Terms of Business

In no particular order of priority, this document sets out the terms which apply to all our business dealings as defined by Clause B herein unless there is specific prior written agreement to the contrary.

It is therefore important to your own interests that you understand and agree with these and, if you have any queries, to address these with us first before we do any business.

If you have any queries or wish to discuss any aspect of these terms then please, in the first instance, contact:
The Compliance Manager, Aldium Insurance Services Ltd, Viscount House, High Street, Neston, Wirral, CH64 9AD
Tel:  0151 336 5881 , Fax: 0151 336 2141,  email: compliance.manager@aldium.co.uk

A. Who We Are

  1. We are ALDIUM Insurance Services Ltd.
  2. We are independent insurance brokers whose owners work exclusively for the company.
  3. We have no holdings in any Insurance Company nor does any Insurance Company or any parent company have any holdings in ALDIUM.
  4. We have extensive training programmes and examination requirements to ensure all our staff provide services to a high professional standard and in accordance with these Terms of Business.

B. What We Do

  1. We assess general insurance needs, provide advice and make recommendations based thereon.
  2. We arrange insurance, deal with alterations and renewals.
  3. We provide advice and assistance in any claims except where there may be a conflict of interest and we not have your informed consent to proceed.

C. We are Regulated By

  1. We are authorised and regulated by the Financial Conduct Authority (FCA).
  2. Our FCA Register number is 306687
  3. Our permitted business is arranging general insurance contracts.
  4. You can check this on the FCA’s Register by visiting the FCA’s website www.fca.org.uk/pages/register or by contacting the FCA on 0845 606 1234.

D. Professional Indemnity Insurance

  1. We conform to FCA regulations which require that we maintain Professional Indemnity Insurance against negligent acts, errors or omissions.

E.  Charges & Fees Structure
Our normal income is derived from the commission received from Insurers on policies placed with them but there are a few circumstances where we will make further charges:

  1. A fee of £75 as an underwriting fee in relation to the establishment of care home cover.
  2. An administration charge of usually not more than £50 can be made on new business, mid-term alterations and renewals for personal and certain types of business insurances.  There are, however, occasions when a charge might exceed £50 and you can apply to us for details of the relevant insurances and the likely charges.  All charges will be advised in the documentation we supply.
  3. A duplicate certificate charge of up to £10, in addition to any charge made by the insurance providers.
  4. Any request from you asking us to provide a letter detailing your claims experience may incur a charge of up to £15.
  5. For cancellations after the expiry of the cooling off period (see N4) or where a mid-term adjustment is requested which reduces the cover provided by the policy, we reserve the right to charge you for our time and costs.  This will usually result in us reducing the amount refunded to you by the full amount of the commission and fees/charges we would have received had there not been a cancellation or reduction in cover. In addition, any return will be net of any cancellation charge made by the insurance provider.
  6. Reminder letters we have sent for payments not received within our credit terms will incur a charge of £15.
  7. Any unpaid cheques or re-presentation of a cheque will incur a charge of £25 per transaction.
  8. You will be charged a minimum of 25% of the original premium due where cover has been provided and subsequently cancelled (involuntary or otherwise) due to non-payment or failure to return any required forms within our credit terms unless:
    1. You are classified as a consumer and are entitled to a cooling off period although, in such circumstances, we may make a charge sufficient to cover our administration costs.
    2. We have advised you of a minimum and deposit premium which is payable anyway.
  9. For cancellations, there will be no return of any part of any fee or administrative charge referred to above.
  10. If we have to cancel and reissue a cheque, a charge of £10 may be made.
  11. If you are a commercial customer, you are entitled, at any time, to make a request in writing for information regarding any commission which we may have received as a result of placing your insurance business.

Whilst we do not anticipate any further costs arising, it is possible that other taxes and/or charges may apply which are not imposed by or due to us.

