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Terms of Business Agreement

Broker Information

Name & Registered Office
Mastercover Insurance Services Ltd
2 Oaks Court, Warwick Road
Company No: 1393740
Country of Origin: United Kingdom
Telephone: 0208 236 3600
E-mail: ir@mastercover.com

Mastercover Insurance Services Limited are authorised and regulated by the Financial Conduct Authority (FCA). Our Firm Reference Number is 309016

Our permitted business is the advising on, arranging (bringing about) deals in, making arrangements with a view to transactions in, dealing as agent in and assisting in the administration and performance of general insurance contracts. You can check this on the Financial Services Register by visiting the FCA web-site www.fca.org.uk or by contacting the FCA on 0800 111 6768. We are also authorised by the FCA for consumer credit broking and consumer credit lending. We act for one lender for retail consumer business and we act for a number of lenders in respect of commercial customer business.

We are required to comply with the FCA regulations relevant to an insurance intermediary, which states that a firm must conduct its business with integrity, and pay due regard to the interests of its customers and treat them fairly.

Please read this document carefully. It sets out the terms on which we agree to act for our clients and contains details of our regulatory and statutory responsibilities. We specifically draw your attention to the following sections: Client Money & Providing Information to your Insurance.

Please contact us immediately if there is anything in these terms of business which you do not understand or with which you disagree.


As Independent Insurance Intermediaries we act as the agent of our client. We are subject to the law of agency which imposes various duties on us. However, in certain circumstances we may act for and owe duties of care to other parties. We will advise you when these circumstances occur so you will be aware of any possible conflict of interest.

Mastercover Insurance Services Limited (incorporating trading styles Insured Risks, Health Cover and Remo Cover) is a wholly owned (100%) subsidiary of GUK Broking Services Ltd.

We offer products from a range of insurers for private motor, commercial vehicle and household insurance based upon a fair analysis of the market. In addition we also offer specialist products for motor, commercial insurances, personal accident, illness and healthcare from a single insurer or limited number of insurers. A list of the insurance companies that we select from is available upon request. In the event that we arrange your policy through another intermediary or chain of intermediaries, we will provide you with details of the companies involved. On-Line we only offer products from a single insurer or limited number of insurers.

We will advise and make a recommendation for you after we have assessed your needs. This will include the type of cover you seek together with the costs. Upon receipt or your instruction we will place insurance with insurers, and keep you informed of the progress of our negotiations. We will advise you of any inability to place your insurance.

On-Line we only offer products from a single insurer or limited number. We will provide you with information about the policy. You will then need to make your own choice about how to proceed. You will not receive advice or a recommendation.

Our terms will apply to Consumers (customers not acting within their business, trade or profession) and Non Consumers (commercial customers) unless otherwise stated. A commercial customer would be a customer acting within their business, trade or profession.

We will only take instructions for policy issue, amendment or cancellation from the policyholder, unless we have written confirmation from the policyholder permitting another person to act on their behalf.

To make sure that you get our best deal and to ascertain the most appropriate payment option for you and to protect you from fraud, we and our insurance and credit partners will use public and personal data from a variety of sources, including a credit reference agency and other organisations. Our search will appear on your credit report whether or not your application proceeds. This and other information about you may be used to make a credit decision about you and undertake checks for the prevention and detection of money laundering. By agreeing to these terms and conditions you agree to these uses of your information.


We do not guarantee the solvency of any insurer we place with. A liability for a premium, whether in full or pro rata, may arise under policies where a participating insurer becomes insolvent.

Policy Documentation

Our policy is that documentation will be issued in a timely manner. This will normally be immediately if you have bought a policy on-line or within 5 days of the contract of insurance being concluded for consumers and within 30 days for commercial customers if the policy is purchased over the telephone or by post.

Your policy documentation will confirm the basis of the cover, give details of the insurer(s), and be accompanied by a policy summary and a debit note or premium billing. The date(s) that the premium id due, together with any penalties, will be clearly shown. A copy of your policy wording is available upon request.

