Terms of Business

Please read this document carefully. It contains important information which the Financial Conduct Authority requires us to give you and should be used to decide if our services are right for you. Please contact us if there is anything in this document which you do not understand or with which you disagree.

Bikspoke is a trading name of Loss Insurance Services Ltd who are an independent insurance intermediary, registered number 09133862, and we are authorised by the Financial Conduct Authority (FCA) to handle non-investment Insurance Contracts under reference number 679901 and this can be verified by visiting the FCA’s website (https://register.fca.org.uk) or by contacting the FCA on 0800 111 6768. In addition we are authorised under the Consumer Credit Act by the FCA to conduct Credit Broking.

In this document we outline our commitments and obligations to you and detail the quality of the service that you can expect from LOSS Insurance Services Ltd. We also provide details of what we require from you to ensure that the insurance cover we arrange on your behalf is appropriate for your requirements.

OUR SERVICE

We will not give you any advice or a recommendation. We will provide information only and you will have to decide whether the product is suitable and meets your needs.

We will explain the main features of the products and services that we offer you, including details of the provider, period of cover, main details of cover and benefits and any significant or unusual restrictions, exclusions, conditions, obligations or warranties.

We only offer this product from a single insurer and we have used other intermediaries to help us place this insurance.

HOW ARE WE PAID

We are normally remunerated by commission paid to us by your insurer. In the event of cancellation, we do not refund the commission paid to us for arranging your insurance.

We also make individual service charges over and above the charges made by your insurers to cover the administration of your insurance policy. Such charges are non-refundable and are as detailed below:

  • Mid Term Policy Adjustments if not made online £25/li>
  • Cancellation after the “cooling off” period £25

In addition we will claim back any commission that we have to pay to your insurance company. Void policies or policies cancelled by the Insurance Company will be treated as Cancellation after the “cooling off” period

We do not charge for debit card transactions, but we do charge 2.5% of the transaction value for credit card payments, and will only ever provide any refunds to the same card that made the initial payment.

As part of our agreement with various Insurers, we may also (in addition to commission received on individual policies) receive additional income. This is generally based on a level of business transacted with an Insurer and incorporates agreed standards of performance including overall premium income, loss ratio and accounts payments. Such income is based on overall performance and not identifiable to individual 3 clients. We may also receive commission income from Third Party Finance providers and other professional relationships.

Insurance Premium Tax and in some cases VAT is charged and should the rate increase between quotation and effective date, any difference will be met by you, the policyholder.

WHAT WILL HAPPEN IF YOU CANCEL?

Cancellation within the “cooling off” period
All consumers have the statutory right to cancel within 14 days of inception, renewal or upon receipt of the policy documentation, whichever is the later and provided there have been no claims. You will only be charged for the period of cover you have had by the insurer plus any administration fee they may charge.

Cancellation after the “cooling off” period
After 14 days any right to cancel will be in accordance with the terms of your policy. This contract will provide a pro-rata return for the period of insurance left, less a £25 administration charge.

Payment Options
You are responsible for paying premiums by the due date. We normally accept payment by debit or credit card, by BACS or by instalments. If you fail to pay your premium by the due date, your insurance policy may be cancelled by the insurer.

Instalments – If you chose to spread your payments by instalments, we can arrange this for you through a third party finance provider Close Brothers Premium Finance In the event of a claim, instalments must continue to be paid until the full premium and charges have been settled.

Credit/Debit Card – If you choose to pay by credit or debit card, any refunds will only be made back to that card. A charge of 2.5% of the transaction value will be applied to credit card payments.

YOUR RESPONSIBILITY TO PROVIDE INFORMATION

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, your policy may be cancelled or your claim rejected or not fully paid.

Please read carefully all policy documents sent to you and inform us immediately of any incorrect information shown. If you have difficulty in understanding anything, please let us know and we will assist you.

For your protection, insurers maintain databases to prevent fraud and the information you give us may be subject to checks.

