Please read this document carefully as it sets out the Terms that apply to our appointment by you and the services we will provide. This document supersedes any terms of business that may have been previously provided to you. If there is in anything in this document you do not understand or agree with, please contact us. We will assume you accept these terms if we do not hear from you.
The Financial Conduct Authority (FCA) is the independent watchdog that regulates financial services.
Policy Powerhouse Limited is an appointed representative of Innovative Risk Labs Ltd, under Firm Reference Number 946345. Innovative Risk Labs Ltd is authorised and regulated by the Financial Conduct Authority under FRN 609155. You can check this by visiting financial-services-register or by contacting the FCA on 0800 111 6768.
Policy Powerhouse Limited. Registered office: The Granary, Hermitage Court, Hermitage Lane, Maidstone, Kent. ME16 9NT. Registered in England & Wales No. 13071685.
Innovative Risk Labs Ltd. Registered Office Address: 3rd Floor 86-90 Paul Street, London, EC2A 4NE. Registered in England and Wales, under Company Number: 08529421.
As an insurance intermediary, we normally act for you when we arrange your insurance. However, we can also act as an agent of the insurer in relation to the coverage proposed or the insurer may have outsourced to us certain work related to the administration of your contract. We have in place management controls to deal with any conflicts of interest that may arise. Unless we advise you otherwise, we are acting on your behalf. We do not offer advice in relation to tax.
We deal with non-advised sales only.
If you take out, amend or renew your insurance through us, this will be on a non-advised basis. You will not receive advice or a recommendation from us. We may ask some questions to narrow down the selection of products that we will provide details on. You will then need to make your own choice about how to proceed. You should ensure such transactions are suitable for your needs.
Quotations will be valid for a period of 30 days from the date of issue unless advised otherwise. We reserve the right to withdraw quotations in certain circumstances (e.g. where the insurer has altered the premium/terms for the insurance since the quotation was given, or if a claim/incident has occurred since terms were offered).
We offer products from a range of insurers. While we select insurers carefully, we cannot guarantee the solvency of any insurer. We are not tied to any insurer and no insurer holds any shareholding in us or any of our subsidiaries or associated companies. We do not have any holdings or voting rights in any insurer.
When a policy is issued you are strongly advised to read it carefully, as it is that document, the schedule and any certificate of insurance that is the basis of the insurance contract you have purchased. If you are in doubt over any policy terms and conditions, contact us promptly.
We usually receive brokerage (also referred to as commission) which is a percentage of the insurance premium paid by you and is permitted by the insurer with whom the insurance is placed.
We also charge a fee to administer your policy. This is 10% of your premium subject to a minimum of £20 and a maximum of £50 (other than Holiday Let Complexes where there is no maximum fee). We may be entitled to retain all brokerage and fees irrespective of any cancellation or mid- term adjustment.
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.
You must settle the premium/s due in cleared funds in accordance with the amount and payment dates specified in our correspondence with you. Failure to meet payment dates may lead to insurers cancelling your policy. Where insurers have specified that a premium must be settled by a certain date, failure to comply may result in the automatic termination of your insurance contract.
We will inform you of the payments options available when we provide you with your insurance premium.
Policy Powerhouse Ltd acts as a credit broker in arranging premium finance and acts on behalf of and owes a duty to the premium finance provider. Policy Powerhouse Ltd will receive commission for arranging finance agreements, which is a percentage of the finance charge on premiums financed. Policy Powerhouse Ltd works with a single finance provider and information about payment options is provided on a non-advised basis. You should make your own choice as to whether this arrangement is suitable for you. All instructions which we receive verbally or in writing from you or your representative are binding.
It is important that you read the finance agreement that is sent to you before you agree to enter into such an agreement. The finance arrangement you enter into will be with finance company, not with us or IRL. Please note that your policy cover will cease if you fail to maintain payments on an instalment agreement or a premium finance facility related to it.
We are not permitted to hold client money. Innovative Risk Labs Ltd (IRL) will hold your money under a risk transfer agreement with insurers or in accordance with the FCA rules. Monies will be held in a non-statutory Insurer trust account. This is standard practice within the insurance industry, and holding your money in this way protects your money in the event that IRL becomes insolvent. IRL may earn interest on monies held, which will be retained by them. Unless you tell us otherwise, you are consenting to IRL holding your money in this way.
In arranging your insurance, we may employ the services of other intermediaries who are regulated by the FCA, and your premium may be passed to these intermediaries for payment to insurers. We will inform you if at any time IRL are required to pass your premium to firms who operate outside of the UK, where protection arrangements may differ.
Please contact us if you wish to cancel a policy we have arranged for you. Consumers usually have a legal right to cancel policies for any reason, subject to no claims have occurred, within 14 days of receiving the full terms and conditions (cooling off period). If you decide to cancel your policy within this timeframe and you have not made a claim on the policy, you may be entitled to receive a refund of any premium paid less any reasonable costs incurred by the insurer in providing the cover.
Your insurance may include a cancellation clause. The terms of your policy may allow insurers to retain the premium in full or to charge short period premium in event of cancellation before the policy expires. Please check your policy documentation for details. Please note that our commission and fees are fully earned from the date insurance cover commences and will not be refundable in the event of cancellation, avoidance or early termination of the policy.
