Terms & Conditions

Terms of Business

GSi Ltd of 16 North Street, Rushden, Northamptonshire, NN10 6BU Company House registration number 4969397 it is always our intention to provide you with customer service & to ensure that the insurance provided should meet your needs & requirements as we understand them.

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 draw your particular attention
To the section headed ‘The processing of your personal data’, specifically the sub section titled ‘Credit checks’.

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 at the address above.

The Financial Conduct Authority

GSi & GSI Insurance are trading styles of GSi Ltd which is authorised and regulated by the Financial Conduct Authority (FCA). Our Financial Services Register number is 304766. Our permitted business is advising, arranging (bringing about) deals, making arrangements with a view to transactions, dealing as agent in non investment insurance contracts, assisting in the administration and performance of a contract of insurance; and credit broking in relation to insurance instalment facilities.

You may check this on the FCA’s register by visiting the FCA website, www.fca.org.uk/firms/financial-services-register or by contacting the FCA on 0800 111 6768.

Our service

Helping you to decide

We source and arrange products but do not offer advice or make recommendations when arranging your insurance. However, we may ask some questions to narrow down the selection of products on which we will provide details; you will then need to make your own choice about how to proceed. Where we can offer the availability of an instalment facility in order to pay the insurance premium by regular intervals, we do not offer advice in relation to this but we may ask some questions to narrow down the selection of options available; you will then need to make your own choice about how to proceed.

We will not provide further advice or recommendations following the arrangement of insurance cover, unless you notify us of a material change of circumstances or formally request that we review your insurance arrangements. At renewal, we will not offer advice or make recommendations.

We will not in any circumstance guarantee the solvency of any insurer.

The capacity in which we act for you

In providing our service, we may sometimes act as agent of the insurer. We will confirm the capacity in which we will act for you before undertaking any relevant transactions on your behalf.

Our product range and the range of insurers used

We select personal & commercial insurances from a range of insurers, but for certain products, we only select products from a limited number of insurers or only offer products from a single insurer. We will give you further information about this before we finalise your insurance arrangements; where we select products from a limited number of insurers you may ask us for a list of the insurers we deal with for these products.

If we propose using another intermediary to help place your business, we will confirm this to you in good time before any arrangements are finalised.

We may be able to offer finance for insurance instalments through the insurer and Premfina, Premium Credit, Close Brothers Premium Finance and Creation. We will give you further information about this before we finalise your instalment arrangements.

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 contact us:

• in writing: Write to ‘Customer Services Manager’ GSi Ltd, 16 North Street, Rushden, Northamptonshire, NN10 6BU
• by phone: Telephone 01933 411888 or email sales@gsiinsurance.co.uk

When dealing with your complaint, we will follow our complaint handling procedures; a summary of these procedures is available on request. If you are still not satisfied,
you may be entitled to refer the matter to the Financial Ombudsman Service.
Access to the FOS is available for complainants coming within one of the following categories at the time we receive their complaint:

• 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

We are covered by the Financial Services Compensation Scheme (FSCS) for our insurance mediation activities. 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 as follows:

• Insurance advising and arranging is covered for 90% of the claim, without any upper limit
• For compulsory classes of insurance (such as Third Party Motor or Employers Liability), insurance advising and arranging is covered for 100% of the claim without any upper limit

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 insurers, premium finance providers or other product providers. Commissions are normally paid via the insurer from the insurance premium or the premium finance provider, from the finance repayment. In relation to commercial policyholders we will in good time before conclusion of each insurance contract, or upon renewal, remind you of your right to be informed of the level of commission which we received from underwriters. If you are a Commercial Customer (as defined by FCA), in good time before the conclusion of each insurance contract, or upon renewal, we will remind you of your right to be informed of the level of commission which we receive from underwriters. You are entitled, at any time, to request information regarding any commission which we may have received as a result of placing your insurance business.

If you are a Retail Customer (as defined by FCA), on request, we will be pleased to provide information about any commission received by us in the handling of your insurances.

