Terms of Business
Terms of Business – Commercial Customers
This agreement is intended for ‘Commercial’ customers rather than ‘Consumers’ (retail customers); Commercial customers are those that are – to any extent – acting within their trade, business or profession. If you are not a Commercial customer, ask Mint for our Consumer Terms of Business Agreement.
ACCEPTANCE
The purpose of this agreement is to set out our professional relationship and detail the services Mint will provide to you. For your own benefit and protection, you should read all of the information carefully and Mint would like to draw your attention to the ’Duty of Fair Presentation’, the ’Processing of your Personal Data’, the ‘Payment of Premium’ and also the ‘Client and Insurer Money’ sections. By asking Mint to quote for, arrange or handle your insurances, you are deemed to be providing your informed agreement to these Terms of Business. If you do not agree to any part of the information, please write to Mint.
This agreement will supersede any previous version of Mint’s Terms of Business.
Who regulates us?
Mint is a trading name of James Hallam Limited (FCA Registration No: 134435) which is authorised and regulated by the Financial Conduct Authority. Our details may be confirmed on the Financial Services Register at:
w: https://www.fca.org.uk/firms/financial-services-register or by calling t: 0800 111 6768.
Mint’s 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 payment instalment facilities.
Our Service
Mint acts as an intermediary, not an insurer.
Mint is committed to providing you with a quality service. Mint only selects from insurance products in which we have confidence to meet the needs of our clients.
As an intermediary, Mint will act on your behalf when arranging your insurances, when helping you make changes to your policy when you renew your insurance or when you make a claim. If there are any circumstances when Mint acts as an agent of the insurer (e.g., in binding the insurer to contract or in handling or settling claims) we will let you know before your insurance arrangements are concluded.
Under risk transfer, Mint also acts on behalf of insurers when collecting premiums and handling refunds due to clients as well as the transfer of claims monies. Such monies are deemed to be held by the insurer(s) with whom your insurance is arranged.
If you mislay your policy at any time, Mint will arrange a replacement policy document, if you request it.
As your agent and unless Mint hears from you otherwise:
Mint will assist in arrangement and administration of your insurances (and on-going changes) including agreeing the terms and conditions of your insurance policy with insurers consistent with your instructions.
Upon receipt of your instruction Mint will place, amend or renew insurance cover on your behalf with insurers.
Mint will advise you of any inability to place your insurance.
Mint will assist you if you need to make a claim, or where we outsource claims handling facilities to provide you with an enhanced service.
You should not rely on any insurance policy you have instructed Mint to place on cover until we have confirmed in writing to you that the insurer has agreed to such insurance cover being in force.
SCOPE OF OUR RECOMMENDATIONS
Mint will ask questions to enable us to help identify your insurance requirements; this may include checking information that we already hold about you and your existing insurance arrangements with us and other parties.
Unless stated otherwise Mint will make a personal recommendation to you as the most suitable based upon our assessment of your needs and our experience of dealing with similar risks. This may or may not always be on the basis of a fair and personal analysis of the market (see below). The recommendation will include a summary of Mint’s assessment together with type of policy and cover proposed and the associated cost.
Mint will undertake to provide you with details of the main features of the product and services, which we will offer.
Where Mint is making a personal recommendation based on a fair and personal analysis of the market, this will involve an assessment of a sufficient number of target market products, their product features, the premium and the service provided by the insurer.
Mint is not under a contractual obligation to do so, but on occasion, we may only be able to offer the products from a single insurer or from a panel of insurers at which time we will provide you with a list of the insurers concerned prior to the conclusion of your insurance arrangements.
If Mint proposes using another intermediary to help to place your business, we will also advise you accordingly.
Where Mint declares that we are not providing a personal recommendation, we will simply provide you with information (with no advice) to enable you to make an informed decision on how you wish to proceed.
Law and Jurisdiction
These Terms of Business are governed by in accordance with the laws and jurisdiction of England and Wales.
If you are domiciled in a country other than the UK, then the laws or regulations in your country of domicile may take precedence over any relevant UK legislation. Therefore, references in this document to the FCA or Financial Ombudsman Service (FOS) and any rights or benefits may not apply.
