Terms of Business Agreement

This document details our service and our arrangements for dealing with your insurance and is effective from 2nd February 2018. Please read it carefully and retain a copy for your records. The English language will be used for all communications, the contractual terms and conditions and any information we are required to supply to you, before and during the duration of the contract. This agreement shall be subject to English Law (Scottish Law, where issued in Scotland).

The Financial Conduct Authority

From 1/4/2013 The Financial Conduct Authority is the independent watchdog that regulates financial services. Medical Insurance Advisory Bureau Limited is authorised and regulated by the Financial Conduct Authority. Our FCA Register number is 586374. You can check our status at www.fca.org.uk or by contacting the FCA on 0800 111 6768. Our permitted business includes advising, arranging, dealing in and assisting with the placing and administration of General Insurance and Pure Protection policies.

Confidentiality and Data Protection

We will treat all your personal information as private and confidential to us and anyone else involved in the normal course of arranging and administering your insurance, even when you are no longer a customer. We will not give anyone else any personal information except on your instructions or authority, or where we are required to do so by law, or by virtue of our regulatory requirements. We may use information we hold about you to provide information to you about other products and services, which we feel may be appropriate to you. Under the Data Protection Act 1998 you have the right to see personal information about you that we hold in our records. If you have any queries please write to us at our usual office address.

Our Service

We are an independent insurance intermediary, who acts on our customers’ behalf in arranging insurance. Our services include: advising you on your insurance needs; arranging your insurance cover with insurers to meet your requirements; and helping you with any ongoing changes you have to make. As part of our service, we will assist you with any claim you need to make and tell you what your responsibilities are in relation to making claims.

Whose products we offer

We usually offer advice from a limited number, or single, insurer, although we are not contractually obliged to do so. You can ask us which insurers we have considered in each case. We may use providers who will conduct a credit check, which will be recorded on your credit record. Please contact us if you do NOT consent to a credit check being undertaken, however this may affect our ability to offer instalment facilities to you. In relation to the provision of credit, we offer only the facilities provided by Insurers, or those of Premium Credit Ltd from whom we may receive a commission.

Our Service and Obligations to You

We will conduct a fact-find to evaluate Your insurance needs with the member of Your business who is responsible for your organisations insurance arrangements, who will be responsible for ensuring that Your disclosure obligations to insurers are met.

We will act as Your agent in sourcing a policy to meet Your demands and needs and presenting the information provided by Your nominated Insurance Contact in a manner which is clear and accessible to insurers. Where we operate under any delegated authority from insurers we will act as their agent when issuing cover and We will always advise You where this is the case.

We will advise and make a recommendation for You after We have assessed Your demands and needs. Our advice will be confirmed in a demands & needs and suitability statement, giving the reasons for Our recommendation.

We typically offer advice from a range of insurers, representing a fair analysis of the market, which means that We will have compared products from a sufficiently large range of insurance providers in terms of cover, price, quality of service and other relevant features in order to select appropriate policies for You. However, under certain circumstances We may only deal with a limited panel, or single insurer or We may use another, specialist, intermediary to access the insurance product that most suits Your needs. We will always inform You where this is the case.

We usually receive a commission from the insurer with whom We place Your business and, in addition, We will normally make the charges as shown in our Terms of Business Agreement to administer your policy. Prior to the conclusion of each insurance contract, or upon renewal, We will remind You of Your right to be advised of the level of commission which We receive from underwriters. 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.

Financial Services Compensation Scheme (FSCS)

The FSCS is the UK’s compensation fund of last resort for customers authorised financial services firm. We are covered by the Financial Services Compensation Scheme (FSCS). Insurance advising and arranging is covered for 90% of the claim, without an upper limit. For compulsory insurances (for example, motor insurance and employers’ liability insurance), insurance advising and arranging is covered for 100% of the claim, without an upper limit. Further information about compensation scheme arrangements is available from the FSCS at www.fscs.org.uk.

Payment Options

We normally accept payment by guaranteed cheque or the following credit/debit cards – Visa, MasterCard, Maestro. You may be able to spread your payments through insurers’ instalment schemes or a credit scheme, which we have arranged with an established insurance premium finance provider, however rates and acceptance may be subject to a credit check. We will give you full information about your payment options and the appropriate finance agreement when we discuss your insurance in detail.

Please Note: Your policy cover will cease if you fail to keep up payments on an instalment agreement or premium finance facility related to it and your credit rating may be affected. In entering into a credit agreement to pay your insurance premium, you give the finance provider the legal Right to cancel your insurance policy on your behalf in the event that you default on the loan, and offset any refunded premium against the outstanding amount owed to them. This means that if you default on your payment terms and the finance provider requests that we cancel your policy, we will do so as your agent.

