Terms of Business
ABOUT US AND OUR SERVICE
Milestone Insurance Consultants Ltd are an independent Insurance Intermediary and by placing your business with us you are deemed to be accepting our Terms of Business and you are giving consent for us to operate in this way. We always act on behalf of both our customers (commercial & consumer) and the insurer.
Milestone Insurance Consultants Ltd, 20-22 Parkside, Horsforth, Leeds, LS18 4DN are authorised and regulated by the Financial Conduct Authority (FCA) under reference no. 307191. Full details may be checked on the Financial Services register by visiting website www.fca.org.uk or by contacting the FCA on 0800 111 6768. Our contact telephone number is 0113 2582219. We are permitted to arrange, advise on and deal as an agent of insurers and customers for non-investment insurance policies and the advice provided by us is on a personal recommendation usually based on a fair and personal analysis of the market. However for some types of insurance we use a single or limited number of specialist insurers which we have selected as offering value for money and quality service and in these circumstances we will always provide you with the name of the insurers which we conduct business with. We deal direct with insurers in the majority of cases but occasionally we use specialised schemes only available through other brokers and we will advise you if this is the case. 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. We are authorised by the FCA in respect of our Consumer Credit Permissions.
SOLVENCY OF INSURERS
We endeavour to place your business with insurers who have adequate means to meet their obligations but cannot guarantee the solvency of any insurer and we shall not be liable for losses suffered by you in the event of the insolvency of an insurer. This means that you may be liable for any premium due and not be able to recover the premium paid, whether in full or in part, should an insurer become insolvent.
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. In these circumstances you will normally 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. The right to cancel does not apply to a commercial customer i.e. a person who has taken out insurance in relation to their trade or profession.
CANCELLATION OF POLICY AND CANCELLATION ON INSTALMENT CASES
If your policy is cancelled 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 (as no refund is due), or you intend to replace your vehicle. Requests for cancellation must be in writing from the policyholder or their legal representative. Upon cancellation we charge a fee in line with the amounts below in order to reflect our administration costs (see Payment for our Services). Where a claim has occurred under the policy no return of premium is 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 AND LATE PAYMENTS
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. We may also instruct a third party to collect an outstanding balance on our behalf and you will also be responsible for the reasonable costs of the third party collecting money for us. 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. Please refer to the Payment for our Services Section below for details of our charges for late payments or returned cheques.
FAIR PRESENTATION OF RISK AND DISCLOSURE
COMMERCIAL CUSTOMERS (insurance purchased wholly or mainly in connection with your trade/profession or business) You are responsible for providing complete and accurate information which insurers require in connection with any proposal for insurance cover. This means that you must disclose every material circumstance which you know or ought to know. A material circumstance is one that is likely to influence an insurer in the acceptance and assessment of the application. You must also make a fair presentation to us in connection with any changes you wish to make to your policy, including at renewal. If you fail to do this it may invalidate the policy or reduce the amount you are paid in the event of a claim. If you are in any doubt as to whether a circumstance is material then please contact us.
CONSUMERS (individuals who have purchased insurance unrelated to their trade/profession or business)
You must take reasonable care to answer all questions honestly and to the best of your knowledge. Failure to do so may invalidate your insurance cover and could mean that part, or all, of a claim may not be paid.
PAYMENT FOR OUR SERVICES
In addition to the amount charged by insurers we also make charges to cover the administration costs of your insurance in line with the amounts below and these fees are non-refundable. We usually receive a commission from the insurance provider with whom we place your business and also receive a commission for arranging finance agreements for the payment of premiums. You are entitled, at any time, to request information regarding any commission we may have received as a result of placing or renewing your insurance cover. Any applicable insurance premium tax will be shown on the documentation we provide. We also charge 2% for any payments made by a business/corporate credit card.
|New Business and Renewal charges all products||Our charge will not exceed 30% of your annual insurance premium and we will advise you of the actual amount before you commit to purchasing the product|
|All other charges||Consumer||Commercial|
(including Courier & Taxi)
|Mid Term Adjustments||£25||£60||See below*|
|Change of Address||£25||£25||£25|
|Change of Registration Number||£25||£25||£25|
|Cancellation||£50||£150||15% of insurers return premium, minimum £150|
|Policy arranged but cancelled prior to cover start date||£50||£80||£80|
|Late Payment Fee||£60||£60||£60|
* Mid Term Adjustments (Fleet Insurance only) our charge will be the pro-rata equivalent amount based on the New Business or last Renewal charge and subject to a minimum fee of £50. Where you reduce the number of vehicles on cover at any point during the policy term, we will charge 10% of the return premium issued by the insurer, in order to reflect our administration costs, subject to a minimum premium of £50. You will be advised of the actual amount at the time of the adjustment.
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 or BACS.
All incidents which could lead to a claim under the terms of your policy must be reported as soon as possible and your insurers claims contact number is shown in your policy. Please contact us immediately if you wish to make a claim under your policy and we will assist you with any claim you need to make and tell you what your responsibilities are. For motor insurance claims, please call the Milestone accident assist number on 0800 027 9764 in order to receive assistance with your claim and recovery of uninsured losses where this is possible. If there is a delay in notification you may suffer penalties or refusal from your insurance company to deal with your claim.
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. When dealing with your complaint, we will follow our complaint handling procedures; a summary of these are available on request. 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, Exchange Tower, Harbour Exchange Square, London, E14 9SR www.financial-ombudsman.org.uk,0800 023 4567 or 0300 123 9 123.
CONFIDENTIALITY AND DATA PROTECTION
Personal information about you will be treated as private and confidential. We will only use and exchange the information that is relevant in the normal course of arranging and administering your insurance quote/policy, including underwriting and claims handling. We will also share when required to do so by law, or regulation. This may include disclosing it to insurers, brokers, service providers, regulatory and legal authorities, finance companies or to agents who provide services on our behalf. This may result in a credit check to confirm your identity and minimise the risk of fraud. 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 current data protection law, under which you have a right of access to see personal information about you that is held in our records, electronically or manually. In the interests of security and to improve our service, telephone calls between us may be recorded. On consenting to receive marketing information from ourselves, you are happy to be contacted in the following ways: by telephone, email, text or post.
Please refer to our full Privacy Notice which is always available on our website at https://www.milestonehouse.com/privacynotice/. If you do not have access to the internet or would prefer a paper version you may call our office on 0113 2582219 at any time to request a copy.
Please be aware that current UK money laundering regulations require us to obtain adequate ‘Know Your Client’ information about you. We are also required to cross check you against the HM Financial Sanctions List as part of the information gathering process. We are obliged to report to the National Crime Agency and or Serious Fraud Office any evidence or suspicion of financial crime at the first opportunity and we are prohibited from disclosing such report. We will not permit our employees or other persons engaged by them to be either influenced or influence others in respect of undue payments or privileges or to insurers or clients.
CONFLICTS OF INTEREST
Occasions can arise where we, or one of our associated companies, clients or product providers, may have a potential conflict of interest with business being transacted for you. If this happens, and we become aware of this potential conflict, we will write to you and obtain your consent before we carry out your instructions and advise what steps we will take to ensure fair treatment.
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: 0800 678 1100 or by visiting website 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 bank 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 Conduct 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.