Scope and Application
The purpose of this document is to describe our professional relationship and the services we will provide to you.
Your direction to seek a quotation, bind coverage and/or your payment related to your insurance placement will be deemed your signed, written agreement to be bound by the provisions of this document.
In this document, reference to “we”, “us”, “our” and “DRW” is to Dennis R Walker Insurances.
You should read this document carefully, for as well as setting out the terms of our relationship, it contains details of our regulatory and statutory responsibilities.
We particularly draw your attention to the following sections:
  • Our Services
  • Your Responsibilities
  • Client Money
  • Our Remuneration
  • Conflicts of Interest
  • Complaints
    This document takes effect from 1
    st October 2018 or whenever it is received (whichever is the later) and supersedes any terms of business agreement that we may have previously been sent to you.
    Please contact us if there is anything in this document which you do not understand or with which you may disagree.
    About us
    We are an independent insurance intermediary and credit broker. We are authorised and regulated by the Financial Conduct Authority (“FCA”). Our authorisation (registration number 307788) can be verified by visiting the Financial Services Register, which can be found on the website www.fca.org.uk/register or by contacting the FCA on 0800 111 6768.
    We are a partnership. The partners are Andrew Michael Walker and Mrs Alison Calder and our trading address is Lake House, 7 Parkfield Road, Coleshill, North Warwickshire B46 3LD.
    We offer transactional and/or advisory services for your insurance requirements over a wide range of general insurance products. We are permitted, and normally provide some or all of the following services:
• • • • • •
We do not
Arranging insurance cover for you Administration of your insurance contracts Advising you on your insurance cover Assisting you with claims for the duration of your insurance contract Providing post placement documentation. Arranging premium finance as part of your insurance contract.
offer advice on legal, accounting or regulatory matters.
Customer Classification
This Agreement applies to all of our customers. The FCA defines customers as being either a “Consumer” or “Commercial client”. Consumers are classified as any natural person acting for purposes outside their trade, business or profession. Commercial clients are defined as anyone who is not a consumer.
Our Services
Treating you fairly
We are committed to acting in your best interests at all times. This means we will always endeavour to:
  • Conduct our business with due skill, care and integrity
  • Not put ourselves in a position where our primary duty to you is compromised
  • Deal with any complaint sympathetically and independently
  • Be transparent in the matter of our remuneration where it is required by law, or requested by you
  • Respect your confidentiality.
Independent Advice
As an independent insurance intermediary, we normally act as your agent. We recommend and arrange insurance with one or more insurers selected from a limited range, or a pre-determined panel of insurers, according to the nature of the product required. However, in certain circumstances we may act for and owe duties of care to other parties. We will advise you when these circumstances occur, so that you will be aware of any possible conflict of interest.
Our advice is given on the basis of a fair and personal analysis of insurance contracts available in the market which meet your needs.
Other intermediaries
When we consider it appropriate, we may engage the services of another intermediary to act as our agent and assist us in the placement of your insurance contract. For example, we may place your insurance business under a binding authority, managing general agency or similar facility where we reasonably consider that these match your insurance requirements/instructions. We shall inform you whenever we bind your insurance risk under such a facility.
Please note that these intermediaries may be remunerated separately to us, such as by a fee (agreed by you or us) or by way of commission from the insurers.
Insurance Placing
We will discuss with you or your representatives, your insurance requirements, including the scope of cover sought, limits to be sought and cost. Upon receipt of your instructions, whether written or oral, we will endeavour to satisfy your insurance requirements.
We will provide you with information about the insurance cover we recommend to you, to enable you to decide whether to accept the insurance cover available. We will advise you on market structures available to meet your demands and needs and, where appropriate, the relative merits of a single insurer or a multiple placement. As your insurance intermediary we will answer any questions you have on the proposed cover, its benefits, placement structure, restrictions, exclusions and conditions. You will be responsible for reviewing information on the insurance coverage recommended to you. If the coverage and terms do not accord with your instructions, you should advise us immediately. We shall automatically provide you with details of all of the insurer quotations we recommend.
During the course of the placement of your insurance, we will endeavour to keep you informed of the progress of our negotiations and identify any inability to obtain the coverage sought by you. We will use reasonable endeavours to implement your insurance programme, subject to available insurers, before the intended date of inception, renewal or extension of cover (whichever is appropriate).