Attached to your policy documentation will be a statement of demands and needs. You should read this carefully. It will set out your demands and needs and confirm whether the contract has been personally recommended and, if so, the reasons for making that recommendation.

We will endeavour to provide you with renewal terms in a durable medium no less than 21 days before expiry of the policy, or notify you that renewal is not being invited. Attached to the renewal terms will be a statement of any changes to the terms of the policy, and changes to directive required information (information required under the EU Directives), statement of price and information about cancellation.

Changes to your policy will be provided in good time prior to the change taking effect.

It is out policy to retain documents for business effected on your behalf in electronic or paper format for at least 3 years.


In the event of a claim you should contact us as soon as possible, or the appropriate insurance company helpline. Details and further information can be found on our website at www.mastercover.com or your insurance policy booklet.

In the event of a total loss claim if you have a premium finance arrangement in place this will continue as the full policy premium will still be payable to the insurance company. If the premium finance arrangement is cancelled the outstanding premium balance will become payable in full.

We will provide you with every assistance in submitting a claim and seeking to obtain settlement for you. However, in the event that an insurer becomes insolvent or delays making settlement we do not accept liability for any unpaid amounts.

Providing Information To Your Insurers - (Consumers Only)

Your insurance is based upon the information provided to the insurance company. For consumers (individuals buying insurance wholly or mainly for purpose unrelated to their trade, business or profession) this means that you must take reasonable care to answer all questions fully and accurately. Once cover has been arranged, you must immediately notify us of any changes to the information that has been provided to your insurers. Failure to provide accurate and up to date information may invalidate your insurance cover and mean that a claim may not be paid.

Providing Information To Your Insurers - (Non Consumers Customers Only)

It is your duty to provide a fair presentation of the insurance risk based on you conducting a reasonable search for information.

You must tell us of anything that may be relevant or important for insurers to know, including any specific concerns that led you to seek cover. You also need to answer all questions we ask you accurately and to the best of your knowledge and ability. This may require you to make specific enquiries of partners, directors and senior management in the business and its subsidiaries.

This information will be used by insurers to make a decision on whether to offer cover, the type of cover to offer, the terms to be applied and the required premium. A breach of duty of fair presentation may mean that you are not covered correctly, your insurance may be invalid or you may be charged a higher premium. If you are in any doubt or not sure then just 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.

Any deliberate or reckless breach of duty of presentation could result in your policy being declared void by an insurer with no refund of premium.


You must provide the premium due in cleared funds in accordance with the amounts and payment dates specified in our debit note. Failure to meet the payment date may lead to insurers cancelling your policy. Where insurers have specified that the premium must be received by a certain date, failure to comply can result in the automatic termination of your insurance contract.


A full statement of our scale of fees is provided below. Our remuneration may be as a fee, or as brokerage, which is a percentage of the insurance premium paid by you and allowed by the insurer with whom the insurance is placed. Brokerage and fees are earned for the policy period and we will be entitled to retain all fees and brokerage in respect of the full policy period in relation to policies placed by us, even if the contract is terminated for any reason. You are entitled at any time to request information regarding any commission which we may have received as a result of placing your insurance business or arranging premium finance. In addition to client fees and/or brokerage payments we may receive remuneration by way of administrative fees or commissions for services proved to underwriters or from income derived from the arrangement of finance or other services with third party suppliers. If you pay your premium by instalments we will inform you of any additional fees, charges or interest as part of your credit arrangement.

Scale of Fees - These are the maximum fees that may apply and are in addition to any charge made by your insurer

Up to £50.00 New Business, Mid Term Adjustments, Duplicate Documents, Renewal Fee, Unpaid Cheques/Direct Debits
£80.00 Young Driver New Business and Renewals - GPS Net policies only
£5.00 for documents to be sent by post

Commercial Customer Fees

We may make a charge of no more than 30%(minimum of £25.00) of the total premium for the policy, all charges will be confirmed in writing.

Cancellations and Rescinding of Instructions

Rescinding Instructions

Where a customer instructs us to incept or renew a policy but subsequently instructs us to cancel it prior to cover being in force, a full return premium will be provided, but a £40.00 administration charge will be applied.