Limitation and Exclusion of Liability
Unless Mint has otherwise agreed with you in writing, our liability to you (whether in contract or tort including negligence) will in all circumstances be limited up to £5,000,000 - any one claim and in the aggregate.
Notwithstanding the preceding paragraph, Mint shall not be liable to you under any circumstance for any loss of profit indirect loss or consequential loss whatsoever.
This exclusion and limitation will not apply in respect of Mint’s liability:
i) arising from any fraudulent act or
ii) for death or personal injury arising from Mint’s negligence or
iii) from any duty or obligation owed to you under any statutory or regulatory stipulation.
Your Duty of Fair Presentation Under the Insurance Act 2015
You have a Duty of ‘Fair Presentation’ which means you must:
Disclose all “material circumstances” which you know or ought to know or, failing that,
Provide sufficient information to put the underwriter on notice to ask further questions.
In providing a Fair Presentation, you are deemed to know what your senior management knows, what the people arranging the insurance know and ought to know what would reasonably have been revealed by a reasonable search. There is no longer an exemption from providing information about matters which are subject to a warranty (including any breaches) which should now form part of the fair presentation.
You do not have to disclose information if the insurer already knows it, ought to know it or is presumed to know it. The insurer knows what is already known to its underwriter or their agent. The insurer is presumed to know what underwriters writing that class of business should know.
All statements and information disclosed verbally and on proposal forms, statements of fact, claim forms, declarations and other documents should be completed in full, and be true and accurate. Where forms are completed or partially completed on your behalf you should check them for accuracy before signing. If you are in any doubt as to whether a fact is material, you should disclose it.
FAILURE TO COMPLY MAY ENTITLE THE INSURER TO AVOID THE POLICY, IMPOSE ADDITIONAL TERMS OR REDUCE CLAIMS PAYMENTS.
Notification of Changes and Alterations
Please notify Mint immediately in the event of any change in your circumstances which are detailed in your proposal form or statement of fact.
Mint would also refer you to the section titled Your Duty of Fair Presentation which details your duty to always provide complete and accurate up to date information to your insurers.
Amendments to policies after inception may be arranged upon receipt of your instructions with full details. Cover is subject to acceptance by insurers and the payment of any additional premium required, if applicable.
Renewals
Renewals are invited on the basis that there have been no changes to your circumstances or the risk other than those specifically notified to your insurers and for which you have received an acknowledgement and revised documentation. Please see section headed Notification of Changes and Alterations which also outlines your duty of care with regards to Disclosure and Fair Presentation.
Insurer Security
Insurers are subject to FCA regulation and are required to have adequate capital resources. Mint carries out regular due diligence checks on all insurance markets used but cannot guarantee the solvency levels of any individual insurer. Your liability for the premium, whether in full or pro rata, may arise under policies where a participating insurer becomes insolvent. An insolvent insurer may also be unable to meet a proportion or all of any claim made.
Consequently, Mint recommends that when selecting an insurance product, also consider insuring with those firms with higher credit ratings which also satisfy our requirements. Should you be concerned or require any further information regarding your insurer then Mint will discuss this with you on request.
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.
Documentation
Documentation including your policy schedule and certificate (if applicable) will be issued to you in a timely manner.
It is your responsibility to read all documentation upon receipt to ensure that all details are correct and that the cover provided meets with your requirements.
Mint will arrange cover according to your instructions but only you can identify if this does not meet your intended requirements.
Any query regarding the accuracy of the information shown or any uncertainty over the content should be raised with Mint immediately.
Incorrect information disclosure or non-disclosure may invalidate your policy cover completely or mean that in the event of a claim all or part of it may not be paid.
Payment of Premium
Please also refer to the Client and Insurer Money section.
Mint must receive your payment, unless it is made by you directly to the insurer, by Bank Transfer, cheque, credit or debit card, or be in receipt of a completed Direct Debit Mandate (with deposit if required) drawn on a bank or building society or UK financial institution account in the policyholder’s name and before cover commences unless we agree otherwise in writing.
Mint does not accept payment by cash or postal order but a bankers’ draft or building society cheque is acceptable if it shows the policyholder’s name as account holder.
