Our Terms of Business
About Us
Source Insurance Limited, Global Reach, Dunleavy Drive, CF11 0SN (Tel 02920 265265) is authorised and regulated by the Financial Conduct Authority (FCA). We are permitted to arrange and advise on non-investment insurance policies and consumer credit.
You can check this on the Financial Services Register by visiting the FCA’s website www.fca.org.uk/register or by contacting the FCA on 0800 1116768. Our FCA registration number is 300222.
Accepting Our Terms of Business
This document sets out the terms of our relationship with you (our “client”), acting as your agent in the provision of insurance broking services as set out below. We would therefore urge you to read this document carefully. By asking us to quote for, arrange or handle your insurances, you
are providing your informed agreement to these Terms of Business.
Quality and Standard of Service
Source Insurance is an independent intermediary offering general insurance products from a fair and personal analysis of the market for Household insurance, and from a limited number of insurers for Let Properties insurance and Payment/Income Protection Insurance. We only offer
Home Hosting Insurance from a single Insurer. A list of the insurers we deal with is set out at the end of this document. Our role is to arrange suitable insurance cover for you. In the majority of our dealings with you, we will not provide any advice. Occasionally however, we will provide advice when we arrange a new policy for you. Whenever advice is provided by us, we will confirm the position to you in writing on your Statement of Demands and Needs.
When your policy is due for renewal, we will re-asses your needs based on the most recent information on our records and present you with alternative quotes from our panel. We may automatically place your insurance with another insurer if your existing product is no longer
available through Source Insurance. If you pay for your insurance by Direct Debit, your policy will automatically renew each year unless you instruct us to cancel it.
When acting on your behalf and in accordance with your instructions, we will do so in a professional and expeditious manner. Our team of customer services representatives will take responsibility for the provision of the services, which are described in this document. The team
will ensure in so far as is reasonably possible, continuity of accountability for the services we provide.
Renumeration and Other Income
Our remuneration for arranging the insurance will be by way of brokerage commission, which is a percentage of the total annual premium. We also receive fees which are payable upon certain events during the life of your policy. Where premium financing is arranged on your behalf a fee may be included. Brokerage commission and fees are non-refundable.
You have received a quotation which will tells you the total price to be paid, showing any fees, taxes and charges separately from the premium, on your Statement of Price.
Standard Fees
As noted above, fees are payable upon certain events during the life of your policy. These fees cover the costs we incur for carrying out the administration associated with these events. The standard fees are listed on the Statement of Price which can be found with your Policy Documents.
These fees currently apply to Household policies and Buy-to-let policies. We reserve the right not to charge these fees on an instance-by-instance basis. If we choose not to apply a fee for any of the above events it does not remove our right to charge a fee for any subsequent events.
Please note that, due to processing costs, Source will not charge or refund any amounts less than £10.00 that may be due.
Termination of Services
You may terminate our authority to act on your behalf with 14 days notice or as otherwise agreed without penalty. Notice of this termination will take effect from the date of receipt. Termination is without prejudice to any transactions already initiated, which will be completed according to
these terms of business unless otherwise agreed in writing. You will be liable to pay for any transactions or adjustments effective 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.
We have the right to cancel your policy at any time by giving you seven days’ notice in writing where there is a valid reason for doing so. We will send our cancellation letter to the latest address we have for you and will set out the reason for cancellation in our letter. Valid reasons may include but are not limited to:
- Where we have been unable to collect a premium payment;
- Where you are required in accordance with the terms of this Policy Booklet to co-operate with us or your insurer, or send us information or documentation and you fail to do so in a way that materially affects your insurer’s ability to process a claim, or our ability to defend our interests.
- Where we reasonably suspect fraud; or
- Use of threatening or abusive behaviour or language, or intimidation or bullying of our staff or suppliers.
You will be liable to pay for any transactions concluded prior to the end of our relationship and we will be entitled to retain commission received for conducting these transactions, together with all fees charged by us for services provided.
The terms of your policy may allow insurers to retain the premium in full in the event of cancellation.
Complaints
Our aim is to provide you with a professional and confidential service. We have internal procedures for handling complaints fairly and speedily and, should a complaint arise please contact us,
- In writing: Source Insurance, Global Reach, Dunleavy Drive, Cardiff, CF11 0SN
- By email: [email protected]
- By telephone: 029 20265214
If you cannot settle your complaint with us, you may be entitled to refer to the Financial Ombudsman Service.
Financial Services Compensation Scheme (FSCS)
We are covered by the FSCS. 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.
Further information about compensation scheme arrangements is available from the FSCS.
Monthly Payments
Source Insurance deals exclusively with a different trading style, Source Finance, to provide the facility to pay for your insurance policy in monthly instalments by Direct Debit.
Please note that if you have chosen to pay by Direct Debit an affordability assessment will be carried out. This affordability assessment may include a credit reference search. A record of this search will be made although this should not adversely affect your credit profile.
List of Insurers that We Deal With
For Household Insurance
Ageas Insurance Limited
Aviva Insurance Limited
Axa Insurance UK Plc
Covea Insurance plc
Royal & Sun Alliance Insurance plc
Fairmead Insurance Limited
UK General Insurance Limited
Pen Underwriting Limited of behalf of Insurers
Zurich Insurance
Plum Underwriting
Highway Insurance Company Limited
For Let Properties Insurance
Royal & Sun Alliance Insurance plc.
UK General Insurance Limited
AXA Insurance plc
MS Amlin
Fairmead Insurance Limited
Pen Underwriting Limited of behalf of Insurers
For Lifestyle Payment/Income Protection Insurance
Building Block Insurance PCC Limited
UK General Insurance Limited
For Home Hosting Insurance
UK General Insurance Limited
Data Protection
We are committed to protecting and respecting your privacy.
You can view our full Privacy Policy at www.thesource.co.uk/policyholder-privacy-and-cookies-policy
Please visit our ‘Contact Us’ page if you wish to find out more.