Insurance Documentation
You are responsible for reviewing the documentation we send to you confirming that you have coverage with insurers to ensure that it is in accordance with your instructions. If you have any questions about the coverage, limits or other terms and conditions, or concerns that we have not implemented your instructions correctly, please contact us immediately.
Payment of Premium
Our debit note (or equivalent document) will show the premium, any fee due to us and, where relevant any insurance premium tax, duty or other charges that apply to the insurance contract.
Average Conditions and Underinsurance
Many insurance contracts are subject to the Condition of Average. This means that if the sum(s) insured under your insurance contract is/are less than it/they should be (i.e. underinsured) the net amount you will receive for any claim settlement will be in direct proportion to the amount of underinsurance.
It is your responsibility to ensure that the amount(s) insured represents the full value at risk.
Electronic Trading Facilities
For some markets and some types of risk, electronic trading facilities are available for both the placing and administration (including claims handling) of cover placed on your behalf. Generally speaking, for us to use such facilities, we are obliged to agree the terms and conditions required by the electronic facility provider, as are all users of the system. Agreement by us of such terms will also bind any client on whose behalf we are acting when using such a facility. It is sometimes the case, that such terms and conditions alter the usual legal position as to ownership and permitted usage of information and documents submitted to or generated by the facility. Please speak to your DRW account handler for further information as to whether any such electronic facilities are used on your behalf in placing or administering your business.
Claims Notifications
You must notify us as soon as possible of any loss, claim or circumstance. Failure to notify the insurer promptly may entitle them to reject your claim. You should not admit liability or agree to any course of action, other than emergency measurers carried out to minimise the loss, or in the interests of health & safety, until you have obtained the agreement of your insurer.
Claims Procedures
We will provide claims handling services for the period of our appointment. These services can be continued beyond that point by mutual agreement but will be subject to additional remuneration.
Unless otherwise instructed, we will act as your representative in negotiations with insurers and will endeavour to ensure prompt and equitable settlement of all valid claims. Our claims handling service includes notification of the claim or circumstances to insurers; the communication of reports and correspondence in connection with the claim between appropriate parties and arranging the collection and/or settlement of the claim in accordance with market practice and the terms and conditions of your contract.
You should be aware that we may perform a limited service for insurer(s) by relaying instructions, disseminating reports and collecting fees or other disbursements for the insurer(s)’ advisors (e.g. loss adjusters, surveyors and solicitors) where we consider this does not create a conflict
of interest. If we consider a conflict of interest may arise, we will refrain from performing any further services for the insurer unless you otherwise agree in writing.
In the event that an insurer delays making settlement of a claim for any reason, we do not accept liability to pay such amounts, until and unless the insurer has paid the claim to us in cleared funds.
In those instances when you deal with your claim direct with the insurers, our claims handling services will not be provided.
Selection and Solvency of Insurers
We assess the financial soundness of the insurers we recommend to you using public information including that produced by recognised rating agencies. However, we will not, in any circumstances act as an insurer, nor will we guarantee or otherwise warrant the solvency of any insurer. As a consequence, the suitability of any insurer rests with you and we will discuss with you any concerns you may have.
Your Responsibilities
Provision, of instructions, information and completion of any required form
For certain classes of insurance, you may be required to complete a proposal form or similar document. We will provide guidance but we are not able to complete the document for you.
Disclosure of Information
Our objective is to obtain the best product we can identify in order to meet your insurance needs. In order to make our business relationship work, you must provide complete and accurate information and instructions in a timely manner, so that we can assist you fully. Where you ask us to arrange insurance wholly or mainly for your own business (i.e. any insurance other than “consumer insurance”) you are under a duty to make disclosure of all material circumstances and to make that disclosure in a manner that would be reasonably clear and accessible to a prudent insurer. This duty applies equally at placement, renewal, alterations and where the insurance contract conditions so stipulate. A factor or circumstance is “material” if it would influence the judgement of a prudent insurer in deciding whether or not to underwrite the risk and if so, at what premium and on what terms. Failure to discharge this duty may allow insurers to avoid the policy (i.e. treat it as if it had never existed) or amend the terms that apply, which could lead to a claim being refused or a reduction in the amount paid in the event of a claim. Even where you purchase (or propose to purchase) “consumer insurance” where this duty does not apply, you are still legally obliged to take reasonable care not to make any misrepresentation to the insurer.
