Terms of business

DEFINITIONS

In this Terms of Business Agreement “we”, “us” and “our” means Prime Cover Limited.
We work on behalf of insurers to incept, collect and refund premiums for your insurance policy. We will also handle mid-term adjustments and cancellations on behalf of your insurers.

ABOUT US

Prime Cover Limited is located at Suite 7, Clive House, Prospect Hill, Worcestershire, B97 4BY. We are authorised by the Financial Conduct Authority (FCA), our Financial Services Register number is 974738. This can be checked on the Financial Services Register by visiting the website, or by contacting the FCA on 0800 111 6768. Prime Cover Limited is an independent insurance intermediary.

YOUR RESPONSIBILITIES

CONSUMERS – INFORMATION WE NEED TO KNOW

You must ensure you do not make any misrepresentation when taking out an insurance policy. This means that if you deliberately or accidentally withhold any information, it could mean that part of or all of a claim may not be paid. In certain instances, insurers are able to cancel the policy and in some circumstances will void the policy in it’s entirety. If any of your information changes you must notify us immediately.

Actions your insurer could take are not limited and could involve amendments to premium, excess or cover.

In respect of insurance policies, it is an offence under the Road Traffic Act to provide incomplete or inaccurate information to the questions asked in your application for the purpose of obtaining a Certificate of Motor Insurance.

OUR CHARGES

We reserve the right, at our discretion, to make an administration charge. Where we arrange cover which is subject to no commission or a low commission payment from insurers, we will charge an arrangement fee. We will always advise you of the actual amount when we are providing you with a new or renewal quotation. Here is a guide to the charges that may apply:

All New Business & Renewal Policies: dependent on commission received
Mid Term Policy Adjustments (change of address, adding or removing drivers etc): £50.00 or 15% of the insurance premium
(Whichever is greater)
Debit/Credit Card Charge: £0.00
Cancellation: £50.00 or 20% of the return premium received (Whichever is greater)

These fees are non-refundable.

We receive varying commission from insurers when placing your business. We also receive commission from our finance provider(s). If you wish to learn more about the commission earned on your particular policy, please contact us for further information.

PRODUCTS

We have access to leading insurers and we select your insurance product from a wide range of insurers depending on your demands and needs. We will always advise you of available options prior to you committing to purchase an insurance policy.

In certain circumstances we will use the services of another intermediary or a managing general agent (MGA) to place your insurance and in these circumstances, we will always advise you of the name of that intermediary or MGA.

RENEWAL OF CONTRACT

We contact you in adequate time before your renewal date, offering you renewal terms or in situations where we are not inviting renewal, we will advise you. Renewal of the contract is based on the information you supplied when we arranged your current contract along with any amendments you have made during the period of cover. It is vital that you advise us of any changes to your information or amendments to your requirements.

PROTECTING YOUR MONEY

We operate on a risk transfer basis. This means that once your money is received by us, it is treated as being received by your insurer. We will hold this money in line with agency agreements that we have in place with our insurers. Any interest earned on the account will be retained by us.

PAYMENT OPTIONS

You must pay the premium due in accordance with the amounts and payment dates specified in our letter/invoice. Failure to meet the payment date may lead to insurers cancelling your policy. We will provide you with a breakdown of costs of your monthly instalments and a document outlining key features of the credit agreement.

Clients who have previously defaulted on instalments may not be offered this facility again. If you fail to pay an instalment on time the credit agreement and insurance policy may be cancelled.

CANCELLATION OF POLICY – RETAIL CLIENTS

All cancellation requests must be sent in writing (by post or electronically) and include your name, date of birth, full address and policy number. For electronic requests, these must come from the e-mail address linked to your policy.

First 14 Days: You may cancel your policy within 14 days of inception and you will only be charged pro rata or minimum charge from the insurer. You will be entitled to a refund of premium from your insurer, less our cancellation charge as outlined above. If any claim occurs whilst on cover there will be no refund and the full premium is due.

After 14 Days: After the 14 day period, the cancellation rate charges will revert to the insurers stated levels, information is available within the insurer’s policy booklet. If any claim occurs whilst on cover there will be no refund and the full premium is due. We reserve the right to cancel your policy if you do not comply with the terms set out to you before inception. In this instance you will be issued with a 7 day recorded delivery cancellation letter. You will be entitled to a refund of premium less our cancellation charge, as outlined above.

CANCELLATION OF POLICY – COMMERCIAL CLIENTS

The 14 day cooling off period does not apply to some Commercial products. Any right of cancellation will be detailed in your policy. Where cancellation is permitted, the fees and charges outlined above will apply and our original commission and administration fees retained. Please be aware that cancelling your Direct Debit does not cancel your insurance policy. For some insurance contracts, insurers will not provide refunds for mid-term cancellation of cover. We will advise you of this if it affects you.

