Meridian Commercial Insurance - Terms of Business

Meridian Commercial Insurance is an independent insurance intermediary and in accordance with the Financial Services Act is authorized and regulated by the Financial Conduct Authority. We follow the rules and principles established by the FCA in the conduct of our business and our FCA reference number is 310285.

We advise on all types of general insurance products and are not tied to any one insurer. We have particular expertise in the commercial insurance sector and have trading facilities with the main composite insurers. We do not advise on any life assurance, pensions or investment products.

We aim at all times to conduct our business with utmost good faith and integrity. Our organisation ensures that our client' affairs are conducted in a responsible manner and that our staff are adequately trained or are under competent, suitable, supervision. Our clients' best interests are always paramount to our own. All clients' funds are kept in a separate designated client bank account.

This document sets out the terms of our relationship with you (our client) for the provision of our services as set out herein.

Our Services

These fall into the following categories:-

Listening to your requirements and giving objective advice and information on the cover recommended by us, to enable you to decide on its acceptance. We will draw your attention to any non-standard restrictions, conditions or exclusions to the insurer's standard policy. We will use our best endeavours on your behalf in the negotiation of competitive terms for the placing of new business and renewals.
The checking and processing of policies, endorsements and accounting documents and the administration of changes to coverage.
Claims management and advice, including provision of statistics on request. Directors or senior management are involved in all major claims.
Risk Management and Health and Safety advice and documentation. Our advisers are suitably qualified on all subjects on which they give advice.

We will use our professional skills and experience to recommend an insurer who offers adequate security and service standards. Unless we advise you to the contrary, in writing, any insurer used by us will be approved and regulated by the FCA.

Our Remuneration

Unless otherwise agreed in writing

For services 1 to 3 above our remuneration is by means of commission paid by the Insurers, with whom we place your policy. On request, we will be pleased to disclose to you the level of commission received from the insurer.
For service 4 above, we charge a pre-agreed daily or hourly fee. An initial meeting to appraise your needs will be completed free of charge.

We do not, ourselves, make any transactional charges and all debits or credits follow those made by your insurers. However, we reserve the right to make a charge equal to the amount of return commission when a policy is cancelled mid-term to transfer to an alternative insurer.

Certain aspects of our activity are outsourced to specialist providers. For example, some premium credit facilities. At clients request we may also introduce companies offering other services such as independent financial advice or risk management solutions. In these circumstances, we may receive an introductory commission.

Some insurers may make additional payments to us contingent on the aggregate income and/or overall profitability of our account with them or for work we undertake on their behalf.

Premium Payment

Please read this carefully as non-compliance may result in your cover being invalid.

Unless we have agreed a monthly account facility in writing, all premiums must be paid or credit facilities put into place on or before the due date.

Agreed monthly accounts must be settled within 21 days of the end of the month in which the entries were invoiced. We will send you an account at the end of the month. If there is a balance due from us to you, we will settle this on receipt of confirmation that the balance is correct and that we are in receipt of funds from your insurers.

Some policies may contain a warranty requiring the premium to be paid by a certain date. We will inform you if this is the case, when you should pay us in good time to ensure cleared funds are available to enable us to effect payment to the Insurers in compliance with the warranty. This applies even if we have a monthly settlement arrangement with you.

We accept premium payment by cheque, BACs or via insurers or our own premium finance facilities. For personal clients only, the majority of our insurers will also accept payment by VISA or Mastercard. All client monies are held in a statutory trust account with Barclays Bank Plc and the bank account is known as "Meridian Commercial Insurance (Services) Ltd – Client Bank Account."

Your Responsibilities

Please read this carefully as non-compliance may result in your cover being invalid.

To disclose all material facts when placing or renewing your insurance (that is, any facts likely to influence an underwriter's decision whether or not to accept the risk and on what terms and premium to accept the risk). You should seek our advice if you are in any doubt as to whether any facts are material. This is an ongoing duty throughout the life of your policy.
To make sure that any information provided on all insurance-related forms is true and accurate even if you do not complete the form in your own hand.
To comply with all warranties.
To maintain sums insured at the correct level.
To notify claims and potential claims to us promptly, to act as if uninsured and to take all prudent and reasonable steps to minimise injury and loss and prevent damage of the type covered by your policy.
To pay the premium in accordance with policy conditions or warranties and acknowledge that client money will be held in our Client Bank Account.
To read and check all insurance documents and keep them in a safe place.

Confidentiality and your personal data

We will treat all the information you provide to us confidentially. It will only be disclosed on a "need to know" basis to any one else involved in providing your insurance and associated services such as loss adjusters and claims handlers. We will not give your information to anyone else without your permission unless required to do so by Court Order or by law because of regulation.

Unless you advise us otherwise, we may advise you of other services provided by the company that may be relevant to you.

Complaints

We like to know what you think of our service as this helps us to achieve constant improvement.

It is very encouraging, particularly for younger members of our staff when we receive complimentary feedback from our clients. It is, of course, equally important to let us know when we fail to reach acceptable standards.

Complaints may be made verbally or in writing either to the Director who normally looks after your affairs or to The Managing Director.

We undertake to advise you within five working days details of who will be handling your complaint or, in the event that another party should handle the complaint, the identity and details of the party concerned. We endeavour to resolve complaints within twenty working days.

Should you not be happy with the response to your complaint, you have the right to take your complaint to our regulator, the Financial Conduct Authority at:

25 The North Colonnade, Canary Wharf, London, E14 5HS.

Termination

Our services may be terminated either by you or by us upon the giving of one month's notice in writing or otherwise at the anniversary date of your policy.

In the event that notice is given by you, we will be entitled to receive any or all brokerage payable (whether or not the same have been received by us) in relation to policies placed by us.

Governing Law

English Law governs our legal relationship with you.

Company Address

Meridian Commercial Insurance (Services) Ltd
8 Invicta Business Centre, Orbital Park, Ashford, Kent TN24 0HB
Telephone: 01233 501234 Fax: 01233 500123 Email: info@mciashford.co.uk