POLICY DOCUMENTS

Policy documents will be issued in a timely manner and will confirm the basis of cover and details of the insurer(s). They will include a policy summary and details of when the premium is due.

This policy will meet the demands and needs of a consumer looking for insurance of the type specified.

We aim to provide you with renewal terms no less than 21 days before expiry of the policy and any mid-term changes to your policy will be provided in good time, prior to the change(s) taking effect.

Please read all policy documents carefully and inform us immediately of any incorrect information shown. If you have difficulty understanding anything, please let us know and we will assist you.

RENEWAL

When your policy becomes due for renewal we will send you a letter or email asking you to revisit the website to renew the insurance.

We recommend that you keep a record (including copies of letters) of all information supplied to us for future reference and if you are in any doubt, please contact us on 01606 601000.

PROTECTING YOUR MONEY

We hold your premium payment in a statutory trust client money bank account. This means we keep client money separate from our own money by paying it into a client money trust account. We may only use the money held in trust on behalf of a customer for paying that customer’s premium to an insurance company and to pay premium refunds or claims we receive from the insurance company to that customer, once the money has been received from the insurance company. We are not allowed to use that customer’s money to pay another customer’s premium or refund and any interest earned on client money held by us will be retained by us for our own use.

FINANCIAL SERVICES COMPENSATION SCHEME

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 and further information about compensation scheme Arrangements is available from the FSCS.

DATA PROTECTION

We will keep your personal data safe at all times and in accordance with the Data Protection Act 1998. Your data may be used for marketing purposes to offer you other goods or services. If you do not wish this, you can opt out at any time by contacting us on 01606 601000.

COMPLAINTS PROCEDURE

We do our best to provide you with the highest levels of customer service at all times, however, should you wish to make a complaint you should do so with our Customer Complaints Manager. You can do this in writing to Customer Complaints Manager, LOSS Insurance Services Ltd, 150 London Road, Northwich, CW9 5HH, by email to

complaints@loss-insurance.co.uk or by telephone on 01606 601000 detailing the nature of the complaint.

If we are unable to resolve your complaint by close of business on the third working day following receipt an acknowledgement will be sent no later than 5 working days after receiving your complaint confirming who is dealing with the complaint and when we will expect to respond to you. Within 8 weeks of the date we receive a complaint we will provide you with our final decision.

If you remain dissatisfied you may be able to refer your case to the Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR, telephone 0800 023 4567 or fax 020 7964 1001.

Website http://www.financialombudsman.org.uk Email complaint.info@financial-ombudsman.org.uk.

By making a complaint, you do not prejudice your rights to any legal proceedings.

MAKING A CLAIM

You are responsible for notifying claims or circumstances which may give rise to a potential claim and should contact us immediately following any incident. Failure to notify in accordance with your policy requirements may lead to insurers rejecting your claim.

We will assist you with any claims that arise under the insurance policies that we have arranged. We will ensure that insurers are notified promptly and in accordance with their requirements for any incident which may give rise to a claim. We will assess claims promptly and will advise you of any information or documentation which is likely to be required by your insurers. We will advise you immediately we become aware that a claim may be restricted or rejected and will forward any claim payments received from insurers without delay.

TREATING YOU FAIRLY

Our aim is to treat all customers fairly. Whenever we deal with you we will work hard to ensure that the information we give is clear and understandable. In the event that something does go wrong we aim to put things right where we have made a mistake.

YOUR ACCEPTANCE OF THIS TERMS OF BUSINESS AGREEMENT

This Terms of Business shall be deemed to be an undertaking and acknowledgement by the Customer(s) of their

acceptance to all the terms and conditions set out herein.

TERMINATION

Our services may be terminated by either party, giving one month’s notice in writing to the other, or as otherwise

agreed. In the event our services are terminated by you, we will be entitled to retain any and all fees or commissions due.

GOVERNING LAW

Please note that the Terms of Business are subject to English Law and any dispute is subject to the English courts.

Alternatively please download a copy of our Terms of Business here