Terms of Business Agreement – Sky Insurance Commercial Lines Business
This contract is between Sky Insurance Services Group Limited and you, our customer.
who we are
Sky Insurance Services Group Limited trades as Sky Insurance. We are an independent intermediary; we give advice on, sell and administer general insurance policies. We’re also allowed to help arrange credit facilities to help pay for insurance.
Sky Insurance Services Group Limited, is part of Daly Holdings Group Limited.
what we do
We work closely with several leading insurers to provide specialist policies for our customers. We’ll give you a fair analysis of the market, based only on our panel. If you’d like to know who is on our panel, just ask. Sometimes we use other intermediaries to help us find the best cover for you, if we do we’ll let you know.
We use information you’ve given us to find the right cover for you. We ask questions to make sure we have the right information. We give the answers you’ve provided to insurers, they use this information to help them decide what cover to offer and how much to charge.
If you want to find out more about Sky Insurance, you can call or go to our website at www.skyinsurance.co.uk.
We’re authorised and regulated by the Financial Conduct Authority, and you can search for us on the financial services register. Our firm number is 469048. You can find out more by going to www.fca.org.uk or calling 0800 111 6768.
Our promise to you is that you’ll always get our best policy, best price, best service.
Our address is Sky House, 28 Station Close, Potters Bar, Herts, EN6 1TL. You can call us on 03303 331 255 or email at [email protected].
Your information will be kept private and confidential. There are certain times when we need to share your information with business partners, insurers, credit providers and other third parties. We do this when they are directly involved in administering your insurance.
We also use your information to keep you up to date with developments at Sky Insurance and our other companies. We might need to do this for legal reasons, to help you find your insurance policy or collect payment. We record all calls.
We hold data in line with the Data Protection Legislation. This means you have the right to see the personal information we hold about you. If you want to know what information we hold about you, please let us know. There is no charge for this information. There may be a charge if the request is onerous, but this will only cover the cost to us.
We also use information that is publicly available to help check who you are and protect against fraud. This includes things like credit referencing and checking the financial sanctions lists. Credit checks may appear on your credit report, even if you don’t take the policy out. If you have any queries don’t hesitate to call or write to us.
what you need to do
We will ask you questions that are important to insurers when offering to cover you. You have a duty to make a fair presentation of the risk that your business presents.
If the answers you give aren’t correct the insurer could; walk away from the agreement as though it never existed, charge you more, add in terms or decline a claim you make.
It is also a criminal offence to give incorrect information to get a certificate of motor insurance.
You must check your policy documents to make sure that the information in them is correct. We recommend that you keep copies for your records. If you’d like a copy of your application, within the first three months of your policy, we’ll provide this free of charge.
If anything mentioned in your policy documents changes let us know immediately.
We will also provide you with a list of documents, which you will need to send to us. If you don’t provide the documents your policy may be cancelled.
what you pay
Our fees are:
for setting up or renewing a policy
A maximum of 25% of your insurance premium, subject to a minimum of £25.00
for cancelling a policy
A maximum of 25% of your insurance premium, subject to a minimum of £25.00
making changes to the policy
A maximum of £50.00 per adjustment.
£25.00 for collecting arrears payments.
£10.00 for issuing duplicate documents by post.
We don’t charge for giving advice or searching the market. Once we’ve found the right policy for you, we’ll give you a breakdown of the price, including fees and insurance premium tax.
If we change our charges, we’ll let you know by providing an up to date copy of this agreement. These charges are in addition to any charges made by the insurer and any commission they pay us. If you want to discuss our earnings, please don’t hesitate to ask.
Should your policy be cancelled, outside of any cooling off period, our commission and fees are not refundable. We will refund any remaining premiums, unless there is an outstanding amount on a finance agreement. In that case, your finance provider will reclaim the outstanding amount before any money is returned to you.
Some insurers will allow you to split the premium over several payments. We will let you know if that is an option when we arrange your policy for you. If your insurer does not offer an instalment plan, we may be able to arrange a credit agreement to pay for your insurance premium.
We use Close Brothers Premium Finance Limited. Close Brothers charge interest on the value of the loan, we receive a commission on loans that we arrange.
We will let you know when you need to pay your finance agreement. If you don’t pay in time, your policy won’t be valid. If you pay monthly, and don’t make a payment, your policy will be cancelled in line with your credit agreement.
If you need to make a claim, you can call us for information about who to contact about your claim. The insurer’s claim number will be in your policy documents.
