Terms of Business

 

About Us - Redstone Insurance Ltd of Sutherland House, Russell Way, Crawley, Sussex RH10 1UH, are authorised and regulated by the Financial Services Authority (FSA). Our firm’s Registration Number is 468457. We are permitted to arrange, advise on, deal as an agent of insurers and clients and assist in claims handling with respect to non-investment insurance policies. You can check these details on the FSA’s register by visiting the FSA’s website http://www.fsa.gov.uk/register or by contacting the FSA on 020 7066 1000.

 

Your duty of disclosure - Your insurance is based upon the information provided to the insurance company and you must ensure that all such information is complete and accurate, and that any facts that may influence the insurer’s decision to accept and pay a valid claim are disclosed. Failure to disclose material information may invalidate your insurance and could mean that part, or all, of a claim may not be paid.

Failure to disclose material information may invalidate your insurance and could mean that part, or all, of a claim may not be paid.

 

Recorded telephone conversations - For security and training purposes your call may be recorded and may also be used as proof of the information you have provided in connection with your insurance.

 

How to cancel - You may have a statutory right to cancel this insurance within a short period. Please refer to your policy summary or your policy document for further details. If you cancel within 14 days you will receive a pro rata refund of premium from the insurer (subject to no claim). Insurers are also entitled to make an administration charge and we may also keep an amount that reflects our administrative costs of arranging and cancelling the insurance (see fees and charges).

If you wish to cancel outside this period you may not receive a pro rata refund of premium. We may also keep an amount that reflects our administrative costs of arranging and cancelling the insurance subject to no claim (see fees and charges).

Please note that we reserve the right to deduct any monies owed to us due to non payment from any return premium or any claims cheque.

 

Fees and charges - Please refer to our tariff of administration charges for fees payable under these Terms of Insurance Business. These will apply if you instruct us to carry out a mid-term adjustment, renewal, cancellation, etc., on your behalf.

 

Fees and charges

  • New business and renewal charges:
  • Premiums up to £500 up to £75.00
  • Premiums over £500 up to £100.00
  • Mid-term adjustments up to £45.00
  • Cancellations or lost commission up to £50.00
  • Returned cheque £25.00 Card handling fee £5.00

 

Installment charges

  • New Business or Renewals for 3 installments £15.00

Or if direct debit default intervals

  • Deposit of 50% and the balance due within 30 days £24.00
  • Deposit of 33.3%, then two more of 33.3% in 30 day intervals £36.00

 

Commercial fees - Up to and no more than 10% of the value of the policy.

 

Finance and direct debit arrangements - We operate various Third Party Funding arrangements and the individual agreements will show the applicable charges. The Third Party Funding companies we use are listed below and their contact details may be obtained from their websites (also listed):

 

Close Premium Finance Limited: http://www.closebrothers.co.uk/insurancepremiumfinance.aspx

To use this facility you must be over 18 years old and hold a bank or building society account which supports direct debit. If you choose to pay by instalments your personal information and the bank details you provide on the direct debit instruction will be passed to one of our third party finance providers. They will send you a welcome pack detailing their full terms and conditions and commence collection of your instalments. A credit agreement will be included for you to sign and return. The third party finance provider may begin collecting your direct debits before you return your signed credit agreement to pay for any insurance you are receiving. If you have any questions about your instalments, contact the finance provider directly and their details can be obtained from the aforementioned websites. On renewal of your insurance we will continue to pass your details to the third party finance provider unless you instruct us otherwise.

 

Commercial commission - 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.

 

How to claim - Please refer to your policy summary or your policy document if you need to notify a claim. You should contact Redstone Insurance immediately or you may contact the insurer directly as soon as possible using the contact details provided.

  • Motor claims number 01293 560692
  • Commercial or property claims 01293 560692

 

How we use your information - All personal information about you will be treated as private and confidential (even when you are no longer a customer), except where the disclosure is made at your request or with your consent or is required by law or by our regulator the FSA. Your personal information will be used by us for the following purposes:

  • to administer and maintain your insurances
  • to assist you with claims and enquiries
  • to maintain your insurance records
  • to keep you informed of other products and services we offer
  • to enable us to conduct research and statistical analysis
  • to monitor our internal customer service to share with other carefully selected third parties for marketing purposes

Under the Data Protection Act 1998 you have a right of access to see personal information about you that is held in our records, whether electronically or manually. If you have any queries please write to Tarun Patel, the Managing Director, at the above address.

 

Block transfers - In respect of some classes of insurance we may operate block insurance arrangements in order to provide competitive terms. On occasions it will be necessary for us to transfer such blocks from one insurer to another where this is beneficial for our clients. This Terms of Insurance Business document constitutes both your acceptance that we may do this and your prior request for us so to do.

 

Protecting your money - Prior to your premium being forwarded to the insurer, and for your protection, we hold your money as an agent of the insurer (in which case your insurance is treated as being paid for). We may extend credit to other customers from this account and we may need to transfer your money to another intermediary in some cases. However, your money will be protected at all times because of the requirements of the FSA rules. We also reserve the right to retain interest earned on this account. By accepting these Terms of Insurance Business you are giving your consent for us to operate in this way.

 

Complaints - It is our intention to provide a high level of service at all times. However, if you have a reason to make a complaint about our service you should contact Tarun Patel, Managing Director, at the above address or by telephone on 01293 560692. You may be entitled to refer the matter subsequently to the Financial Ombudsman Service. Further information is available at http://www.financial-ombudsman.org.uk/. Your legal rights are not affected if the matter is referred to the Financial Ombudsman Service.

 

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 circumstances of the claim. Insurance advising and arranging is covered for 90% of the claim, without any upper limit. For compulsory classes if insurance, insurance advising and arranging is covered for 100% of the claim, without any upper limit. Further information about compensation scheme arrangements is available from the FSCS at http://www.fscs.org.uk

 

 

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