Terms of Business
1 What this document is for
This document is an offer by us to provide services in setting up and managing insurance for you. We will refer to it as the “Terms”.
We will assume you have accepted the Terms unless you tell us you do not.
If you do not wish to be bound by these Terms then you should not instruct us to set up, renew or otherwise deal with your insurance needs.
We recommend that for your own benefit and protection you should read these Terms carefully. It is a legal document, but we have tried to make it as easy to read as possible. Where we have had to use technical terms, we have put alternative words in brackets afterwards – these words are meant to help clarify what the technical term means and if there is any contradiction or confusion about which applies, the technical term takes precedence. If you do not understand any point please ask us for further information.
These Terms replace all proposals and prior discussions and representations, whether oral or written, between us relating to our appointment as your agent in connection with the setting up and managing of your insurance.
In most cases these Terms will terminate and be of no further effect if you cancel or fail to renew your insurance. If we carry out any services post-cancellation/failure to renew these Terms might need to continue to apply.
2 Who we are
In these Terms references to “we” or “us” are to Visibly Financial Services Limited, trading as Visibly Health. We are an independent insurance intermediary (agent) – this means we are not associated with any insurance company, and we do not insure you, but work as the link between you and the insurer to set up your insurance.
We are authorised and regulated by the Financial Conduct Authority (FCA), financial services register number 799012. Our details can be found on the covering letter that accompanies these Terms and can be checked on the FCA Register at the FCA website https://register.fca.org.uk/ or by contacting the FCA on 0800 111 6768.
Our FCA authorisations mean that we are allowed to:
recommend insurance policies
3 The services we offer
Our services may include:
advising you on your insurance needs
arranging insurance cover with insurers to meet your requirements
issuing policy documentation to you in a timely manner
helping you with any ongoing changes you wish to make to your insurance
assist you when making a claim
We will try to ensure that the products or services we offer you match your stated requirements. We will try to identify your insurance needs based upon information which you provide to us. If we cannot match your requirements, we will explain the differences in the product or service we can offer you and will aim to provide you with enough information so you can make an informed decision about your insurance. Where we are not providing advice or a recommendation we may ask you some questions to narrow down the selection of products we will provide details on. You will then need to make your own choice about how to proceed.
We will explain the main features of the products and services we offer you including details of the insurer, main details and benefits of cover, any unusual restrictions or exclusions, any significant conditions or obligations which you must meet and the period of cover.
If you need extra time to consider the products or services we have offered you, we will try to confirm:
how long you have to accept the insurance on the terms we have offered and/or
give you a written quote if you request one, including all the information we believe you need to make an informed decision and/or
provide you with a sample policy if you ask for one.
4 What we charge and how we get paid
Unless otherwise agreed with you, the payment we receive in respect of your insurance policy will be commission from insurers and in certain circumstances may be the fees we charge you for our service.
We may charge a fee for our services when you look to arrange self funded trusts and will always inform you of any such charge before you purchase an insurance policy.
Our fees are non-refundable even if you cancel your insurance policy.
Where we receive commission from insurers, this will be a percentage of the total annual premium. Commission and fees are earned by us at the time we place your insurance. We will be entitled to retain all payments we earn in relation to your insurance policy including any commission resulting from any additional premium payable during your cover period.
You have a right to request information regarding any payment that we may have received by setting up and renewing each of your insurance policies.
5 Your disclosure responsibilities
It is important that you tell us everything about you and what you want to insure, including any specific concerns that led you to seek cover. To do this you need to answer all questions we ask you accurately and to the best of your knowledge and ability. To do this you need to carry out a reasonable search of the wider business because there is an expectation that what you know includes what you should know. You should therefore make specific enquiries of partners, directors, senior management and those involved in arranging your insurance or in the specific risk being insured.
You must tell us of anything that may be relevant or important for insurers to know so that they can make decisions on whether to offer cover, the type of cover to offer, the terms to be applied and the required premium. If you do not do this and a relevant piece of information is missed then you may not be covered correctly, your insurance may be invalid or you may be charged a higher premium. If you are in any doubt please tell us. For example, you should inform us of any different, special or any unusual aspects of your business activities in comparison to what would be considered ‘typical’ in the market place for your trade, business or profession.
