Citygate 2, Cross Street, Sale, Manchester, M33 7JR
By asking us to quote, arrange or administer your insurances, you are providing your informed agreement to these Terms of Business. We draw your particular attention to the section headed ‘Your responsibilities’, ‘Using your personal data’ and specifically the paragraph explaining how ‘sensitive personal data’ is used;
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 details above.
Principal Insurance Limited is authorised and regulated by the Financial Conduct Authority (FCA). Our FCA Register number is 551900.
Our permitted business is introducing, advising, arranging, dealing as agent and assisting in the administration and performance of general insurance contracts.
You can 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.
We source and arrange a large number of products. For most products offered we make personal recommendations when arranging your insurance. We do this by asking you a number of questions to assess your demands and needs. We will always make it clear to you whether the service we are providing is one where we are making a personal recommendation or a service where you are required to make your own informed decision. You will receive confirmation of the type of service you have received within your full insurance documentation and before you make the purchase. In arranging and administrating your insurance we act as an insurance intermediary. The insurance policies are underwritten by independent insurance companies. We will not in any circumstance guarantee the solvency of any insurer.
Where we can arrange an instalment facility to pay the insurance premium, we act as a credit broker, not a lender. We only offer instalments from a single provider, Close Brothers Premium Finance and we do not offer advice in relation to this.
We arrange personal and commercial insurances through a range of insurers, but for certain products, we only arrange products from either a limited number of insurers or 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 you ask us to arrange a contract of insurance for purposes relating to your trade, business or profession we will treat you as a commercial customer.
If we arrange insurance cover mainly for your trade, business or profession but the policy includes personal use you will also be treated as a commercial customer.
We aim to provide a high level of customer service at all times but, if you are not satisfied, please contact us at the details above. When dealing with your complaint, we will follow our complaints procedure; a summary of this procedure is available on request. If you remain dissatisfied, you can refer your case to the Financial Ombudsman Service, Exchange Tower, London, E14 9SR, by phone 0800 023 4567, or by email email@example.com
We are covered by the FSCS. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of insurance and the circumstances of the claim. If you are eligible to claim from the FSCS, compensation is available as follows:
Further information about compensation scheme arrangements is available from the FSCS on 020 7741 4100 or www.fscs.org.uk.
We usually receive commission from insurers or product providers. We also charge you non-refundable fees for arranging and administering your insurances.
Our fee for making a mid-term adjustment to a motorcycle, private car, motorhome or commercial vehicle policy is £50.
You have the right to request information regarding any commission we receive as a result of arranging and administering your insurance. Please send any such requests to the address above.
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.
Any premium refunds due will be reduced by any service charge and any other sums owing in respect of the policy.
Before the conclusion of your insurance contract (or at renewal), we will remind you of your right to request information regarding any commission payments we may receive as a result of arranging and administrating your insurance.
We may also receive commissions from our finance provider where premiums are paid by way of an instalment arrangement.
You have the right to cancel your policy within 14 days of the start date of your policy or the date you receive your policy documents, whichever is the later. This is also known as a ‘cooling off period’ for you to decide whether you wish to proceed. In the event of cancellation within your 14 day right to cancel period a cancellation fee for our services as shown in the relevant ‘cancellation within your 14 day right to cancel’ section will apply.
You can cancel your policy at any time. A cancellation fee for our services as shown in the relevant ‘cancellation fee (outside of your 14 day right to cancel)’ will apply.
No refund is offered in the event of cancellation of any additional products outside of your 14 day right to cancel or at any time if a claim is made against your policy.
In the event of cancellation, we do not refund any commission or fees.
If you cancel your policy, we will only process your refund once the return premium has been received from your insurer. This can take up to 60 days. Any refund below £10 will not be issued.
You can cancel your policy at any time by contacting us at the details above. In all instances, cancellation requests can only be made by the policyholder.
If you are paying your premium by way of instalments and have not paid all your instalments, any refund of insurer premium will be offset against any amount you owe and you will be responsible for any amount outstanding if applicable.
If you do not settle an outstanding balance owed to us promptly we will use any credit/debit card details you have authorised us to use to recover our fees and any time on cover charge your insurer applies.
If any payment or premium remains unpaid we may instruct a debt recovery agent to recover the outstanding amount on our behalf.
If your policy is cancelled and a claim is made against your policy you must pay the reminder of your premium, this includes any instalment payments outstanding on your finance agreement.
