Terms of Business
Introduction
Throughout this Terms of Business document, references to ‘we’, ‘us’ and ‘our’ refers to One Day Insurance. This document outlines important information of which you should be aware and must be read in conjunction with the accompanying correspondence and documentation. If you are unsure about any aspect of our Terms of Business or have any questions regarding our relationship with you, please visit your online portal area and request a live chat with us.
By asking us to quote for and arrange or handle your insurances, you are providing your informed agreement to these Terms of Business. For your own benefit and protection, you should read these terms carefully.
Regulation
The Financial Conduct Authority (FCA) is the independent watchdog that regulates financial services.
One Day Insurance Services is a registered trading name of Wrapper Limited. We are an insurance intermediary, and not an insurer. Our company is registered in England & Wales. Company Registration Number 12740093, Registered Office; 97 Alderley Road, Wilmslow, SK9 1PT.
We are authorised and regulated by the Financial Conduct Authority. Our Financial Services Register number is 936006. This can be checked on the Financial Services Register by visiting the FCA’s website at www.fca.org.uk or by contacting the FCA on 0800 111 6768.
Whose products and what service we offer
Our short term insurance product is selected from a limited range of insurers.
Please refer to your Policy Schedule & Wording for details of the insurer. All quotes offered will be valid for 30 days from the day you obtain the quotation. We will not, in any circumstances, guarantee the solvency of any insurer.
How are we meeting your needs?
We source and arrange products but do not offer advice or make recommendations when arranging your insurance. However, we may ask some questions to narrow down the selection of products on which we will provide details; you will then need to make your own choice about how to proceed. We will offer you the lowest price product available to us.
Protecting your money
We hold your premium payment under risk transfer as agent of the insurers and we do this by paying it into an insurer premium trust account until it is passed to the insurers. This is to protect your money and means that whilst your money is in the account, it cannot be used for any purpose other than paying the insurers or any brokers through whom we may have arranged your insurance. We will retain any interest earned on the account.
How we are paid?
We may receive a commission payment from your insurance company for arranging and ongoing management of your insurance policy. This amount is normally a percentage of the total annual premium you pay (excluding insurance premium tax (IPT)).
We may receive a flat fee from your insurance company for services that we carry out on behalf of your insurer in respect of the strategic management of their account for the business with which you are dealing.
During the duration of your policy, we may have cause to liaise with a company to assist you with a claim in connection with your insurance policy. Where this occurs, we will receive a small flat fee from that company which may or may not be your insurer.
We may receive additional income from interest earned on insurance monies passing through our bank account.
We may apply fees for arranging and administering your insurance product. These fees are non-refundable and will be disclosed to you before purchase.
- New business – up to £100.00
- Mid-term changes – up to £25.00
- Cancellations – up to £25.00
Payment Terms – Collection of Premium
We only accept payment by Debit or Credit card. We require full payment of the premium before cover is incepted.
Complaints & Compensation
If you are unhappy in any way with the service you have received from Us, our complaints procedure enables you to express your dissatisfaction and have a full understanding of how your complaint will be handled. If unfortunately, you feel our customer service levels have failed to meet your expectations, please email us, or get in touch via Live Chat through our website or customer portal. Our email address is [email protected]
Most complaints are resolved by close of business on the third working day after receipt. For more complex issues, an acknowledgement will be sent confirming who is dealing with the complaint and when we will expect to respond to you in full. Within 8 weeks of the date, we receive a complaint we will provide you with our final decision.
If you are not satisfied, you may be entitled to refer the matter to the Financial Ombudsman Service. A copy of the Complaints Procedure is available on request.
Financial Ombudsman Service, Exchange Tower, London E14 9SR, telephone 0800 023 4567 or fax 020 7964 1001. Email [email protected]. Web www.financial-ombudsman.org.uk.
