Vantage Insurance Brokers Limited (VIBL or the “Company”) a Jersey registered company (Company Number 94484) is licensed by the Jersey Financial Services Commission under the Financial Services (Jersey) Law 1998, as amended under General Insurance Mediation Business and regulated in the conduct of general insurance mediation business (GIMB0104). As an independent insurance intermediary and after consultation with you as to your insurance cover requirements, VIBL will arrange the most suitable policies of insurance for you based upon the information provided by you and current market availability. Our services also include assisting you with any changes that need to be made to your insurance policies and assisting you in the event that you need to make a claim. Our employees are authorised by us to only give advice on matters in which they are competent.
Instructions may be given to us by telephone, facsimile, email or in writing but in order to avoid dispute or error we would prefer to receive such confirmation in writing. We reserve the right to insist on being provided with written confirmation of instructions.
Duty of Disclosure
Contracts of insurance are contracts of utmost good faith. You are under an obligation to disclose all material facts to your insurers as it is upon this information that your insurers will assess the risk presented to them and whether they are prepared to accept that risk and, if so, on what terms and premium. It is important that you understand that any information provided or statements or answers made by you to your insurer or VIBL are your responsibility and must be accurate and correct. Your attention is particularly drawn to the importance of the declaration on any insurers’ proposal form or statement of fact, as any failure to disclose facts material to the insurance or any inaccuracies in your answers may invalidate your insurance cover in part or in whole. Facts material to the insurance are matters or information which may influence your Insurer as to the acceptability or otherwise of your Proposal or Renewal and must be disclosed at the earliest opportunity and certainly at each Renewal date. You are advised to keep copies of documentation sent to or received from us for your own protection.
Postage – Service of Documents
Any letter or document shall be deemed to be served upon you if sent to your last notified address. Any letter or document sent by post shall be deemed served on you on the second business day following posting (if within the Channel Islands or United Kingdom), or the fifth business day following posting (if elsewhere). Any document sent by Recorded Delivery will be deemed received on the date recorded.
Payment for the provision of our services will be received as either a commission from the insurer or as a fee, or a combination of the two.
Payment of Premiums and Fees and Return Payments
Premiums and fees are payable immediately they fall due and before cover commences, unless arranged with our prior agreement. Failure to pay premiums by the due date may mean that the insurers may withdraw cover without further notice. Any charges for payments made by telegraphic transfer or similar will be your responsibility and we reserve the right to reclaim such charges from you where appropriate. VIBL reserves the right to charge administration fees. Such fees will be clearly identified to you and may take into account circumstances where instructions have been received from you to arrange insurance cover which is subsequently cancelled or withdrawn. Should you cancel any insurance policy cover before the annual renewal date or expiry then you must be aware that insurers may not be obliged to provide a refund of any unexpired premium. Furthermore, either the insurers or VIBL may be entitled to charge short-period or additional premium charges to cover administration during the period of insurance. A scale of fees and charges are available on request. VIBL reserves the right to retain all commission or fees earnt if a policy is cancelled before its natural expiry date.
Insurance Client Monies
VIBL will act as an intermediary within the terms and regulations of the Financial Services (Jersey) Law 1998 and in conjunction with such business, client money will pass through the company’s Insurance Broking Trust Account established specifically for insurance intermediary business. Such transactions may be in respect of money from a client to be paid to an insurer/provider, or from an insurer / provider to a client or from a client to another specialist broker with whom VIBL may also have a business relationship. It is company policy that any interest earned on the Insurance Broking Trust Account is retained by VIBL.
Insurance Intermediary Located Outside Jersey
Where we consider it appropriate and for your benefit, it may be appropriate for us to recommend a more localised or specialist insurer or intermediary to act and assist in the placement or provision of the insurance, for example accessing the Lloyds of London insurance market. In such cases, we will provide specific instructions to meet your insurance requirements. We are therefore obliged to inform you that:
- Insurance money may be passed to another insurance intermediary outside Jersey, and
- If the money is so passed, the legal regulatory regime applying to the insurance intermediary with which the insurance money will be held will be different from that of an insurance intermediary located in Jersey and in the event of failure of the intermediary the insurance money may be treated differently that it would be if the insurance money were held by an insurance intermediary in Jersey.
Your Duty to Understand Policy Documentation
It is imperative that you read and fully understand the contents of insurance policies, cover notes, contract notes and confirmations and other correspondence you receive from us, insurance companies or insurance providers. Having read such documents, we will be happy to clarify any issues or questions that you may have regarding their contents. We will not accept any liability whatsoever arising from a client’s failure to read and fully understand the contents of insurance policies, cover notes and other correspondence.
We reserve the rights to record calls to and from VIBL for monitoring or training purposes and take the opportunity to inform you of this in line with the Codes of Practice for General Insurance Mediation Business.
Anti Money Laundering / Terrorist Financing
We comply with all applicable Jersey anti-money laundering laws and regulations and may seek identification and then verification of such identity, references and/or details of the source or destination of funds, as appropriate. We reserve the right to refuse to act if this information is not provided upon request.
We always aim to give the highest quality of service to our clients. However, if you should have reason to make a complaint against us, we will implement our internal complaints procedure and will endeavour to resolve the issue to your satisfaction as soon as possible. Complaints in the first instance should be made in writing to:
Head of Compliance, Vantage Insurance Brokers Limited, PO Box 420, Vantage House, Anley Street, St Helier, Jersey, JE4 0WQ.
We will acknowledge the complaint within 5 working days and wherever possible conclude the matter as soon as possible. In the event that this is not possible, we will regularly advise you of the progress of the investigation. Upon completion of any investigations we will inform you, in writing, of the reason for any decision made and any redress offered should this be felt appropriate. If you consider that our final decision does not fully address your complaint, and if you are an individual consumer or micro-enterprise, whether resident in the Channel Islands or elsewhere you can refer your concerns to the Channel Islands Financial Ombudsman (CIFO). If you want to contact the CIFO about your complaint, you will need to do this within six months from the date of our final response or they may be unable to review your complaint.In addition, you must also contact CIFO within 6 years of the event complained about or, 2 years after you should have become aware of the cause for complaint. The complaint must relate to an act that occurred on or after 1 January 2010. You can contact the CIFO at: Channel Islands Financial Ombudsman, PO Box 114, Jersey, Channel Islands, JE4 9QG.
In addition, you must also contact CIFO within 6 years of the event complained about or, 2 years after you should have become aware of the cause for complaint. The complaint must relate to an act that occurred on or after 1 January 2010. You can contact the CIFO at: Channel Islands Financial Ombudsman, PO Box 114, Jersey, Channel Islands, JE4 9QG.
Should you have a complaint against the insurance company please refer to the policy document as this will provide details on their own complaints procedure.
Applicable Law In the absence of any indication to the contrary Jersey Law will apply.
Issue Date: 16th November 2015 (This is not an advert)