Terms and Conditions

By asking us to quote for, or arrange or handle your insurance you accept and agree to these Terms of Business.

If you are unsure of any part of these Terms of Business please contact us by phone: 020 3926 5530 or email:admin@iconrisks.insure or in writing to 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ.

1. The Financial Conduct Authority

The FCA is the independent body that regulates financial services. It requires us to give you this document. Use this information to decide if our services are right for you.

2. Whose Products Do We Offer?

3. Which Service Will We Provide To You?

4. What Will You Have To Pay For Our Services?

5. About Us/who Regulates Us?

ICON Risks Ltd is an independent insurance broker registered in Registered in England Company No. 16378715.
ICON Risks Ltd is authorised and regulated by the Financial Conduct Authority. Our permitted business is arranging the administration and performance of a contract of insurance, dealing and making arrangements for non-investment insurance and credit brokering. You check this on the FCA’s Register by visiting their website https://register.fca.org.uk and typing in our FRN 498555 or calling the FCA Consumer Contact Centre on 0800 111 6768 quoting our FRN 498555.

6. What To Do If You Have A Complaint?

First speak to us – we make every effort to maintain high standards and act fairly at all times, but if we let you down we will try to put things right. We accept complaints by telephone on 020 3926 5530, by email to admin@iconrisks.insure or via letter to the Compliance and Training Manager at ICON Risks Ltd, 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ. We will then use our formal complaints procedure, a copy which is available upon request and investigate your complaint.

If we are still unable to resolve your complaint you may be eligible to use the Financial Ombudsman Service (FOS) to help you (Financial Ombudsman Service, Exchange Tower, London E14 9SR, www.financial-ombudsman.org.uk, Customer Helpline 0800 023 4567) (Available for free on Landline and mobile) or 0300 123 9123 (costing no more than calls to numbers starting 01 or 02). If you are outside of the UK please call this number: +44 207 964 0500. This is in addition to your legal rights.

ELIGIBILITY DEFINED: An individual consumer; a person acting for purposes which are outside your trade, business, craft or profession or a micro enterprise or small business (that employs fewer than fifty (50) people and whose annual turnover is less than £6.5 million and annual balance sheet total does not exceed £5 million) at the time the complainant refers the complaint; or a charity which has an annual income of less than £6.5 million at the time the complainant refers the complaint; or a trustee of a trust which has a net asset value of less than £5 million at the time the complainant refers the complaint. A consumer who is a member of any business, charity or trust who is complaining as a beneficiary of a group policy. A guarantor in respect of an obligation or liability of a person which was a micro-enterprise or small business as at the date that the guarantee or security was given.

7. Are We Covered By The Financial Services Compensation Scheme (FSCS)?

We are covered by the FSCS. 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. Further information about compensation scheme arrangements is available from the FSCS www.fscs.org.uk.

8. Definitions

Commercial customer means a customer who is acting within their trade or profession in respect of the insurance cover requested or arranged. ‘You’ or ‘your’ means you (and/or your appointed agent). ‘We’ or ‘us’ or ‘our’ means the firm noted in the heading of this document.

9. Our Service

We are an independent intermediary providing access to several commercial products, which will be identified in our correspondence. We do not give advice, and you will be informed of this at the outset. We ask questions to narrow down the selection of policies and supply details about them. It will then be your decision on how to proceed. At times, we charge a fee in addition to any commission we earn. If applicable, you will be advised of our charge at the time of purchase.

We may offer certain products from one provider only, where this enables us to maximise value for our customers. We may also recommend preferred suppliers when it is appropriate for our customers. For certain customers, this may involve a panel of insurers. We will confirm prior to the inception of cover if any of these circumstances apply to you. A list of insurers relevant to your insurance arrangements is available on request.

We will keep you informed of the progress of our negotiations, and upon receipt of your instructions, we will place, amend or renew insurance cover with insurers. We shall assume, unless you confirm to the contrary in writing, that you have authorised us to agree the terms and conditions of your insurance policy with insurers consistent with your instructions. We will advise you if we are unable to place your insurance.

10. What Policies Do We Offer?

All of our policies are offered from a limited range of insurers. Please contact us for a current list of the insurers we use. If we propose using another intermediary to help place your business, we will confirm this to you in good time before any arrangements are finalised. Where we use another intermediary, payment will be passed on to them rather than directly to the insurer. Usually, when sourcing and placing your business with the selected insurer, we will act as your agent; we will also act as your agent in the event of a claim. In cases where we do not, we will inform you in good time before any arrangements are finalised.

11. Ownership

As an independent insurance intermediary ICON Risks Ltd has no direct, or indirect, holding in any insurer and no insurer has any direct or indirect holding in ICON Risks Ltd.