Mint has no obligation to fund any premium, 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 or non-payment substantially attributable to you. If Mint decides to retain certain documents whilst awaiting full payment of premium, fees or administration charges, we shall provide details of your insurance cover and any information or documents required by law.
Mint is 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 moneys, 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 notice of cancellation or lapsing of your policy. You will also be responsible for any collection costs, legal fees and court costs that Mint may incur in recovering debts due from you.
Transferred Business
When Mint is appointed to service insurance policies other than at their inception or renewal and which were originally arranged by 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 previously supplied by us. Should you have any concerns in respect of a policy which has been transferred to Mint, or if you require an immediate review of your insurance arrangements, you must notify us immediately. Otherwise, Mint shall review your insurance arrangements and provide advice accordingly, as each policy falls due for renewal.
Cancellation
You may cancel your policy at any time.
On receipt of your request, Mint may require you to confirm your instructions in writing and also return the policy document.
You may be entitled to a refund of premium where no claims have been made and or where a minimum and deposit premium has not been charged.
Please refer to your policy documents for full details of the cancellation terms.
Ending your Relationship with Mint
Subject to your immediate settlement of any outstanding premiums and fees, you may instruct Mint 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.
If Mint’s authority to act in connection with your insurance arrangements is terminated (by you or us), you will remain liable to pay for any premium or fee for any transaction concluded prior to the termination. Any transaction in progress at the time of termination will be completed unless we receive written instructions to the contrary.
You will also be liable for the payment of any premium or fee, which may become due upon completion of any pending transaction.
Mint also reserves the right to cancel this agreement at any time. In any event, Mint will provide you with at least 7 days’ notice in this regard to enable you to make alternative insurance arrangements. Valid reasons may include non-payment of premium or fees, failure to provide requested documentation or information, deliberate failure to comply with terms set out within this Agreement or insurer’s documentation, or deliberate misrepresentation or non-disclosure or attempted fraud. Mint will notify you of any such termination in writing together with an explanation for our decision if appropriate.
Claims
Mint will assist you with advice and guidance when you make a claim under your policy, but it remains 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 Mint or your insurer in accordance with the terms of your policy 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 or being paid in part only.
You must not in 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 risk a loss you suffer not being paid or being paid in part only. All correspondence, claims, writs, summonses etc. should be forwarded immediately, unanswered, either to Mint 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 the policy terms and conditions may invalidate cover.
Mint will remit claims payments received on your behalf to you as soon as practicable after confirmation of receipt of cleared funds in our bank account.
If an insurer becomes insolvent or delays making settlement, Mint does not accept liability for any unpaid amounts. Mint reserves the right to charge for our claims service if you request this to extend beyond our appointment to your policy and this will be confirmed in writing before you incur any charge.
If Mint’s authority to act in connection with your insurance arrangements is terminated (by you or us) we will immediately cease to handle and manage claims already reported and will be unable to deal with any which may be subsequently incurred.
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.
Assignment
Mint is entitled to assign the benefits of these Terms of Business (but not the burdens as set out in these Terms of Business) to any other company within the Group of Companies of which we are part but then only for so long as such Company remains a member of the said Group. Mint is entitled to transfer Client Monies to a similar bank account held in the name of any other company within the Group of Companies of which we are a part but then only for so long as such Company remains a member of such Group.
Our Remuneration / Fees
In return for placing your business with insurers underwriters and or other product providers, Mint generally receives a commission from them which is a percentage of the annual premium that you are charged.
Mint may on occasion also receive additional payments from insurers depending upon the volume of our account with them and or the profitability of that account.
For arranging premium instalment facilities, Mint earns commission from our premium finance provider(s) which is usually a percentage of the interest that you pay. This means that the amount you pay for credit and the overall cost of arranging your insurance will vary according to the interest charged by the lender and the amount of commission we earn. There may be occasions where there is a choice of instalment payment options which may charge different interest rates. Typically, Mint will not receive any instalment payment commissions from insurers if policies are placed on direct debit instalment arrangements with the insurer. Mint will only receive commissions from the premium finance providers.
Using premium finance or paying an insurer direct debit arrangement (rather than paying the premium in one amount) makes the overall total cost of the insurance more expensive.
A full breakdown of the cost of your insurance including any administration fee and the cost of credit where applicable will be provided as part of your new business or renewal quotation before you decide whether to proceed.