Reporting Claims

All incidents which could lead to a claim must be reported as soon as practicable. Your insurer’s claims contact number is shown in your policy.

Our Service in relation to the provision of Premium Finance

We are a credit broker, not a lender. We only offer the credit facilities of insurers and PCL. We may use providers who will conduct a credit check and share your payment record with other lenders, all of which may be recorded on your credit record. Please contact us if you do NOT consent to a credit check being undertaken, however this may affect our ability to offer instalment facilities to you.

Please Note: Your policy cover will cease if you fail to keep up payments on an instalment agreement or premium finance facility related to it. In entering into a credit agreement to pay your insurance premium, you give the finance provider the legal right to cancel your insurance policy on your behalf in the event that you default on the loan, and offset any refunded premium against the outstanding amount owed to them. This means that if you default on your payment terms and the finance provider requests that we cancel your policy, we will do so as your agent.

What You Will Pay For Our Services

In addition to commission paid to us by insurers, we may charge a fee to cover the advice given and a fee for the administration of your insurance. You will always be informed of any such charges before you purchase a policy with us. Our fees are non-refundable even if you cancel your policy.

Details of the fees we charge are as follows:

Debit & Credit Cards

  • Payment by Personal Credit Card: Nil
  • Payment by Business Credit Card: Nil
  • Payment by Debit Card: Nil

Information on how we treat Payments You make to Us

Under the terms of our agreements with the Insurance companies with whom we place business, we normally receive premiums you pay to us as Agent of the Insurer. All insurance premiums you pay to us are protected in a Statutory Trust Client Account until we pay insurers. We do not pay any interest on premiums held by us in the course of arranging and administering your insurance.

Data Protection and Privacy Statement

We recognise our responsibility to treat your personal information with care and to comply with all relevant legislation, in particular the Data Protection Act 2018 and the EU General Data Protection Regulation (GDPR) which we refer to as the “legislation” in this document. This notice covers our requirement to provide you with information on how and why we use your personal data and of your rights under the legislation.

Data Controller

We have provided you with a quotation and/or administer your insurance policy and are classed as the “data controller” which mean we determine the purposes for which and the manner in which any personal data are, or are to be, processed. The contact details are shown at the foot of this notice. Your data may be passed to other parties, including Insurers, for the purposes of arranging your insurance. These parties could also be data controllers and where necessary will issue their own Data Protection Privacy Notices.

Personal Information

We will use personal information about you mainly to:-

  • Provide you with a quotation from Insurers;
  • Arrange and administer your policy if you buy one through us; - Arrange Premium Finance/Consumer credit if required;
  • Inform you about our products and services; - Statistical analysis.

Some of the personal information we ask you to provide may be sensitive (special category) as defined in the legislation, e.g. you may have to give us information about your medical history, criminal convictions and driving offences. We are allowed under the legislation to collect such information for specified “insurance purposes” without your specific consent but it will only be used for the purposes set out above.

If you give us information about another person, in doing so you confirm that they have given you permission to provide it to us and that we may use their personal data in the same way as your own as set out in this notice.

Legal Basis for processing your Personal Information

We are required to have a lawful basis (as defined in the legislation) in order to process your personal data and the relevant bases which we use are show in the table below.

Purpose of processing

Lawful Basis

Providing quotations; arranging and administering insurance policies. Necessary for the performance of an insurance contract.
Arranging Premium Finance/ Consumer Credit. Necessary for the performance of a consumer credit contract.
Provision of information on products and services (Marketing). Our legitimate interests or your explicit consent.
To notify you of changes in our service. Our Legal and Regulatory obligations.
To prevent and detect fraud, money laundering and other financial crimes. Our Legal and Regulatory obligations.
To meet general legal or regulatory obligations. Our Legal and Regulatory obligations.
Statistical analysis. Our legitimate interests - to refine and enhance the products and pricing which we can offer.

 

Marketing

We may contact you by email, text, telephone, mail or other agreed means to keep you up to date about our products and services. The legislation allows us to do this in our own commercial interests for certain communications with previous customers. In other circumstances we can only do so with your explicit consent. In all cases you can opt out from receiving such communications at any time.

Disclosure of your Personal Information

As a necessary part of providing you with the services described above we may need to disclose your personal data to other third parties. These include: Premium Finance companies, Computer bureaux/Software Houses, Insurers, other Insurance Intermediaries, Membership and Representational Organisations, Training and Appraisal Service Providers, Care Providers, Buying Groups, Retails and Support Service Providers and other Insurance, Financial and Protection Service Providers, Insurance Industry databases, Government databases, Credit agencies, Regulatory authorities and the Police/other law enforcement bodies and this will be to assist with fraud prevention and detection.