We also charge you for handling your insurances, our new business & renewal fee will be detailed prior to arranging your policy. Please see below other fees:

• Direct debit setting up fee £20.00
• Mid-term amendments £20.00
• Cancellations (including if cancelled within cooling off period ) £20.00
• Issuing duplicate documents. (First request is free each subsequent request) £15.00

If a refund is due following an amendment or cancellation, we will retain up to 12.5% of the refunded premium provided by your insurer. This is to cover administration costs.

This will not apply if cancelled within the cooling off period. If you have arranged payment via direct debit and then subsequently cancel this arrangement, we will refund our direct debit administration fee providing cancellation is within 14 days of setting the agreement or if credit is declined by the lender otherwise the fee is non-refundable.

You will receive a quotation which will tell you the total price to be paid, and which identifies any fees, taxes and charges separately from the premium, before your insurance arrangements are concluded.

Full payment of premium & fees is due before cover commences, or as otherwise stated under the 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. This means that we act as agent of the insurer in collecting premiums and handling refunds due to the clients. In these circumstances such monies are deemed to be held by the insurer(s) with which your insurance is arranged. However, if Risk Transfer does not apply such monies will be held by us in a Statutory Trust Account set up in accordance with FCA rules. Interest earned on monies held in such a Statutory Trust Account will be retained by us.

In the event of cancellation, charges for our services will apply in accordance with the ‘Payment for our services’ section above.

Cancellation of insurances

You should make any request for the cancellation of a policy in writing and any relevant certificate of insurance must be returned to us or to the insurer concerned.

Do not cancel any direct debit payments until the amount of refund is known and no balance is outstanding see section Premiums paid by Direct Debit below.

You may be due a refund for part of your premium as long as no claims have incurred.
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 before the policy expires.

Please note the premiums paid for supplementary covers for example Legal expenses, Total loss hire car are not refundable following cancellation.

A Cooling off period applies your policy may be cancelled within 14 days of receiving the documents (deemed to be the day after being posted from our office or handed to you) your insurers will only make a pro-rata charge for the period of cover provided (subject to the return of any issued Certificate of insurance & current cover-note and subject to no loss or claim). If we have charged an administration fee to set up your policy or an administration fee for an alteration this fee will be retained by us.

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

If you are a consumer, 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 which 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 which 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.

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 by the Data Protection Act 2018. The personal data we will collect will include information relating to your name, address, date of birth and contact details and ‘health’ or ‘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 where applicable). 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 sales@gsiinsurance.co.uk
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 or other firms associated with us, with other authorised third parties and product and service 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, please contact our ‘data privacy representative’ by emailing oliver@gsiinsurance.co.uk or by writing 16 North Street, Rushden, Northants NN10 6BU or by telephoning 01933 4118888. How we process your personal data is detailed further within our Privacy Notice.

Credit checks

We and other firms involved in arranging your insurance i.e. 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 will 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 associated companies, 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 we will 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 a claim or circumstances which might lead to a claim. We will employ due care and skill if we act on your behalf in respect of a claim.

Premiums paid via Direct Debit

You may be able to spread your payments through insurers instalments schemes or a credit scheme that we have arranged with a third party premium finance provider either “Creation” or “ Premium Credit” or “Close Brothers Premium Finance” or “Premfina”*. We will give you full information about your payment options when we discuss your insurance in detail.

Any refunds for policy amendments of cancellations will be passed to the finance provider and will reduce any balance outstanding to them.

*Please note that this is a finance agreement between yourself as the policyholder and the finance provider and is separate from the insurance policy. As this is in effect a
loan for the initial premium, this agreement must not be cancelled until this has been fully repaid to the finance provider, even if your insurance policy has been cancelled.

If any direct debit or other payment due in respect of the credit agreement you enter into with the finance provider to pay insurance premiums is not met when presented for payment, or if you end the credit agreement with the finance provider, or if you do not enter into a credit agreement with the finance provider we will be informed of such events by the finance provider.