We will not be responsible for any consequences which may arise from any delayed, inaccurate or incomplete information, or any misrepresentation made by you.
Please discuss with us if you have any doubts about what is material or have any concerns that we may not have material information, or have any doubt about what the applicable duty of disclosure is. We will work on the assumption that you have full authority to supply us with all such information in the manner and for the purposes contemplated by this Agreement, but you should advise us immediately should that not be the case.
Choice of Insurers
If you have any concerns with any insurers chosen for your insurance requirements, you must advise us as soon as possible.
Your Insurance Contract
Although we will check the contract documents we send to you, you are responsible for reviewing your contract to ensure that it accurately reflects the cover, conditions, limits and other terms that you require. Particular attention should be paid to any contract conditions, warranties and the claims notification provisions as failure to comply may invalidate your coverage.
If there are any discrepancies you should consult us immediately.
It is important that you keep copies of all insurance contracts and coverage documents in a safe place.
Please carefully consider any claims reporting instructions we provide to you because failure to report a claim in a proper and timely manner may jeopardise coverage of the claim.
In addition, you should retain copies of all claims reporting instructions as you may need to report claims after the termination of a contract, perhaps long after its expiry date.
Change of Circumstances
You must advise us as soon as reasonably practicable of any changes in your circumstances that may affect the services to be provided by us, or the cover provided under your insurance contract.
Payment Terms
You must provide settlement with cleared funds of all monies due in accordance with the payment date(s) specified in our debit or other relevant payment documentation (“Payment Date”). Failure to meet the Payment Date may lead to insurers cancelling your insurance contract, particularly where payment is a condition or warranty of a contract. It is imperative that you meet all your payment dates.
We are under no obligation to pay premium to insurers on your behalf.
Payment Method
Premiums should be settled on an individual debit note (or equivalent document) basis. It is not permissible to make deductions (e.g. return premiums) of any kind without our prior consent. We may issue Statements of Account periodically, if there are monies due to be paid by you.
Wherever possible, all payments should be made to us by electronic transfer. Bank account details will be advised to you. Bank charges (if any) are to be borne by you.
Premium Finance
Credit facilities may be available upon request.
A premium credit agreement is an entirely separate contract, irrespective of the insurance contract and is with the credit provider (“lender”), not us. By choosing to enter into a credit arrangement you will be subject to interest charges.
We act as introducers to a limited panel of lenders and whilst we take reasonable steps to ensure that a premium finance product is suitable for your needs and circumstances, we strongly advise you to read and consider the terms and conditions of the loan before entering into a credit agreement. The credit provider may pay to us a commission for introducing you to them.
Defaults on the loan will incur additional charges, and may result in a termination of the insurance contract.
If you do not keep up with payments, your credit rating may be affected.
Third Party
You may authorise a third party to instruct us with regard to the purchase of your insurance contract. The third party is acting as your agent and we may wish to satisfy ourselves at the outset that they are authorised to act in this capacity but we are under no obligation to do so.
We will act on all instructions received from your agent as if we were dealing with you directly and will continue doing so until you notify us to the contrary. It is your responsibility to ensure that any instructions given to us by your agent are correct, and to notify us of any limitations in respect of your agent’s authority.
We will not be responsible for:
  • (i)  Checking that your agent has accurately passed on your instructions.
  • (ii)  Any exposure arising from inaccurate information submitted by your agent to either us or an insurer, and
  • (iii)  Checking that your agent has your continuing authority to instruct us on your behalf.
Cancelling an Insurance Contract
The insurance contract will set out your legal rights.
You may be entitled to a refund of part of your premium provided no claims have occurred. The refund may not necessarily be proportionate to the remaining period of cover and may not be available where the policy is subject to a minimum or deposit premium.
Failure to maintain instalments on any premium financing facility arranged either direct with insurers or through a finance provider will usually result in termination of the policy unless alternative provisions have been agreed.