6 Cancelling or making mid-term changes to your insurance policy
Please note that cancellation rights vary between insurers and you should check your policy documentation if you are considering cancelling your policy. To exercise your right of cancellation, contact us either by telephone, email or letter, in each case in the manner and within the time limits set out in your policy documentation. If you exercise your right to cancel your policy your insurer will, as a minimum, charge you for the period during which you were covered, and other charges may be applied to cover the insurer’s and our costs in arranging the cancelled policy.
Be aware that some insurers do not offer any refund of premiums for cancelled policies.
Where you cancel your policy or where you request a mid-term adjustment which reduces the cover provided under the policy, we may charge you for our time and costs. This will result in us reducing any amount we refund to you by the full amount of the commission and fees we would have received had you not cancelled or amended your policy. This is because the majority of our costs are incurred either in initially finding and setting up your policy or in the annual renewal process when we might check the ongoing suitability of the cover the policy offers. These costs are recovered through the commission we earn. If you cancel, this does not give us an opportunity to recover the costs we incurred and would often result in us making a loss. However, any charge we make will not exceed the cost of the commission and fees we would have earned.
7 Making a claim or reporting a potential claim against your insurance policy
If you wish to make a claim or report a potential claim, please follow the instructions provided with your policy documentation, quoting your insurance policy number or other reference given to you.
If you require assistance or support from us when making a claim, we are able to assist when your direct authority is given to the insurer.
8 Renewing your insurance policy
We will write to you before the end of your insurance policy explaining what you need to do and, if we can renew your insurance policy, will send you details of the cost and terms.
We may automatically renew the insurance policy where you have given us authority to do this to make sure you remain continuously insured.
If you do not tell us or your insurer that you do not want to renew your insurance policy, your insurer may assume, but has no obligation to, that you need them to renew the policy to protect your interests relating to what you have insured. If they do renew your insurance policy you may be liable (responsible) to make payment to your insurer. In addition, if you pay for your insurance policy by direct debit or instalment payments, your insurer will continue to accept payment from you unless and until you specifically notify us or your insurer that you wish to cancel your insurance policy.
9 Receiving payments from clients
Visibly Financial Services Limited does not handle client monies. We never handle cash or accept a cheque made out to us unless it is a cheque in settlement of our charges or disbursements which we have previously disclosed to you (normally through a fee agreement). Crossed cheques should only be made payable directly to the insurance company and to the relevant third party for various ancillary fees. You should decline to give any money to, or write cheques payable personally to an individual adviser. Individuals that represent Visibly Financial Services Limited are not to handle client money and any receipt by them personally of such a payment from you will not be regarded by us as being a transaction for which we will have any responsibility.
10 Use of personal data
Visibly Financial Services Limited is the Data Controller of the personal data (information) you provide to us. We will use your personal information to:
assess and provide the products or services that you have requested
communicate with you in relation to servicing and administering your product
develop new products and services
undertake statistical analysis to help us improve our services and products
provide additional assistance for these products or services
notify you of important changes to products and functionality changes to our websites.
Only where you have provided us with consent to do so, we may also from time to time use your information to provide you with details of offers relating to additional products and services from Visibly Financial Services Ltd.
We follow strict security procedures in the storage and disclosure of your personal information in line with industry practices.
Further information is included in our Privacy Statement full details of which can be found here http://www.visiblyhealth.co.uk/privacy-policy/ This gives you more information on who we are, the types of information we hold, how we use it, who we share it with, how long we keep it for and informs you of certain rights you have regarding your personal information. If you are unable to access this website, we can send our Privacy Statement to you at no cost. You can also contact us for general data protection queries via email to Debbie@visiblyhealth.co.uk or in writing to The Data Protection Officer, Visibly Health, Pen Grange, 1 Parkside, Chippenham, Ely, Cambridgeshire, CB7 5PS
11 Financial crime
In providing our services to you, we will not engage in any activity which would breach any applicable financial crime law, statute or regulation. These include, but are not limited to, those relating to financial and economic sanctions, the facilitation of tax evasion, anti-bribery and corruption, anti-money laundering and/or combatting the financing of terrorism.
