Glasses and pen: carefully reading the terms and conditions

Square Mile features in Yorkshire Post Business News

Square Mile’s specialist commercial insurance offerings feature in the YORKSHIRE POST Business News. [Read more…]


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© The Financial Times Ltd 2018

Terms of Business Agreement



The purpose of this document is to describe our professional relationship and services that we will provide to you. We draw your attention to the following sections:
• Your responsibilities;
• Payment for our service and Fee Tariff;
• Handling Money;
• Conflicts of interest;
• Complaints.

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Accepting our terms of business

By asking us to quote for, arrange or handle your insurances, you are providing your informed agreement to these Terms of Business. We draw your particular attention to the section headed ‘Use of personal data’ and specifically the paragraph explaining how ‘sensitive personal data’ will be used. More information will be found on this website.

For your own benefit and protection, you should read these terms carefully. If you are unsure about any aspect of our Terms of Business or have any questions regarding our relationship with you, please contact us at the address below.

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The Financial Conduct Authority

Square Mile Insurance Services Limited is authorised and regulated by the Financial Conduct Authority (FCA). Our FCA Register number is 311852.

Our permitted business is introducing, advising, arranging, dealing as agent and assisting in the administration and performance of general insurance contracts, credit broking and associated debt-related administration in relation to insurance instalment facilities. You may check this on the FCA’s register by visiting the FCA website, or by contacting the FCA helpline on 0800 111 6768.

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Our service: helping you to decide

Our role is to advise you and, after we have assessed your needs, to make a suitable recommendation, preparing market presentations, negotiating the most appropriate terms, checking the accuracy of policies issued, notifying your insurers of any alterations to a policy that you have instructed us to make, process, record and assist any claims or circumstances which might result in a claim. Discussing your renewal requirements and negotiating terms. We will not in any circumstance guarantee the solvency of any insurer. In the event that advice is not provided we will confirm this to you before finalising your insurances,

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The capacity in which we act for you

In providing our service, we act as your agent. However, in some circumstances we may place your insurance under a special arrangement with an Insurer. In this case we will advise you in which capacity we will act.

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Our product range and the range of insurers used

We select personal and commercial insurances from a range of insurers, but for certain products, we only select products from a limited number of insurers or offer products from a single insurer. We will give you further information about this before we finalise your insurance arrangements. Where we select products from a limited number of insurers you may ask us for a list of the insurers we deal with.

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We aim to provide you with a high level of customer service at all times. However, if something goes wrong we need you to tell us about it.

As an authorised insurance intermediary we have a formal complaints procedure which can be viewed on our website at or you may write to us at the address shown overleaf. When dealing with your complaint, we will follow our complaints procedure with a full investigation and formal response. If you are still not satisfied, you may be entitled to refer the matter to the Financial Ombudsman Service.

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Payment for our services & fee tariff

We normally receive commission from insurers or product providers.

In good time before the conclusion of each insurance contract, or upon renewal, we will remind commercial customers of the right to be informed of the level of commission which we receive from underwriters. All of our commercial customers are entitled, at any time, to request information regarding any commission which we may have received as a result of placing their insurance business.

We reserve the right to charge a Fee in addition to insurance premium commission for handling your insurances as follows:

Commercial Fees
Advised at inception/quotation
Consumer Fees
Premium <£250 fee £30
Premium 250-£1000 fee £50
Premium 500-£1000 fee £100
Consumer & Commercial
Mid-term adjustments fee £15
Lost Documents / Certificates fee £25
Cancellation see below
Bounced Cheque or Direct Debit 2% or £2 minimum

You will receive a quotation which will tell you the total price to be paid, and which identifies any fees, taxes and charges separately from the premium before your insurance arrangements are concluded. Quotations are valid for 30 days. Premiums and fees fall due and must be paid by the settlement date stated on our invoice and or accompanying correspondence.

When renewal is invited and the policy is paid by direct debit, we will issue a notice to you and the absence of a response will be deemed as your consent to cover being renewed automatically.

We reserve the right to retain any commission or fee earned on a policy cancelled mid-term and in-turn the pro rota premium or short period charges will be returned when credited by the insurer. In view of the costs involved in making changes to a policy we will not issue refunds of less than £25.

We also draw your attention to the sections headed ‘Cancellation of insurances’ and ‘Ending your relationship with us’.

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Conflicts of interests

You should take note of the required procedures in the event of a claim, which will be explained in the policy documentation. Generally, insurers require immediate notification of a claim or circumstances which might lead to a claim. We will employ due care and skill if we act on your behalf in respect of a claim.

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Claims handling arrangements

You should take note of the required procedures in the event of a claim, which will be explained in the policy documentation. Generally, insurers require immediate notification of a claim or circumstances which might lead to a claim. We will employ due care and skill if we act on your behalf in respect of a claim.