Should you have any cause to complain about our services, please raise the matter in the first instance with the person who handles your account. Alternatively, you may contact Andrew Walker by telephone on 01675 462682, or by writing to him at our usual address.
On receipt of your complaint, we will send you a copy of our complaints’ procedure. If you are not happy with the response to your complaint and are an eligible complainant, you have the right to refer your complaint for adjudication to the Financial Ombudsman Services, Exchange Tower, Harbour Exchange Square, Isle of Dogs, London E14 9SR; telephone: 0800 023 4567 (from landlines), 0300 123 9123 (from mobiles); website: www.financial-ombudsman.org.uk.
Should we be unable to meet our obligations, you may be entitled to compensation from the Financial Services Compensation Scheme (“FSCS”). Details of the circumstances in which you can make a claim – and instructions on how to do so – can be found on the FSCS website: www.fscs.org.uk.
Electronic Communications
We may communicate with each other, and with other parties with whom we need to communicate in order to provide services to you, by electronic mail, sometimes attaching further electronic data.
By engaging in this method of communication we and you accept the inherent risks (including the security risks of interception of or unauthorised access to such communications, the risks of corruption of such communications and the risks of viruses or other harmful devices).
We have reasonable virus checking procedures on our system, you will be responsible for virus checking all electronic communications sent to you. You will also be responsible for checking that messages received are complete. In the event of a dispute, neither of us will challenge the legal evidential standing of an electronic document and the Dennis R Walker system shall be deemed the definitive record of electronic communications and documentation.
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Data Protection and Confidentiality
Where this section uses a term, which is defined in the General Data Protection Regulation (Regulation (EU) 2016/679 (“Regulation”), then the definition set out in the Regulation shall apply.
We will at all times treat all confidential information we hold about you as private and confidential and protect it in the same way we would protect our own confidential information and use that information in the ways contemplated by this Agreement. For the avoidance of doubt, where you have not yet appointed us as your broker but have passed information to us which is proprietary and/or confidential to you, the provisions of this section still apply as regards such information.
We will not disclose any confidential information we hold about you to others without your prior consent except:
  • (1)  To the extent we are required to do so by law or where requested or required to do so by a regulator.
  • (2)  To insurers, surveyors, loss adjustors, IT service providers, administrative support service providers and other like persons to the
    extent necessary to provide our services to you in the timely manner.
  • (3)  To loss assessors and other like persons to the extent necessary to enable such third parties to provide information or services you
    have requested.
  • (4)  To premium finance companies to the extent necessary to enable them to provide you with a greater choice in making premium
By way of exception to the foregoing, you agree that we may:
  • (i)  Use information you provide (whether personal data or otherwise) to create anonymised industry or sector wide statistics which may be shared with third parties on the condition that unless we have obtained your consent, information confidential to you will not be revealed other than on an anonymised basis.
  • (ii)  Share information concerning your insurance arrangement with insurers or their agents where this is necessary to enable insurers to decide whether to participate in insuring your risk.
  • (iii)  Collect and use your risk, loss, reserve and claims data in the creation, marketing and commercial exploitation of loss databases, analytical reports, models and tools, (re)insurance and capital market products (any of which may or may not be used in the Services provided to you in services provided to third parties).
If you provide us with, or make available to us, any information which constitutes “personal data” (including “sensitive personal data” or “Special Category” data), we will treat such information at all times in accordance with the Data Protection Act and the Regulation in the manner described within our privacy notice, and you agree that we may hold and process such information:
  • (i)  In order to provide our services to you
  • (ii)  To facilitate the effective management, development or operation of Dennis R Walker Insurances
  • (iii)  To comply with applicable laws, prevent and detect fraud, and cooperate with regulators where appropriate, as outlined in our
    Privacy Notice.
You will ensure that all personal data has been collected and provided to us in compliance with the Regulation and all other applicable laws and, where required by law, you will obtain data subjects consent prior to providing personal data to us. You will notify data subjects of the fact that their personal data (including sensitive personal data and Special Category data) will be provided to us, and the purposes for which we will use such data and obtain their explicit consent to us processing such sensitive personal data and Special Category data.
You will ensure that all personal date provided to us is accurate and, where appropriate, kept up to date and will notify us if you become aware that such data is inaccurate.
