Terms of Business Agreement (TOBA)
This TOBA sets out the basis on which we will provide our services to you and explains our regulatory status and other important matters. It also references certain responsibilities you have to insurers.
We will be entitled to assume that you consent to transact business with us on the terms of this TOBA if you instruct us and/or continue to do business with us.
Please read this TOBA agreement carefully and. if there is anything that you are unsure about or if you have any queries, please advise us immediately in writing before we start, or continue, to provide services to you If you instruct us to proceed with any insurance placement or to undertake any other insurance related service, we will be doing so on these terms alone and they will have contractual effect between you and us. This TOBA constitutes the entire agreement between both you and us with regard to our engagement and supersedes all proposals, prior discussions and representations, oral or written, between both of us relating to the Services.
In this TOBA references to ‘insurance’ and ‘insurers’ includes reinsurance and reinsurers; and ‘your’ includes your clients if you are an intermediary and the context so requires. Unless instructed otherwise and in writing, we are entitled to assume that all of your employees, directors and officers who give us instructions are authorised to do so and that we may act on oral instructions.
Political And Credit Risks Ltd is an independent broker authorised and regulated by the Financial Conduct Authority “FCA”. Its FCA Firm Reference number is 735613. You may check the FCA register by visiting the FCA website https://register.fca.org.uk or by contacting the FCA on freephone number 0800 111 6768.
Our contact details are:
Tel: +44 (0)203 797 1287
Email: info (at) politicalandcreditrisks (dot) com
We are an independent insurance intermediary providing a wide range of insurance products. We are not authorised to offer advice on investment products. We do not offer advice in relation to accounting, regulatory or legal matters and you should take separate advice as necessary regarding such matters.
We do not provide any advice on the purchase or make a recommendation of policies we source, and customers should make their own decision regarding the suitability of products offered.
Our remuneration for the services we provide you, will be a fee and/or commission, which is a percentage of the insurance premium set by the insurer with whom the insurance is placed and included in the premium paid by you, or a fee as agreed with you.
Where any fees, in addition to or instead of commission are to be charged we will explain these to you before you purchase a policy.
Before your insurance arrangements are concluded you will receive a quotation which will tell you the total price to be paid, showing any fees, taxes and charges separately from the premium. If you would like to know the amount of commission that we are paid in respect of your insurance contract this information is available on request.
We may in certain circumstances be paid other remuneration which may include a profit commission, payable in arrears and dependant on the profitability of the insurer account, or, in respect of premium financing, we may derive additional income from a finance provider depending upon the total amount of premiums financed by it. This does not affect our position in relation to our responsibilities under the law of agency.
Complaints and Compensation
We aim to provide you with a high level of service at all times but recognise that things can sometimes go wrong. If you are not satisfied with any aspect of the service provided by us, please contact us using the information provided below to provide details of the problem.
To make a complaint, please contact us in writing or by telephone or e-mail at
The Compliance Officer
Tel: +44 (0)203 797 1287
Email: info (at) politicalandcreditrisks (dot) com
We will seek to resolve matters as quickly and fairly as possible. In any case we will:
- Acknowledge your complaint within two business days requesting any additional information needed;
- Normally seek to have investigated and responded to you within 4 weeks setting out our final response;
- If due to complexity or reasons beyond our control, we will not be able to provide a final response in that timeframe we will advise you setting out the reason, but in any case, we would expect to have provided a final response within 8 weeks.
If you are not satisfied, you may be eligible to refer the matter to the Financial Ombudsman Service (‘FOS’) at Exchange Tower, London, E14 9SR or telephone on 0800 023 4567.
We are also covered by the Financial Services Compensation Scheme (‘FSCS’). You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of insurance, size of business (if a commercial customer) and the circumstances of the claim. Further information about the compensation scheme arrangements is available from the FSCS at 10th floor, Beaufort House, 15 St Botolph Street, London, EC3A 7QU, telephone 0800 678 1000.
Before your insurance arrangements are concluded or you become liable to pay a fee (whichever is the earlier), you will receive a quotation, which will tell you the total price to be paid and any fees, or other charges will be detailed separately.
