Terms of Business Agreement

The following Terms of Business Agreement sets out the basis on which K.S.L. Thomas & Co. Ltd referred to as ‘We’, ‘Us’, ‘Our’ will provide business services to you as a consumer or commercial client of the firm.

Please contact us immediately if there is anything in these terms of business which you do not understand or with which you disagree. We are happy to answer any questions and willing to explain these terms and the reasons for them.

YOU ARE DEEMED TO HAVE ACCEPTED THESE TERMS OF BUSINESS UNLESS YOU ADVISE US OTHERWISE WITHIN 7 DAYS OF RECEIPT.

Contact us Telephone: 01708 762950
Email: enquiries@kslthomas.com
Web Address: www.kslthomas.com
Address: 205 South Street, Romford, Essex RM1 1QX
Business Hours: 9am – 5pm Monday – Friday


About us

K.S.L. Thomas & Co. Limited, 205 South Street, Romford, Essex, RM1 1QX is authorised and regulated by the Financial Conduct Authority (FCA). Our firms reference number is 301515. Our permitted business is arranging with a view to transactions in non-investment insurance contracts, arranging (bringing about) non-investment insurance contracts, advising on non-investment insurance contracts, dealing as an agent in non-investment insurance contracts and assisting in the administration and performance of non-investment insurance contracts. You can check this on the Register by visiting the website www.fca.org.uk or by contacting the FCA Consumer Helpline on 0800 111 6768. We are authorised by the FCA for consumer credit broking. We act for a number of lenders.

Our scope of service

We offer a wide range of insurance products and have access to leading insurers in the marketplace. When we arrange your insurance we’ll inform you of the nature of the service we provide. This will usually be one of the following:
(a) a personal recommendation to buy the policy, on the basis of a fair and personal analysis of the market

(b) a personal recommendation to buy a policy we select from one or more insurance undertakings (not on the basis of a fair and personal analysis of the market) in which case we will provide the names of those insurance undertakings.

(c) information only about a policy from one or more insurance undertakings without giving you advice or a personal recommendation, in which case we will provide the names of those insurance undertakings


We generally act on your behalf in arranging your insurance, but we’ll make clear at the outset whether we are acting for you or for the insurer in particular circumstances.

Your duty of disclosure

Consumers: You must take reasonable care not to make a misrepresentation to the insurer. This means that all the answers you give and statements you make as part of your insurance application, including at renewal and when an amendment to your policy is required, should be honest and accurate. If you deliberately or carelessly misinform the insurers, this could mean that part of or all of a claim may not be paid.

Non-consumer customers: Where we arrange insurance wholly or mainly for purposes related to your trade, business, or profession, you have a duty under The Insurance Act 2015 to make a fair presentation of the risk. This means that you must disclose every material circumstance which you and/or your senior management and/or anyone responsible for arranging your insurance know or ought to know. Alternatively, you must disclose sufficient information which would put the insurer on notice that it needs to make further enquiries for the purpose of revealing those material circumstances. You are expected to carry out a reasonable search in order to make a fair presentation of the risk and will be deemed to know what should reasonably have been revealed by the search.

Your duty of fair presentation applies at the start of the policy, at renewal and when any variation of the policy is arranged. If you fail to make a fair presentation, the insurer may refuse to pay your claim or reduce the settlement amount, depending on the circumstances

How to cancel

Please contact us immediately if you wish to cancel any insurance policy we have arranged for you. You may have a right to cancel a policy without penalty within the first 14 days (or, in some cases, longer). Please refer to your policy documentation for further details. If you cancel within this initial cancellation period (where this applies) you will receive a proportionate refund of premium from the insurer. However, insurers are entitled to make an administrative charge. In addition, we may charge an amount which reflects the administrative costs of arranging and cancelling the policy. Details of the amount we charge are detailed below under Fees and Charges.

If you choose to cancel other than within an initial cancellation period you may not receive a prorata refund of premium. In addition, we may charge an amount that reflects the administrative costs of arranging and cancelling the policy (see our Fees and Charges below).

Protecting your information

We take your privacy extremely seriously and we will only use your personal details in line with our Privacy Notice. Please read our Privacy Notice carefully, which can be found on our website at https://www.kslthomas.com/privacy-policy.asp and contact us immediately if you have any queries. Where necessary, for example where we would like to use your data for some marketing purposes, we shall ask for your specific consent to do so. Your personal information includes all of the details you have given us to process your insurance policy (we will not ask for more information than is necessary). We may share your data with Third Parties for the provision and ongoing performance of your insurance policy. Your data may be transferred outside the UK. We will not sell, rent, or trade your data under any circumstances. All of the personal information you supply to us will be handled strictly in accordance with the applicable Data Protection regulations and legislation.

How to claim

Please refer to your policy documentation if you need to notify a claim. You should contact us or the insurer direct as soon as you become aware of any incident which could give rise to a claim. If in doubt about whom you should contact, or if you require our assistance in relation to a claim or potential claim please contact us.

Fees and charges

In addition to the insurers premium and fee being charged we make our own charges to cover the costs of administration of your insurance. These charges however are not subject to insurance premium tax.

These charges are non-refundable

Where a fee or charge is payable, you will be advised before you commit to the service.