Retention Period

Your data will not be retained for longer than is necessary and will be managed in accordance with our data retention policy. In most cases the period will be for a maximum of 7 years following the expiry of an insurance contract unless we are required to retain the data for a longer period due to business, legal or regulatory requirements.

International transfers of data

We may transfer your personal data to destinations outside the European Economic Area (EEA). Where we do we will ensure that it is treated securely and in accordance with the legislation.

Your Rights

We may transfer your personal data to destinations outside the European Economic Area (EEA). Where we do we will ensure that it is treated securely and in accordance with the legislation.

Under the legislation you have the following rights in relation to our processing of your personal data:-

1. The right to be informed about how we use your personal data (This Privacy Notice);

2. The right to see a copy of the personal information we hold about you. (In most cases this will be free of charge);

3. The right to have personal information rectified if inaccurate or incomplete;

4. The right of erasure of your personal information where there is no compelling reason for its continued processing;

5. The right to restrict processing in certain circumstances, e.g. if its accuracy is being contested;

6. The right to data portability which, subject to certain conditions, allows you to obtain and reuse your personal data across different services;

7. The right to object to certain processing including for the purposes of direct marketing;

8. Rights to information in relation to automated decision making and profiling.

Complaints/Contact us

For further information on this Privacy Notice, to access your personal information or to exercise any of your other rights, please contact The Data Protection Officer, Andrew North at MIAB at 9 Walkern Road, Stevenage, SG1 3QD and at email address andrew.north@miab.co.uk and at telephone number 01438 730210.

If you have a complaint about how we use your personal information please contact us at the address below. You also have the right to lodge a complaint with the Information Commissioner’s office at any time.

Our Administrative Fees for Commercial Customers:

Insurance Product

Set-up/Renewal

Premium Range

Mid Term Adjustment

Locum £200 All premiums £45
Surgery / Engineering / Office £25 £0 - £400.99 £15
  £35 £401 - £1000.99 £15
  £50 £1001 - £2500.99 £15
  £75 £2501 - £5000.99 £15
  £100 £5001 - £10000.99 £15
  £200 £10001+ £15
Cyber Liability £25 £0 - £500.99 £15
  £50 £501+ £15
Directors & Officers £25 £0 - £500.99 £15
  £50 £501+ £15
Corporate Liability £25 £0 - £500.99 £15
  £50 £501+ £15
Property Owners £25 £0 - £1000.99 £15
  £50 £1001+ £15
Medical Malpractice £10 £0 - £249.99 Nil
  £50 £250 - £1000.99 £45
  £75 £1001 - 3000.99 £45
  £100 £3001 - £5000.99 £45
  £150 £5001 - £10000.99 £45
  £200 £10001+ £45
Pharmacy Indemnity £45 All premiums £15


Our Advice Fees for Commercial Customers:

In addition to the administrative fees outlined above we also charge advice fees at the following rates:

Insurance Product

Set-up/Renewal

Premium Range

Mid Term Adjustment

Locum 20% All 20%
Surgery/Engineering Nil All Nil
Cyber Liability Nil All Nil
Directors & Officers Nil All Nil
Corporate Liability Nil All Nil
Property Owners Nil All Nil
Medical Malpractice Nil £0 - £1000.99 Nil
  5% £1001+ 5%
Pharmacy Indemnity Nil All Premiums Nil


Refunds and Cancellations:

All refunds are refunded NET of commission. We may, in addition, charge a £45 administration fee. Premiums may not be refundable if a claim payment has been made, if a claim has been submitted or a claim is pending. This will be subject to the terms and conditions outlined in your insurer’s policy wording.

Our Administrative Fees for Consumer Customers:

Insurance Product

Set-up/Renewal

Premium Range

Mid Term Adjustment

Household/Home

£25

£0 - £1000.99

£15

 

£50

£1001+

£15

All other products

Nil

Nil

Nil


Our Advice Fees for Consumer Customers:

In addition to the administrative fees outlined above we also charge advice fees at the following rates:

Insurance Product

Set-up/Renewal

Premium Range

Mid Term Adjustment

All products

Nil

All

Nil

 

Refunds and Cancellations:

Premiums may not be refundable if a claim payment has been made, if a claim has been submitted or a claim is pending. This will be subject to the terms and conditions outlined in your insurer’s policy wording.

