Our Terms of Business

Accepting our Terms of Business

By asking us to quote for, arrange or handle your insurances, you are providing your informed agreement to these Terms of Business. We would draw your particular attention to:

  • These Terms and Conditions are governed by English law and you agree to submit to the exclusive jurisdiction of the courts of England and Wales;
  • The section headed ‘The processing of your personal data’, and the sub-section providing information in relation to credit checks; and
  • The section headed ‘Handling money’, which explains our terms for handling your premiums in a Non-Statutory Trust account.

For your own benefit and protection you should read these terms carefully. If you are unsure about any aspect of our Terms of Business or have any questions regarding our relationship with you please contact us by post or telephone or email. Contact details are on our letters, emails and website.

The Financial Conduct Authority

Primo PLC is authorised and regulated by the Financial Conduct Authority (FCA). Our Financial Services Register number is 301608. Our permitted business is introducing, advising, arranging, dealing as agent and assisting in the administration and performance of general insurance contracts and credit broking in relation to insurance instalment facilities. You may check this on the Financial Services Register by visiting the FCA website, www.fca.org.uk/register or by contacting the FCA on 0800 111 6768.

Our service

For most products, our role is to advise you and after we have assessed your needs provide you with a personal recommendation explaining why the product recommended best meets your requirements. We do not provide advice when you are arranging your insurance with liability1st. For this product we will ask questions to narrow down the selection of products on which we provide quotations, but you will need to make your own choice about how to proceed. We will not in any circumstances guarantee or warrant the solvency of any insurer. We act as an insurance intermediary, not an insurer. We usually act on your behalf when arranging your insurances, when helping you make any changes to your policy or when you renew your insurance. If there are circumstances when we act as agent of the insurer (e.g., in binding the insurer to contract or in settling claims) we will let you know before your insurance arrangements are concluded. The Liability1st insurance product is arranged with a single provider being underwritten by Covéa Insurance plc

Complaints and compensation

We aim to provide you with a high level of customer service at all times, but if you are not satisfied, please write to the Managing Director, Primo PLC, Cumberland House, Baxter Avenue, Southend on Sea, Essex SS2 6HZ. When dealing with your complaint we will follow our complaint handling procedures; a summary of these procedures is available on request.

Ultimately, if you are still not satisfied, customers may be entitled to refer the matter to the Financial Ombudsman Service (except in the case of a business employing 10 persons or more and with a turnover or annual balance sheet total exceeding €2 million, a charity with an annual income of £1m or more or trustees of a trust with a net asset value of £1m or more). The FOS is an independent service in the UK for settling disputes between consumers and businesses providing financial services. You can find more information on the FOS at www.financial-ombudsman.org.uk

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. This depends on the type of business and the circumstances of the claim. If you are eligible to claim from the FSCS, compensation is available in relation to insurance advising and arranging as follows:

  • 90% of the claim, without any upper limit;
  • 100% of the claim without any upper limit for
  • compulsory classes of insurance (such as Third Party Motor or Employers Liability); and
  • ‘pure protection’ contracts, professional indemnity insurance, and general insurance claims arising from the death or incapacity of the policyholder owing to injury, sickness or infirmity, all where the insurance intermediary has failed to pay money to an insurer, pay away money it has received from an insurer, or has failed to take steps to allow the insurer to effect the contract of insurance.

Further information about compensation scheme arrangements is available from the FSCS on 0800 678 1100 (freephone) or 020 7741 4100 or www.fscs.org.uk

Payment for our services

We normally receive commission from the insurers or product providers. Any commission we receive will be paid by insurers and the premium finance company from the insurance premium and finance charge payable by you. When policies are arranged with Covéa Insurance this insurer may pay us an additional bonus if the policies we sell reach specific profit targets. On request, we will be pleased to provide you with information about any commission received by us in the handling of your insurances. Adjustments to policies arranged after the inception or renewal date will be subject to a £10 administration charge. Cancellation refunds are made net of a 25% of policy premium administration charge subject to a minimum charge of £10. There is no refund where the annual premium is less than £50. Where any payment made by cheque is subsequently dishonoured an administration charge of £20 will be payable on each and every occasion. You will receive a quotation which will tell you the total price to be paid, showing any fees, taxes and charges separately from the premium, before your insurance arrangements are concluded. Full payment of premium and fees is due before cover commences, or as otherwise stated under terms of credit, or in the debit note, invoice or statement issued to you. We also draw your attention to the sections headed ‘Cancellation of Insurances’ and ‘Ending your relationship with us’.

Handling money

Our financial arrangements with most insurance companies are on a ‘risk transfer’ basis, which means that we hold premiums and refunds due to clients on behalf of the insurance undertaking concerned and under a risk transfer agreement. Such monies are deemed to be held by the insurer(s) with whom your insurance is arranged. When risk transfer applies we will tell you. In all other cases your premiums will be held by us in a non-statutory client trust account pending payment to the insurer(s) concerned. For the purposes of some transactions, your premiums may pass through other authorised intermediaries before being paid to the insurer. The establishment of the non-statutory trust follows the rules that the FCA introduced to protect money held by authorised intermediaries. You should be aware that, under the non-statutory trust account rules, we are permitted to use such monies temporarily held to advance credit to clients generally. A copy of the Deed of Trust is available at www.primoplc.com/assets/pdfs/nonstatutorytrust.pdf or on request or may be inspected at our premises during normal office hours. If you object to your money being held in a non-statutory client trust account you should advise us immediately. Otherwise, your agreement to pay the premium together with your acceptance of these Terms of Business will constitute your informed consent to our holding your money in a non-statutory client trust account. We will retain interest earned on monies held in a Non-Statutory Trust account.