Quotations may only be valid for a specified period and may be subject to requests for additional information as requested by insurers, for example, a satisfactory proposal form. Consequently, quotations may be subject to change in respect of the amount of premium indicated and/or the terms and conditions that are applied.
We will advise you of any credit terms, or warranties imposed by insurers and we must be in receipt of cleared funds in sufficient time to enable us to pass funds to insurers in compliance with such conditions. Failure to meet such conditions may result in your cover not being effective.
To avoid misunderstandings, we would ask you to provide written instructions by letter or e-mail but in urgent cases we will act upon your verbal instructions although we recommend you also provide written confirmation.
You are responsible for providing complete and accurate information to insurers when you take out a policy, throughout the life of a policy, when you renew a policy and when you make a claim. You must disclose to insurers via us, before the terms of the insurance contract are finalised with insurers, all information which is known to you (or which ought to be known to you based on reasonable enquiries) in the ordinary course of your business and which is material to the risk.
Information is material if it would influence the judgment of a prudent insurer (not necessarily the insurer in question) in establishing the premium or determining whether to underwrite the risk. If there is any doubt as to whether the information is material, it must be disclosed to insurers.
You must be sure that the information you have given to us to pass onto the insurers is a “fair presentation” of the risk. This means that you must have clearly disclosed every material circumstance which you, your senior management, or persons responsible for arranging your insurance know or ought to know following a reasonable enquiry.
If you fail to disclose any material fact or other information material to the insurance, this could invalidate the policy and mean that claims may not be paid. Material facts are those that your insurance company would regard as likely to influence the assessment and acceptance of your insurance. If you are unsure what facts are material, you should still give us the information. You should check all details on any proposal form, claim form or statement of facts and pay particular attention to any declaration you may be asked to sign.
You should inform us immediately of any changes in circumstances that may affect the services provided by us or the cover provided by your policy. If you are unsure about any matter, please contact us for guidance.
We will endeavour to ensure your policy documents are issued promptly. However, for some business, insurers may rely on the content of the brokers placing slip and an agreed wording where a formal policy will not be issued, unless specifically requested. You should read carefully all insurance policy documents sent to you.
Please ensure you understand the policy terms, conditions and warranties in them and are able to follow their requirements exactly. If there is anything you do not understand, please advise us immediately so that we can explain it to you, as a breach of any terms, conditions or warranties may enable your insurer to terminate your policy from the date of that breach or from inception of the policy, and/or repudiate a claim under your policy.
Notification of Incidents and Claims
Claims should normally be advised to us in writing immediately you become aware of a circumstance. Insurers may also specify other procedures in your policy that need to be followed. Whether or not a particular procedure has been specified or not we recommend that you always advise of an actual or possible claims circumstance. Generally, insurers require immediate notification of a claim or circumstances that may lead to a claim. Certain covers may also impose limitations on the time within which you may make a claim.
You should make this notification whether you believe you are liable or not. Whether or not a particular procedure has been specified or not we recommend that you always advise of an actual or possible claims circumstance.
Claims Handling Arrangements
We will provide you with every assistance in submitting a claim and seeking to obtain reimbursement for you. However, in the event that an insurer becomes insolvent or delays making settlement or you do not provide requested evidence for the claim, we do not accept liability for any unpaid amounts. We will forward you without delay any payments received from insurers in respect of any claim.
Renewal of your Policy
In good time before the expiry of your policy, we shall endeavour to contact you regarding the renewal of your policy and to advise you of the renewal premium and terms for the coming year identifying any changes. When we send the renewal terms to you, we will explain how you can renew your insurance contract and how the premiums can be paid.
Remember you have a duty to disclose all material facts. If you do not wish to renew the policy, please let us know as soon as possible. If you pay by instalments you should also cancel your direct debiting instruction with your bank prior to the renewal date.
Cancellation of insurances
Your policy documents will detail your rights to cancel any insurance you have purchased. The insurance contract may include provisions permitting you or the Insurer to cancel the policy. If you wish to give notice of cancellation under the terms of the policy, please contact us in writing.