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Types of policies arranged by us include but not limited to:-

All types of commercial policies including;

• Shops & Offices Restaurants & Pubs
• Nightclubs
• Professional indemnity (PI)/Directors & Officers
• Marine / Goods in Transit
• Commercial Motor Fleets
• Business & Group Travel
• Property owners
• Engineering
• Special Schemes
• Terrorism
• Security companies / Door Supervisors

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Personal lines

• High Net Worth (Buildings & Contents) and Overseas Property
• Household buildings & contents
• Private motor
• Travel (including pre-existing or terminal conditions)

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Handling money

Our financial arrangements with most insurance companies are on a ‘Risk Transfer’ basis. This means that when we receive your premium it is deemed to have been received by your Insurer.

Claims monies and refunds will remain the property of your Insurer until it is paid to you. However, if Risk Transfer does not apply; such
monies will be held by us on your behalf as “Client Money”. All monies are held in a Statutory Trust account, in accordance with FCA rules, until released to the recipient. Any interest earned on monies held in such a Statutory Trust account will be retained by us.

In certain circumstances, Client Money may pass through other authorised intermediaries before being paid to the insurer.

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Cancellation of insurances

You should make any request for the cancellation of a policy in writing and any relevant certificate of insurance must be returned to us or to the insurer concerned.

In the event of cancellation, charges for our services will apply in accordance with the ‘Payment for our services and Fee Tariff” (above)
The terms of your policy may allow insurers to retain the premium in full or to charge short-period premiums in the event of cancellation before the policy expires.

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Ending your relationship with us

Subject to your immediate settlement of any outstanding premiums and fees, you may instruct us to stop acting for you and we will not impose a penalty.

Your instructions must be given in writing and will take effect from the date of receipt.

In circumstances where we feel we cannot continue providing services to you, we will give you a minimum of 7 days’ notice.

Unless otherwise agreed in writing, if our relationship ends, any transactions previously initiated will be completed according to these Terms of Business. You will be liable to pay for any transactions concluded prior to the end of our relationship and we will be entitled to retain commission received for conducting these transactions, together with all fees charged by us for services provided. In the event that we no longer place insurances for you and if we continue to handle your claims, we may seek to agree a fee.

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Your responsibilities

You are responsible for providing a fair presentation of your business or personal requirements to enable underwriters to assess your risk and to determine what premium to charge and terms to apply. For businesses, this duty extends to all directors or senior employees who after a reasonable search/discussion are confident that all relevant information has been provided to enable terms to be produced. This duty extends throughout the life of a policy and we must be informed of any changes immediately you are aware of them. If you fail to disclose information or misrepresent any fact this could invalidate the policy, reduce the amount paid in the event of a claim or have increased terms applied. You must check all details on any proposal form or Statement of Facts and pay particular attention to any declaration you may be asked to sign.

It is important that you read and check all insurance documents; issued to you and ensure that you are aware of the cover, limits and other terms that apply. Particular attention must be paid to any warranties and conditions as failure to comply with them could invalidate your policy.

We adhere to strict terms of credit and therefore any request for payment must be settled by the due date stated. Failure to do so may invalidate cover and entitle Insurers to cancel your policy.

If you are unsure about any matter, please contact us for guidance.

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Financial crime

We are committed to minimising the threat of financial crime and have a zero tolerance policy towards acts of bribery and corruption. We expect all entities with whom we do business in the UK and Worldwide to comply with all applicable law, statutes, regulations and codes relating to anti-bribery and corruption including the Bribery Act 2010. We will screen all client names against UK and international sanctions lists and other intelligence data to ensure that we do not violate any laws.

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Use of personal data

We will process any personal information we obtain in the course of providing our services to you in accordance with the Data Protection Act 1998 and in line with GDPR requirements effective 25th May 2018. In administering your insurances it will be necessary for us to pass such information to insurers and other product or service providers who may also provide us with business and compliance support. Credit checks may be undertaken by insurers prior to issuing premium indications; this is taken as a tacit agreement.

We may also disclose details to relevant parties, as necessary, to comply with regulatory or legal requirements. We may contact you in order to promote products or services which may be of interest to you. We will not otherwise use or disclose the personal information we hold without your consent.

Sensitive personal data

Some of the details you may be asked to give us, such as information about offences or medical conditions, are defined by the Act as sensitive personal data. By giving us such information, you signify your consent to its being processed by us in arranging and administering your insurances.

All data recommendations, proposals, reports and other information provided by us in connection with your insurance needs are for your sole use. You agree not to permit access by any third party to this information without our express permission. We reserve the right to protect proprietary information.

Credit checks may be undertaken by insurers prior to issuing premium indications; this is taken as a tacit agreement.

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