matter subsequently to the Financial Ombudsman Service.  You can contact them by telephone on 0845 0801800 and further information can be obtained at www.financial-ombudsman.org.uk . If you do decide to refer any matter to the Financial Ombudsman Service, your legal rights will not be affected.

Financial Services Compensation Scheme

We are covered by the Financial Services Compensation Scheme. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the type of business and circumstances of the claim. Insurance advising and arranging is covered for 100% of the first £2000 and 90% of the remainder of the claim without any upper limit, for the products where insurance is compulsory. Non-compulsory products are covered on a flat 90% basis. Further information about compensation scheme arrangements is available from the FSCS.

Sky Insurance is a trading name of Sky Insurance Services Group Limited who are authorised and regulated by the Financial Services Authority. Our Firm Reference Number is 469048 and our permitted business is arranging general insurance contracts. You can check this on the FSA’s register by visiting the FSA's website or by contacting the FSA on 0300 500 5000.

Registered Office

Sky Insurance Services Group Limited.
56 Southbury Road, Enfield, Middlesex EN1 1YB
Registered in England No. 05970797

Last updated 5th August 2011/V8