F. Handling Your Money And/Or Insurer Money

  1. We hold all client money collected for onward transmission to Insurers and return premiums, credits/and claims payments due to clients from Insurers in a Client Bank Account under a Statutory Trust in accordance with the authorisation we have from the FCA.
  2. Insurers generally have asked us to hold money as their agent and, in such circumstances, payments you make to us are, therefore, deemed to have been paid to the Insurer.
  3. For the purposes of some transactions, client money may pass through other authorised intermediaries or third parties.
  4. In the event that such other authorised intermediaries or third parties have informed us that they hold your money in an account which allows them, under the rules imposed by the FCA, to use your money to make advances of credit, then we will undertake to inform you of this and provide you with an opportunity to decline to proceed.
  5. Because we hold your money for relatively short periods of time, the level of interest earned is too nominal for it to be economic for us to distribute to clients and, in these circumstances, the FSA do not require that interest be paid to customers in respect of money held in client bank accounts.
  6. In the event that a cheque is issued to you and not presented by you within the required timescale for cheque presentation, we may take no further action and the amount and any interest accrued will be retained by us.
  7. In order to meet administration costs, we reserve the right to retain £1.50 of any overpayment you may make. Overpayments of £1.50 or less shall, therefore, be retained in full.

G. Your Duty Of Disclosure

  1. All answers and statements given on proposal forms, claim forms and any other material documentation are your responsibility regardless of who provided those answers or statements.
  2. There is a duty upon you to inform Insurers of any information, even if it is not specifically requested, that may be material/relevant to the insurance cover and this duty is not just at inception of the insurance but ongoing throughout the period of insurance cover.
  3. Failure to comply with any of the above could well prejudice your insurance cover.
  4. If you are unsure whether something is material or not then, please, take time to check with us.

H. Credit Terms And Instalment Payments

  1. We can arrange for the payment of premium by direct debit instalments and will provide you with the details if required. We do not sell credit facilities as a product. We offer one such facility as a service to our customers as we are aware that many of our customers request such a service.
  2. We must point out that failure to make a payment of an instalment could well result in the cancellation of the insurance policy and we would refer you to the Cancellations section below.
  3. Payment is required strictly within 7 days of the date you were invoiced or by the effective date shown on the invoice, whichever is the later of the two.
  4. Please avoid paying unnecessary charges (as above) or involuntary cancellation of your insurance by paying promptly within these terms.

I. The Products We Offer

  1. We are not tied to any particular product provider and, for most types of insurance, we offer products from a range of providers.
  2. For some types of insurance we offer products from a limited number of product providers and we will always advise you if this is the case and you can ask us for a list of those providers.
  3. There are certain products for which we deal exclusively with one product provider, who we have selected for their excellent policy cover and value for money as listed below:
    1. Breakdown Insurance                                       Equity Red Star
    2. Legal Expenses Insurance (Motor)                AmTrust Europe Ltd
    3. Legal Expenses Insurance (Household)        AmTrust Europe Ltd
    4. Legal Expenses Insurance (Business)           Brit Insurance Ltd
  4. Your policy document can be checked to establish the law and language applicable to the contract.
  5. If you have already received a policy document from us or your Insurers but would like a copy, please contact us.

J. Financial Services Compensation Scheme (FSCS)

  1. We are covered by the FSCS
  2. You may be entitled to compensation from the scheme if we cannot meet our obligations depending upon the type of business and the circumstances of the claim.
  3. Insurance advising and arranging is covered for 100% of the first £2,000 and 90% of the remainder of the claim, without any upper limit.
  4. For compulsory classes of insurance, insurance advising and arranging is covered for 100% of the claim without any upper limit.
  5. Further information about compensation scheme arrangements is available from the FSCS.

