Network Trade Insurance

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OUR TERMS AND CONDITIONS

Network Trade Insurance Services Ltd is an independent intermediary authorised and regulated by the Financial Conduct Authority. The FCA is an independent watchdog that regulates financial services; they require us to give you the following information so that you can be sure that our services are right for you. Our FCA registration number is 490958. You can check the FCA register by visiting their website www.fca.org.uk or by contacting the FCA on 0800 111 6768.

Whose products do we offer? We offer products from a panel of insurers for personal and commercial insurances and we will advise and make a recommendation for you after we have assessed your needs. Please ask for details of our panel of insurers.

What will you pay us for this service? The following charges apply in addition to any premiums calculated by your insurer and all premiums quoted are inclusive of Insurance Premium Tax. New business or Policy Renewal: Variable, our fees will be disclosed to you at the quotation stage. (Excludes any Instalment charges and Accident Management Cover/ Legal Cover).

Cancellation: Is subject to a £25.00 charge and we will not refund any commission reclaimed by your insurance company.

Mid Term Adjustment:£25.00Late Instalment charge:£25.00
(if paying on instalments into the office)
Dishonoured Cheques:£25.00Duplicate Documents:£10.00
Declined Debit/Credit Card payment:£25.00Late Receipt of Documents:£10.00

If you pay your insurance by instalments, a service charge will apply. If you pay by direct debit, an interest charge will apply. Additional charges may apply in the event of direct debit default. (Please refer to your personal credit agreement). The company reserves the right to charge interest on overdue amounts at 8% p.a. over HSBC’s minimum lending rate. In the case of non – payment, if an outstanding debt is handed to a collection agent, the debtor understands that they will bear all legal and collection costs.

What to do if you have a complaint. If you wish to register a complaint please contact us in writing to the address overleaf, or by email to info@networktrade.co.uk or by telephone. If we cannot settle your complaint you may be able to refer to the Financial Ombudsman Service.

We are covered by the Financial Services Compensation Scheme (FSCS) and you may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the claim circumstances. For compulsory classes of insurance, a valid claim is covered 100% of the first £2000 and 90% of the remainder of the claim. Further information about the compensation scheme is available from the FSCS.

Looking after your money. The money you pay us is held in trust for your insurer and once we have received your premium your insurers recognise that risk transfer has taken place. This means that once you have made payment to us your insurer will honour all contracts regardless whether we have paid them. We will retain any interest earned on this account.

When cover begins and ends. Insurance will only begin when we receive your payment and we issue confirmation that cover has begun. All Motor Policies we sell are annual policies, which expire one year after the start date of cover (unless cancelled before then). In all cases, we will confirm the period of cover before you buy a policy from us, and your policy documents will confirm this.

Payment Options. We accept payment by debit or credit card. Direct debit is available in most cases but please ask for details.

The duty of fair presentation. It is your responsibility to provide a fair presentation of the insurance risk based on you conducting a reasonable search for information. This could require you to obtain information from senior managers within your organisation or other parties to which the insurance relates or who carry out outsource functions for your business.

You must disclose every material circumstance which you know or ought to know or failing that disclose sufficient information to put your insurer on notice that it needs to make further enquiries. You must ensure that any information you provide is correct to the best of your knowledge and representations that you make in expectation or belief must be made in good faith. If a policyholder either or did not care that they were in breach of their duty of fair presentation the insurer has the right to void the policy and retain the entire premium.

If you are unsure of your obligations or whether any information is deemed a material fact, then you should disclose it to us.

Keeping Us Informed. Once you buy your insurance, please keep us informed of any changes to your circumstances. Note especially that you must call us if you change address or occupation and if you receive motoring or criminal convictions. If you don’t keep us informed of any changes, your insurance could be invalid and not cover you in the event of a claim.

It is your responsibility to read all documents. When you receive any documents from us you are strongly advised to read them carefully as they form the basis of the cover you have purchased. If you are in any doubt over any of the policy terms or conditions, please ask for more information.

Your right to cancel. Some clients have the right to cancel policies within 14 days of receipt of documents. If this right is exercised insurers will charge for the cover provided in addition to administration costs. Full details are provided in your policy summary. After the 14-day period normal cancellation charges will apply as shown in your policy. Our charges are separate and are not refundable as shown above.

The law relating to Data Protection is changing and as a result we must ask your permission to contact you, talk to you about any insurance needs, products and services, or offer advice, general information or updates which are not directly related to the existing insurance you have with us. We will ask you to complete a short form which will indicate how and if we can contact you.

Protecting your data. Insurers share information with each other to aid in the prevention of fraudulent claims. Claims details are placed on an industry register for analysis. Under the Data Protection Act you have the right of access to your personal records held on our files and a right for that data to be corrected or deleted, and we will tell you the fee if you ask us for a copy of your information. Network Trade Insurance Services may use information we hold about you to contact you about other insurance products or any other services we feel may be of interest to you if you have given consent to do so. The information we hold will be shared with the insurers we market your risk to and our appointed Accident Management Company to assist in the handling or processing of a claim.

Using your data. We will provide your (or any other person included on your policy) Driving Licence Number to the DVLA to confirm your (or the relevant person on your policy) licence status, entitlement and relevant restrictions information and endorsement/conviction data. Searches may be carried out prior to the date of the insurance policy and at any point throughout the duration of the insurance including at mid-term adjustment and renewal stage. A search of the DLN with the DVLA should not show a footprint against your (or any other person's) driving licence. This information will be sent to your insurer, and any insurer who is asked to provide a quotation, and will be held on file.

All insurers use the information they hold to reduce the number of fraudulent claims made within the industry and as such may request identity validation such as copy utility bills, copy council tax bills and rent agreements to confirm your identity at the start of a policy or at any time during the life of the policy.

If when you purchase a policy and request credit to pay the premium, credit checks will be made which may leave a "footprint" on your credit history.

In the event of a claim please contact the office.

We reserve the right to retain documents at this office until all payments due under the policy have been made and any cheques cleared through our bank account. Any agreed facilities for payment of premiums by instalments through us will be subject to a written agreement that will include our right to retain certificates of insurance until such time payments have been made. By accepting these Terms and Conditions you agree that delivery of any certificate of insurance to us shall constitute delivery to yourselves in accordance with statute law.

Governing Law. Policy documents detail the law applicable to each contract of insurance. This depends on the type of insurance you buy, and which insurer underwrites it. Generally, it will be English law. If you would like confirmation of this, please ask us before buying.

If you are unsure about any of the information contained on this document, please do not hesitate to contact us.