Everitt Boles Limited is registered No: 3222604
in the United Kingdom at 15 St Helen's Place, London EC3 6DE as an
independent insurance intermediary. With effect from 14th January
2005, we are Authorised
and regulated by the Financial
Services Authority : Site design by AGC
Design
(FSA) under FSA number 306756 and we are
permitted to arrange general insurance contracts. You can check
these details on the FSA Register by accessing their website on
www.fsa.gov.uk/register
or by contacting them on +44 (0) 845 606 1234.
We trade as Everitt Boles Motorsport Insurance Management and we
have several trading divisions, including MORIS (MOtorsport Race&Rally
Insurance Services), Pit and Paddock Insurance Consultants, Kart
Insurance Services and re-action performance bonus.
STATUS
Everitt Boles is a privately owned insurance intermediary. We will
advise you of any conflict of interest that we may have with any
proposed insurer or of any special arrangement with them which is
beyond our normal remuneration.
TERMINOLOGY In order to avoid repetition of words used in this document,
the term "insurance" includes reinsurance and other risk
transfer products. The term "Underwriter(s)" includes
any insurer, re-insurer or other category or risk bearer, as appropriate
to your requirements.
PLACING INSURANCE IN GOOD TIME
Before negotiations with the Underwriter(s) have commenced, we will
wish to establish a proper understanding of your requirements for
insurance. We will then seek competitive indications or quotations
for insurance and seek coverage structures which are, in our opinion,
as efficient as possible for the proposed policyholder.
We will take diligent and timely steps to implement your instructions
and, subject to available insurance market, place all required insurance
before the intended date of inception, renewal or extension of insurance
cover, confirming to you prior to such date the coverage which is
in place. If any inability to fulfil your instructions becomes clear
to us, we will be bring this to your immediate attention.
CLIENT DOCUMENTATION
Upon completion of the insurance arrangement(s) on your behalf,
we will advise you by facsimile, e-mail, letter or other agreed
communication medium. We will then forward by mail appropriate documentation
to provide you with formal confirmation of the insurance which we
have arranged and the amount of premium payable in respect thereof.
1. Cover Note (sometimes referred to as "Schedule
of Insurance")
The Cover Note provides confirmation of (1) the terms of the insurance
contract we have arranged and (2) the Underwriter(s) with whom it
has been placed. You should check the Cover Note and satisfy yourselves
that it is entirely in accordance with your understanding and instructions
(your demands and needs). The review of the Cover Note should include
checking that use of the Underwriter(s) is acceptable having regard
to local taxation as permitted by the relevant regulatory authorities.
Anything at variance with your understanding and instructions should
be advised to us immediately and any correspondence should quote
the Cover Note reference; if you have your own contract reference,
you should advise it to us at the earliest opportunity to enable
us to quote it on the subsequent documents which we send to you.
For certain types of business, a certificate or policy of insurance
issued by or on behalf of the Underwriter(s) may be forwarded in
lieu of our Cover Note.
2. Debit Note (sometimes referred to as our Invoice)
The Debit Note will show the gross premium, any commission or discount
to you and the net amount of premium payable to us. Where relevant,
any tax(es) to be remitted to appropriate authorities through ourselves
and/or tax(es) which may be deducted from the premium payable will
also be shown on the Debit Note. If tax(es) are deductible, you
should ensure that these tax(es) are remitted to the appropriate
authority.
3. Insurance Policy
We will seek to obtain as soon as practicable the execution by the
Underwriter(s) of any insurance policy wording(s) which may be required.
Following agreement to such wordings by both the Underwriter(s)
and where required yourselves, we will promptly seek to obtain formally
signed policy documents incorporating such agreed wordings.
4. Amendments
Any amendment to the insurance contract will be confirmed by issuance
of an Addendum to the Cover Note or endorsement to the certificate
or policy of insurance, unless such amendments are already reflected
within the issued documentation.
CANCELLATION
In the event of a mid-term adjustment that results in a return of
premium or of cancellation we will refund any return premium net
of our full commission or fees and any charge made by insurers.
This also applies to policies where the premium is payable by instalments.
TERMS OF PREMIUM CREDIT
In order for us to meet the premium payment terms of the underwriter(s),
premiums must be settled to us by the payment date(s) specified
in our Debit Note allowing 10 days for funds to clear. In certain
circumstances, the Underwriter(s) will stipulate special premium
payment terms or warranties which, if not met, may affect the validity
of the insurance contract. We will advise you when these circumstances
arise.
METHODS OF PAYMENT
Insurance contract monies should be and normally are settled on
an individual Debit Note or Credit Note basis. Statements of Account
are issued periodically where there are monies due for payment to
us and we may have monies in account which are owing to you. All
payments should be made in the same currency in which they have
been invoiced to you.
