TERMS OF BUSINESS
Please read this document carefully as it contains important information. If you require clarification or wish to discuss any of the content further please contact us.
Three Castles Cover is a trading style of Next Risk Solutions Ltd who are authorised and regulated by the Financial Conduct Authority (Firm reference No. 705135). This can be checked on the Financial Services Register by visiting the website www.fca.org.uk or by contacting the FCA on 0800 111 6768.
Next Risk Solutions Ltd registered office is: Top Floor – Cwmbran House, Mamhilad Park Estate, Pontypool, Torfaen, NP4 0HZ. Registered in England and Wales number 08503000. Throughout this document the use of We/Our/Us refers to Next Risk Solutions Ltd.
Our Opening Hours
Monday – Friday: 9:00am – 7:00pm
Saturday: 9:00am – 2:00pm
Sunday and Bank Holidays: Closed
As an independent insurance intermediary we offer insurance policies from a range of motor and household insurers (you may request further detail of these insurers).
After assessing your demands and needs through a series of questions, we will arrange your insurance policies and assist you with any future changes.
We will not provide advice or recommendations relating to any products, instead we will offer the product that is most suited to your demands and needs, you must then decide how to proceed.
We will endeavour to issue your policy documentation on the day you arrange cover with us, but at times where this is not possible your documents will be issued the next working day.
We will notify you how to review or renew in good time prior to the expiry of your policy.
We endeavour to place your business with insurers who have adequate means to meet their obligations but cannot guarantee the solvency of any insurer and we shall not be liable for losses suffered by you in the event of the insolvency of an insurer
Duty of Care
Please take reasonable care to answer all questions honestly and to the best of your knowledge, as any product will be based on the information you have provided. Incorrect answers given accidently or deliberately may lead to an increase in your premium, invalidate your insurance cover, result in your insurer reserving the right to cancel your policy, or treat the policy as if it never existed. Incorrect information could also lead to claims being rejected or not fully paid.
You must therefore provide complete and accurate information to us at all times including when arranging your insurance and throughout the lifetime of any policy. Any change in your circumstance or the risk itself, such as changing occupation or receiving endorsements on your licence must be notified to us immediately. If you are unsure about disclosing any information, please ask us for guidance.
You are reminded that it is an offence under the Road Traffic Act to make false statements or withhold any relevant information to obtain a certificate of motor insurance. Under the Rehabilitation of Offenders Act you are not required to disclose convictions regarded as ‘spent’.
Check Your Documents
It is vital that you take the time to immediately check all documentation that we send to you including application forms, schedules, certificates, cover notes and policy wordings to ensure all the information stated is present and correct. If you feel that any documentation is incorrect, you should contact us immediately.
All accidents regardless if you intend to make a claim should be notified to us immediately by contacting us on the claims number shown on your policy documentation
To maintain our competitive premiums, validate your information and to combat fraudulent activity, your insurer may require you to provide certain documentation to support your application. These requirements will be outlined to you at the point of sale and may include but are not limited to copies of driving licences, proof of any no claims discount and signed application/proposal forms.
Any supporting documentation that does not correspond to the information you have provided will be corrected and where applicable an additional premium may be charged by your insurer. We will also apply the charges set out in the ‘Service Charges’ section of this document.
Failure to provide the supporting documentation within 21 days of accepting the policy may lead to your policy being cancelled and charges imposed in line with our ‘Cancellation’ section of this document.
Anti-Fraud Registers and Other Searches
To ensure you are offered our most competitive premiums now, at renewal and at any other time and to protect all customers from fraud, many insurance providers operate a credit scoring system and will use the information you provide to carry out checks with credit reference agencies, fraud prevention agencies, and other public and privately available sources of information. These checks can include electoral roll and credit information.
The information is used to verify your identity and is registered as a general insurance search. The searches may appear on your credit report whether or not your application for insurance proceeds, but will not harm your credit rating or adversely affect your credit profile.
Whilst we do not carry out credit checks on our website, we or our partners may do so at any stage of the quote or purchase process, regardless if you obtain a quote via the internet or over the phone.
We are usually remunerated by commission received from the insurance providers. Where we are not, we may apply an equivalent charge of up to 15% of the annual premium for new policies and renewals or 15% of any additional premiums for making a change. If your policy is cancelled or altered mid-term resulting in a refunded premium, we may apply a charge equal to the amount lost to us in commission reclaimed by the insurer.
Where you have chosen to pay for your premium through a third party finance provider, we may be paid commission for the arrangement of your credit agreement.
Our Service Charges
We apply the following charges for our service in addition to anything charged by the insurance provider. Where a charge is variable, we will confirm an exact figure to you before any transaction.
|Policy Arrangement Fees||£75|
|Making a change to a policy||Up to £35|
|Duplicate documentation||Up to £25|
|Cancelling a policy||See “Cancellation’ section of this document|
We strongly recommend that you contact us before deciding to cancel your insurance policy to discuss your options.
