The following Terms of Business Agreement sets out the basis on which Flock, referred to as ‘We’, ‘Us’, ‘Our’ will provide business services to you as a commercial client of the firm.
Please contact us immediately if there is anything in these terms of business which you do not understand or with which you disagree. We are happy to answer any questions and willing to explain these terms and the reasons for them.
YOU ARE DEEMED TO HAVE ACCEPTED THESE TERMS OF BUSINESS UNLESS YOU ADVISE US OTHERWISE WITHIN 7 DAYS OF RECEIPT.
Operating Hours – 9-6 Monday - Friday
Flock is a trading style of Flock Limited an Appointed Representative of Innovative Risk Limited who are authorised and regulated by the Financial Conduct Authority under Firm reference number 609155. Flock are permitted to arrange (bring about) deals in Insurance Business, assist in the administration and performance of a contract of insurance, make arrangements with a view to transactions in Insurance Business, act as a credit broker and act as Agent of the insurer and clients. You can check these details online using the Financial Services Register at https://register.fca.org.uk/ or by contacting the Financial Conduct Authority Consumer Helpline on 0800 111 6768.
Our scope of service
We offer a wide range of insurance products and have access to leading insurers in the marketplace. When we arrange your insurance, we will provide information only about a policy from one or more insurance undertakings without giving you advice or a personal recommendation, in which case we will provide the names of those insurance undertakings. We will either act on behalf of the insurer or act on your behalf when arranging your insurance, we’ll make it clear in our communications with you at the outset, whether we are acting for you or for the insurer.
Your duty of disclosure
Where we arrange insurance wholly or mainly for purposes related to your trade, business or profession, you have a duty under The Insurance Act 2015 to make a fair presentation of the risk. This means that you must disclose every material circumstance which you and/or your senior management and/or anyone responsible for arranging your insurance know or ought to know. Alternatively, you must disclose sufficient information which would put the insurer on notice that it needs to make further enquiries for the purpose of revealing those material circumstances. You are expected to carry out a reasonable search in order to make a fair presentation of the risk and will be deemed to know what should reasonably have been revealed by the search.
Your duty of fair presentation applies at the start of the policy, at renewal and when any variation of the policy is arranged. If you fail to make a fair presentation, the insurer may refuse to pay your claim or reduce the settlement amount, depending on the circumstances.
How to cancel
Hourly Policy: You have the right to cancel an hourly policy, without penalty, within 15 minutes of the policy start time (Hourly Policy Cooling Off period). If you cancel within the Hourly Policy Cooling off period, you will receive a full refund. You can cancel the policy in these circumstances online or via the App. Policies cannot be cancelled after the Hourly Cooling Off period and you will not receive a refund.
Monthly Policy: You have the right to cancel a monthly policy, without penalty, within 24 hours of the policy start time (Monthly Policy Cooling-off period). If you cancel within the Monthly Cooling-Off period, you will receive a full refund. You must contact us via our in-app chat and we will cancel the policy on your behalf.
You will not receive a refund should you cancel the policy outside of the Monthly Cooling-off Period.
Annual Policy: You have the right to cancel an annual policy, without penalty, within 14 days of the policy start date (Annual Policy Cooling Off Period). If you cancel within the Annual Policy cooling-off period, you will receive a full refund. Should you cancel the policy outside of the Annual Policy Cooling Off period you will be entitled to a pro-rata refund unless there has been a claim when you will not be entitled to a refund. You must contact us via our in-app chat and we will cancel the policy on your behalf.
Protecting your information
Fair Processing Notice
In your dealings with us you may provide us with information that may include data that is known as personal data. We will process your personal data to allow us to provide you with our services in quoting for, arranging and administering your insurances. Such data will also be used to manage future communications between ourselves about insurance, where you have agreed, or in circumstances where to do so will be in our mutual interests. Please email [email protected] or speak to one of our staff if you want to opt out of such communications. We will only grant access to or share your data within our firm, with other authorised third parties and product and service providers such as insurers where we are entitled to do so by law under lawful data processing. If you require further information on how we process your data, please click here to see our Privacy Notice.