You will provide us with reasonable assistance, upon request, in dealing with any requests, inquiries or complaints that we receive from data subjects and/or supervisory authorities in relation to any personal data processed under this Agreement.
Client Money
Is any money that we handle in connection with the provision of our services to you, including money that we receive and hold on your behalf. We will treat all Client Money in accordance with the FCA’s rules that seek to protect Client Money in the event of our failure (“Client Money Rules”).
We do not pay premium to insurers on your behalf until we have received it from you, nor will we pay claims or other monies due to you before they have been received from insurers (or other relevant third parties). However, in the event that we make a payment on your behalf, or make any payment to you prior to our being in receipt of relevant funds from either yourself, insurers or other third parties, we shall be entitled, without prejudice to any other remedy available, to recover that amount by way of deducting from any amount due to you, whether on the insurance upon which we have made payment to you or on your behalf, or on any other insurance we handle for you.
We will treat any cash balances held by us for you in accordance with the Client Money Rules. This means that such monies are ring-fenced, held separately from our own money and cannot be used for any purpose other than holding it on your behalf in the course of the provision of services to you. We will hold such cash in a client bank account with a bank approved by an appropriate regulatory authority (“an Approved Bank”) which will be a non-statutory trust account as defined in the Client Money Rules. Where such an account is maintained outside the United Kingdom, the legal and regulatory regime applying to the Approved Bank maintaining the account may well be different from that of the United Kingdom and in the event of the failure of the Approved Bank, may be treated in a different manner from which would apply if it were held by an Approved Bank in the United Kingdom. You may notify us if you do not wish your money to be held in a particular jurisdiction.
Other Intermediaries
Client Money may be transferred to another person or entity in the United Kingdom (such as another insurance intermediary) for the purposes of carrying out a transaction for you.
We will not pay you interest, nor account to you for profits earned on Client Money.
Risk Transfer
On some occasions, we will receive the premiums you pay to us as agent for the insurers. This will be the case where we place your insurance under a binding authority or where the insurer has agreed that payment of monies to us is payment to the insurer. This means that, in effect, premium has been paid to the insurer as soon as it is received by us. So, if (for any reason) we do not pay those monies to the insurer, you cannot be obliged to pay again. Such money will be held within the client account in accordance with the Client Money Rules.
Where we receive monies as agent for an insurer, you should note that from the moment monies are received we are only able to transfer the money to the order of the insurer. Therefore, upon receipt, we are not able to return such monies to you, or to transfer such monies on to another party without the express consent of the insurer on whose behalf we have received the monies.
Our Remuneration
Our remuneration, for the services we provide to you, will be either brokerage (also referred to as “commission”), which is a percentage of the insurance premium paid by you and allowed to us by the insurer with whom your insurance contract is placed, or a fee as agreed with you.
Brokerage and fees are ordinarily earned for the period of the contract at inception, and unless otherwise agreed with you, we will retain fees and brokerage in respect of the full period of the contract in relation to contracts placed by us including in circumstances where your insurance contract has been terminated and your insurers have returned prorated net premium. Consistent with long-established market practice, we will deduct our brokerage and other commissions from the premium once received.
We shall disclose the form of compensation we will earn before insurance is purchase, and if requested, we will disclose the amount of commission we have earned from the placement of an insurance contract for you.
Other Earnings
Brokerage rates are variable and do not always reflect the level of work we do for you. We, therefore, reserve the right to charge an administration fee for the services we provide to you. Any such fee and the reason for it, will be notified to you in advance and is non- refundable, including in circumstances where your insurance contract is terminated.
You may also choose to use a premium finance company or other service provider in connection with the insurance we place for you or the services we provide. If we receive any remuneration from any such service provider by reason of your use of their service, we will disclose to you the amount of that remuneration before you make a final decision to use that service provider.
Other Intermediaries
It may, at times, be appropriate (and for your benefit) for us to use other parties such as wholesale brokers, excess and surplus lines brokers, underwriting managers, managing general agents or reinsurance intermediaries. These parties may also earn and retain commissions for their role in providing products and services for you.