12. Quotations/new Businesses/ Renewals – Your Duty Of Fair Presentation

You have a Duty of Fair Presentation, which means you must inform your insurers of any material circumstances about your business both accurately and in good faith. A material circumstance is any information which may affect the insurer’s view of your risk. On receipt of the new information, we will notify underwriters and take steps to amend your cover to accommodate any changes. It is your responsibility as policyholder to ensure that all material circumstances are declared to insurers both prior to cover commencing and throughout the policy period.

If a fair presentation of the risk is not made, where the failure to do so is deliberate or reckless, or where the insurer would not have accepted the policy had the insurer been told about a material fact or circumstance, then the insurer may treat the policy as if it had not existed and refuse to pay any claims. In other cases, the insurer may only pay part of the value of a claim or impose additional terms. If you are in any doubt as to what constitutes a material circumstance, you must contact us immediately. Alternatively, please consult our website for further information at www.iconrisks.insure.

13. Payments

When we are appointed to service insurance policies other than at their inception or renewal and which were originally arranged via another party, we shall not be liable during the current insurance period for any loss arising from any errors or omissions or gaps in your insurance cover or advice not supplied by us.

Should you have any concerns in respect of a policy, which has been transferred to us, or if you require an immediate review of your insurance arrangements, then you must notify us immediately. Otherwise, we shall review your insurance arrangements and advise accordingly as each policy falls due for renewal.

14. Transferred Business

Payments are accepted by credit or debit card and by instalments. When opting to pay by instalments, you may be subject to a credit check. Some of our insurers may provide a Direct Debit facility, where not available, we are able to offer an option through a Third Party Finance Provider. Details of instalments will be discussed and will be supplied in writing if requested. Where a loan is arranged through a finance company, you are liable for the whole loan even if your policy is cancelled. You should not stop your monthly payments without first speaking to us. Default on your loan could result in your policy being cancelled and leave you still liable for the outstanding loan. We must point out that any finance agreements that default will incur a
charge of up to £40 per default. If you wish to discuss any of the above, then please telephone us.

If we agree to accept payment from someone other than the policyholder, then this may risk the enforceability of the policy. We have no obligation to invoice someone other than the policyholder.

We have no obligation to fund any premiums, taxes or fees (if applicable) on your behalf, nor do we have any responsibility for any loss you may suffer as a result of cancellation of insurance cover or any other prejudicial steps taken as a result of late payment substantially attributable to you. If we decide to retain certain documents whilst awaiting full payment of premium, fees or administration charges, we shall provide full details of your insurance cover and any information or documents required by law.

We shall be entitled (but not obliged), without providing notice to you, to set off any amounts due to us from you, against any amounts which we may receive on your behalf (i.e. claims monies, refunded premiums and other sums). Please be aware that full or partial non-payment of a premium or default on a credit agreement may result in the cancellation, lapsing of your policy or non-payment of a claim.

15. Insurance Documents

It is your responsibility to read all documentation upon receipt and raise any query regarding it; otherwise, you may risk any loss you suffer not being covered in part or in full. Documentation, including your Policy and Certificate, if applicable, will be issued to you upon receipt from insurers.

You must check all documentation issued to you to ensure the details are correct and the insurance cover provided meets your requirements.

We will arrange insurance cover according to your instructions, but only you can determine whether it does not meet your intentions. If you are uncertain as to any meaning or have any concerns in respect of the insurance cover, or if errors are discovered in the documentation, then you must notify us immediately.

We may hold on to your insurance documents until we are paid in full or are in receipt of outstanding documentation. Any documents you are required to have by law will be issued.

16. Payment For Our Services In Addition To Insurer’s Charges

We will provide details of the premium, including any fees, taxes and charges, separately from the premium before your insurance arrangements are concluded. You may be charged administration fees for adjusting your policy mid-term. The insurer pays us a percentage commission from the net premium when we arrange a policy. You have the right to request details on how much we’ve earned from your policy at any point by contacting us.

17. Claims

It is your responsibility to have read, understood or queried all documentation upon receipt. All incidents that could possibly give rise to a claim must be notified to us or your insurer, without delay and a claim form completed where required. Delay on your part in notifying a claim and or completing required forms will risk a loss you suffer not being paid in part or in full.

You must not under any circumstances admit liability for a loss or agree to any course of action other than emergency measures carried out to minimise the loss, as you will risk your claim not being met in part or in full. All correspondence, claims, writs, summonses etc. should be forwarded immediately, unanswered, either to us or to your insurer. You are also reminded of your duty to keep all losses and costs arising from an incident to a minimum, and that failure to comply with policy terms and conditions may invalidate cover. If your claim involves damage to your property, please do not:

• dispose of damaged items and or,
• authorise repair work (except in an emergency or to prevent further damage) until we, or your insurers, advise that you can.

