Are you unsure on anything to do with insurance? Why not take a look at our frequently asked questions below.
Are you unsure on anything to do with insurance? Why not take a look at our frequently asked questions below.
1. What’s IPT and why do I have to pay it on my insurance?
IPT stands for Insurance Premium Tax – introduced by the government in 1994. As a tax, it is a legal requirement on all insurance policies, unless they are specifically exempt (such as life insurance or some commercial insurances). The current rate of IPT is 12% (as at June 2016).
2. Who regulates us?
The Financial Conduct Authority (FCA) regulate insurance intermediaries. Inman Insurance Broker Group is a trading style of Inman & Associates Ltd. Inman & Associates Ltd are registered in England & Wales at 10 Mercia Business Village, Torwood Close, Westwood Business Park, Coventry, CV4 8HX. Companies House Registration Number 7225537. Authorised and regulated by the Financial Conduct Authority. Entered on the FCA Register, number 543324, at www.fca.org.uk/register.
3. Are We Covered by the Financial Services Compensation Scheme?
We are covered by the FSCS. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim. Insurance advising and arranging is covered for 90% of the claim with no upper limit. Further information about compensation scheme arrangements is available from the FSCS. http://www.fscs.org.uk/
4. What is The Insurance Act 2015?
The Insurance Act 2015 came into force on the 12th of August 2016 and changes the way the law deals with the duty of disclosure for commercial insurance contracts. The purpose of the Act is to update the current law to reflect the way in which the insurance market has evolved in modern times with the aim being to achieve a fair and balanced regime between insurers and insureds.
What you need to do?
Under the Act insurance contracts will still be based on good faith and you will have a duty to make a fair presentation of the risk to insurers which will include disclosure of:
5. What happens if I make a misrepresentation when taking our an insurance policy?
In the event that you make a misrepresentation of information which is considered to be deliberate or reckless i.e. you were aware that you were making a misrepresentation or did not care whether or not you were misrepresenting the risk, an insurer will be allowed to avoid your policy, which means that any claims you make will not be met and no refund of the insurance premium will be made and an Insurer may recover any amounts that they have paid or claim any expenses that they may have incurred. If however you make a misrepresentation of information which is not deliberate or reckless i.e. you appropriately carried out your duty to make a fair presentation but made an honest mistake or omission then the remedy available to the Insurer depends on what they would have done had the full information been available to them when the policy was taken out. There are a number of remedies which may be applied by the insurer to achieve a fair outcome:
6. Have a Complaint?
We pride ourselves on the services we provide to our clients and we hope that you do not have cause to complain. In the unlikely event that you are not satisfied about something we have or haven't done, we have a set procedure to follow. Please contact our office for details. In writing: Inman & Associates Ltd, 10 Mercia Business Village, Torwood Close, Westwood Business Park, Coventry, CV4 8HX. By phone: 02476 471450 Some clients are able to take unresolved complaints to the Financial Ombudsman Service (FOS). You can contact FOS using the various methods below or by visiting their websitehttp://www.financial-ombudsman.org.uk/ By Phone Monday to Friday – 8am to 8pm and Saturday – 9am to 1pm 0800 023 4 567 (calls to this number are now free on mobile phones and landlines) 0300 123 9 123 (calls to this number cost no more than calls to 01 and 02 numbers) or from abroad on +44 20 7964 0500 By Post The Financial Ombudsman Service Exchange Tower London E14 9SR