Terms of Business

ABOUT US – Milestone Insurance Consultants Ltd, 20-22 Parkside, Horsforth, Leeds, LS18 4DN are authorised and regulated by the Financial Services Authority (FSA) under reference no. 307191.Full details may be checked on the FSA register by visiting website www.fsa.gov.uk/register or by contacting the FSA on 0845 606 1234.  We are permitted to arrange, advise on and deal as an agent of insurers and clients for non-investment insurance policies on behalf of our customers. This is based on a fair analysis of the insurance market, or for some types of cover we may use a limited number of specialist insurers, of which you may request details. We deal direct with insurers in the majority of cases but occasionally we use specialised schemes only available through other brokers. We will advise you if this is the case.

RIGHT TO CANCEL – If on reflection the policy does not meet your requirements you may have the right to cancel your policy within 14 days, please refer to your policy summary or policy document for further details. You will receive a pro-rata refund from the Insurer. Insurers are also entitled to make an administration charge.  We will also charge an amount that reflects our administration costs.   

CANCELLATION OF POLICY – If your policy is cancelled after 14 days, it will be cancelled as per the terms and conditions of your policy. The terms of your policy may allow insurers to retain the premium in full or to charge short period premiums. It is advisable to phone us before any decision to cancel is made, particularly if you have had a claim in the current period of insurance or you intend to replace your vehicle.  Requests for cancellation must be in writing from the policyholder or their legal representative and any relevant certificate of insurance must be returned to us. Upon cancellation we make a charge that reflects our administration costs and in addition we do not refund the commission paid to us for arranging the policy.  

CANCELLATIONS ON INSTALMENT CASES – Where a claim has occurred under the policy no return of premium is usually due. If you are paying in instalments, you are liable for the whole of the loan even if your policy is cancelled. You should not stop your monthly payments without speaking to us first. If your credit agreement is cancelled for any reason, by agreeing to place business with us you authorise us to cancel your insurance policy on your behalf.

DEFAULTS – We will debit monies from any debit or credit card details that we hold on file if you default on any payments. Failure to pay an outstanding debt may result in cancellation of your policy and will result in legal action being taken to recover any outstanding balance.  This also applies to any outstanding balance in respect of any finance you may have taken out.  Defaulting on your loan could result in your policy being cancelled and leave you still liable for the outstanding loan.

LATE PAYMENTS/BOUNCED CHEQUES – We will charge £25 for late payments or when a cheque is bounced.

CHARGES – We make charges to cover our administration costs at inception of the policy, for mid-term amendments, cancellations and renewals. The charges we make vary and are in addition to any charges made by the insurance company and any commission we may earn.  We will indicate our charges separately and clearly to you.  We also charge 2% for payments made by credit card.

REFUNDS – No refunds can be made until we have received the money from the insurers.  If payment was initially made by credit or debit card, any refund will usually be made to the same card. All other refunds will be made by cheque.

CLAIMS – Please contact us immediately if you wish to make a claim under your policy. If there is a delay in notification you may suffer penalties or refusal from your insurance company to deal with your claim.

COMPLAINTS – It is our intention to provide you with a high level of customer service at all times. If however you have reason to make a complaint about our service please let us know immediately by contacting the Department Manager at the above address. On the rare occasion that we are unable to resolve your complaint you may then be entitled to refer it to the Financial Ombudsman Service, an independent body. Full details of this service would be given in our final letter should the occasion arise.

PROTECTING YOUR INFORMATION – Personal information about you will be treated as private and confidential except when you give us your consent to discuss this with a Third Party or when the information that you have given to us is relevant for us to administer your insurance policy, including underwriting and claims handling. This may include disclosing it to insurers, service providers, regulatory and legal authorities, finance companies or to agents who provide services on our behalf. For hire and reward policies, we also reserve the right to discuss or inform your local licensing authority of certain issues, particularly in the event of cancellation or pending cancellation. Your data will be held in accordance with the DATA Protection Act 1998, under which you have a right of access to see personal information about you that is held in our records, electronically or manually.

DISABLED PERSONS – If any client has special needs, to enable you to use our services, please contact a member of staff who will advise of the steps we can take to assist.

YOUR DUTY OF DISCLOSURE – Your insurance is based upon the information provided to the insurance company and you must ensure that all such information is complete and accurate, and that any facts that may influence the insurer’s decision to accept the policy and what terms are applied must be disclosed. You must also advise us of any changes in circumstances during the period of the policy, including renewal. Please contact us if you have any doubts as to whether to advise your insurer. Failure to disclose material information may invalidate your insurance cover and could mean that part, or all, of a claim may not be paid.

FINANCIAL SERVICES COMPENSATION SCHEME – We are covered by the Financial Services Compensation Scheme (FSCS). If we were unable to meet our obligations you may be entitled to compensation from the scheme. This depends on the type of business and the circumstances of the claim. Further information is available from FSCS on: 020 7892 7300 or by visiting website http://www.fscs.org.uk/

PROTECTING YOUR MONEY – Prior to your premium being forwarded to the insurer, and for your protection, we either hold your money as an agent of the insurer (in which case your policy is treated as being paid for), or we hold it in a client back account on trust for you. We hold money in a non-statutory trust account allowing us to extend credit to other customers. We may also transfer your money to another intermediary where cover has been arranged through them. Your money is protected at all times and is subject to strict controls set down by the Financial Services Authority. This protects you, in the unlikely event of our failure, as client money will not form part of the firm’s property and the general creditors would not be able to make claims on it. We reserve the right to retain any interest earned on this account.

BY PLACING YOUR BUSINESS WITH US YOU ARE DEEMED TO BE ACCEPTING OUR TERMS OF BUSINESS AND YOU ARE GIVING YOUR CONSENT FOR US TO OPERATE IN THIS WAY.

Last updated 11/4/08

Heidi Mullin - data protection act