Code of Conduct



Understanding Clients Needs

We want all our clients to give both positive and negative feedback in respect of the service we provide. This enables us to constantly review our performance on service and where necessary reassess.

However, should our clients have a complaint, this should be communicated to us either verbally or in writing to your usual point of contact at Credit Risk Solutions and we will:

Within five working days confirm receipt and acknowledge the complaint with details of the individual who will be handling the matter and also when the client can expect a formal response to the complaint.

Within twenty working days of receipt of a complaint we will arrange a meeting to discuss the complaint, unless the issue has already been resolved.

In the event of the complaint remaining outstanding after twenty working days, the client will receive a progress report every twenty working days until such time as the complaint is satisfactorily resolved.

If we are unable to resolve the complaint to your satisfaction, then contact can be made to The Financial Conduct Authority at 25 The North Colonnade, Canary Wharf, London, E14 5HS.

Service Commitment

Credit Risk Solutions aims at all times to conduct its business with integrity and we are driven by a desire to achieve the highest professional standards in all our client relationships. This includes acting with transparency, making sure our staff are competent and receive the relevant training required to enable us to deliver a high level of commitment to our clients.

We will at all times advise our clients of their insurance needs, negotiate cover to satisfy our clients requirements, help with any amendments required to the insurance policy and assist with the claims process.

We will at all times place the interest of the client above the interest of Credit Risk Solutions and/or insurers. In the event of a conflict of interest we would immediately inform the relevant parties of the situation and seek guidance from them.

When informing our clients of indications received in respect of an insurance contract, we will take care to ensure the accuracy of the indications, including confirming the name of the insurer, policy terms and conditions and the premium payable under the insurance contract including due date for payment. We will also supply the client ongoing with information in respect of changes to the policy at the earliest opportunity.

Policy Documentation

Once an insurance contract has been renewed or incepted, we will, within a maximum of five working days, write to the client confirming the structure of the policy, incorporating the terms of the insurance that has been arranged.

We will forward the policy document within a maximum of five working days upon receipt of the document in our office. We will check the document to ensure it accurately reflects the terms and conditions previously agreed by both parties and highlight any changes made to the client.

We recommend that all clients check any confirmations or policy documentation to ensure they are in accordance with their needs. Should the client have any query or issue or require further clarification, they should contact us immediately.

All relevant documentation and correspondence should be retained by the client for as long as there is a possibility a claim could be made under the policy.

Claims

Usually, insurers require immediate notification of a claimable situation or circumstance which could potentially lead to a claimable situation.

The actual notification period required by your insurer is detailed in your policy terms and conditions, however, we would advise clients that they submit claims or inform the underwriter of any situation/circumstance which could potentially lead to a claim immediately. Failure to do so may result in the rejection of claims.

In the event of you being unaware whether a situation/circumstance could lead to a claim, you should contact Credit Risk Solutions immediately to discuss in more detail.

All claims payments issued by the underwriter will be made payable to the insured or third party assignee and will be forwarded either via Credit Risk Solutions or direct from the underwriter.

Insurer Security

We only look to place business with insurers who meet FCA financial requirements, unless we receive an instruction to the contrary.

We cannot guarantee the solvency of any insurer and clients need to be aware their financial position can change after cover has commenced.

In the event of the insolvency of one or more of the insurers sharing in the risk, we cannot accept liability for any claims payments or return premiums due.

We will assist our clients in the submission of a claim with the relevant insolvency practitioner in respect of these unpaid amounts due.

Payment Arrangements

All insurance premiums are invoiced direct by the underwriter and payment is made direct to the underwriter via Direct Debit/Standing Order or cheque.

All premium should be paid in the currency in which it has been invoiced, unless otherwise agreed with the underwriter.

Our Remuneration

We are remunerated by the insurers for the services we provide in the form of a percentage of the premium payable (this is know as brokerage or commission). The value of the brokerage payable will be disclosed to clients upon request.

There are some circumstances whereby we are remunerated on a fee basis paid directly by the client.

Certain underwriting markets may offer additional remuneration based on our retaining and/or achieving agreed business volumes. Upon request, the value of these payments will be fully disclosed to clients.

In exceptional circumstances where an hourly rate is charged for consultancy services this is costed on the following basis. Director - £250 per hour, Account Manager £200 per hour, Internal Broker £150 per hour.

Use of information supplied by Clients

Information disclosed to us which has been provided by our clients will be treated in strict confidence and will not be disclosed to any third party other than in the normal course of services required by the client, or whereby the client has consented to additional use of the information unless the information is required by a court, is already available in the public domain, or was received by a third party from another source.

Duty of disclosure and utmost good faith

We are at all times required by United Kingdom law to act with utmost good faith. Additionally we have an obligation to disclose to both the client and the underwriter any material information prior to the insurance contract being concluded. This is not, however, limited to material information and we will disclose any business information which we believe to be relevant in relation to the insurance contract to the relevant party, whether it be the client or the insurer.

Therefore, the client should at all times disclose any information they believe to be material and if in doubt, we recommend the information should be disclosed.

In the event of any breach of utmost good faith, or the failure to disclose any material information, the insurer is entitled to cancel the insurance policy from inception, and is entitled to recover any claims payments made to the client under that policy. However, the underwriter would not have to return any premium payments made under the policy.

The client must at all times apply utmost good faith and disclosure of material information to the policy. This is not restricted to just the inception/renewal of a policy and should be applied to situations arising throughout the policy period.

In the completion of a proposal or claim form, or other documentation relating to the insurance policy the accuracy of all the answers, statements and information is the clients responsibility at all times.

Credit Risk Solutions are a member of The Financial Conduct Authority, which regulates sales, advisory and service standards of its members to ensure that clients are fairly treated. This document sets out our minimum standard in conducting business with clients.

Registered in England - 04839874

Registered Office - Dean Clough, Halifax, HX3 5AX.

Telephone - 01422 321 888 Fax - 01422 321 999

Core Business Principals - April 2013 version.

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