Read Hunt

Introduction:

This terms of business comes into force on the date you receive it from us and will remain in force until you are provided with revised terms. Read Hunt Ltd is an insurance intermediary acting on your behalf in arranging general insurance. We act as an Independent Intermediary on your behalf. We offer a full range of insurance products and our service includes advising you on your insurance needs; arranging your insurance cover with insurers to meet your requirements and helping you with any subsequent events or alterations to your insurance that we have placed on your behalf. We place insurance with several Insurers on the basis of a fair analysis of the market and we will advise you should we have any special arrangements with them or should you have to deal directly with the insurer for ongoing policy administration. We may issue policies and handle claims on behalf of some insurers. For certain types of insurance, we represent only one Company, and we will advise you should this be the case. We will also advise you should we place your insurance through any other intermediary regulated by the FCA. In such circumstances, we remain responsible for payment to Insurers.

Status.

Read Hunt Ltd of Willis Croft, Downs Row, Moorgate, Rotherham, S60 2HD is authorised and regulated by the Financial Conduct Authority. Our FCA Register number is 304444. We may at times use a trading style of Read Hunt Insurance Brokers. Our permitted business is advising and arranging general insurance contracts. You can check this on the FCA’s Register by visiting the FCA’s website www.fca.org.uk or by contacting the FCA on 0800 111 6768. The FCA is the independent watchdog that regulates financial services. It requires us to give you certain information to decide if our services are right for you.

Professional Indemnity.

We conform to the FCA rules in respect of Professional Indemnity Insurance. This type of insurance is mandatory for FCA compliance.

Disclosure of Information.

It is important that you understand that any information, statements or answers made by you to us or your insurer are your responsibility and must be correct. Your attention is particularly drawn to the importance of the declaration and signature on any Insurers’ Proposal Forms as any failure to disclose facts material to the insurance or any inaccuracies in your answers may invalidate your insurance cover in part or in whole. Facts material to the insurance are matters or information which may influence your Insurer as to the acceptability, premium rate or otherwise of your Proposal or Renewal and must be disclosed at the outset (whether or not a proposal form is completed) or at the earliest opportunity and certainly at each Renewal. You are advised to keep copies of documentation sent to or received from us for your own protection. Please do consult us if you are in doubt on any aspect.

Awareness of Policy Terms.

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 of the policy terms or conditions, please seek our advice promptly.

Our Remuneration.

We receive our remuneration by payment from Insurance Companies and Premium Finance Companies (known as commission or over-riders). We may receive commission for a policy which we set up and we may also charge a fee for our services. This may be in addition or in lieu of commission received. Policies may be undertaken by means of a professional fee which will be levied by way of a separate invoice. This is a non-refundable fee on cancellation of any policies by us, or the client. We may also charge a claims handling fee which is to provide our services in the event of claims throughout the period of the policy it relates to. We and or a placing broker including Lloyds Brokers acting on our behalf may charge a placement or policy charge which is for the placement and setting up of the relevant policy. This will again be separately detailed. We may charge fees in addition to any insurance premiums, for the arranging, amending renewing and cancellation of any policy of insurance. Again, this will be detailed specifically. This is a non-refundable fee on cancellation of any policies by us, or the client. In the event that your insurance is placed via any other intermediary regulated by the FCA, the other intermediary may earn commissions and or charge professional fees. We may at our discretion make a £25.00 charge for administration when dealing with a return premium. Direct Earning - As your chosen insurance intermediary, we earn income in various ways as per our remuneration detailed within these terms and conditions. We can earn by charging you a fee for our service. Whenever we charge a fee, that amount will be disclosed to you separately to the insurance premium. If we have charged you a fee, this information will have been provided to you already alongside details of the premium. We can earn by receiving a commission payment from the insurance company with which the insurance is placed. This amount will usually be calculated as a percentage of the insurance premium and the percentage will have been contractually agreed with the insurance company. We earn different percentages for different classes of business and from different insurance companies. At any time you may ask us to provide details of this firms income in relation to your account.