K. Confidentiality Of Personal Data

  1. All personal information is treated by us as confidential and we have endeavoured to ensure the full security of our systems including computer systems.
  2. In accordance with the Data Protection Act 1998 and on payment of a fee, you have a right to ask for a copy of the information we hold on you and be informed as to the reason for it being processed. You also have a right to have inaccurate information amended or deleted.
  3. All personal information is processed in accordance with the relevant legislation.
  4. We will not use or disclose personal information, other than in the normal course of arranging and administering your insurances (which may include exchanging information with third party affiliations), except where we are compelled by law (including by regulators or law enforcement agencies) to disclose such information. In such instances personal information held by us may be disclosed on a confidential basis and in accordance with the Data Protection Act 1998, to such third parties.
  5. You have the right to inform us that you prefer that personal information held about you should not be used for direct marketing of you.
  6. For your protection, we will generally only speak on the telephone to the Insured Person or an authorised contact. It may be that we shall ask some questions to verify identity.
  7. Insurers pass information to the Claims and Underwriting Exchange run by Insurance Database Services Ltd and the Motor Insurance Anti-Fraud and Theft Register run by the Association of British Insurers for the purposes of checking information provided and preventing fraudulent claims.
  8. Motor insurance details are added to the Motor Insurance Database run by the Motor Insurers Information Centre that has been formed to help identify uninsured drivers and may be searched by the police.
  9. In the event of an accident the database may be used by Insurers and the Motor Insurers Bureau to identify relevant policy information.
  10. If contact with you has been brought about by virtue of a direct marketing arrangement we have with your employer, trade association, an introducer or such like, we will assume, unless informed by you to the contrary, that you have given consent to us to release information to them concerning any insurances, alterations or renewals we arrange on your behalf.

L. Conflict Of Interest

  1. If a conflict or potential conflict of interest should ever arise in terms of a claim or our handling of a claim, we will obtain your informed consent before proceeding.
  2. We have an arrangement with a finance company which enables us to offer you the service of being able to pay your premium by direct debit instalments if you wish. We do derive income from the volume of business the finance company obtains from us. However, you are under no obligation to utilise the service offered and may make your own separate arrangements.
  3. For your further protection we have in place a formal Conflict of Interest policy which is regularly reviewed at senior management level.

M. Withholding Documentation

  1. We may keep certain documents or information such as your proof of no claim discount or details of your claims record while we are awaiting payment of outstanding premium or administration charges. We will ensure that you have any documents you are required to have by law.

N. Inappropriate Conduct

  1. This Agreement is made with you on the basis that you have not been involved at any time and will continue to seek not to become involved in any activity which might tend to bring you into public disrepute, contempt, scandal, or ridicule, or which might tend to reflect unfavourably on Aldium. Furthermore, this Agreement is based on the understanding that our mutual dealings will be conducted in a manner characterised as being honest, moral and decent. If, in the sole judgement of Aldium, there is a failure in any of these regards then Aldium reserves the right to cancel this Agreement by giving you 14 days notice in writing.

O. Cancellations

  1. All policies contain cancellation conditions which will vary according to the type of insurance and particular Insurers.
  2. We cannot provide you with specific details in a document of this nature and would urge you to check the policy document itself.
  3. Nevertheless, we can draw your attention to certain features which are associated with cancellations:
    1. If a premium is advised to be a Minimum & Deposit premium, you are required to pay the premium in full even if you have elected to make payment by instalments.
      There is no return of any part of any premium if the policy is stated to carry a Minimum & Deposit premium.
    2. Instalment credit agreement charges, administrative charges and fees are non-refundable
    3. Any return premium due will be paid net of our commission which we reserve the right to charge for our time and costs.
    4. Cancellation refunds are not usually given by Insurers if there has been a claim on the policy in the same period of insurance including during any cooling off period (see “4” below).
    5. Unless you have been advised of a Minimum & Deposit premium or you are entitled to a cooling off period, you will be charged a minimum of 25% of the original premium due where cover has been provided and subsequently cancelled due to non-payment or failure to return any required forms within our credit terms
    6. Mid-term cancellations are invariably calculated by Insurers not on a strict pro-rata basis but take account of administration costs as well as the time on risk which will invariably be greater in the first period of insurance.
    7. Insurers are unlikely to handle any cancellation until any certificate applicable has been returned.
    8. Failure to make prompt payment under a credit agreement arranged by ourselves will result in us being obliged to arrange cancellation of all policies to which the credit agreement refers in which circumstance we undertake to issue a 7 day notification in writing to your last known address.
  4. If you are a consumer rather than a commercial customer, the Financial Services Authority has stipulated to Insurers that you are entitled to a “cooling off period” of 14 days during which time you may change your mind and cancel the policy.
  5. If you decided to take this course of action, you would have to notify ourselves or the Insurer and any monies you had paid would be returned to you within 30 days of receipt of this notification by the Insurer, less any reasonable cost which the insurance provider or ourselves had incurred.