You have the right to cancel your insurance policy at any time, but charges will vary depending on when you cancel. When your policy is cancelled, any additional products such as breakdown recovery are cancelled at the same time and our service charges and those of your insurer are not refundable. Any refunds due can take up to 30 days to be processed.
There are occasions where we will enforce cancellation of your policy. This is only performed when there is a good reason or if your insurers have instructed us to do so. Before cancelling your policy, we will always send at least seven day’s written notice to your last known address. The cancellation will be treated as a standard cancellation and you will incur the same charges as set out below.
Cancelling Before Cover Starts
If you have instructed us to start a policy, but choose to cancel before any cover has commenced, we will retain our £75 new business administration fee in addition to any insurer administration charge.
Cancelling Within The Cooling Off Period
If your cover has started and you decide to cancel your policy within 14 days of receiving your documentation and provided you have not made a claim or had a claim made against you, you will be charged the following;
- A pro rata charge for the time your policy was on cover plus any insurer administration fee
- A charge for the time any optional additional products were on cover*
- We will retain our £75 new business administration fee
*If you have used the service of any optional additional products within the cooling off period, the full charge of the additional product will apply.
Cancelling After The Cooling Off Period
If your cover has started and you decide to cancel your policy outside of the cooling off period, and provided you have not made a claim or had a claim made against you, you will be charged the following;
- A charge for the time your policy was on cover plus any insurers administration fee*
- The full cost of any optional additional products, regardless if the service was used
- The policy arrangement fee
*To calculate the charge for the time your policy was on cover, your insurer will either apply a pro-rata calculation or some will charge an increasing percentage of your premium depending on how much cover you have used. A table of the charges imposed by your insurer will be shown in the policy wording if applicable, but typical return premiums from insurers can be found in the below table.
|Period on cover up to (months)||1||2||3||4||5||6||7||8|
|Insurer Premium Refundable||70%||60%||50%||40%||30%||20%||10%||nil|
If you are paying your premium by instalments, where the total cost for your cover exceeds the amount that you have paid the third party finance provider, you will be required to pay the difference within 21 days. Failure to do so may result in us taking steps to recover any debt through a debt recovery agency that may apply further charges to the balance.
If you cancel your policy and you have made a claim, or a claim has been made against you, the full premium is due and any remaining instalments will need to be settled.
Credit/Debit Card Payment
Please note that any refunds can only be made back to the card used for the original transaction, or where this is not possible a cheque or BACS transfer will be issued.
If you choose to pay your premium by monthly instalments this will be arranged for you through a third party finance provider and you will receive details of your instalment schedule when you take out your insurance policy.
Please note that paying your premium by monthly instalments does not provide a months cover at a time, you will have entered into an annual contract of insurance and have chosen a more manageable method of paying your annual premium. You are responsible for paying the monthly instalments when they fall due, please therefore take note of the payment schedule provided to you. A missed payment charge will be incurred for any failed monthly payment, and if overdue payments are not received within 7 days of defaulting, we will commence the cancellation process.
For your protection, if you cancel your direct debit it will not automatically cancel your insurance policy, and could lead to unnecessary charges being applied to your policy. You should always contact us in accordance with the ‘Cancellation’ section of this document.
The finance providers will have their own terms and conditions, which you should read carefully upon receipt.
We reserve the right to withhold documentation until due payments have been made. We will provide any documentation that we are required to do so by law.
We are committed to delivering a high standard of customer service at all times but in the unlikely event that you have cause for complaint your should first speak to our customer service team who will try to swiftly resolve the issue. If you remain dissatisfied, you should put your complaint in writing to the Complaints Manager using the address in the ‘About Us’ section of this document. You can request a copy of our complaints procedure free of charge and at any time, and the procedure can also be found on our website.
Having followed our complaints procedure, if we still cannot resolve your complaint you may be able to refer the matter to the Financial Ombudsman Service (FOS) via www.financial-ombudsman.org.uk
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. Further information about compensation scheme arrangements is available from the
FSCS website www.fscs.org.uk
Protecting Your Money
We hold your premium payment in a Client Money Bank Account until it is passed to your insurer. We cannot use your money for any other purpose other than to pay the insurer that your insurance is arranged with. We may earn interest from money held in this account, which we will retain. Unless you tell us otherwise, you are consenting to us holding your money in this way.
The laws of England and Wales govern this agreement and any dispute is subject to the exclusive jurisdiction of the English courts.
We will treat all information as private and confidential in strict accordance with the Data Protection Act 1998, and will keep your information safe even when you are no longer a customer. Your information may be used by us, or carefully selected third parties to offer similar products or services. If you do not want us to use your information in this way, please let us know.
Agreement to our Terms of Business does not affect your normal statutory rights.