What To Do If You Have A Complaint

It is the intention to give the best possible service but if there are any questions or concerns about your Policy or the handling of a claim please, in the first instance, contact our nominated complaints handler, Andrew North. The contact details are:

Mr Andrew North
The Medical Insurance Advisory Bureau Limited
9 Walkern Road
Stevenage
Hertfordshire
SG1 3QD

Tel: 01438 730215
Fax: 01438 318683
Email: andrew.north@miab.co.uk 

If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service, for an independent assessment and opinion. The FOS Consumer Helpline is on 0800 023 4567 and their website is at: www.financial-ombudsman.org.uk. Or you can contact them by post at:

Financial Ombudsman Service
Exchange Tower
London
E14 9SR

In the event that you remain dissatisfied, where your complaint relates to our activities as a Lloyd’s Coverholder, it may be possible for you to refer the matter to the Complaints team at Lloyd’s. Their address is:

Complaints
Lloyd’s
One Lime Street
London
EC3M 7HA

Tel: 0207 327 5693
Fax: 0207 327 5225
E-mail: complaints@lloyds.com
Website: www.lloyds.com/complaints

Details of Lloyd’s complaints procedure are set out in a leaflet “Your Complaint – How We Can Help” available at www.lloyds.com/complaints and are also available from the above address. If you remain dissatisfied after Lloyd’s has considered your complaint, you may have the right to refer your complaint to the Financial Ombudsman Service.

The Financial Ombudsman Service is an independent service in the UK for settling disputes between consumers and businesses providing financial services. You can find more information on the Financial Ombudsman Service at www.financial-ombudsman.org.uk.

Consumers wishing to complain about a policy sold online or by email, can register the complaint using the Online Complaint Resolution platform (ODR) at http://ec.europa.eu/consumers/odr/

 

IMPORTANT INFORMATION FOR CONSUMERS ONLY

General Insurance Policies

You have a legal right to cancel your policy or credit agreement for any reason, subject to no claims having occurred within 14 days of receiving the full terms & conditions. You will always be advised where this Right applies. For insurance policies, a charge will apply for the period of cover provided and in addition, we make an administration charge as detailed above. If you cancel a credit agreement you will need to repay any sums provided in full and make alternative arrangements to pay your premium. If you cancel after the 14 days, short-period cancellation rates apply. If you wish to cancel a policy you must advise us in writing, prior to expiry of the cancellation period, to our usual office address.

Pure Protection Policies

You have a legal right to cancel your policy or credit agreement for any reason, subject to no claims having occurred, within 30 days of receiving the full terms & conditions. You will always be advised where this Right applies. Providing no claim has occurred during this 30 day period a charge will not apply for the cover provided If you cancel after the 30 days, short-period cancellation rates may apply. If you wish to cancel a policy you must advise us in writing, prior to expiry of the cancellation period, to our usual office address.

Consumers’ Responsibility to Provide Information

You must take reasonable care to answer all questions honestly and to the best of your knowledge, and if you volunteer any other information, you must ensure that the information is not misleading. If any information that you have provided to us changes before you take out your insurance, during the life of the policy or at renewal, you must inform us of the change. If you deliberately, recklessly or carelessly misrepresent any information in relation to this insurance then your policy may be cancelled without refund, or treated as if it never existed, or your claim rejected or not fully paid.

 

INFORMATION FOR COMMERCIAL CUSTOMERS ONLY

Prior to the conclusion of each insurance contract, or upon renewal, we will remind commercial policyholders of their right to be advised of the level of commission which we receive from underwriters. 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.

Your Responsibility to Provide Information

You have a duty under the Insurance Act 2015 to make a fair presentation of the risk to insurers. This duty applies when You take out Your insurance cover, throughout the life of Your policy, and when You renew Your insurance.

This duty includes a need for You to undertake a reasonable search for material information which is known, or ought reasonably to be known, by Your company’s principals, directors, senior management (i.e. anyone playing a significant role in making business decisions in Your firm) and staff responsible for insurance.

You should advise Us of any particular concerns which led You to seek insurance cover and any special or unusual facts relating to the risk.

You must ensure that all material statements of fact are substantially correct and not misleading, and any material information which is a matter of expectation or belief (e.g. an estimate or forecast) is provided in good faith.

Failure to disclose any material information or change in circumstances to Your insurers which could influence the cost, or their decision to accept Your insurance, could mean that Your policy could be invalidated or cancelled without refund, or that part or all of a claim may be not be paid. ‘Material Information or changes in circumstances’ could include Your inability to comply with any conditions or warranties applicable to your policy, which should be notified to Us immediately.

‘Material statements’ and ‘material information’ are information which could influence the judgement of a prudent insurer in determining whether to take on a risk and on what terms


MIAB is a trading style of The Medical Insurance Advisory Bureau Ltd which is authorised and regulated by the Financial Conduct Authority under register number 586374 as a general insurance intermediary and as a credit broker. MIAB does not charge any fees to customers in relation to Credit Broking activities. In Jersey, MIAB is regulated by the Jersey Financial Services Commission Ref: GIMB0222. The Medical Insurance Advisory Bureau Ltd Registered in England and Wales No. 7217140 Registered office: 64 Wilbury Way, Hitchin, Hertfordshire, SG4 0TP.