A condition of cancellation may require the return any relevant certificate of insurance or other document issued to you. If insurers wish to cancel this insurance contract, we/they shall contact you at the last known address we/they have for you on our/their records.
Mid-Term Changes to your Cover
You may wish to make changes to your coverage during the period of insurance. If so, please contact us straightaway so that we can advise insurers accordingly and obtain their approval. It is possible that we will need further details from you. We will confirm any revised terms to you promptly upon receipt of your instructions.
Return premiums may arise if an insurance risk is reduced or a policy cancelled. A return premium may be allowed by insurers depending on the precise policy terms and conditions. Insurers may not allow a return premium if any claims have been made under the current insurance contract.
Security (Solvency of Insurers)
We may use UK or Non-UK rated or unrated insurers for a particular client or risk. You should be aware that a different legal and regulatory regime may apply for Non-UK insurers so your ability to enforce your legal rights or to seek compensation may vary. If you do not wish to use a Non-UK or unrated insurer, please advise us immediately.
We do not guarantee the solvency of any insurer we place business with. We do not monitor insurer solvency on an ongoing basis, and shall not be liable for losses suffered by you in the event of the insolvency of an insurer. If an insurer with which you have a policy becomes insolvent, you may still be liable for any unpaid premiums you owe it and we may be unable to collect any return premiums that might be due to you.
We hold money received from you, or to pay to you, as ‘client money’, either:
As your agent in a statutory trust bank account, which, in the unlikely event of our failure, is available to clients ahead of insurers and other creditors; or
As agent of your insurers under agreements with some insurers specifying that premiums and claims monies received by us are held as agent for those insurers. This is termed ‘risk transfer’.
Statutory trust accounts are subject to strict controls set out in the FCA CASS Handbook including rules in relation to segregation, establishing the trust, and the detailed operation of the trust. These controls provide robust protection in relation to funds held on behalf of policyholders and insurers.
Notwithstanding the operation of the statutory trust bank account as described above, we do not:
- Fund premium on your behalf to insurers and you agree that we will not be deemed to have been paid premium by you; or
- Fund claims due to you from insurers.
- In the event we agree to fund monies you acknowledge that any funded amount, whether arising as a result of a payment by us or a deduction by you from amounts payable to us, is to be refunded to us immediately, and that for the duration of any funding, such funded amounts are not considered to be a gift from us. We reserve the right to charge interest on any such funded items from the date the funding commenced to the date of payment unless otherwise agreed.
Any interest earned on your money held by us and any investment returns on any segregated designated investments will be retained by us for our own use, rather than paid to you.
Where you do not wish your money to be passed to a particular bank, intermediary or jurisdiction, you should tell us.
Confidentiality of Personal Data
We will process your data responsibly, fairly and in strict accordance with the General Data Protection Regulations (GDPR) effective 25th May 2018. These regulations replace the Data Protection Act 1998 (DPA) and require wider disclosure of compliance than the previous DPA, including (but not limited to):
- Our lawful bases of processing;
- The information we collect, and how we use and share that information;
- How long we keep information, including the purposes (e.g. administer your policy);
- The technical and organisational measures we have in place to safeguard your information;
- Your rights as an individual data subject; and
- Our approach to marketing.
All personal information is treated by us as confidential and is processed in accordance with the relevant legislation.
We will not use or disclose personal information without your consent, other than in the normal course of arranging or administering your insurances, including claims, except where we are required by law or regulation to disclose such information. In such instances your personal information held by us may be disclosed in accordance with the legal or regulatory requirement to such third parties.
Unless we are notified of any changes, we shall assume the personal and sensitive data we hold about our customers is correct and may use it to provide terms when policies fall due for renewal. We may pass information about you to credit reference agencies for the purpose of arranging payments by instalments and may also pass to them details of your payment record with us.
Under the legislation, individuals have the right to see personal information about them that we hold in our records. If you wish to exercise this right, or have any related queries, you should write to us at the above address.
Money Laundering/Proceeds of Crime Act
UK Money laundering regulations require us to obtain evidence of the identity of clients for whom we act at the start of the business relationship. This might, for example, be sight of a current signed passport and two utility bills. For companies (other than listed ones) evidence of identity will usually comprise of certificate of incorporation, a list of directors, a list of shareholders and the registered address.