Renewals will be invited on the basis that there have been no changes other than those specifically notified to us and your insurers. We will notify you each year in advance of the renewal date and inform you of any changes to the premium, policy terms and conditions. If we do not receive your instructions by your renewal date, we reserve the right not to renew your policy. We will not be held liable for any loss you may suffer if you fail to provide the necessary instruction in sufficient time prior to renewal. If your policy is automatic renewal, this will be advised to you at the time your policy is issued. If you do not want to us to automatically renew your policy please inform us otherwise we will renew your policy and invoice you accordingly. Failure to notify us or your insurers of any changes to your circumstances may lead to your policy being cancelled, your claim being rejected, or not fully paid.
In accordance with Data Protection Law, we must always have your consent or a legal basis for using personal data. By asking us to quote or provide you with insurance, you have consented to our use of your personal data, as it is in our legitimate business interest to use it (legal basis). You may withdraw your consent to such processing at any time however, if you withdraw your consent, this will impact our ability to provide insurance or pay claims. Your personal data may be used for the following purposes, quotation, policy administration, claims processing, renewals, mid-term adjustments and complaints handling (this is not an exhaustive list). Providing services to you may involve the disclosure of personal data to third parties such as insurers, loss adjusters or premium finance providers which may result in a credit check to confirm your identity, assess your financial standing and minimise the risk of fraud. We may also disclose your information pursuant to legal and regulatory requirements. Our privacy notice can be viewed at www.policypowerhouse.com or is available upon request.
We aim provide a high level of customer service at all times, but are aware that occasionally, we may not meet your expectation. If for any reason we fail to meet your expectation, please contact us as soon as possible by phone 0333 7727453, email complaints@policypowerhouse.co.uk, or in writing to Compliance Manager, Policy Powerhouse Ltd, The Granary, Hermitage Court, Hermitage Lane, Maidstone, Kent. ME16 9NT. A copy of our complaints procedure is available upon request.
We aim to resolve concerns within 3 working days. Where this is not possible, we will acknowledge your complaint in writing within 5 working days of receipt. If our investigations take longer, we will provide a full response within 20 working days or explain our position and timescales for a full response. If you are unhappy with our response or the position after a period of 8 weeks, you may be entitled to refer your complaint to the Financial Ombudsman Service (FOS).
The FOS may not be able to consider a complaint if you have not provided us with the opportunity to resolve it first. You must make your complaint to the FOS within 6-months of receiving our Final Response Letter. You can contact the FOS on 0800 023 4567 or by writing to: The Financial Ombudsman Exchange Tower, Harbour Exchange Square, London, E14 9SR. www.financial- ombudsman.org.uk
We are covered by the FSCS. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim. Insurance advising and arranging is covered for 90% of the claim without any upper limit. For compulsory classes of insurance, this increases to 100% of the claim without an upper limit. Further information about compensation scheme arrangements is available from the FSCS helpline: 0800 678 1100 or website: www.fscs.org.uk
This terms of business is subject to English Law and the jurisdiction of the English Court.
IMPORTANT INFORMATION
Your responsibilities will vary according to whether you are a Consumer or Commercial Customer.
CONSUMERS (e.g. individual taking out insurance wholly or mainly for the purposes unrelated to their trade, business or profession)
If you are an insured consumer and the insurance is governed by English law your duty is:
You must take reasonable care not to make a misrepresentation to the insurer. This means that all the answers you give and statements you make as part of your insurance application, including at renewal and when an amendment to your policy is required, should be honest and accurate. If you deliberately or carelessly misinform the insurers, this could mean that part of or all of a claim may not be paid.
Your duty of fair presentation applies at the start of the policy, at renewal and when any variation of the policy is arranged. If you fail to make a fair presentation, the insurer may refuse to pay your claim or reduce the settlement amount, depending on the circumstances.
COMMERCIAL CUSTOMERS (e.g. insured taking out insurance wholly or mainly for the purposes related to their trade, business or profession)
If you are a Commercial insured and the insurance is governed by English law, you have a duty under the Insurance Act 2015 to make a ‘fair presentation of the risk’ to your insurers. This duty requires you to disclose all ‘material’ information, facts and circumstances in a manner which is reasonably clear and accessible, and not to make any misrepresentations. This duty applies before you take out your policy, when you renew it, when you vary or extend it, and also during the life of the policy.
A material fact is one which would influence the judgement of a prudent insurer in determining whether to take on the risk and if so, on what terms. It includes (but is not limited to) any particular concerns which led you to seek insurance cover, any special or unusual facts relating to the risk, and anything which people involved with this type of insurance and your type of business would generally understand as being something which should be included in a fair presentation of the risk.
This duty requires you to disclose all material facts which are known by your senior management (i.e. the individuals of your business who play significant roles in the making of decisions about how your business activities are to be managed or organised) and by the individuals who are responsible for arranging your insurance. It also requires you to carry out a reasonable search for material information that you ought to know and which is reasonably available to you. You should therefore make appropriate enquiries for material information throughout your business and outside your business (such as, enquires of your agents and of anyone who will be covered by the insurance).
When providing information, completing a proposal form or otherwise confirming any information to your insurer, you should take care to ensure the details provided are complete and accurate and that all material statements of fact are substantially correct and not misleading, and that any representation you make which is a matter of expectation or belief (e.g. as an estimate or forecast) is provided in good faith.
Failure to comply with your duty of fair presentation could prejudice your right to recover in the event of a claim or enable insurers to apply additional terms to your policy from the date it started, or even to avoid your policy (i.e. cancel it from inception without refund of premium) and treat it as if it never existed.
If you are in any doubt as to whether something is a material fact, please contact us promptly.
