Terms of Engagement

Quotations

As brokers, we have access to a vast range of insurance policies and providers.

We will not charge you to obtain insurance quotations.

We will use our intelligent systems and know-how when choosing which insurers to obtain quotes from based on the information you have given us.

Generally speaking, our advisor will let you know which insurers were approached on your application during your discussion, but if you want further information, you can ask your advisor for more information.

Based on your circumstances, there are cases where only one or two insurers will be approached. Generally speaking it is at least 3-5 quotes obtained and for a lot of cases, up to 10 quotes.

Some occupations or items have a lot of market competition, whereas specialist industry and occupations may have a very limited number of markets available. It all comes down to what your insurance needs and requirements are.

Typically, the quotation process follows the below process:

1. You request a quotation from us by calling us or leaving an online enquiry.
2. We will call you to have a discussion and get to know more about you and the risk that needs insuring.
3. We will use this information to negotiate and obtain quotes from appropriate insurers.
4. We will call you back to discuss our options, clarify information and discuss important exclusions, endorsements and/or subjectivities related to your quotation.
5. At your request, we can email you a copy of the quotation for you to review which will include all relevant documentation required to make an informed decision.
6. If you cannot pay your premiums in full, we will discuss instalment arrangements via monthly premium funding and explain how it works.
7. Once your quotations are arranged, we can answer any questions you may have, or convert to a policy at your request. This decision is yours to make.

Policy Placement

Contact us as soon as possible if you need cover for a risk or property that is not insured. If you need immediate cover, we have the tools and systems to find cover that same day in a lot of scenarios.

To arrange cover we will need your instructions to place the policy. This can be in writing or over the phone.

After cover is requested from you, we will typically follow the process below:

1. Bind the policy with the insurer via contacting them or using their insurer portals.
2. We will review the policy and endorsements to ensure it matches the original quotation.
3. We will send you a confirmation of coverage and provide a coverage summary.
4. We will process payment if you have provided payment details or instructions to use an instalment premium funding option.
5. If you have selected to BPAY or pay from your end, your confirmation of cover email will include a tax invoice with several payment methods.
6. At your request, we can issue you a certificate of currency. This can only be provided once the policy is paid.
7. We will remit your premium to your insurer in accordance with their requirements.
8. If you have any further questions about your cover, you can reply to the email or call us and we'll be happy to help and advise.

Renewals

We will contact you at least 14 days prior to the expiry date of any insurance policy which we arranged or last renewed for you.

If your current insurer is not offering renewal, we will let you know, but we cannot change insurers without your instructions.

Your insurer may require declarations to be completed in order to provide renewal terms. You will need to complete, sign and return these documents in a timely manner.

Each renewal is based on its own merits but your policy may be renewed with your current insurer and rolled over if it's still the most competitive, some will require detailed review and a panel of insurers will be approached to make sure you're paying the right premiums each year.

If we cannot get in contact with you, we will automatically renew your insurance to ensure you have continuity of coverage. We will send you your full policy documents in this case. If there is a change to your circumstances or if you want to change the details of the cover, contact us as soon as you receive the renewal policy. This will allow us to assess whether your insurance is appropriate for your circumstances.

Continuity of Cover

It is important that you maintain continuity of cover. Accordingly, if an insurance contract falls due and we are unable to contact you, we will automatically arrange for the policy to be held covered (or renewed if necessary). If you do not require the cover, we do ask that you tell us as soon as possible. A short-term premium may apply. Please tell us if you do not wish us to provide this service.

If you arrange or renew your insurance directly with an insurer or through another broker, we will not be responsible for notifying you of expiry or arranging further renewals unless you ask us to do so.

Variations

You should carefully monitor and review that your insurance policy is adequate to cover your assets or business activities.

If you want to vary any cover, e.g., by increasing the sum insured or adding other property, please provide us with details of the changes you require and any other information you need to disclose to the insurer. We will arrange the variation with the insurer and notify you when it is arranged.