If anyone else involved in the claim contacts you, you should get in touch with us or your insurer without making any comment.
next year’s policy
Before your policy ends, we’ll be in touch to discuss your next year’s cover. We’ll get your renewal quote based on the information you gave us when you took out your current year’s insurance. You need to let us know about any changes, as this may affect the price and cover you are offered.
We’ll put your quote in writing for you. In some cases, we might get in touch with other companies to help find you cover. If we do, we’ll let you know who they are. If we do this, we’ll give you advice about the cover we think meets your needs. If we renew your policy with your old insurer, we won’t be giving you advice.
changes to your policy
Your circumstances might change during the year. This may mean a change to your policy. If your insurer will still offer cover, based on the changes, we’ll let you know the additional cost if there is one.
cancelling your policy
As you have purchased a commercial policy, insurers aren’t required to provide a ‘cooling off’ period. Your insurer’s policy documents will outline the rules about cancellation. It is important to note that many commercial insurance policies are subject to no refund. If you pay by instalments cancelling your direct debit will not immediately cancel your policy. If you cancel your policy, you may still be liable to pay the full cost.
We do not refund any commission or charges we’ve received for setting up or administering your policy. We also charge a cancellation fee, which is outlined above.
how we pay refunds
Any refund payment that we make will be paid to the account you paid for your insurance. We cannot make payments to different accounts. This is for your protection and to prevent money laundering. However, should you require a refund after six months, we will pay the refund by cheque.
Refunds will be paid once we have received your money back from the insurance company. We will not pay a refund of less than £10.
If you are unhappy
Our aim is to provide all our clients with an excellent level of service. However, we recognise that there could be an occasion when you are unhappy. We take complaints seriously and have procedures for making sure they’re dealt with.
If you want to make a complaint, please contact us:
At our offices – Sky House, 28 Station Close, Potters Bar, Herts. EN6 1TL, Monday - Friday between 9am-6pm
By Telephone– 0330 333 1255
By Email– [email protected]
We arrange insurance for our customer with insurance companies and through Lloyd’s of London.
If you are a Lloyd’s customer, you can also complain to Lloyd’s:
- In Writing – Complaints Department, Lloyds, One Lime Street, London, EC3M 7HA.
- By Telephone – 020 7327 5693
- By Email – [email protected]
If you aren’t happy with what we, or Lloyd’s, do to resolve your complaint, you may be able to complain for free to the Financial Ombudsman Service on:
- 0800 023 4567 (free for people phoning from a "fixed line"), or
- 0300 123 9123 (free for mobile users who pay a monthly charge for calls to numbers starting 01 or 02)
- By post The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
- By email [email protected]
To see if you can complain to the Ombudsman, you can call them or go to their website. Information can be found in their leaflet, ‘Your Complaint and the Ombudsman’. The Ombudsman’s website is: www.financial-ombudsman.org.uk.
If you do wish to complain to the ombudsman, we would want to consider your complaint first. We have eight weeks to respond to your complaint. Once we respond, you then have a further six months to bring a complaint. If you complain outside of the six months, we will not consent to the ombudsman considering your complaint. Once we have received your complaint, we will acknowledge it and tell you who is going to investigate it.
conflicts of interest
We will make you aware of any conflicts of interest that could affect you. We will discuss this with you before we do anything that will affect your cover.
We have systems in place to manage conflicts of interest and make sure you aren’t affected.
protecting your money
Before we send your premium on to the insurer, we hold it in an insurer trust account. We do this on behalf of the insurer. This means your policy has been paid for as soon as you pay us. We may give customers credit from the account your money is held in, and in some cases, pay money to other intermediaries. Your money will always be protected, because this required by the FCA. We reserve the right to retain the interest earned on this account. Interest won’t be more than £20 on each transaction.
We check that the insurers who we offer cover are reputable, fair and solvent. We can’t guarantee that this will continue to be the case, but we do check regularly to make sure.
We’re covered by the Financial Services Compensations Scheme (FSCS). The FSCS steps in when financial services firms go into default. In the unlikely event that happened to Sky Insurance, you may be able to claim. Insurance advising is covered for 100% of the first £2,000 of any losses and up to 90% of any additional amounts claimed, with no upper limit. Compulsory insurance is protected in full. You can find out more at www.fscs.org.uk. Credit broking is not covered by the FSCS.
The contract is governed by the laws of England and Wales. Any disputes will be dealt with by English courts or using dispute resolutions services where appropriate