P. Claims

  1. We have our own claims department and will seek to ensure a quick and fair service with as little inconvenience as possible.
  2. You are obliged to notify your Insurer as soon as possible of any incident which could result in a claim.
  3. Whilst we cannot detail here all the information we might require for all the different varieties of claim which could arise, we can say that the following information is essential to begin the process:
    1. Policy number
    2. Date of incident
    3. Nature of incident
    4. Any third party details
    5. A rough indication of the amount which may be involved
    6. Confirmation that the police have been informed if the claim involves theft or malicious damage.

Q. Termination Of Authority

  1. You may terminate our authority to act on your behalf with 14 days notice or as otherwise agreed without penalty.
  2. Notice of this termination must be given in writing and will take effect from the date of receipt.
  3. Termination is without prejudice to any transactions already initiated which will be completed according to these terms of business unless otherwise agreed in writing.
  4. You will be liable to pay for any transactions or adjustments effected prior to termination and we will be entitled to retain any and all fees or brokerage payable in relation to policies placed by us prior to the date of termination.

R. Complaints

  1. If you wish to register a complaint, please contact us per the details at the front of this agreement.
  2. We will acknowledge in writing within 5 days, telling you who is dealing with your concerns.
  3. We will make every effort to deal with your concerns within those 5 days.
  4. If our investigations take longer, we will endeavour to provide a full response within 28 working days.
  5. If that is not possible, we shall keep you advised as to the reasons and will provide alternative timescales for a full response.
  6. If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service to which we subscribe.
  7. None of these procedures affects your right to pursue any legal action.

S. Proceeds of Crime Act 2002

  1. As required by the Proceeds of Crime Act 2002, we have in place procedures for:
    • – Identifying our clients
    • – Reporting in accordance with the relevant legislation

T. Contracts (Rights of Third Parties) Act 1999

  1. The advice which we give you is for you alone and does not constitute advice to any third party to whom you may communicate it. We accept no responsibility to third parties for any aspect of our professional services or work that is made available to them.

U. Aldium Web Pages

  1. By accessing this Website, you confirm that you are eligible (for example, a person of at least 16 years) to use this Website and you agree to be bound by all of the following terms and conditions of use (the “Terms”). These Terms govern your access to the Website except where there are separate terms and conditions relevant to particular areas of this Website, which are indicated on the appropriate Website page. If you do not agree to abide by these Terms then you should not use the Website.
  2. For clarity, in these Terms, references to “we”, “us”, “our” and “ourselves” are references to Aldium Insurance Services Ltd.
  3. Unless otherwise specified, the materials on this Website are directed solely at users who access this Website from the United Kingdom.
  4. All material on this Website including any advertising and/or promotional idents, images, text and/or audio is our property or has been licensed to us. All trade marks, names, logos and other intellectual property rights existing in this Website are also owned or licensed by us. You may use this Website for your personal information and you may make a copy of the pages of this Website but only for your personal non-commercial use, provided that you keep all copyright and other proprietary notices intact. Any modification, transmission, hiring, copying (other than for non-commercial personal use), reusing or otherwise using the content of this Website for public or commercial purposes is prohibited.
  5. Whilst we have worked diligently to provide accurate and complete information, we cannot be liable to any person for any loss or damage which may arise directly or indirectly from the use of this Website (or any inability to use it) or any of the information contained on this Website. This Website and the information and material which it contains are subject to change without notice. All warranties whether express or implied as to the accuracy or completeness of the information contained on this Website or in respect of any materials or products referred to on this Website are hereby excluded to the fullest extent permitted by law.
  6. Links on this Website and may lead to third party websites. The content, accuracy and function of such websites is outside of our control and we cannot accept any responsibility for them and nor do we endorse the contents of such third party websites. In particular, any dealings that you have with such third party website operators shall be on the terms and conditions (if any) of that website operator.
  7. Any communication or material which you transmit to us through this Website or otherwise via the Internet will be treated as non-confidential unless such communication or material includes personal information, which we will use in accordance with standard Privacy Policy guidelines.

Web version 15 – 21/04/2015