In any instance where Mint elects to either charge you a Brokerage Fee in addition to or in lieu of commission, we will confirm to you, prior to the conclusion of your insurance arrangements, the method of the remuneration and the amount of any fees payable by you.
You are entitled at any time to request information regarding any commission which Mint may have received as a result of us placing your insurance business or arranging premium finance. Please be assured that the way in which Mint are remunerated will not at any time conflict with our responsibilities to meet your insurance needs and treat you fairly.
Mint may require you to pay an administration fee for any transaction including cancellation, but we will confirm to you, prior to the conclusion of your insurance arrangements, the amount of any fees payable by you. These will be up to a maximum of £45 for any mid-term changes involving a premium transaction and £75 for processing a cancellation.
Mint’s remuneration in whatever form and in respect of any policy shall be due on the date of inception or renewal of that policy. Mint shall be entitled to retain all commission and/or agreed fees in respect of the full policy period including where you appoint another intermediary in our place during the currency of the existing policy or where a policy is cancelled after inception or renewal.
conflict of interest
Circumstances may arise where Mint may have a potential conflict of interest between us and you or between you and another of our clients.
For example, Mint may arrange insurance for you through Touchstone Underwriting Ltd which is a wholly owned Managed General Agency of Seventeen Group Ltd, who also own James Hallam Ltd.
Mint operates conflict management policies and procedures which are designed to prevent any conflict of interest adversely affecting or compromising your interest. In such instances Mint will always act in your best interests when arranging such cover.
If you wish to discuss this arrangement, please contact Mint.
Client and Insurer Money
Mint will issue you with an invoice with payment instructions.
Prior to your premium being paid to the insurer, and for your protection, we hold your money as an agent of the insurer (termed risk transfer) in which case your policy is then treated by the insurer as being paid for and the premium being held in a client bank account on trust for you.
The account in which these funds are kept is a Non-Statutory Trust Account (as defined by the FCA Rules). This means that we may extend credit to other customers from this account.
However, your money will be always protected because of the requirements of FCA rules. We also reserve the right to retain interest earned on this account.
Processing your Personal Data
In our dealings with you, Mint will always comply with all applicable Data Protection Legislation (including, as appropriate, the Data Protection Act 2018, the General Data Protection Regulation, any relevant secondary legislation, and any amendments or replacements to any of these). Please ensure that if applicable your directors, employees, contacts and agents are aware of this section on Confidentiality and Data Protection.
Mint implements generally accepted standards of technology and operational security in order to protect personal data from loss, misuse, or unauthorised alteration or destruction. Mint will notify you and all relevant individuals promptly in the event of any breach of personal data which might expose you or (if applicable) your directors, employees, contacts or agents to serious risk.
Individuals have the following rights in respect of their personal data held by Mint:
(a) to access any personal data which Mint holds on them. This may be obtained by writing or emailing to our Privacy Officer [details as shown below]. Where permitted under Data Protection Legislation, a nominal charge may apply for providing the information;
(b) to be provided with information about how their personal data is processed (this information is set out in these Terms of Business);
(c) to have their personal data corrected where necessary (they should contact us promptly if they become aware of any incorrect or out-of-date information);
(d) to have their personal data erased in certain circumstances (please refer to the appropriate data protection legislation or consult the Information Commissioner’s Office for information or details);
(e) to object to or restrict how their personal data is processed;
(f) to have their personal data transferred to themselves or to another business.
Individuals also have the right to take any complaints about how we process their personal data to:
The Information Commissioner’s Office, Wycliffe House, Water Lane, Wilmslow, Cheshire SK9 5AF
w: https://ico.org.uk/make-a-complaint/
t: 0303 123 1113
For more details, please request a copy of our Privacy Policy, which can also be viewed on our website. If you wish to exercise any of your rights [as stated above] or if you have any query in relation to the processing of your Personal Data, please address any correspondence to our Privacy Officer namely:
a: The Privacy Officer, James Hallam Ltd, 10th Floor, 2 Minster Court, London, EC3R 7BB or
e: privacy@jameshallam.co.uk.
