Terms of Business

Terms of Business

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Ives & Taylor Insurances Limited is an Independent Insurance Intermediary and act as your agent in arranging your insurance.  


We offer advised sales on a wide range of commercial and personal general insurance products and services. In doing so we place business through a broad range of composite and specialist insurance companies as well as with Lloyds underwriters and other insurers accessed through wholesale brokers and/or managing agents.  Advice that we give is based on a fair analysis of the market unless we advise you to the contrary.  We can provide you with a list of insurers we offer insurance from if you require this information.




We act on your behalf when we assist in completing a proposal and arranging your insurance cover or where we assist in dealing with your claim.  We act on behalf of Insurers when we collect and deal with premiums.




Ives & Taylor Insurances Limited are members of the British Insurance Brokers Association and are authorised and regulated by the Financial Conduct Authority.  Our FCA Register number is 304266.  We are permitted to advise customers and arrange deals in general insurance contracts, make arrangements with a view to transactions, deal as agent and assist in the administration and performance of general insurance contracts and conducting consumer credit activities.  You can check this information on the Financial Services Register by visiting the Financial Services’  website www.fca.org.uk or by contacting the FCA on 0800 111 6768. 


It is our intention to provide a first class service and to consistently treat customers fairly.  However, if you should have any cause for complaint then please address your complaint in the first instance to our Compliance Officer, Mr Stephen Buckley, who will be pleased to assist you. We take all complaints seriously and will respond to any complaint promptly and give you the name of the person dealing with it.  Whilst we will endeavour to investigate all complaints immediately we undertake to give a written response to your complaint within 8 weeks or, if further time to investigate the complaint is required, to update you on progress.  If we believe that the complaint does not relate to the activities of Ives & Taylor Insurances Limited we will inform you in writing promptly and provide you with details of to whom the complaint should be directed. If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service – www.financial-ombudsman.org.uk


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.  Further information about compensation scheme arrangement is available from the FSCS.


In certain circumstances we may place your risk with an intermediary or insurer outside the UK.  If you object to this you should notify us immediately otherwise your agreement to place business in this manner and acceptance of these Terms of Business will constitute your informed consent.  Please note that in these circumstances the legal and regulatory regime applying to the insurance intermediary or insurer may differ from that in the UK and consequently if the insurance intermediary or insurer fails, the premium may be treated in a different manner from that which would apply if the premium was held by an insurance intermediary or insurer in the UK.



If you are a commercial client, under the Insurance Act 2015, you have a responsibility to make a fair presentation of your risk to us. This means that you must;


1.        Disclose to us every material circumstance which You know or ought to know or, failing that, sufficient information to alert Us that We need to make further enquiries; and


2.        Make such disclosure in a reasonably clear and accessible manner; and


3.        Ensure that, in such disclosure, any material representation as to a: (a) matter of fact is substantially correct; and (b) matter of expectation or belief is made in good faith


A circumstance or representation is material if it would influence a prudent insurers judgement in determining whether to take the risk and, if so, on what terms. You must also make a fair presentation of the risk to us in connection with any variations, e.g. changes you wish to make to policy throughout the policy period and at renewal. If you fail to make a fair presentation of the risk then this could affect the extent of cover provided or could invalidate your policy. If you are in any doubt as to whether a circumstance is material then you should disclose it.


If you are a consumer, under the Consumer Insurance (Disclosure and Representations) Act 2012 you have a duty to take reasonable care not to make a misrepresentation of facts during pre-contractual negotiations.  Please take care to answer all questions honestly and to the best of your knowledge when you take out your insurance policy, throughout the life of your policy and when you renew your insurance and on proposal forms, claim forms and other documents.


Failure to do this may invalidate any future claims or your policy may be cancelled or void.




All insurance policies contain conditions, exclusions and some contain warranties (which if they are breached can invalidate cover regardless of whether any loss is caused by the breach).  As such we cannot stress too highly the importance of being familiar with the obligations imposed upon you by the terms of the policy and the limitations of its scope.



We will provide you with separate premiums for each of the individual products and services that we are offering.  Payment of premiums for all personal insurances are due at the inception or renewal date of cover as applicable.  Payment of premiums for commercial insurances must be made within 30 days of the effective date of cover or immediately when invoiced, if later.  In some cases, premium payment may be required immediately upon placement of cover and we will advise if this is the case.


Premiums can be paid by Cash, Cheque, Credit Card, Debit Card or Direct Debit. You may be able to spread your payments through insurers’ instalment schemes or a finance provider for which there will be instalment charges. Full information about payment options will be available when we discuss your insurance in detail. 