Credit Checks and References
When assessing your application for insurance cover or premium finance, insurers and lenders use publicly available data obtained from credit reference agencies and other organisations, such asThe Claims and Underwriting Exchange (“CUE”) and Motor Insurance Anti-Fraud Theft Register (“MIAFTR”), which help insurers to identify non-disclosure, and detect multiple or fraudulent claims.
Motor insurance details are also recorded on The Motor Insurance Database (“MID”). The MID is the central record of all insured vehicles in the UK. It is used by the Police and the Driver and Vehicle Licensing Agency (DVLA) to enforce motor insurance laws, and in the event of a motor accident, may be used by interested parties to identify relevant policy information.
A search of your credit history will appear on your credit report regardless of whether you proceed with your application but it will not harm or adversely affect your credit profile.
The information obtained helps the insurer and/or lender to both assess your application and to prevent fraud.
Termination Of Our Authority To Act For You
Our services may be terminated either by us or you upon the giving of one month’s notice in writing to the other or as otherwise agreed. In the event our services are terminated by you, we will be entitled to receive any and all fees or brokerage payable (whether or not the same have been received by us) in relation to contracts placed by us.
Money Laundering and Proceeds of Crime Act
To comply with United Kingdom money laundering regulations there are times when we may ask clients to confirm (or reconfirm) their identity. We may need to do this at the time you become a client or have been one for some time or when checking proposal forms or claim forms. For example: we may ask you for sight of a current signed passport and two recent utility bills/bank statements, or if you are a company (other than listed) for a copy of the certificate of incorporation, a list of directors, a list of shareholders and the registered address.
Where deemed necessary this information will be shared with regulatory and law enforcement bodies. Please note that we are prohibited from disclosing to you any report we may make based on knowledge or suspicion of money laundering, including the fact that such a report has been made.
We have systems that protect clients and ourselves against fraud and other crime and we may utilise the services of third parties in order to identify and verify clients. Client information can be used to prevent crime and trace those responsible. We may check your details against financial crime databanks. If false or inaccurate information is provided, we may be obliged to pass such details to United Kingdom regulatory agencies that may use this information.
Limit of Liability
Our aggregate liability for breach of contract, negligence, breach of statutory duty or other claim arising out of or in connection with this Agreement or the services provided hereunder shall be limited as follows:
  • (1)  In respect of personal injury or death caused by our negligence, no limit shall apply.
  • (2)  In respect of other claims, the total aggregate liability of Dennis R Walker Insurances shall be limited to the sum of £10,000,000.
Ethical Business Practice
We do not tolerate unethical behaviour either in our own activities or in those with whom we seek to do business. We will comply with all applicable laws, rules and regulations and accounting standards. In particular, we comply with the requirements of the Modern Slavery Act 2015.
Conflicts of Interest
Circumstances may arise where we may find we have a conflict of interest or otherwise have a material interest in or related to a matter in respect of which you are acting. For example, we may find that the interests of two of the clients for whom we act conflict.
We have conflict management procedures and we seek to avoid conflicts of interest but where a conflict is unavoidable, we will explain the position fully and manage the situation in such a way as to avoid prejudice to any party.
The insurance market is complex and there could be other relationships not described here which might create conflicts of interest. Whatever the circumstances, we will act in your best interests; and, if a conflict arises for which there is no practicable solution, we will withdraw unless you wish us to continue to act for you and provide us with your written consent to that effect.
You agree that we have a right to amend this document by sending you either a notice of amendment in writing or a revised Terms of Business Agreement. Any amendment will apply in respect of any service transaction entered into by us after notice of the amendment is given, and may take effect either immediately or at such later date as the notice may specify. We will, however, give you at least ten business days’ notice of any change.
Entire Agreement
This document and any amendment, constitutes the entire terms on which we will provide general insurance business with you and no alternative will have effect unless or agreed by us in writing.
Third Party Rights
Unless otherwise agreed between us in writing, no term of this Agreement is enforceable under the Contracts (Rights of Third Parties) Act 1999.
Governing Law
This Agreement which sets out the terms of our relationship with you will be governed by and construed in accordance with English law and any dispute arising under it shall be subject to the exclusive jurisdiction of the English courts.
Dated: 13 September 2018
Dennis R Walker Insurances Lake House 7 Parkfield Road Coleshill
B46 3LD Tel: +44 (0)1675 462682
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