Terms of business
Terms of business
Last updated April 7, 2022
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.
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
Post: Customer Service Manager at Suited, Suite 7 Kd Tower, Cotterells, Hemel Hempstead, Hertfordshire, England, HP1 1FW
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.
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.
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. 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. Payments will show on your bank statement as paid to Suited Insure Ltd.
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 use the card payment processor Stripe and Stripe charge us in the event that you challenge any payments with the bank to do with your Suited insurance subscription. The current fee is £15.
If you incorrectly challenge a payment made to Suited 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 charged to us by Stripe from the card that we hold on your file.
We do not charge fees for arrangement, changes, reviews, or charge a fee for the cancellation of your insurance in excess of the premium amount charged by insurers. Paying monthly incurs no additional charge.
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 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 1998, 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.
We review our customers' insurance subscriptions periodically to ensure that we offer the same deal to everyone. Whether you are new or you have been with us for years, we treat all customers the same.
We will always give you a minimum of 28 days notice if your insurance subscription is about to change.
Changes to your cover
If you wish to change your insurance subscription, you can do so anytime from your customer portal at no extra charge. We will offer you a new insurance subscription based on what you have told us. If you decide to proceed, your current insurance subscription will be cancelled and you will receive a refund for the remainder of your last prepaid monthly period.
Your new insurance subscription will start the moment you process the change. We will take the first payment at the time of the change and issue you with new policy documentation.
If you wish to stop your insurance subscription, you can do so anytime from your customer portal at no extra charge. Your insurance will stop at the end of the last prepaid monthly period. You will receive an email to confirm the cancellation and then one more email to tell you that your insurance cover has ended.
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.
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.
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.