Terms image overlay

Terms

1.         Who Are LFC Limited?

LFC is an independent insurance broker, which means we aren’t tied to any particular insurance provider or group of insurance providers. We will usually consider a range of providers to find you the most appropriate product to suit your needs and your sale will be considered an advised sale, unless otherwise informed.

However, depending on your needs we might only consider a specific product from a single provider, or products from a small selection of relevant providers. We may limit the number of providers we ask to those we use for selected types of insurance, through our own specialist facilities, or via specialist intermediaries.

We may also choose to use a ‘delegated authority’ arrangement, which means that we have the authority to do certain things on behalf of the provider. That could include calculating your premiums, issuing your policy documents and administering your claims.

2.         The Financial Conduct Authority

Legacy Funding Corporation is a trading style of Bespoke Risk Solutions Limited who are an Appointed Representative of Leisureworld (UK) Ltd who are authorised and regulated by the Financial Conduct Authority (Financial Services Register No. 749920).  You can check these details by visiting www.fca.org.uk

Bespoke Risk Solutions Limited.  Registered Office Victoria House, 50 Alexandra St, Southend on Sea, Essex SS1 1BN. Registered in England and Wales. Company Number 07292153


 

3.         The capacity in which we’re working

We will undertake various activities as we arrange and administer your insurance, and when we help you to make a claim.

Sometimes, we’ll be acting on your behalf for example when we are looking for the most suitable policy for you; in these situations, we will be acting as your agent.

Sometimes, we may act on behalf of the insurer or the provider – for example when we can issue policy documentation to you. In cases where we are acting on behalf of the insurer, we’ll be acting as their agent.

4.         Our Remuneration

Commission and Fees 

We can earn remuneration by receiving a commission payment from the insurance company with which the insurance is placed.

This amount will usually be calculated as a percentage of the insurance premium and the percentage will have been contractually agreed with the insurance company.

We can earn remuneration by charging you a fee for our service. Our placing fees are calculated as follows: 

Activity

Standard personal insurance

Standard commercial insurance

New business placing fee

Up to £50

Up to 40% of premium (Subject to a minimum fee of £25)

Renewal placing fee

Up to £50

Up to 40% of premium (Subject to a minimum fee of £25)

Whenever we charge a fee, that amount will be agreed with you in advance and will be disclosed to you separately to the insurance premium.  If we have charged you a fee, this information will have been provided to you already alongside details of the premium.

We may charge you a fee and earn commission when placing your insurance. We have detailed below how we have been remunerated for placing this. 

Administration Fees

In addition to any placing fee we may charge, there are some other fees which may apply during the policy term or on cancellation.

Activity

Standard personal insurance

Standard commercial insurance

Cancellation administration fee

Up to £25

Up to 40% of premium (Subject to a minimum fee of £25)

Mid-term adjustment administration fee

Up to £50

Up to 40% of change in premium (Subject to a minimum fee of £25)

Charge for duplicate documents

Up to £10

Up to £50

Charge for referral to external debt collection agency

£30 minimum, then 15% of any debt greater than £200

£30 minimum, then 15% of any debt greater than £200

The monetary amount of fees calculated as a percentage of premiums will be provided to you prior to inception/renewal and as soon as possible for Mid Term Adjustments. We also reserve the right to charge a £25 administration fee if a cheque is not honoured by your bank and for any other type of returned payment.

Your premium is due from date of inception or renewal.  Failure to pay on this date may lead to us having to refer your outstanding balance to an external collection agency for collection through the legal system.  Should it be necessary to do so you will incur a charge of 15% of the outstanding debt, with a minimum charge of £30.

Non-standard Fees

Where the nature or the complexity of arranging or amending your insurance necessitates fees in excess of the above, this will be discussed with you and the level of fee to be charged will be disclosed separately, in writing, prior to the transaction.

Fee treatment for Cancellations and Amendments

Fees or commissions earned are non refundable /recoverable  in the event of cancellation or amendment of your policy or termination of our services, as these cover the services already provided, which occur mainly at inception/renewal, and our costs to cancel your policy. In the absence of any other agreement, non-payment of any premium or non-receipt of forms may be taken as your instruction to cancel cover. If a policy should be cancelled the net premium less commission, if any, will be returned to you less the cancellation fee shown above.   If you have chosen to fund the cost of your insurance by direct debit, upon cancellation you will be required to pay the cancellation fee along with any commission due to us and you will be billed separately for this. Sometimes there is no return premium, for example, following a claim. The return could be low due to insurer short period scales. For `minimum and deposit´ premium policies there is no return on cancellation. Please check with us before providing cancellation instructions.