1. Wire Transfer
All payments to us should be made preferably by wire transfer to
our appropriate Client Accounts together with written remittance
showing the item(s), our transaction number(s) and the amount(s)
being paid. This will enable us to identify upon receipt of the
payment to which Underwriter(s) we are to remit funds. Wire transfers
should be payable to Everitt Boles Limited and
designated to "Client Account" with the relevant bank
account number quoted.
2. Cheques / Bankers Drafts
Where wire transfer is not appropriate or available, a cheque or
bankers draft, made payable to Everitt Boles Limited (Client
Account), should be sent to:
Everitt Boles Limited
15 St Helen's Place
London EC3 6DE
The cheque/draft should be accompanied by written remittance details
as stated above.
HOW WE HANDLE CLIENT MONEY
Our client bank accounts with HSBC have been set up in accordance
with the strict rules laid down by the FSA. All client money is
kept separate from our money. We may use the services of other intermediaries
who are regulated by the FSA and your premium may be passed to these
intermediaries for payment to insurers. We will retain any interest
or exchange gains derived from holding your money.
CLAIMS PROCEDURES
Details of claims notifiable to the Underwriter(s) under the terms
of the arranged insurance contract must be advised to us without
any delay. Where applicable we will provide you with written confirmation
of the acceptance of the amount of the claim by the Underwriter(s)
before issuing a claim payment to you and remitting monies direct
to the appropriate party. You should be aware that we may perform
a limited service for the Underwriter(s) in relation to insurers
claims advisors (e.g. Surveyors, Adjusters and Lawyers) by relaying
instructions; disseminating reports and collecting fees or other
disbursements, where we consider this should not create a conflict
of interest. If we consider a conflict of interest may arise, we
will refrain from performing any (further) service for the Underwriter(s)
unless otherwise agreed.
USE OF SUB-AGENTS
Where we consider it to be appropriate and for your benefit, it
may be necessary for us to request another more localised or specialist
insurance broker or intermediary to act as our sub-agent and assist
us in the placement of an insurance contract. For example, many
countries require the use of local intermediaries to access local
insurance markets. In such cases, we will provide specific instructions
to such sub-agents so as to meet your insurance requirements.
CONFIDENTIALITY & SECURITY OF INFORMATION
Any information which you provide to us will not be used or disclosed
by us to other parties except in the normal course of negotiating,
maintaining or renewing a contract of insurance on your behalf,
or for handling any claims thereunder, unless we have obtained the
necessary consent from you or we are required to disclose the information
by a court of competent jurisdiction or government or regulatory
body having the requisite authority over us, or the information
is already in the public domain or has been received by us from
a third party not under any duty of confidentiality. We will take
appropriate steps to maintain the security of your confidential
documents and information which are in our possession.
SOLVENCY OF UNDERWRITERS
We will only place insurance with Underwriters who are supported
by the general London Insurance Market. While the information on
which Everitt Boles relies is obtained from sources considered to
be reliable and it uses all reasonable endeavours to review accurately
that information in order to protect the interests of our clients,
predictability of solvency cannot be guaranteed. The financial standing
of any Underwriter(s) can, of course, change after the insurance
contract has incepted. The subscribing insurers' obligations under
this policy are several and not joint and are limited solely to
the extent of their individual subscriptions. A subscribing insurer
is not responsible for the subscription of any co-subscribing insurer
who for any reason does not satisfy all or part of its obligations.
THE DUTY OF DISCLOSURE
In common with all insurance intermediaries there is a legal obligation
upon us to ensure that policyholders and intermediaries alike are
made aware or reminded of the duty of disclosure and the consequences
of its breach. The duty of disclosure under United Kingdom law is
a duty to pass on to Underwriters all material information relating
to the risk under consideration. "Material" in this context
refers to all information which a prudent Underwriter (not necessarily
the Underwriter in question) would wish to take into consideration
when considering whether or not to accept the risk and, if so, upon
what terms and at what price. Material information does not necessarily
have to actually increase the risk. The duty of disclosure continues
up until the insurance contract has been concluded, but then resurrects
itself at the time of proposed renewal or extension of, or any amendment
to, the insurance contract. It may also be that the terms of the
insurance contract include specific ongoing disclosure warranties.
Therefore, in addition to providing all of the basic information
necessary to enable the risk to be placed, the proposed policyholder
and his agent(s) must ensure compliance with the duty to disclose
material matters relating to the risk. In particular, they must
be satisfied as to the accuracy and completeness of the information
provided to the Underwriter(s) and ensure that all information is
provided that an Underwriter needs to take account of in considering
whether or not to accept the risk and, if so, upon what terms and
at what premium. In the event that there is a breach of the duty
of disclosure, the Underwriter(s) may have the right to avoid the
insurance contract from its commencement. Under such circumstances,
the Underwriter(s) would be entitled to seek recovery of any claims
already paid by them under the contract, although at the same time
the Underwriter(s) would generally be obliged to return paid premiums.