REFUND PROCEDURES

(outside of cancellation rights or a mid-term adjustment resulting in a refund)

Where your insurance contract is cancelled by any involved party, we will endeavour to return any refund of premium to you in a timely manner. The timescale for any refund is dependent on the insurer returning the premium to us which can take up to 30 days. Therefore it is estimated that return premiums are likely to take 4 – 6 weeks, although any return premiums received before this time will be forwarded to you as soon as possible.

HOW TO MAKE A CLAIM

Please call our claims line on 0343 509 4900 or refer to your insurance policy book included within your welcome letter for claims procedure details. If you need further help, please call us on 01527 433 434 and we will be happy to assist you. If you receive any correspondence from a Third Party Insurer or Claims Management company not recommended by us, please ignore this and contact us directly using the number above.

Please ensure that you report all incidents that could give rise to a claim as soon as you become aware of them by either contacting your insurer or ourselves. In some circumstances, late notification can result in a claim being rejected or additional excesses being applied.

CONFLICTS OF INTEREST

Our company ethics and culture towards customer service means that we never deliberately put ourselves in a position where our interests or our duty to another party prevents us from discharging our duty to you. Where we become aware of any actual or potential conflict of interest we will inform you of the situation, the options available to you and we will ask for your consent to proceed.

COMPLAINTS

We always aim to offer you the highest level of customer satisfaction, but if you are in anyway dissatisfied with any aspect of our service or the policy cover provided, we offer a formal complaints procedure.
To make a complaint please detail your dissatisfaction and forward to us by post using the address above or e-mail (complaints@primecover.co.uk), and mark for the attention of our complaints manager, Richard Harrison.
Complaints will be dealt with using our complaint handing procedure a copy of which is available on request.

If you are not satisfied with the outcome of your complaint then you may be able to refer the matter to the Financial Ombudsman Service (FOS).
Access to the FOS is available to complaints that originate from the following categories
a) Consumers (e.g. private individuals)
b) Businesses employing fewer than 10 persons and with a turnover of annual balance sheet total not exceeding £2,000,000
c) Charities with an annual income of under £1,000,000
d) Trustees of a trust with a net assets value of under £1,000,000

Full details of the Financial Ombudsman Service are available via their website: https://www.fscs.org.uk/.

CONFIDENTIALITY OF INFORMATION

To help make sure you receive a competitive quotation, and to protect against fraud, we will use information that is within the public domain and also from credit reference agencies and other external organisations. Their searches will appear on your credit report whether or not your application proceeds. All information on our records relating to you will be treated as private and confidential and will only be disclosed to others such as our business partners, insurers, credit providers and other third parties who are directly involved in the normal course of arranging and administering your insurance. By using our services, you consent to any such transfer of information to a third party. Where you have given consent we may use the data we hold about you to provide you with a renewal quotation and information about products and services we consider may be appropriate. To enable us to protect your personal data, we will always require you to confirm data protection security information on all inbound and outbound communications with us.

OUR RETENTION OF YOUR PERSONAL INFORMATION

By using our services, you consent to us and our partners retaining any personal information you have provided. We will retain any personal information only for as long as is necessary to fulfil the business purpose for which it is collected. We will also retain and use your personal information for as long as necessary to comply with our legal obligations, resolve disputes, and enforce our agreements. This regulatory requirement period is for six years as set by the financial conduct authority ‐ www.fca.org.uk.

Under the General Data Protection Regulations 2018 and UK Data Protection Act 2018 you have the right to ask us for a copy of any personal information about yourself that we hold on our records. Please contact us if you require any more information. For further information on your rights under the General Data Protection Regulations please refer to the Information Commissioners Office – www.ico.org.uk.

Third parties are also able to make the request on behalf of you, and this is normally a solicitor acting on behalf of a client or an individual you want to act on your behalf. Where it is a third party making the request we will need confirmation from you that the third party has permission to act on your behalf and request the information. It is the third parties’ responsibility to provide us with this confirmation which is normally a written authority from you for the third party to make the request or a power of attorney. We will not release any information to a third party without being satisfied that they have permission to make such a request on your behalf. When we receive the written data subject access request we have one calendar month in which to provide the personal information. Please contact us if you require any further information.

FINANCIAL SERVICES COMPENSATION SCHEME (FSCS)

We do not guarantee the solvency of any insurer we place business with. We are covered by the Financial Services Compensation Scheme (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. Full information about compensation scheme arrangements is available from the FSCS by visiting http://www.fscs.org.uk.

APPLICABLE LAW

This Terms of Business Agreement is governed by the Laws of England, Wales and Scotland and the parties agree herewith that any dispute arising shall be subject to the jurisdiction of the relevant court.

BRIBERY AND CORRUPTION

Our business is structured with appropriate systems and controls so as to comply with the requirements of the Bribery Act 2010.