Mint may collect, use, transfer or store personal data relating to you (applicable to individuals only) or where applicable your directors, employees, contacts and agents where necessary in order to:
(a) Perform insurance contracts with individuals or take steps at an individual’s request prior to entering into
such a contract.
(b) Exercise Mint’s legitimate business interests as an independent insurance broker in order to provide the relevant information and services.
(c) Carry out other functions with express consent (which may be amended or withdrawn at any time by notifying Mint);
(d) Comply with Mint’s legal obligations.
Where you provide personal data relating to any individual you must ensure that you are entitled to do so.
Mint will use that personal data and may disclose some or all of it to other parties, for the purposes of arranging, placing and administering your insurance including the arrangement of insurance premium finance where applicable. These other parties may include the FCA for compliance matters; insurance companies and other agents for underwriting and claims purposes and credit agencies for premium collections identity checks and anti-fraud protection. Mint may also monitor and record phone calls in the interests of security and staff training. If you are a Franchisee, Associate, Self-Employed Agent or Licensee, Mint may also share policy details, including claims information and non-payment of premium with the Franchisor, Principal, Brand Owner.
Mint may in addition use personal data for communicating with you about our insurance products and services (and similar products or services provided by us). Communication with you in this regard may include mail, SMS text, telephone or email. If individuals do not want Mint to use their information in this way, they should notify us promptly in writing or email to that effect.
Mint will never sell personal data or, except as mentioned above, make it available to any third parties without appropriate prior consent (which may be freely amended or withheld) except where required to do so by law or in the event that we sell any part of our business or assets (in which case we may disclose personal data confidentially to the prospective buyer as appropriate in accordance with our legitimate interests in that respect).
Notwithstanding the above, all personal data of a sensitive nature (as defined in the Data Protection Legislation) will be treated as strictly private and confidential.
Mint will not use or disclose it except either with explicit consent or where we are required to do so for legal or regulatory purposes and/or permitted to do so by the Data Protection Legislation.
In processing personal data for insurance purposes about health or criminal offences, Mint will only do so to enable us to provide our service to you and because of it being in the public interest.
Complaints
It is Mint’s intention to always provide a high level of service. However, if you have reason to make a complaint about Mint’s service, please address any correspondence to:
a: The Complaints Officer, James Hallam Ltd, 10th Floor, 2 Minster Court, London, EC3R 7BB or
e: complaints@jameshallam.co.uk.
You may be entitled to refer the matter subsequently to the Financial Ombudsman Service (FOS).
You will be able to do this if you fall within any of the following categories;
Consumers (private individuals acting for purposes which are wholly or mainly outside that individual's trade, business, craft, or profession);
Micro-enterprises (businesses employing fewer than 10 persons and with a turnover or annual balance sheet total not exceeding €2 million);
Other small businesses (with an annual turnover of below £6.5m, and less than 50 employees or with an annual balance sheet total of below £5 million);
Charities with an annual income of under £6.5 million;
Trustees of a trust with a net asset value of under £5 million.
Whether you are so entitled will not affect the promptness and fairness with which Mint will strive to resolve any complaints. You can contact the FOS by t: 0800 023 4567 and further information is available at w: www.financial-ombudsman.org.uk. If you do decide to refer any matter to the FOS, your legal rights will not be affected. (If your complaint cannot be resolved immediately, you may be required to put this in writing for Mint to investigate further).
A copy of Mint’s complaints procedure is available on request.
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 Mint.
Financial Crime
As an FCA regulated company, Mint works within its regulatory framework designed to prevent financial crime – such as financial sanctions, money laundering, fraud or bribery and corruption. Mint may need to seek additional information from you to ensure compliance with these obligations.
Mint is required to report to the National Crime Agency and / or Serious Fraud Office any evidence or suspicion of financial crime.
Compensation
Mint is covered by the Financial Services Compensation Scheme (FSCS). You may be entitled to compensation from the scheme if Mint cannot meet its obligations.
This depends on the type of business, the size of your business and the circumstances of the claim. Insurance advising and arranging is covered for:
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:
t: 0800 678 1100 or by visiting w: www.fscs.org.uk
By accepting this Terms of Business document together with your agreement to pay the premium you are deemed to be giving your informed consent for Mint to operate this way.
Commercial TOBA 10.9 (OCT 23)