Terms & Conditions Of Business
J E Oakley & Son is an independent intermediary. We advise on all types of non-life general insurance products and we are not to any one insurance provider. The financial services authority (FSA) regulates us and this can be checked on their website or by contacting them on 0845 606 1234. Our FSA reference number is 305459.
J E Oakley & Son do not hold shares in the insurance provider we utilise and no insurance provider holds part ownership or shares in J E Oakley & Son.
Placing Your Insurance Policies
We will work with you to identify your insurance demands and needs including the cover required. We will take into account the cost and likely terms and conditions of any insurance contract. We will then endeavour to satisfy those needs when instructed to do so. We will keep you informed of our progress towards placement of your insurance and any inability to obtain the cover required. All reasonable steps will be taken to implement your insurance needs, subject to the availability of the facilities and insurers.
You will be provided with full details of the cover we recommend so that your are able to make an informed decision as to its acceptability. As your chosen insurance broker we will deal with any queries you may have in regard to the recommended cover, its benefits, restrictions, endorsements and exclusions. We will let you know if the insurance has been selected on the basis of a fair analysis of the market place, or from a limited number of insurers or from a single insurer dependant on the insurance contract. You can request a list of insurers approached on your behalf.
Your duty of disclosure
The advice and recommendations we give you are based on the information you provide to us. We cannot be held responsible for any consequences arising from the accuracy of this information or from any delay or failure by you to supply such information. All information which is material to your insurance requirements or which may influence insurers in deciding whether to accept your business must be disclosed. Insurers are not duty bound to make enquiries of you. Failure to disclose material facts may invalidate your insurance cover and result in all or part of a claim not being paid. This duty of disclosure applies at inception and throughout the period of insurance. If you have any doubts about what is material or have any concerns that we may not be aware of material facts you must let us know immediately.
Documents
We will ensure that insurers produce all policies, certificate and all other policy documents that you need and we will check them for accuracy. We will not hold documents on your behalf. However, we reserve the right to hold documents pending receipt of any outstanding premiums. Certain classes of insurance require a completed proposal form, questionnaire or similar document. We will provide guidance to assist in completing these documents but we are not able to complete the document for you.
You are responsible for reviewing the policy documentation to ensure that they accurately reflect the cover, conditions, limits and terms that you require. Particular care should be taken when reviewing the policy conditions and warranties, as failure to comply with them could invalidate the cover. If you find any discrepancies you should advise us immediately. You should retain all documentation for any period during which a claim against your insurers could be made.
Renewals
We will issue insurers advices a minimum of seven days prior to renewal. On certain occasions we will renew the insurances in the absence of any instructions from you to the contrary. If your insurers do not offer renewal we will advise you.
Mid-term Adjustments
In the event of an adjustment that results in a return premium or cancellation mid-term we will refund the premium due net of our full commission and any charges made by the insurers. Where the premium is being paid by instalments we will claim our full commission along with any charge made by the insurers in the calculation of any outstanding monies.
You may have a statutory right to cancel this policy within a short period. Please refer to your policy summary or your policy documentation for further details. A pro-rata refund may be allowed under certain circumstances as long as the policy is not on a minimum and deposit basis. We may also keep an amount that reflects the administrative costs of arranging and cancelling the policy. In the event of an agreed policy not being taken up we reserve the right to claim an amount that reflects our administrative costs and any commission or fees that we would otherwise have earned.
Information On Costs
In addition to the premiums charged by insurers, we may charge a professional fee to cover the placing and ongoing handling of your insurance. The specific amount and purpose of any professional fee and administration charges will always be advised to you in advance. We earn the entirety of our commission and/or fees when your risk is successfully placed and take our commission and/or fees immediately upon receipt of payment unless agreed otherwise with your insurer.
Payment Terms
We normally accept payment by guaranteed cheque or the bankers automated clearing system (BACS). We require full payment of the premium within 7 days of cover being effected. You may be able to spread your payments through a credit scheme provided by a third party supplier. If you wish to provide settlement in this way you should contact us prior to inception where we will give you full information about your payment options and details of interest payable.