We are obliged to report to the National Criminal Intelligence Service any evidence or suspicion of money laundering at the first opportunity and we are prohibited from disclosing any such report.
Claims payment will be made in favour of you. If you require a payment to be made to a third party, then you must confirm the required payee name and details and provide a brief explanation for your request.
Conflict of Interests
Occasions can arise where one of our associated companies, clients or product providers will have a potential conflict of interest with business being transacted by you.
If we become aware that a potential conflict exists, we will write to you and obtain your consent before we carry out your instructions, and detail the steps we will take to ensure fair treatment.
Where it is not possible for us to manage the conflict by, for example, disclosing it to you and obtaining your informed consent, we may withdraw from acting for you and/or for the other party.
Termination of Authority
Our authority to act on your behalf may be terminated by one of us giving 14 days’ notice to the other, or as otherwise agreed, without penalty. Notice of this termination must be given in writing and will take effect from the date of receipt.
Termination is without prejudice to any transactions already initiated which will be completed according to these terms of business unless otherwise agreed in writing. You will be liable to pay for any transactions or adjustments effective prior to termination and we will be entitled to retain any fees or brokerage payable in relation to policies placed by us prior to the date of termination.
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.
This Agreement shall be governed by the laws of England and Wales and the parties agree herewith that any disagreements over the interpretation of this agreement will be resolved through binding, informal arbitration. Both parties agree to hire a non-involved solicitor in England and Wales, submit up to five pages of material to state our case, and abide by his or her decision.
Terms of Business Acceptance
By continuing to use Political And Credit Risks , WeCovr app, sites and services, you agree to abide by the terms and conditions of the Agreement.
- These Terms
- These terms and conditions (“Terms”) govern your use of this website (“Site”) and your relationship with Political And Credit Risks (“we”, “us”, “Political And Credit Risks” or “PCR”).
- Please read these Terms carefully as they affect your rights and liabilities under the law. If you do not agree to these Terms, please do not use this Site.
- These Terms apply to your use of the Site and relationship with PCR generally, whether you engage for the provision of other services or not. If you purchase services from us then separate terms and conditions of service will apply.
- Please also see our Privacy and Data Protection Policy for information about how we collect and use your personal data.
- We may update these Terms from time to time for legal or regulatory reasons or to allow the proper operation of this Site.
- The changes will apply to the use of this Site after we have given notice. If you do not wish to accept the new Terms you should not continue to use this Site and its associated services. If you continue to use this Site after the date on which the change comes into effect, your use of this Site indicates your agreement to be bound by the new Terms.
- Use of this Site
- This Site is provided to you for your personal use subject to these Terms and Conditions. By using this Site you agree to be bound by these Terms.
- You are responsible for ensuring that all persons who access our site through your internet connection are aware of these Terms and that they comply with them.
- Registering with the Site
- You may be required to register to enable you to access certain sections of the Site or purchase services from us. When you register to use the Site we may ask for some of your personal information. Any personal information you provide us with will be handled in accordance with our Privacy and Data Protection Policy.
- If you register to use the Site you will be asked to create a password. In order to prevent fraud, you must keep this password confidential and must not disclose it or share it with anyone. If you know or suspect that someone else knows your password you should notify us immediately.
- If we have reason to believe that there is likely to be a breach of security or misuse of the Site through your account or the use of your password, we may require you to change your password or we may suspend your account.
- Intellectual property
- The content of this Site is protected by copyright, trade marks, database right and other intellectual property rights. You may retrieve and display the content of this Site on a computer screen, store such content in electronic form on disk (but not any server or other storage device connected to a network) or print one copy of such content for your own personal, non-commercial use, provided you keep intact all and any copyright and proprietary notices. You may not otherwise reproduce, modify, copy or distribute or use for commercial purposes any of the materials or content on this Site without our written permission.
- Some of the services we provide on this Site may provide content that is protected by copyright, trade marks, database rights and other intellectual property rights owned by third parties. Such intellectual property rights are licensed to us and if you reproduce, modify, copy or distribute any of this content you may be infringing these third party intellectual property rights.