The duty of disclosure and the consequences of its breach may vary
to a limited degree from the foregoing dependent upon the law(s)
applicable to the insurance contract. If you are in any doubt as
to the ambit of the duty of disclosure you should have no hesitation
in contacting us.
REMUNERATION & OTHER INCOME
Our two principal methods of remuneration for insurance intermediary
services are by way of brokerage, being a proportion of the premium
paid which is allowed to us by Underwriter(s), and/or an agreed
fee basis. Online sources of income include that derived from interest
earned on bank balances or certain credit charges and expense allowances
by Underwriters for managing and administering certain lineslips,
covers, binding authorities and other similar facilities, including
claims which may arise thereunder, all of which we believe enable
more efficient service and competitive terms to be provided to those
clients for whom we consider the use of such facilities appropriate.
The Underwriter(s) with whom we effect insurance on your behalf
may, on occasions, in turn request us to purchase facultative reinsurance
for their account. This reinsurance is a separate and distinct contract(s)
for which remuneration may be paid separately by the Underwriter(s)
or reinsurer(s). Some Underwriters may allow us incentive commissions
in addition to fees or brokerage which we receive. Such incentive
commissions can be based on profitability, premium income volume
and/or growth. Incentive commissions can also be payable to reflect
administrative efficiencies across a portfolio of business placed
with an Underwriter. Notwithstanding efficiencies of incentive commissions,
we recognise that our overriding responsibility is to promote the
best interest of the policyholder in the selection of Underwriters.
COMPLAINTS
It is always our intention to provide a high standard of service
at all times. If you should wish to make a complaint, we will do
our best to ensure that it is handled fairly and promptly by a senior
and independent member of staff. We operate a formal complaints
procedure which complies with the FSA requirements which we will
send to you upon request.
Please address your complaint to the Compliance Officer at the above
address in writing.
If we are unable to address your complaint to your satisfaction,
you may be entitled to refer it to the Financial Ombudsman Service,
South Quay Plaza, 183 Marsh Wall, London E14 9SR or telephone +44
(0) 845 080 1800.
FINANCIAL SERVICES COMPENSATION SCHEME (FSCS)
We are covered by the FSCS. You may be entitled to compensation
under the scheme if we cannot meet our obligations. This depends
on the type of business and the circumstances of the claim.
Full details and further information on the scheme are available
from the FSCS, Lloyds Chambers, Portsoken Street, London E1 8BN
or telephone +44 (0) 20 7892 7300.
DATA PROTECTION
We are registered under the Data Protection Act 1998 and we have
undertaken to comply with the Act in all our dealings with any client’s
personal data.
LAW AND JURISDICTION
These terms of business shall be governed by and construed in accordance
with English law.
EMAIL
We recognise that communicating by e-mail on a "desk-to-desk"
basis is a very desirable method of conducting business and that
e-mail is fast replacing facsimile as the preferred method of communication.
However, if you choose to communicate with us by e-mail, we do have
some specific concerns to its use which we would like to share with
you:
Integrity & Receipt
There is no certainty of all completeness, accuracy or even the
receipt of a message or data file sent by e-mail. As an insurance
intermediary, we are concerned that using e-mail as part of a contractual
process creates an exposure for our clients and ourselves as their
agent or professional advisor (e.g. in such areas as misrepresentation
or non-disclosure of information and the offer and acceptance process
of insurance contract terms, where corruption of data during transmission
or missing data file attachments may not be immediately obvious
to the recipient). For important messages, we may ask for a confirmation
of receipt and we will acknowledge or respond to those messages
that we receive. Hard copies of messages may also be requested or
sent where we consider it appropriate.
Confidentiality
By unavoidably having to use third party service providers to "deliver"
e-mails, confidentiality is outside of the sender's control.
Appropriateness
Where receipt of a message by a given time/date is critical or the
subject matter is of an important nature, such message should be
communicated by facsimile or courier to ensure that it is received
and can be acted upon. Many contracts of insurance have provisions
which require notice in writing in order to ensure compliance, particularly
in relation to claims advices. The use of e-mail in such circumstances
is clearly inappropriate.
Legality
In the absence of any formal contract setting out the terms of communicating
by e-mail, it may be questioned in certain jurisdictions as to whether
such communications are or will be legally admissible as evidence
in any dispute without considerable supporting evidence as to checks
having been made on receipt, security and integrity of the communication.
Viruses
With knowledge of the potential damage which computer viruses can
cause, e-mail users should use their best endeavours to ensure that
they do not transmit harmful viruses to other parties.