In the event that an insurer becomes insolvent or delays making a settlement, we do not accept liability for any unpaid amounts.

18. Law & Jurisdiction

Insurance is only available to residents of the United Kingdom, the Isle of Man and the Channel Islands, other than for certain overseas policies. Any disputes will be subject to English Law and the courts of England & Wales will have exclusive jurisdiction.

19. Email/Facsimile

Any communication received in this format is only dealt with between 9am and 5pm, Monday to Friday.

1. By asking us to quote for, or arrange or handle your insurance, you are confirming:

(a) that you have read our privacy policy (available at www.iconrisks.insure) which forms part of these Terms of Business; and
(b) that you do not object to the use and sharing of your personal data, including your contact details, as explained in the privacy policy.

2. Details of our group companies can be found at www.iconrisks.insure. We or our group companies (or others acting on our behalf) may collect, store and use information about you including:

(a) your name, age, gender and date of birth;
(b) your home address, telephone number(s) and email address;
(c) banking and financial information;
(d) information about when you contact us and when we contact you; and
(e)  information we received when making a decision about quoting for, arranging or handling your insurance (including any information collected from credit reference agencies).

3. Full details of how we may use your personal data can be found in our privacy policy. As a summary, however, we may use your information to:

(a) pass to our insurance providers for the purposes of obtaining an insurance quotation/policy; and premium credit providers if you wish to
pay for your policy over installments;
(b) provide the services you have requested including operating and managing your account;
(c) identify you if you call us about your account;
(d) charge you for the services we provide;
(e) comply with our legal and regulatory obligations;
(f) contact you by email, SMS, letter, telephone or in any other way about our products and services (unless you have asked us not to);
(g) search credit reference agencies or fraud prevention agencies; and
(h) identify, prevent, detect or tackle fraud, money laundering or other crimes.

4. If you do not wish to receive direct marketing from us or our group companies, you can let us know at any time by emailing us or call us on 020 3926 5530 or by writing to us at ICON Risks Ltd, 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ or by any other means set out in our privacy policy.

5. We may also share your information with:

(a) all relevant industry organisations (or others acting on their behalf), based on approved industry processes;
(b) regulatory bodies, government authorities or ombudsmen schemes;
(c) credit reference agencies or fraud prevention agencies; and
(d) any payment system we use.

6. We may monitor and record our communications with you, including emails and phone conversations and use such information for training purposes, quality assurance, to record details about your services and to meet our legal and regulatory obligations.

7. We cannot be held responsible for any incorrect data held in the event of non-disclosure. Under the General Data Protection Regulation ((EU) 2016/679), you have the right of access to your personal records held on files, this can be done by contacting our Customer Services Department by phone to 020 3926 5530 or email to admin@iconrisks.insure.

20. Right To Cancel (Cooling Off Period)

Consumers have the statutory right to cancel a policy within 14 days of its conclusion or inception or renewal or upon receipt of the policy documentation whichever is the later. You may as a Consumer and without providing a reason, cancel the policy in accordance with its terms and conditions. These cancellation rights do not apply to a short-term policy of less than one month’s duration or to a policy for which the performance has been fully completed by both parties at your request before you exercise your right to cancel. If no premium has been paid then a time on risk premium inclusive of Insurance Premium Tax (IPT) including any relevant administration costs may be charged.

21. Cancellation Of Policy – Ending Your Relationship With Us

You should always phone us before any decision to cancel is made. In the event of cancellation, charges for our services will apply in accordance with the above tariff of fees. In addition we do not refund the commission paid to us for arranging the policy. The terms of your policy may allow insurers to retain the premium in full or to charge short period premiums. Please refer to your policy wording or phone us for clarification.

No refunds are given on Legal Expenses, Home Emergency, Landlords Home Emergency, Rent Guarantee, Personal Accident cover or where a claim has or is likely to occur. In addition refunds are always subject to minimum premium conditions on any policy. We will require your cancellation request in writing and a charge will apply – see above for details.

22. Notification Of Changes, Alterations And Renewals

Amendments to policies may be arranged upon receipt of full details and on return of the certificate of insurance (if applicable). Cover is subject to acceptance by insurers and payment of any additional premium required inclusive of Insurance Premium Tax (IPT). Renewals are invited on the basis that there have been no changes in the risk other than those specifically notified to us or your insurers.