We will not arrange any insurance or benefit or pay any claim which may result in us breaching any such laws, statutes or regulations. Where we reasonably believe that it is necessary or desirable, we may take certain actions including, but not limited to, ceasing to provide services to you, freezing funds held on behalf of you or a third party and/or passing on your details to relevant authorities or regulators. Where we reasonably believe that we are prohibited from doing so, we will not disclose the fact that we have taken such actions against you.
12 Complaints and compensation
Our aim is to always provide a high standard of service to you. However, if you are unhappy with our service, we are committed to resolving matters promptly and fairly. If you wish to complain please contact us in any of the following ways using the contact details on the letter or business card that accompanies these Terms:
in writing to Visibly Health Complaints Department, Pen Grange, 1 Parkside, Chippenham, Cambridgeshire CB7 5PS (please mark your correspondence as ‘Complaint’)
by e-mail to email@example.com (please mark your correspondence as ‘Complaint’)
by telephone to 01638 723135
In all cases please quote your insurance policy number or any other reference we have given you.
Our Complaints Procedure is available from us upon request.
The Financial Ombudsman Service
If you are unhappy with our decision, or one provided by Lloyd’s, where applicable, or if we do not complete our investigation within eight weeks, you may be entitled to refer your complaint to the Financial Ombudsman Service (“FOS”).
FOS is an independent and free service for settling disputes between businesses providing financial services and their customers. Further information on FOS and whether you would be eligible to refer your complaint to them can be found at www.financial-ombudsman.org.uk If you live outside the United Kingdom or if you prefer not to deal directly with FOS, you may be able to refer your complaint to a local dispute resolution provider.
13 Financial Services Compensation Scheme
You may be entitled to compensation from the Financial Services Compensation Scheme (FSCS) if we or your insurer cannot meet our or its obligations, depending on the circumstances of the claim. The FSCS does not apply to the following types of insurance: aircraft, ships, goods in transit, aircraft liability, ships liability and credit.
Further information about compensation scheme arrangements is available from the FSCS at www.fscs.org.uk.
14 Limitation / Exclusion of liability
Our liability for losses suffered by you as a consequence of us performing of our services negligently is limited in all circumstances to £1,200,000 per claim.
We will not be liable for any indirect losses or for any loss of profit, loss of business, loss of data, loss of anticipated savings, fines, compensation or additional borrowing, whether such losses are direct or indirect. Nothing in this paragraph will exclude or limit our liability for death or personal injury caused by our negligence or for loss caused by our fraud, wilful misrepresentation or breach of the regulatory obligations we owe to you.
You are welcome to contact us to discuss increasing the limitations of our liability and/or varying the exclusions set out above. However, an additional charge and other terms may apply.
15 No waiver or amendments and our right to assign
Any delay on our part in enforcing (pursuing) any of our rights under these Terms, either in whole or in part, will not be deemed to be a waiver by us of such rights.
Neither we nor you may amend these Terms at any time during the period of your insurance unless we both agree to any such changes or unless they are required to reflect a change of applicable law or regulation, in which case we may make amendments to these Terms and they will be deemed to be accepted by you. Whenever possible, we will provide at least one month’s written notice to you before any such changes take effect.
We may freely assign (transfer) or delegate all or any part of these Terms and/or the services provided under these Terms to any third party. In the event that we assign or delegate all, or any part, of these Terms to a third party your rights under these Terms will not be adversely affected.
16 Insurer solvency
We monitor insurer solvency on an ongoing basis and endeavour to place business with insurers with adequate levels of financial solvency. However, we cannot guarantee the solvency of any insurer and shall not be liable (responsible) for losses suffered by you in the event of the insolvency of an insurer.
17 Governing Law
These Terms are governed by the laws of England and Wales and if there is any dispute about these Terms or the services we provide under them, we both agree to the jurisdiction of the English courts (they should be decided by English courts).