How to claim
You can notify a claim online or via the mobile app at any time. This should be done as soon as you become aware of any incident which could give rise to a claim which is in accordance with the terms of your policy. If in doubt about how to notify a claim please contact us directly.
Fees and charges
The total premium cost includes a 12% Insurance Premium Tax and includes a Distribution Fee from our payment partner Stripe. The fee is currently 1.4% + 20p for major European Cards. For more information see here.
When we sell you a policy the insurer pays us a percentage commission from the total premium that you are charged. If the type of policy we sell reaches specific profit targets the insurer may also pay us an additional bonus.
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.
Please be assured that at no time will the way in which we are remunerated conflict with our responsibilities to meet your needs and treat you fairly.
In respect of some classes of insurance we may operate block insurance arrangements in order to provide competitive terms. This is where we place all insurances of a certain type with one insurer who can provide particularly competitive terms for all our customers. On occasions, it will be necessary for us to transfer such blocks from one insurer to another where this is beneficial for our clients. This Terms of Business Agreement constitutes both your acceptance that we may do this and your prior request for us so to do.
Protecting your money
Prior to your premium being forwarded to the insurer (or forwarded to you in the event of a premium refund), we hold your money as an agent of the insurer with which we arrange your insurance. Where we hold premium as the agent of the insurer it is regarded as received by the insurer.
We are permitted to advance credit to other customers from monies we hold in a non-statutory trust client bank account. A copy of the trust deed under which our non-statutory client bank account has been established is available on request. You must notify us if you do not wish your money to be handled in this way.
We may transfer your premiums to the insurer through another party, such as a broker or underwriting agent for the purposes of effecting a transaction.
By accepting this Terms of Business Agreement, you are giving your consent for us to treat your money in this way. Please notify us immediately if you have any objection or query.
It is our intention to provide a high level of service at all times. However, if you have reason to make a complaint about our service you should contact us immediately using the contact details on the first page of this document. You may be entitled to refer the matter subsequently to the Financial Ombudsman Service. You can contact the Financial Ombudsman Service by telephone on 0800 023 4567 or online and further information is available at http://www.financial-ombudsman.org.uk/. If you do decide to refer any matter to the Financial Ombudsman Service your legal rights will not be affected. We will provide a summary of our complaints handling procedures should you make a complaint which we cannot resolve informally and at any other time, upon your request.
We are covered by the Financial Services Compensation Scheme. 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. For compulsory classes of insurance, insurance advising and arranging is covered for 100% of the claim, also without any upper limit. The compensation scheme does not apply to consumer credit. Further information about compensation scheme arrangements is available from the FSCS on 0800 678 1100 or 020 7741 4100 or by visiting http://www.fscs.org.uk/
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.
Adequacy of insurance values
It is the responsibility of the insured to ensure that all sums insured and policy limits are adequate. It is strongly recommended that the appropriate Professional (e.g. Surveyor/Accountant) be consulted to ensure that the sums insured and limits under the policy are suitable.
Conflicts of interest/Customers best interests
When acting for you as your agent in arranging your insurance and assisting you in the event of a claim; we will always act honestly, fairly and professionally ensuring your best interests are our priority. In certain circumstances, we may act for and owe duties of care to insurers and/or other parties. Where we become aware of any actual or potential conflict of interest with our duty to you, we will inform you of the situation and the options available to you before we proceed.
The insurers we use are regulated and are required to have adequate capital resources. However, we cannot guarantee the solvency of any insurer we place business with. An insolvent insurer may be unable to pay claims or may be unable to pay them in full and you may have to pay a further premium to pay for alternative insurance cover.
You or we may terminate authority to act in connection with your insurance arrangements at any time. Notice of termination must be given in writing and will be without prejudice to the completion of any transactions already commenced. Any business currently in progress will be completed unless we receive instructions to the contrary. Any premiums or fees outstanding will become payable immediately. In circumstances where we feel we cannot continue providing services to you, we will give you a minimum of 7 days’ notice.
Law and jurisdiction
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.