- We do not warrant as to the accuracy of any content that is supplied by a third party and which we can provide to you under licence.
- Availability of this Site
- Although we aim to offer you the best service possible, we make no promise that the services at this Site will meet your requirements. We cannot guarantee that the services will be fault-free. If a fault occurs with this Site you should report it to us and we will attempt to correct the fault as soon as we reasonably can.
- Your access to this Site may be occasionally restricted to allow for repairs, maintenance or the introduction of new facilities or services. We will attempt to restore the service as soon as we reasonably can. Access to the Site may be restricted whether or not you have registered with us.
- Our liability
- This Site may provide content from other internet sites or resources and while we try to ensure that material included on this Site is correct, reputable and of high quality, we do not make any warranties or guarantees in relation to that content. If we are informed of any inaccuracies in the material on the Site we will attempt to correct the inaccuracies as soon as we reasonably can.
- If we are in breach of these Terms, we will only be responsible for any losses that you suffer as a result to the extent that they are a foreseeable consequence to both of us at the time you use this Site. Our liability shall not in any event include business losses such as lost data, lost profits or business interruption.
- Commentary and other materials posted on this Site are not intended to amount to advice on which reliance should be placed. We shall not be liable for any losses that may be incurred by you or any visitor to this Site or by anyone who may be informed of any of its contents as a result of any reliance placed on such materials.
- This clause 6 shall not limit or affect our liability resulting from any services or products sold through this Site being found to be unsafe or if something we do negligently causes death or personal injury.
- Viruses, hacking and other offences
- You must not misuse our Site by knowingly introducing viruses, trojans, worms, logic bombs or other material which is malicious or technologically harmful. You must not attempt to gain unauthorised access to our Site, the server on which our site is stored or any server, computer or database connected to our site. You must not attack our Site via a denial-of-service attack or a distributed denial-of service attack.
- By breaching this provision, you would commit a criminal offence under the Computer Misuse Act 1990. We will report any such breach to the relevant law enforcement authorities and we will co-operate with those authorities by disclosing your identity to them. In the event of such a breach, your right to use our Site will cease immediately.
- We will not be liable for any loss or damage caused by a distributed denial-of-service attack, viruses or other technologically harmful material that may infect your computer equipment, computer programs, data or other proprietary material due to your use of our Site or to your downloading of any material posted on it, or on any website linked to it.
- Third Party Sites
As a convenience to you, this Site includes links to other web sites or material which are beyond its control. We are not responsible for content on any site outside this Site.
- Advertising and Sponsorship
Part of this Site may contain advertising and sponsorship. Advertisers and sponsors are responsible for ensuring that material submitted for inclusion on this Site complies with relevant laws and codes. We will not be responsible to you for any error or inaccuracy in advertising and sponsorship material.
- International Use
- We make no promise that materials on this Site are appropriate or available for use in locations outside the United Kingdom, and accessing this Site from territories where its contents are illegal or unlawful is prohibited. If you choose to access this site from locations outside the United Kingdom, you do so at your own initiative and are responsible for compliance with local laws.
- You shall comply with all foreign and local laws and regulations which apply to your use of our Site or our simple randomisation service in whatever country you are physically located, including without limitation, consumer law, export control laws and regulations.
- If you feel that any materials appearing on our Site are offensive, objectionable or potentially defamatory please contact us by way of our contact page providing full details of the nature of your complaint and the materials to which the complaint relates.
- You may not transfer any of your rights under these Terms to any other person. We may transfer our rights under these Terms to another business where we reasonably believe your rights will not be affected.
- If you breach these Terms and we choose to ignore this, we will still be entitled to use its rights and remedies at a later date or in any other situation where you breach the Terms and Conditions.
- We shall not be responsible for any breach of these Terms caused by circumstances beyond our reasonable control.
- These Terms will be subject to the laws of England and Wales. We will try to solve any disagreements quickly and efficiently. If you are not happy with the way we deal with any disagreement and you want to take court proceedings, you must do so within the United Kingdom.
If you have any queries please contact us at info (at) politicalandcreditrisks (dot) com.