23. Insurer Security

We will only place cover with insurers who satisfy certain minimum criteria assessed by the rating agencies and/or our own assessment, or for whom you have given us specific approval to use. Whilst the information upon which we rely is obtained from sources considered to be reliable, and we use all reasonable endeavours to review that information in order to protect your interests, predictability of solvency cannot be, and is not, guaranteed by us.

The financial standing of any insurer can, of course, change after the insurance contract had incepted. We do not under any circumstances guarantee the solvency of or the ongoing ability of any insurer to meet their contractual obligations.

24. Quotations

Quotations are valid until the date cover commences up to a maximum of 30 days, unless otherwise stated. Specimen policy wordings are available upon request.

25. Transferred Business

When we are appointed to service insurance policies other than at their inception or renewal and which were originally arranged via another party, we shall not be liable during the current insurance period for any loss arising from any errors or omissions or gaps in your insurance cover or advice not supplied by us.

Should you have any concerns in respect of a policy, which has been transferred to us, or if you require an immediate review of your insurance arrangements, you must notify us immediately. Otherwise we shall review your insurance arrangements and advise accordingly as each policy falls due for renewal.

26. Our Liability To You

Unless we have otherwise agreed with you in writing, we shall treat your instructions to us to place or renew your insurance cover as acceptance of the limitation of our liability to you and to any other person with an interest in your insurance cover, as follows:

Except in respect of any claim:-

This Agreement contains all obligations owed by us to you. Our liability shall be strictly limited to direct liability in contract. We expressly exclude any liability for indirect or consequential loss howsoever arising and any and all liability in tort save in relation to liability for our negligent acts causing personal injury or death or other liability expressly reserved by statute.

27. Personal Liability Exclusion

You agree that you will not make any claim or take any action personally against any of our individual members, directors, officers, employees or consultants. However, this does not alter any liability that we as a company may have for the negligence of any of these individuals.

28. Bribery And Corruption

We have no tolerance for bribery and corruption and this policy extends throughout the company for all of its dealings and transactions in all countries in which we operate. Our anti bribery policy is updated in line with the changes in law, changes in our business and our reputational demands. All employees are required to comply with this policy.

Both parties agree to comply fully with the requirements of the Bribery Act 2010, and will not engage in any of the following activity

a) promising or giving of an advantage, financial or otherwise, to another person to bring about an improper performance or to reward such improper performance
b) requesting, agreeing to receive or accepting of an advantage, financial or otherwise to act improperly
c) bribe a foreign public official to do or reward them for doing, something improper.
Additionally, where applicable, a firm will prevent bribery being committed on its behalf by its employees and third parties.

29. Sanctions

Both parties shall pay due regard to, and co-operate in respect of the observance of, any applicable international economic, financial or trade sanctions legislation. Insurers/underwriters screen all named beneficiaries under the policy/policies against HM Treasury’s Consolidated List of Sanctions Targets. They may also screen directors, partners, trustees and/or beneficial owners. Where they identify a sanctions target match we may not be able to provide cover and they may need to inform HM Treasury and other relevant parties. We cannot make payments to a sanctions target without permission from HM Treasury.

30. Severability

If any provision of these Terms of Business is found to be invalid or unenforceable in whole or in part, the validity of the other provisions of these Terms of Business and the remainder of the provision in question will not be affected.

31. Confidentiality And Security

We will ensure that any information obtained from you is treated as Private and Confidential by us. These Terms of Business assume that any information you supply to us on behalf of a third party is done so with their permission.

We will not take instructions on your insurance arrangements from anyone else unless we have your prior written permission. We will also not provide information you supply to anyone else unless we have your prior written permission to do so or are required by a regulatory body, by law or are required to do so in the normal course of arranging your insurance or in connection with claims matters or other services we may provide to you.

We may, from time-to-time, provide you with marketing information on other products we supply and or pass your address details to other suppliers of financial services products whom we approve. Please notify us promptly in writing if you do not wish your details to be used for any of these purposes otherwise, we shall treat issue of this Terms of Business as evidence of your informed consent.

We take appropriate steps to ensure the security of any money, documents, other property or information handled or held on your behalf. It is our policy to retain records for business affected on your behalf for a minimum of 3 years after expiry and otherwise as required by regulation or law.

All information in any form, with the exception of policy documents and certificates issued on behalf of insurers, supplied by us to you must be treated as strictly private and confidential and not be released directly or indirectly to any other party, without our explicit, written consent.

32. Rights Of Third Parties

Unless otherwise agreed between us in writing no provision of this Terms of Business is enforceable under the Contracts (Rights of Third parties) Act 1999 by any person other than you or us.