TransactionPersonal LinesCommercial Lines
New Business£50£50
Renewal£50£50
Mid Term Adjustment£30£30
Cancellation£30£30
Duplicate Documents*£30£30


*We will only charge on cases where we have previously posted documents to you, requests for electronic versions are without charge. Examples of documents include but are not limited to: insurance certificates, duplicate no claim bonus proof (where an original or an official renewal notice has been previously issued) or cover note(s) for taxation purposes (where an insurance certificate has been previously issued)

Policy charges on certain schemes will differ from the above list and will be advised to you within the scheme documentation prior to purchase.

If your policy is cancelled mid-term, we will retain our commission of 10% of the return premium and a £30 administration charge.

Where we arrange low or non-commission paying products, we will charge a Broking fee and will advise you of the actual amount at the time of quotation or renewal.

We reserve the right to charge you for our time and costs of finding, negotiating, and arranging your insurance, on some occasion this can be for very complex insurance or very time consuming to arrange we will therefore on commercial contracts charge a broker fee up to a maximum of £500.

These fees may be subject to change. Where there are changes, we will confirm this clearly and the actual amount will always be disclosed to you before you commit to purchasing the product.

Our earnings

In return for placing business with insurers and/or underwriters and/or other product providers, we generally receive a commission from them which is a percentage of the annual premium that you are charged. br />
For arranging premium instalment facilities, we earn a variable amount of commission from our premium finance provider(s) which is usually a percentage of the individual loan. This means that the amount you pay for credit and the overall cost of arranging your insurance will vary according to the interest charged by the lender and the amount of commission we earn.

Using premium finance can make the overall cost of the insurance more expensive. A full breakdown of the cost of your insurance and the cost of credit will be provided as part of your new business or renewal quotation before you make a decision whether to proceed.

Occasionally we may also receive a bonus/training/IT and/or marketing support from insurers and/or underwriters although this is not always guaranteed. In some circumstances, depending on the level of work involved, we may also charge you a separate fee however this will be discussed and agreed before any work is done on your behalf.

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 or arranging premium finance.

Please be assured that at no time will the way in which we are remunerated conflict with our responsibilities to meet your needs and treat you fairly.

Protecting your money

Prior to your premium being forwarded to the insurer (or forwarded to you in the event of a premium refund) we hold your money as an agent of the insurer with which we arrange your insurance. Where we hold premium as the agent of the insurer it is regarded as received by the insurer.

We may transfer your premiums to the insurer through another party, such as a broker or underwriting agent for the purposes of effecting a transaction.

By accepting this Terms of Business Agreement, you are giving your consent for us to treat your money in this way. Please notify us immediately if you have any objection or query.

Complaints

It is our intention to provide a high level of service at all times. If however, you have reason to make a complaint about our service in the first instance, you should contact us. You can contact us in various ways as follows:

In writing to: Rex Thomas (address as per registered address stated in the “Contact Us” section)
By telephone on: 01708 753179
By email at: rex@kslthomas.com

Your complaint will be acknowledged within 5 business days. Within four weeks you will receive either a final response or an explanation of why the complaint is not yet resolved plus an indication of when a final response will be provided. Within eight weeks you will receive a final response or, if this is not possible, a reason for the delay plus an indication of when a final response will be provided. If compensation or redress is felt to be appropriate details of this will be provided with full reasons for this decision. After eight weeks, if you are not satisfied with the delay, you may refer your complaint to the Financial Ombudsman Service. You can also refer to the Financial Ombudsman Service if you cannot settle your complaint with us. Further information is available from the FOS on telephone no: 0800 023 4567 or by visiting www.financial-ombudsman.org.uk.

Compensation arrangements

We are covered by the financial services compensation scheme. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstance of the claim. The scheme covers 90% of the claim, without any upper limit for general insurance and 100% of the claim for compulsory insurance. The scheme does not apply to consumer credit. Further information about compensation scheme arrangements is available from the FSCS on telephone no: 0800 678 1100 or by visiting http://www.fscs.org.uk/

Money laundering/Proceeds of crime

We are obliged to report to the National Crime Agency any suspicion of money laundering or terrorist financing activity and we are prohibited from disclosing any such report.

Adequacy of insurance values

It is the responsibility of the insured to ensure that all sums insured and policy limits are adequate. It is strongly recommended that the appropriate Professional (e.g. Surveyor/Accountant) be consulted to ensure that the sums insured and limits under the policy are suitable.

Conflicts of interest/Customers best interests As insurance brokers we generally act as your agent in advising you, arranging your insurance and assisting you in the event of a claim; we will always act honestly, fairly and professionally ensuring your best interests are our priority. In certain circumstances we may act for and owe duties of care to insurers and/or other parties. Where we become aware of any actual or potential conflict of interest with our duty to you, we will inform you of the situation and the options available to you before we proceed.

Insurer security

The insurers we use are regulated and are required to have adequate capital resources. However, we cannot guarantee the solvency of any insurer we place business with. An insolvent insurer may be unable to pay claims or may be unable to pay them in full and you may have to pay a further premium to pay for alternative insurance cover.

Termination

You or we may terminate authority to act in connection with your insurance arrangements at any time. Notice of termination must be given in writing and will be without prejudice to the completion of any transactions already commenced. Any business currently in progress will be completed unless we receive instructions to the contrary. Any premiums or fees outstanding will become payable immediately. In circumstances where we feel we cannot continue providing services to you, we will give you a minimum of 7 days’ notice.

Law and jurisdiction

These Terms of Business shall be governed by and construed in accordance with English Law and shall be subject to the exclusive jurisdiction of the courts of England and Wales