Terms and Conditions

Statement Of Business and Initial Disclosure Document and Terms of Business

These are our terms of business on which we intend to rely. For your own protection we urge you to read them.

Who are we?

Diamond Insurance Consultants and Diamond Classic are trading names of Diane S Malone who is an independent Insurance broker.

We are authorised and regulated by the Financial Conduct Authority

The Financial Conduct Authority is the independent watchdog that regulates financial services. Our Financial Conduct Authority Register number is 300853. You can check this on the Financial Conduct Authority register by visiting www.fca.gov.uk/register or phoning the Financial Conduct Authority on 0800 111 6768. Our permissions enable us to act in relation to non-investment Insurance contracts.

Whose products do we offer?

We offer a fair analysis of the market, with the exception of certain products, for which we can supply a list.

Which service will we provide you with?

We will advise and make a recommendation for you after we have assessed your needs.

Cancellation of Policy

It is always advisable to phone us before any decision to cancel is made. You must make any request for cancellation in writing. Only instructions from the policyholder or their legal representative will be accepted.

Your cancellation rights

If Commercial clients have any right to cancellation or refund this is detailed in the policy document.

Retail or consumer clients (e.g. those effecting private car and household policies) have the right to cancel new policies within 14 days of receipt and renewal instructions within 14 days of renewal. If this right is exercised Insurers and ourselves will charge for the cover provided including administration costs (A refund may not be available where claim has been made). Full details are provided in your policy summary. This is in addition to any other cancellation rights after expiry of the 14-day period.

In all cases our own charges and fees are separate and if the policy is cancelled at any time these will not be refunded.

Quotations/New Business

Quotations are valid for 30 days unless otherwise advised.

Payments

Payment may be made by the following methods – cheques, credit/debit cards, cash or bank transfer to account number 10627747 sort code 20-39-07.

Please make cheques payable to Diamond Insurance. We may offer instalments, details of which will be discussed at the time of giving a quotation and will be supplied in writing if requested. Where a loan is arranged through an independent finance company you are liable for the whole of the loan even if your policy is cancelled. You should not stop your monthly payments without first speaking to us. Defaulting on your loan could result in your policy being cancelled and leave you still liable for the outstanding loan. Our Credit Licence Number is 203265.

Disclosure

It is your responsibility to provide a fair presentation of the risk when you take out insurance, through the lifetime of the policy, at renewal and when making a claim. Your Insurers will base the premium and cover on what you tell them. If you make incorrect, inaccurate or misleading statements; the premium may increase, your policy may be invalid and you may lose the premium paid, your claim may not be paid, or in the case of regulated Insurance you may face imprisonment. It is important you fully disclose everything relevant to the insurance. If you do not we will not be able to help you or act as your agent.

Credit checks

To ensure that we provide you with the best option at inception and at each subsequent renewal of the policy, some Insurers use public and personal data from a variety of sources, including a credit reference agency and other organisations. The search will appear on your credit report whether or not your application proceeds.

What you will pay for this service:

We are normally remunerated for our services by way of commission deducted from the premium. We may receive interest from bank accounts holding client and Insurer monies. We may receive income for arranging loans for repaying insurance premiums. We may receive additional income from insurance companies and third party intermediaries based on volumes of business or profit sharing. However this will in no way violate our primary duty to act in your interest. We may also receive introductory fees for introducing you to other professional organsations. We would remind you that you have the right to request information about any commission received in the placing of business.

Our typical charges for administration which are in addition to Insurer’s or placing intermediary’s charges are shown below.

New Business                            £15 minimum

Renewals                                   £15 minimum

Mid term alterations               £15 minimum

Dishonoured cheques              £10 minimum

Dishonoured Instalments       £10 minimum

Cancellation –                            £25 (or the commission we would have earned, whichever is the greater)

Higher charges may apply to certain products where we earn less commission and to certain commercial contracts. However, these fees will be fully detailed in quotations and renewal correspondence and the reason for them made clear before you incur a liability to pay them.

Handling Client Money and/or Insurer Money

We have arranged Risk Transfer Agreements with the majority of our Insurers. This means that when you pay us your money is safe and is kept in a statutory trust account until paid to Insurers. For some transactions, client money may pass through other authorised intermediaries before the Insurer receives it. Interest will not be paid to customers in respect of money held in client bank accounts. We will only take our commission when we have received all of the premium.

Money Laundering

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 such report.

Refunds

No refund can be made until we have received the money from the insurers. If payment was originally made by credit or debit card, any refund will be made to the same card in accordance with the Terms & Conditions of the card issuer. All other refunds will be made by bank transfer. We are unable to provide cash refunds or to issue cheques.

Law & Jurisdiction

Insurance is only available to United Kingdom residents or companies domiciled in the UK. Any disputes will be subject to English Law and the courts of England & Wales will have exclusive jurisdiction. We will endeavour to place all your insurance contracts with Insurers whose contracts are similarly subject to English Law. We will also only place your insurances with Companies who are domiciled within the United Kingdom, Isle of Man, Channel Islands or The European Union. Any variance from this will be notified to you at the time of the quotation.

Data Protection

We can only take instructions to effect or alter a policy in some way from the policyholder or their legal representative. Your data is held in compliance with the EU Directive and the UK Data Protection Act specifically we will use information that you give us to inform you of developments and special offers from ourselves.

Insurer Solvency

We cannot guarantee the solvency of any Insurer with whom we place business but we will exercise due diligence when placing your insurance.

Complaints

First speak to us – we will make every effort to put things right immediately. We are committed to giving the highest level of service possible.

If you feel the service you have received is not satisfactory, please write to Diane Malone or Sue Evans. Your complaint will be acknowledged within 5 working days of receipt and will be handled fairly and promptly and you will be advised how your complaint is progressing. If we are not able to settle your complaint satisfactorily, then you may be entitled to refer it to The Financial Ombudsman Service. Please telephone us to verify.

Financial Services Compensation Scheme (FSCS)

The FSCS may offer financial help to clients whose intermediary ceases trading. We are covered by the FSCS. Further information can be found on the FSCS website on www.fscs.org.uk