Terms of business

Effective from September 30, 2024

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The following Terms of Business Agreement sets out the basis on which Suited Insure Ltd. referred to as Suited, Suited Insurance, Suited Insure and suited.insure, 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 reason for them.

YOU ARE DEEDED TO HAVE ACCEPTED THESE TERMS OF BUSINESS UNLESS YOU INFORM US OTHERWISE WITHIN 7 DAYS OF RECEIPT.

Contact us:

‍Telephone: 0117 927 5355 (hours of operation are 8.30am-5.30pm, Mondays to Fridays excluding bank holidays. For our mutual protection and training purposes, calls may be recorded)

Suited contact us form: https://www.suited.insure/contact-us

Existing customers can also contact us by logging in their customer portal/Support/Messages

About us

Suited is a trading style of Suited Insured Ltd who are an appointed representative of Innovative Risk Labs Ltd. Innovative Risk Labs Ltd are authorised and regulated by the Financial Conduct Authority as an insurance intermediary under Firm Reference Number is 609155. Permitted business is introducing, advising, arranging, dealing as agent, assisting in the administration and performance of general insurance contracts and Credit Broking You may check this by visiting the Financial Services Register by visiting the FCA’s website, www.fsa.gov.uk/Register or by contacting them on 0800 111 6768.

Our services

We offer a wide range of insurance products and have access to leading insurers in the marketplace. When we arrange your insurance we’ll 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 generally act on your behalf in arranging your insurance, but we’ll make clear at the outset whether we are acting for you or for the insurer in particular circumstances.

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, or successor or replacement legislation. 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.

Payments

Monthly subscription

Suited operates a monthly insurance subscription. By choosing to arrange insurance through Suited you agree to pay for your insurance by recurring payment from your credit or debit card.

Taking your payments

We take your first payment on the date you have decided to arrange or change your insurance and your insurance subscription will automatically continue thereafter each month unless you tell us otherwise. Subsequent payments are taken on or around the same day of the month.

Missed Payments

If a failed payment occurs, we will give you an immediate notice via email and 10 days to update your debit or credit card details. If you still have not paid the outstanding monthly subscription, your policy will be cancelled at the end of the last prepaid monthly period..

Incorrectly Challenged Payment

We will incur fees from our payment provider if you incorrectly challenge a payment of your insurance premium or any administration fees via your bank or building society and those monies have been returned to you. In those circumstances we will ask you to tell your bank that the payment was correct. If you fail to do so within 7 working days, we will deduct any incurred costs from the card that we hold on your file.

Administration Fees

We do not charge fees for changes or cancellation of your insurance in excess of the premium amount charged by insurers. Paying monthly incurs no additional charge, however, we may at our discretion charge for the following to cover our costs:

Incorrectly challenged payment: £20 per transaction
Information provision under Data Protection Act: £0 unless your requisites are unusually excessive

Protecting your money

Prior to your premium being forwarded to the insurer, or forwarded to you in the event of a premium refund, and for your protection, our principal broker, Innovative Risk Labs Ltd, will hold your money as an agent of the insurer(s). In which case your policy is treated as being paid for. We reserve the right to retain interest earned on this account.

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.

Protecting your data

We take your privacy and protecting your data seriously. We treat all personal information about you confidentially and will continue to do so even when you are no longer our customer.

We will use your information to set up and administer your insurance and in relation to any credit arrangements that may be in place. Please read our privacy policy which is available on our website.

We will only disclose your information at your request or with your consent in order to administer your insurance or claim, or where we are required by law. Some or all of the information you supply to us in connection with your insurance proposal may be passed to insurance and other companies for underwriting, claims and premium collection purposes. Your data will be held in accordance with the Data Protection Act 2018, under which you have a right of access to see personal information about you that is held in our records.

Please note that Suited and/or the insurer(s) may access and make use of data that is publicly available. Sources include but are not limited to credit and identity check agencies which may verify for us or the insurer(s) your identity or creditworthiness. The searches may appear on your credit report whether or not your application proceeds.

By agreeing to these terms and conditions you agree to these uses of your information.

How to claim

Please refer to your policy documentation if you need to notify a claim. You should contact us or the insurer directly as soon as you become aware of any incident which could give rise to a claim. If in doubt about whom you should contact, or if you require our assistance in relation to a claim or potential claim please contact us.

Policy reviews

We will review the terms and conditions of the policy, including the premium, periodically and every twelve months, and we reserve the right to change the premium and the terms and conditions.

If we make a change(s) we will give you a minimum of 28 days notice and issue a new policy for the next period of insurance, which will be made available to you through the Suited online customer portal.

You are under no obligation to accept those changes and may cancel your policy prior to those changes taking effect.

Changes to your cover

If your insurance needs have changed, you may, with immediate effect, seek to replace your policy with a new policy by processing the required change in cover through the use of the on-line customer portal provided by, or by contacting, Suited.

If your request is accepted, your existing policy will be cancelled at the time the request is processed and a new policy may be issued. This includes where you select to hibernate your cover. Where you have requested to hibernate your cover the Schedule to the new policy will show a hibernation date.

You will be entitled to a pro rata refund of premium for the unexpired period of cover under the cancelled policy.

If you inform us of a change that precludes us from offering you insurance, we shall have the right to cancel your policy with immediate effect. If we cancel your policy on this basis, you shall be entitled to a pro rata refund of premium for the unexpired period of cover under you policy.

Cancellations

You may cancel your policy at any time by processing the required change in cover through the use of the on-line customer portal provided by, or by contacting, Suited.

If you request a cancellation, your policy will expire on the last day of the monthly period for which you have paid the premium.

The premium you have paid is not refundable.

Cooling off period

Suited offers a no-quibble refund policy. If you change your mind and cancel your policy within the first 14 days of arranging your insurance with Suited, you can request a full refund. Suited will refund your payment in full and cancel your policy from the start date.

Our earnings

For the service of arranging insurance with the insurer(s) on your behalf we are remunerated by the insurer(s) in the form of commission which is a percentage of the monthly premiums. You can request information regarding the commission which we have received as a result of placing your insurance business.

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.

Complaints

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, please refer to our Complaints Policy.

Financial Services Compensation Scheme (FSCS)

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 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.

Suited Insure Ltd is an authorised representative of Innovative Risk Ltd. Innovative Risk Ltd is authorised and regulated by the Financial Conduct Authority, FCA Registration 609155. You can check this by visiting the Financial Services Register or by contacting the FCA on 0800 111 6768.

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

As insurance brokers we generally act as your agent in advising you, 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.

Insurer security

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. [This clause may not protect the firm from legal action or other repercussions in the event that an insurer it uses goes into default.]

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.

Terms of business