Where a policy is cancelled before expiry any return premium will be net of any cancellation charges made by insurers and commission/fees.  It should be noted that there is generally no right to any refund of premium in these circumstances although some policies do have provision for partial refunds based on short period rates.


We make a standard charge of £35 administration fee in relation to commercial insurance policies under £1000 in premium.  Any other fees charged will be advised prior to inception of the contract


Ives & Taylor Insurances Limited is remunerated by receiving a fee and/or percentage of premium by way of commission or brokerage which will be disclosed to clients on request.  We may earn additional income from insurers to reflect our efficiency and/or profitability and from interest on our client statutory trust account which you consent to us retaining.


We may pass the money you pay us to another intermediary.  We will only do this where it is a necessary part of the process of arranging cover for you.


The majority of our insurance providers provide risk transfer which means that we act as agent of the insurer for the collection of premium.  This means that premiums are treated as being received by the insurer when received in our bank account and the insurer will bear the risk for any losses that may arise from the failure of our firm.


We will advise you where we are not given risk transfer from an insurance provider and your monies are treated as client money. Insurer and client monies are paid into a statutory trust account which means that whilst we have legal ownership the money is held in trust for the benefit of our clients.




Where we arrange credit we act as an independent credit broker and arrange credit with either your insurer or premium finance provider and we may receive commission from the lender for arranging your credit agreement, details of which will be disclosed on request. 


If, when the lender has received the new business transaction, the inception date has already passed, they may collect any payments that would have been due had the transaction been received prior to the inception date as soon as possible.  This will ensure your payment schedule stays on track with the policy period but may mean that the first payment is higher than the rest.  


You will have 14 days to cancel your credit agreement.


If the signed credit agreement is not returned, lenders may charge you a fee to cover the costs of chasing its return, which will be added to your next monthly payment.  If you default on your payments, the lender will try to collect the initial missed payment again together with any default charges.  Further instances of missed payments may result in cancellation of your credit agreement.  Any missed payments can be made by credit or debit card over the telephone to the premium funding provider or directly into their bank account.  We will be informed of such events and if the default is not resolved the credit for the related transaction may be cancelled.  If you do not make other arrangements to pay the finance provider or us your insurance policy may also be cancelled.  You will be responsible for any time on risk charge. If you miss a payment, your credit rating may be adversely affected. 


Where there are any unpaid premiums or charges due from you under your credit agreement if this is cancelled, we will recover these from you.  




You may be entitled to cancel your policy within 14 days of policy inception or receiving full documentation, details of which will be given to you when you take out your policy 


Certificates and other Policy documentation will not be released to you until we are in receipt of full payment of the policy premium(s) or when instalment agreement/provision has been confirmed. In these circumstances we will ensure that you receive full details of your insurance cover and will provide you with any documents that you are required to have by law.




There may be occasions when a potential conflict of interest arises.  If this happens, we will inform you and obtain your consent before we carry out your instructions.


If you become aware of any claim, or circumstance that could lead to a claim, you should notify us immediately and in writing if required.  Failure to do so could prejudice your position.  You should not admit liability or agree to any course of action, other than emergency measures carried out to minimize the loss, until agreement is given by your Insurer.




You acknowledge and agree that you shall only be entitled to make a claim against us and not against any individual employee or consultant engaged by us.  Our liability for losses suffered by you arising  under or in connection with the provision of our services, whether in contract, tort (including negligence), breach of statutory duty or otherwise (and including liability for the acts or omissions of our senior management, employees and any appointed representatives) shall be limited in all circumstances to £5,000,000 per claim.  Any claim or series of claims arising from one act, error or omission incident or original cause shall be considered to be one claim.  We shall not be liable to you for any loss of profit or loss of business whether directly or indirectly occurring and which arises out of or in connection with the provision of our services.  Nothing in this paragraph shall exclude or limit our liability for death or personal injury caused by our negligence or for loss by our fraud, fraudulent misrepresentation or breach or regulatory obligations owed to you.  You can contact us to discuss increasing the limitations of our liability and/or varying the exclusions set out above.




These terms of business shall be governed by and construed in accordance with English law.  In relation to any legal action or proceedings arising out of or in connection with these terms of business we both irrevocably submit to the non-exclusive jurisdiction of the English Courts.


Ives & Taylor Insurances Limited, Peel House, 2 Chorley Old Road, Bolton BL1 3AA


Tel:  01204 531725      Fax:  01204 527825

V10 - 2018