Possible additional earnings

Insurance companies and intermediaries may also pay us an additional amount, depending on the volume of business we do with them, profitability, or any other aspect of the agreements between us. We may have such agreements with one or more of the providers with whom your insurance is arranged.

We may also receive earnings if we arrange the funding of your insurance premium.

You are entitled, at any time, to request information regarding any commission which we may have received as a result of placing your insurance business.

We may place business into other markets such as London market and Lloyd's by using another broker. When this occurs the price of insurance will include a commission element for this broker representing the costs of transacting business in that market.  This amount will be charged to you as part of the policy cost prior to applying our agreed basis of remuneration.

5.         Important

Your insurance is arranged on the basis of what you have told us and your insurer. Therefore, you must provide answers to all questions raised honestly, completely and to the best of your knowledge.

If you're in any doubt as to whether to provide any information please do so, to ensure that your policy is set up on the correct basis because if not it could mean that part or all of a claim may be unpaid.

If any circumstances change throughout the policy year please advise us immediately so that we can ensure cover is still appropriate.   If you fail to report claims promptly, or any circumstances which may lead to a claim, it may affect your ability to obtain a settlement.

6.         Payment and Client Money

We do not hold Insurer premiums and therefore we will arrange for you to make direct payments to insurers and the only payment therefore to us will be any fees or additional charges as outlined above.

Delays in payment beyond inception or renewal date in some situations may be interpreted by insurers as exhibiting the intention not to pay. This may result in all or part of your claim not being paid, or your insurers cancelling your policy. Full payment of premium and fees is due in cleared funds before cover commences or as otherwise stated under terms of credit, or in the debit note, invoice or statement issued to you.

For the purpose of some transactions, client money may pass through other authorised intermediaries before it is received by the insurer this may include brokers and settlement agents outside the UK (where the legal and regulatory regime applying may be different from that of the UK). In the event of failure of a non UK resident broker or settlement agent, this money may be treated in a different manner from that which would apply if the money were held in the UK. You may notify us if you do not wish your money to be passed to a person in a particular jurisdiction.

We may keep certain documents such as your policy document or certificate while we await full payment of monies due or forms that require to be completed by you. In these circumstances we will ensure that you receive full details of your insurance cover and will provide you with any documents which you are required to have by law.

Whilst we monitor the financial strength of the insurers with whom we place business it should be noted that the claims-paying ability of even the strongest insurers may be affected by adverse business conditions. We cannot therefore, guarantee the solvency of any insurer or underwriter.

Credit Searches

We may pass information about our customers to credit reference agencies and premium finance providers in connection with the assessment of financial standing generally and, in particular, where a premium instalment plan has been requested. This may include details of payment records. We may also undertake our own credit searches on our commercial customers.

7.         Data Protection

We are registered under the Data Protection Act 1998 and we undertake to comply with the Act in all our dealings with your personal data. Your personal information will be kept secure.

Records are kept as required under various statutory and regulatory requirements. You may also occasionally be contacted about products by us or selected third parties. Should you wish to prevent this, please contact us.

8.        How to make a claim

If you should ever need to make a claim under any of the policies you have arranged through us, please contact your account executive in the first instance on 01702 200222.

9.       Complaints

When we receive suggestions about improving the way we work, or praise for a job well done, we feed it back into our business improvement procedures. We take complaints very seriously and deal with any criticisms positively and proactively.

If you’re dissatisfied with the way your provider has dealt with you, please follow the complaints procedure laid out in your policy document. Alternatively, contact us and we’ll explain the procedure to you.

If your dispute is with the way LFC  has dealt with you, please contact:

The Company secretary

LFC
Greenacres
Victor Gardens
Hockley
Essex
SS5 4DY

If, following our investigation and response to you, you’re still not satisfied with the outcome, you may be eligible to contact the Financial Ombudsman Service (FOS). Details will be provided in our response to you.

This agreement shall be governed by the Laws of England and Wales and the parties agree herewith that any dispute arising out of it shall be subject to the exclusive jurisdiction of the English Courts.

Effecting Cover, whether new business or renewal, constitutes acceptance and consent of all terms contained herein.

 

 

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01702 200222

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