Premium Financing

• For arranging the financing of your policies we can earn up to 3% of the amount funded, which can vary due to commercial consideration which we will detail. Read Hunt is a licenced credit broker.

Motor Fleet Uninsured Loss Recovery and Commercial Legal Expenses

• When placing this business with a legal expenses provider we are acting on behalf of them as the placing intermediary although we always act on behalf of you in handling claim or administrative issues. As part of our agreement with these providers we can earn up to £150 for resolved personal injury claims and up to £250 for hire car agreements, although each case may vary. In the placing of this business, we also earn the premium charged less £1.00 plus the Insurance Premium Tax on motor uninsured loss recovery and up to £80.00 on commercial legal expenses. This will vary due to commercial considerations which will be documented.

Client Money.

All money received from or on behalf of clients, including claim payments and premium refunds, is held in a separate designated Barclays Bank PLC “client account statutory trust” before paying the insurance company. Payment Terms. Full payment must be received by ourselves, by the date shown on our invoice, to comply with FCA requirements in respect of statutory trust client accounts. This stipulates that we cannot make payment to insurers on your behalf before payment is received from you and shows as cleared funds in our account and therefore cover cannot be guaranteed unless payment is received by the due date. Credit facility forms must be completed and returned to ourselves within 5 working days of inception of cover or as stipulated on our invoice. Chasing of outstanding payments may, at our discretion, incur additional reasonable administration costs. If payment terms are not met we reserve the right to issue a seven-day recorded delivery, notice of cancellation of insurance policies. However it is not to be assumed that without a recorded delivery letter that the policies are still in place. The recorded delivery is discretionary.

Claims.

It is essential that we are notified immediately in the event of a claim or circumstances that might give rise to a claim in order that insurers may be advised. Any delay may affect your entitlement to make a claim. Where we are able, we will assist you throughout the various stages of making the claim. You should not admit liability or agree to any course of action, other than emergency measures, carried out to minimise the loss, until you have agreement from your insurers.

Documents.

We reserve the right to retain all documents, certificates and policies until all due monies have been paid including if paid by instalments. By accepting these terms, you agree that any delivery to us of any certificate of insurance shall constitute delivery to yourself in accordance with statute law. Should we retain any documents we will ensure that you receive full details of your insurance cover.

Complaints.

We take all complaints seriously. If you wish to register a complaint then please contact Mike Huntington, either: In writing to, Read Hunt Ltd, Willis Croft, Downs Row, Moorgate, Rotherham, S60 2HD. Or by telephone on 01709 278178. We will acknowledge your complaint in writing and tell you how we will handle it. If we are unable to settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service. A copy of the complaint’s procedure is available upon request. https://www.financial-ombudsman.org.uk

Compensation

We are covered by the Financial Services Compensation Scheme (FSCS). You may be entitled to compensation from the FSCS if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim. Compulsory insurance, long-term insurance, PI and claims arising from the death or incapacity of the policyholder due to injury sickness or infirmity are covered 100% all other kinds of insurance are 90% protected (no £2,000 inner limit) Further information about compensation scheme arrangements is available from the FSCS.

Confidentiality.

Unless required by law, public interest, virtue of our being regulated by the FCA or you give your consent, all information you supply will be kept confidential to us and parties involved in the normal course of arranging and administrating your insurance. Under the Data Protection Act 2018 you have the right to see personal information about you that we hold in our records. Should you have any queries please write to us at the above address. Please refer to our privacy statement for further information.

Notice.

Insurers pass information to various agencies run by the Association of British Insurers to check information and help prevent fraud. Motor insurance details are added to the Motor Insurance Database run by the Motor Insurers Information Centre to assist in providing insurers and the Police with policy information and help identify uninsured drivers.

Acceptance.

By accepting these Terms Of Business, you are giving your consent for us to act in the manner described.