We are covered by the Financial Services Compensation Scheme (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. If you are eligible to claim from the FSCS, compensation is available as follows:
- Insurance advising and arranging is covered for 90% of the claim, without any upper limit
- For compulsory classes of insurance (such as third-party motor or employer’s liability), 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 on 0800 678 1100, or www.fscs.org.uk.
Claims Handling
You should take note of the required procedures in the event of a claim, which will be explained in the policy documentation. Generally, insurers require immediate notification of a claim or circumstances which might lead to a claim. We will employ due care and skill if we act on your behalf in respect of a claim.
Cancellation
You have the right to cancel your policy at any time. If the policy has not commenced, you will receive a refund of the premium paid minus a £25 admin fee. Due to the short term nature of the policy, there will be no refund of any monies paid once the policy period has started.
Consumer Insurance (Disclosure & Representation) Act
You must take reasonable care to provide complete and accurate answers to the questions we ask you when you take out, make changes to, or renew your policy. If you are in doubt, please contact us. Insurance is based on the information that you give to the insurer and if this information is wrong or incomplete, claims may not be paid in full or at all, your policy may be cancelled, have special terms imposed, policy voided, and the premium may not be returned.
It is important that you read all insurance documents issued to you and ensure that you are aware of the cover, limits and other terms that apply. Particular attention must be paid to any warranties and conditions as failure to comply with them could invalidate your policy.
Data Protection
We are registered with The Information Commissioners Office in the UK and we undertake to comply with the most current Data Protection Act and regulations in all our dealings with your personal data. Your personal information will be kept secure.
Our contact details for queries are: Data Protection Queries, Wrapper Limited, 50a Alderley Road, Wilmslow, Cheshire, SK9 1NT, email: [email protected]
We collect your personal data for use by Wrapper Limited. We use this personal data for the provision of information or to fulfil the requirements of a contractual or service relationship which may exist between you and our organisation. In addition, special categories of personal data such as data about your health and criminal convictions may be processed on a public interest basis if this is necessary for insurance purposes.
If you provide personal data to us relating to any person other than yourself, you must ensure that they understand how their personal data will be used and that you are authorised to disclose it to us, and to consent to its use on their behalf.
Your data may be passed on to other insurance service providers and claims management companies to fulfil the contract or service.
We may share your information with credit agencies and other companies for use in credit decisions, for fraud prevention and to pursue debtors.
We may use your personal data for other similar purposes, including marketing and communications, but that will only occur if we have your consent or another legal justification for doing so. You have a right at any time to stop us from contacting you for marketing purposes.
You have the right to request access to any of your personal data we may hold. If any of that information is incorrect, you can request that we correct it. If we are not using your information correctly, you can request that we stop using it or that we delete it completely.
If you would like to make a request to see what personal data of yours, we hold, you may make a request to our Data Protection Team using the details above.
Where we have asked for your consent to use your personal data, you have the right to withdraw that consent at any time. If you withdraw your consent, we will stop using your personal data where legally possible. Any processing undertaken before your withdrawal remains valid and lawful.
Conflicts of Interest
As an insurance intermediary we act as your agent. We may also have relationships with insurers and act for them in a limited capacity. If we have binding authority or claims handling authority with an insurer, we will disclose this. Some insurers appoint us as their agent for the receipt of premium and the issue of documents. They may also allow us to discount premiums in limited circumstances. We will advise you when these circumstances occur so you will be aware of any possible conflicts of interest. We are subject to the laws of agency and will always act in your best interests.
Third Party Rights
Nothing in these Terms of Business will give any person any right to enforce any term which that person would not have had but for the Contracts (Rights of Third Parties) Act 1999.
Money Laundering/Proceeds of Crime
We are obliged to report to the National Crime Agency any suspicion of money laundering or terrorist financing activity and we are prohibited from disclosing any such report. Claims payments will be made in favour of you, the insured.
Law applicable
These Terms of Business shall be governed by and construed in accordance with English Law and shall be subject to the exclusive jurisdiction of the courts of England and Wales.