Policy Cancellation (Within 14 Days)

Where a customer instructs us to incept or renew a policy but subsequently instructs us to cancel it within 14 days of the inception/renewal date, a £40.00 administration charge will be applied, this together with any charges and any discount provided by us from the insurer's inception or renewal premium will be deduced from the return premium provided.

Policy Cancellation (Over 14 Days)

Where a customer instructs us to incept or renew a policy but subsequently instructs us to cancel it more than 14 days after the inception/renewal date, a £25.00 administration charge will be applied. This together with any charges, commission reclaimed by insurers and any discount provided by us from the insurers' inception/renewal premium will be deduced from the return premium provided.

Protecting Your Money

Prior to your premium being forwarded to the insurer, and for your protection, we either hold your money as an agent of the insurer (in which case your policy is treated as paid for) or we hold it in a client bank account on trust for you.

We may extend credit to other customers from this account and we may transfer your money to another intermediary in some cases. However, your money will be protected at all times because of the requirement of the FCA rules. We also reserve the right to retain interest on this account. By accepting this terms of business agreement you are giving your consent for us to operate in this way.

Cancellation Clause

Your insurance contract may include a cancellation clause. In the event that you fail to pay your premium by the due date, the insurance may be cancelled forthwith or by your insurers giving notice of the cancellation. In the event of cancellation of the insurance contract, insurers may return a pro rata premium to us.

Once our remuneration has been earned, in the event that the insurance is cancelled after inception, our fees or brokerage will not usually be returnable.

Cancellation Rights (Consumers Only)

The regulations provide for a right of cancellation in certain circumstances. You have a right to cancel your policy. The cancellation period is 14 days from the date the contract is concluded or the date the policy documentation is received, whichever is the later.

You may exercise your right to cancel without giving us any reason, providing you have not been involved in a claim or potential claim that might itself terminate the contract. If you wish to exercise your right to cancel, you may do so in writing to our address listed below or by e-mail to admin@mastercover.com.

Cancellation of this Agreement

Our agreement may be terminated by one of us giving 14 days notice in writing to the other. In the event that our services are terminated by you we will be entitled to receive any fees or brokerage payable.


We take all complaints seriously. If you wish to register a complaint, please contact Matthew Myers (Manager) either in writing at Mastercover Insurance Services Ltd, 2 Oaks Court, Warwick Road, Borehamwood, WD6 1GS or by telephone on 020 8236 3600. We will acknowledge your complaint within 5 days of receipt. A full copy of our complaints procedure is available upon request.

If we are unable to settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service who can be contacted on 0800 023 4567 or 0300 123 9123 or visit their web-site at www.financial-ombudsman.org.uk.


We are covered by the Financial Services Compensation Scheme (FSCS). You may be entitled to compensation from the FSCS if we cannot meet our obligations. This depends upon the type of business and the circumstances of the claim. The scheme does not apply to consumer credit.

Further information about compensation scheme arrangements is available from the FSCS, who can be contacted on 0800 678 1100 or 020 77414100 or visit their website at www.fscs.org.uk.

Money Laundering/Proceeds of Crime Act

UK money laundering regulations require us to obtain evidence of the identity of clients for whom we act at the start of a business relationship. For companies (other than listed ones) evidence of identity will usually comprise a copy of certificate of incorporation, a list of directors, a list of shareholders and the registered address. We are obligated to report to the Serious Organised Crime Agency any evidence or suspicion of money laundering at the first opportunity and we are prohibited from disclosing any such report.

Data Protection

We are registered under the Date Protection Act 1998 and we undertake to comply with the Act in all out dealings with your personal data. Your personal information will be kept secure.

Law & Jurisdiction

These terms of business shall be governed by and construed in accordance with English Law. In relation to any legal action or proceedings arising out of or in connection with these terms of business we both irrevocably submit to the non exclusive jurisdiction of the English Courts.

The contract will be supplied in English and all future communication will be made in English.

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