Cancellation of Insurances

You should make any request for the cancellation of a policy in writing or by email or telephone to us or to the insurer concerned. For consumers cancelling the policy within 14 days of issue we will refund your premium provided you have not submitted a claim. In the event of cancellation after the 14 day cooling off period, refunds are made net of a 25% of policy premium administration charge subject to a minimum charge of £10.

The terms of your policy may allow insurers to retain the premium in full or to charge short-period premiums in the event of cancellation

Ending your relationship with us

Subject to your immediate settlement of any outstanding premiums and fees, you may instruct us to stop acting for you and we will not impose a penalty. Your instructions must be given in writing and will take effect from the date of receipt. In circumstances where we feel we cannot continue providing services to you, we will give you a minimum of 7 days’ notice.

Unless otherwise agreed in writing, if our relationship ends, any transactions previously initiated will be completed according to these Terms of Business. You will be liable to pay for any transactions concluded prior to the end of our relationship and we will be entitled to retain commission received for conducting these transactions, together with all fees charged by us for services provided.

Your responsibilities

You are responsible for answering any questions in relation to any proposal for insurance cover honestly and to the best of your knowledge, providing complete and accurate information that insurers will require. This also applies to your responses in relation to any assumptions you may agree to in the process of applying for insurance cover. This is particularly important before taking out a policy but also at renewal or if you make a mid-term amendment to your policy. If you fail to disclose information, or misrepresent any fact that may influence the insurer’s decision to accept the risk or the terms offered, this could invalidate the policy and mean that claims may not be paid

If you are a commercial customer you have a duty to give a fair presentation of risk to the insurer. This means that you should disclose every material circumstance relevant to the risk being insured following a reasonable search within your business to identify and verify such information. This should include information which you and where applicable your senior management, persons responsible for arranging your insurance or other relevant third parties know or ought to know and should include all information that would influence the judgement of the insurer or that would put the insurer on notice that it needs to make further enquiries.

Examples of material circumstances are:

  • Special or unusual circumstances relating to the risk;
  • Any particular concerns which led you to seek insurance cover for the risk; and
  • Anything which those concerned with the class of insurance and field of activity in question would generally understand as being something that would be dealt with in a fair presentation of risks for this type of insurance.

The information must be presented in a way which would be reasonably clear and accessible to a prudent insurer. If you are unsure whether to disclose any information you should speak to us. You need to take into account the size & complexity of your business, and allow yourself sufficient time before your renewal date to consider and / or assess your insurance requirements.

Failure to provide a ‘fair representation’ may result in a number of remedies by the insurer. If the breach was deliberate or reckless the insurer can void the contract and keep the premium. If the breach was not deliberate or reckless the insurer can void the contract, proportionately reduce a claim settlement or amend the insurance policy terms and conditions then review the merits of a claim on this basis.

You should therefore always provide complete and accurate information to us when we ask you about the insurance risks your business faces before taking out a policy, at renewal and throughout the life of the policy. This also applies to your responses in relation to any assumptions you may agree to in the process of applying for insurance cover.

It is important that you read all insurance documents issued to you and ensure that you are aware of the cover, limits and other terms that apply. Particular attention should be paid to any warranties and conditions as failure to comply with them could invalidate your policy. You must inform us immediately of any changes in circumstances that may affect the services provided by us or the cover provided by your policy. If you are unsure about any matter, please contact us for guidance.

The processing of your personal data

In your dealings with us you may provide us with information that may include data that is known as ‘personal data.’ Where we process personal data, we comply with statutory data processing requirements as set out in the Data Protection Act 2018. The personal data we collect will include information relating to your name, address, date of birth, contact details and in some circumstances, information relating to health and criminal offences. We will process your personal data to allow us to provide you with our services as your insurance broker in quoting for, arranging and administering your insurances and in arranging insurance premium finance. Your personal data will also be used to manage future communications between ourselves. Where you have agreed, or in circumstances where to do so will be in our mutual interests, your personal data will be used to provide you with further information about our wider products and services. You can opt out from receiving such communications by e-mailing dpr@primoplc.com. In processing personal data for insurance purposes about health or criminal offences, we will only do so to enable us to provide our service to you and on the basis of it being in the public interest. We will only use your data for the purpose for which it was collected. We will only grant access to or share your data within our firm with other authorised third parties and product providers such as insurers and premium finance providers where we are entitled to do so by law under lawful data processing. The Data Protection Act 2018 provides you with Access Rights that allow you to gain an understanding on the data being processed, who we share it with, for what purpose, why we need to retain it and retention periods, to object to the processing and to place restrictions on the processing, to request copies of your data and to request the deletion of your data. If you require further information on how we process your data or you wish to exercise your rights, contact our Data Privacy Representative by e mail, letter or telephone. Contact details are on our letters, e mails and website. How we process your personal data is detailed further within our Privacy Policy on our website https://primoplc.com/privacy

Credit checks

We and other firms involved in arranging your insurance (insurers, other intermediaries or premium finance companies) may use public and personal data from a variety of sources including credit reference agencies and other organisations. The information is used to help tailor a price, to ascertain the most appropriate payment options for you and to help prevent fraud. Any credit reference search may appear on your credit report whether or not your application proceeds. If you have any questions about this or any other matter, please do not hesitate to contact us.

Conflict of interests

Occasions can arise where we or one of our other clients or product providers may have a potential conflict of interest with business being transacted for you. If this happens and we become aware that a potential conflict exists, we will write to you and obtain your consent before we carry out your instructions, and detail the steps we will take to ensure fair treatment.

Claims handling arrangements

You should take note of the required procedures in the event of a claim, which will be explained in the policy documentation. Generally, insurers require immediate notification of an accident, loss or circumstances that might lead to a claim. We will employ due care and skill if we act on your behalf in respect of a claim.


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