Your policy price can be broken down into 3 parts:
1. Insurance Premium: This is the cost of your insurance policy. It's the amount paid to the insurer, and the broker (Flock).
2. Transaction Fee
The total premium cost will include a 2% transaction fee. This transaction fee is used to cover costs incurred by Flock when processing your payment. In the event of a policy cancellation by you, the fees are non-refundable. We will advise you of the actual amount of any/all transaction fees and insurance premium taxes at the time of quotation or renewal. These fees may be subject to change.
Transaction charge and refund
The minimum charge or refund for a transaction following any premium adjustment will be £1.
3. Insurance Premium Tax (IPT): IPT is the tax on general insurance premiums. Currently, the standard rate is 12% of Insurance Premium (1) + Transaction Fee (2).