Our Process

Our renewal process will typically work like this:

1. We will let you know your policy is due for renewal, and what our plan is.
2. At this stage you can let us know about any changes before we re-market.
3. We will use our knowledge and know-how to strategically re-market or negotiate with your current insurer.
4. We will discuss your renewal option, or renew with your current insurer if it is the most appropriate at the time.
5. If you have been paying via instalments, your policy will be rolled over with your new premium funding agreement for the new policy period.
6. If you have selected to BPAY or pay from your end, your confirmation of cover/renewal email will include a tax invoice with several payment methods.
7. At your request, we can issue you a certificate of currency. This can only be provided once the policy is paid.
8. We will remit your premium to your insurer in accordance with their requirements.
9. If you have any further questions about your cover you can reply to the email or call us and we'll be happy to help and advise.

Claims

Claims are where we get a chance to truly shine and show you why being with a broker makes sense.

When you need to make a claim, we can advise if it is covered under that policy and assist you to prepare and submit the claim and any necessary documents to the insurer. If there is uncertainty about whether a claim is covered under your policy, we will advise you.

If the insurer appoints a loss adjustor, lawyer or other consultant, we shall let you know and, with your permission, pass on your contact details and co-ordinate meetings. For major losses, we may be able to attend the initial meeting with the loss adjustor if you wish us to.

We will promptly forward to you all claims documentation, insurance company settlement cheques and other information. We will assist you to negotiate a settlement and obtain payment of claims and can assist you to seek recovery from third parties if required.

If any claims are outstanding when you terminate our appointment as your insurance broker, we will:

1. Continue to forward and negotiate on your behalf or
2. Provide details of the claim(s) to your new insurance broker so that they may continue to negotiate a settlement on your behalf

On-going service

We can provide you with the following on-going services when we are your broker.

• We will be here to take your calls during business hours and answer your enquiries in a timely manner.
• Review your insurance needs with you
• Advise and make recommendations as to your insurance requirements
• Meet with you to discuss our recommendations
• Prepare underwriting submissions
• Negotiate terms with any existing insurers and with alternative insurers
• Renewal Review Reminders
• Uninsured Risk Reviews
• Status Reviews on Insurance and Claims
• Place the insurance agreed upon
• Confirm placement and renewal of the insurance for you (and any other interested party)
• Calculate, invoice and collect the premiums
• Prepare policy wordings and obtain signed policies from insurers
• Adjust premiums on prior year policies if required
• Review your insurance arrangements:
• When you inform us about material changes to your circumstances;
• at the time of any scheduled Status Reviews as agreed with you;
• upon renewal of your insurance.
• If required, assist you to manage any claims you may need to make.

Cancellations

We will only accept cancellation requests in writing

We can only cancel an insurance contract on the written instructions of a person authorised to represent each of the parties who are named as insureds. We cannot cancel any insurance contract which is subject to the Marine Insurance Act 1909.

If you cancel your insurance mid term, we will refund the net premium we receive from your insurer. We will not refund our fees or commission for arranging the insurance or premium funding.

We will not charge you an additional cancellation fee for processing a cancellation.

If you have premium funding and proceed with a mid-term cancellation of your policy for whatever reason, for whatever reason, the Premium Funder will charge you the full interest applicable to the contract, as detailed in the Loan Application Form. Typically, there will be no refund of our commission on the refund premium and no refund of any fee we may have charged you for arranging the cover.

In some cases, insurers also apply minimum premiums to policies, which may further reduce the refund that you might otherwise receive. The impact of the above on you is that any refund you receive for the mid-term cancellation of your policy will usually be significantly less than a pro rata calculation would produce and in extreme cases may involve you having to make an additional final payment even though the policy has been cancelled. Therefore, prior to cancelling a policy and replacing it with another cover, we strongly recommend that you discuss your situation with us so that we can advise you the exact extent and impact of the early cancellation provisions mentioned above.

You can talk to us to discuss how your cancellation will work during business hours so we can explain what it will mean for you in your circumstances.