Accepting our Terms of Business
This document sets out the terms and conditions on which we agree to provide insurance services to you as a consumer client of our firm. Please contact us straight away if there is anything in this document which you do not understand or with which you disagree.
References to “us” and “we” means Zing Cover, a trading name of Covertech Limited (company registration number 12159675).
The Financial Conduct Authority
Zing Cover is a trading name of Covertech Limited. Covertech Limited is authorised and regulated by the Financial Conduct Authority under firm reference number 976493 to carry out insurance distribution activities.
Products & Insurers
We provide products manufactured by us but underwritten by a range of insurers. We act on your behalf in sourcing a suitable insurer for you. For some products we may only deal with a single insurer or a limited number of insurers and do not advise on the basis of a fair and personal analysis of the market.
We may at times act on behalf of an insurer under a delegated authority agreement whereby we are able to bind and issue policy documentation on their behalf.
Conflicts of Interest
It is our aim to avoid any potential or actual conflicts of interest in our dealings with you. If a conflict does arise, we will advise you of this in writing and obtain your permission before proceeding.
Complaints
It is our policy to promote the highest standard of service for our customers. However, if you have reason to make a complaint you should do so as soon as possible by emailing us at complaints@zingcover.com, via our website at www.zingcover.com or by calling us on 0203 9897029. It is our policy to ensure that all complaints are addressed promptly and that our response to complaints is fair and consistent. Our complaints procedure is also designed to be consistent with our regulatory obligations, including the additional rights that may be available to you as a consumer customer.
You can view our full complaints policy here.
If, following receipt of our final response or after eight weeks if we have not yet provided you with our final response, if you are an eligible complainant, you have the right to refer your complaint to the Financial Ombudsman Service (FOS) at Exchange Tower, London. E14 9SR, tel. 0800 023 4567. Further information is available on their website: www.financial-ombudsman.org.uk.
Compensation
We are covered by the Financial Services Compensation Scheme (FSCS). You may be entitled to compensation from the scheme if we cannot meet our obligations. Insurance advising and arranging is covered by the FSCS for 90% of the claim with no upper limit. For further information about compensation scheme arrangements visit the FSCS website, www.fscs.org.uk, or call them on 0800 678 1100.
Our Remuneration
Payment for our services is generally by way of any one or a combination of the following:
- We usually receive a commission from the insurer which is expressed as a percentage of the annual premium you pay. Commission will be taken by us on receipt of cleared funds from you or when the insurer has received the cleared funds from us depending on the arrangement in place with each insurer.
- We may also charge you a standard administration and/ or on-boarding fee when accepting our services. Where we charge administration fees full details will be advised to you.
- We may also charge you other fees in addition to the commission we earn from insurers. We will advise you of any such fees.
Additionally, we may also receive remuneration in certain circumstances as set out below:
- We may receive a payment from certain insurers based on sales or performance across the insurance we place for several clients or partner businesses.
- We may sometimes be paid fees for services by an insurer. This is a payment made by an insurer in return for the provision of services over and above those covered by the commission paid and may be based on gross written premiums.
- Where we agree to utilise the services of a third party provider we may earn a fee from that provider.
You can ask us at any time for full details of the income earned by us in handling your insurance.
Handling Your Money
Premiums paid by you to us are held by us as agent of the insurer, and are therefore deemed to have been received by the insurers. This is for your protection.
Payment of Premiums
You must pay your premiums on or prior to the date(s) specified by us. If any premium payment is cancelled or unsuccessful, then no payments or benefits shall be due from us to you. We will inform you that payment has not been collected and cancel your policy if payment is still not received within a specified period of time.
Insurer Security
We check the financial strength ratings of the insurers with whom we place business using specialist rating agencies, however, we do not assess or guarantee the solvency of any insurer. If an insurer who has granted risk transfer to us becomes insolvent, any related premiums we hold for that insurer are deemed to have been paid to them and will not be returnable to you.
Financial Crime
We may ask you for evidence of your identity to help us to meet our obligations under anti-money laundering regulations. We also observe sanctions legislation in the territories in which we operate. We will use information about you and others named in your policy to check information against UK and other sanction lists. We comply with all applicable laws regulations, codes and sanctions relating to anti-bribery and anti-corruption including but not limited to the Bribery Act 2010 and shall not engage in any activity, practice or conduct which would constitute an offence.
Law & Jurisdiction
This agreement is governed by the laws of England, and the courts of England and Wales will have the exclusive jurisdiction to adjudicate any dispute.
Rights of Third Parties
No provision of these Terms of Business will be enforceable, by virtue of the Contracts (Rights of Third Parties) Act 1999, by any person other than you or us.
Termination of the Agreement
This agreement may be terminated at any time by mutual consent or by the other party giving 14 notice in writing.