Remuneration Statement

OUR REVENUE STATEMENT

This explains how we generate our income and manage conflicts of interest.

OUR INCOME

Commission

When we arrange a policy with an insurer we may receive commission from the insurer which will be a percentage of the annual premium you pay for the policy. You are entitled at any time to request information regarding any income which we may have received as a result of placing your insurance policy. In some circumstances it may be a combination of commission and a fee.

Fee

We may negotiate a fee with you to reflect the service and work that we undertake for you. The amount charged will be very much dependant on the level of service you want from us and the people within our business that work on your account. Fees are negotiated annually and can be subject to a longer term agreement. Fees shall be paid to us within the period stated in our invoice to you. In the absence of a fee being agreed with you within 7 days of renewal the same fee for the prior year will be immediately due and ultimately deducted from the fee negotiated for the forthcoming period. Failure to pay our fee invoice within the period stated will be deemed a material breach of this agreement and entitles us, with written notice to you, to terminate this agreement immediately as set out in Clause 22 of our Terms of Business (Termination).

Where notice of termination of this agreement has been given and a fee has not been agreed for services rendered before the insurance starts or to be rendered during the termination notice period, a pro rata amount of the previous year’s fee shall apply.

Commission and fees are deemed to be fully earned when the insurance starts regardless of when the insurance premium is payable to insurers. Refunds of Commission or Fees.

No refunds of commission or fees will be allowed following cancellation of any policy or termination of our appointment unless otherwise agreed by us in writing.

Additional Charges and Fees

Additional fees and charges may be payable in certain circumstances and will be agreed with you separately. Please refer to Clause 4 of our terms of business for details.

Commercial Arrangements

We may from time to time receive additional payments from insurers as a part do our membership of the Cobra Network. Criteria for these payments depends upon many factors including but not limited to total premium placed with an insurer.

We also have a Commercial Arrangement with Close Brothers (premium financing company) who pay us an over-rider for each client that takes out finance with them.

Other Benefits and Compensation

We may, from time to time, participate in insurance company promotional events or employee training and development provided by insurers.

In the process of handling clients’ money we may earn interest on, or benefit from, investment income or exchange rates. We receive payments from the companies that provide premium finance facilities to allow our clients to pay their premiums in monthly instalments.

Conflict of Interest Policy

Our commitment to you, wherever possible, is to offer an insurance policy to meet your insurance requirements and our commercial arrangements will not affect the recommendations we make. In addition, we will endeavour to ensure you receive the appropriate claim settlement should you suffer a loss.

We have internal procedures to ensure that any potential conflict of interest is minimised or eliminated and there is no undue influence on the recommendations we make.

This policy is reviewed periodically by the Directors.