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 see your policy wording for further details.
You are responsible for providing complete and accurate information which insurers require in connection with any proposal for insurance cover. This is particularly important before taking out a policy and at renewal, but it also applies throughout the life of a policy. In order to provide you with an accurate quotation and correct policy documents, we will ask you a series of questions, it is important that you answer these questions honestly and to the best of your knowledge, failure to do so could influence the insurer’s decision to accept the risk or the terms offered, this could invalidate the policy and means that claims may not be paid or paid in full. You must check all details on any proposal form or Statement of Facts.
Commercial customers: If the insurance is arranged wholly or mainly for purposes relating to your trade, business or profession you have a duty of fair presentation of all material circumstances. This means that you must disclose every material circumstance which you know or ought to know. This duty applies throughout the life of the policy, and when you renew your insurance. Material circumstances are any circumstances and facts which may influence the insurer’s decision to accept the policy and/or what terms are applied. Failure to disclose a material circumstance or fact may invalidate your insurance and may mean that your claim may not be paid or paid in full.
It is important that you read all insurance documents issued to you particularly any proposal forms and Statements of Facts and ensure that you are aware of the cover, limits and other terms that apply. Particular attention must 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 which may affect the services provided by us or the cover provided by your policy. If you find there is an error in any of your documentation, you must speak to us immediately so we can amend your details. If you are unsure about any matter, please contact us for guidance.
We hold your premium payment under risk transfer as agent of the insurers and we do this by paying it into an insurer premium trust account until it is passed to the insurers. This is to protect your money and means that whilst your money is in the account, it cannot be used for any purpose other than paying the insurers or insurance intermediaries through whom we may have arranged your insurance. We will retain any interest earned on the account.
We will retain your debit/credit card details for the purposes of automatic renewals and to pay or refund premiums that may become due upon changes to the policy. If you do not want us to use your debit/credit card details for these purposes please contact us.
If you have informed us that you are entitled to No Claims Bonus but this is not validated with the relevant proof, your policy may be subject to an additional premium, it may be cancelled or be made null and void from the inception date of your policy.
If you knowingly make a claim that is false or fraudulent in anyway, your policy will become void and no payment will be made against the claim.
If you wish for a partner/spouse to contact us in connection with your insurance policy, subject to answering security questions, we will deal with a person whom we reasonably believe will be acting on your behalf, relating to your policy or claim.
For your protection prior to your renewal date, we will send you a renewal invitation which will detail the premium due and the details we hold regarding your policy. It’s important you check your details to ensure the information we have is accurate and you inform us of any changes in your circumstances.
To ensure that the policy continues to meet your needs we may offer an alternative insurer at renewal, however if you would like to remain with your previous insurer please contact us to let us know. If you are happy with the quote and insurer offered there may be nothing further for you to arrange and your card or designated bank/building society may be automatically debited for your renewal. Further details of whether or not your policy will be automatically renewed will be confirmed on your renewal invitation.
If you do not wish us to renew your policy automatically, please inform us at least 7 days prior to your renewal date. If we do not hear from you, we will take this as your authority to accept the renewal terms and will accept the policy offered on your behalf. You can contact us at any time to opt out of this benefit at the above details. Please note, if we confirm your policy will not be automatically renewed, cover will cease on your renewal date unless you contact us beforehand to make a payment.
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.
Claim enquiries are handled by Plantec Assist. Please also see your policy documents for the procedure to follow in the event of a claim. 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.
If you are paying your premium by way of instalments any outstanding amount on your finance agreement will become immediately payable in the event of a claim.
Principal Insurance is committed to ensuring that your privacy and personal information is protected. This Policy tells you what information we collect, why we collect it, what we do with it and your rights in relation to your information. You should also show this Policy to anyone included in your insurance policy.
Principal Insurance is a data controller, which means we determine the purposes and ways in which your personal information is processed.
There are several ways we may collect your information; the main two ways are the things you tell us and the things we ask other organisations to tell us.
The ways in which we collect information from you include:
We also collect your information from other organisations and sources, including:
The information we collect about you and anyone named on your policy, if it is relevant, may include:
We explain below what we use your information for and the legal reason for using it.
Where our use of your information is necessary to perform our contract of insurance with you:
Where our use of your information is necessary to comply with our legal and regulatory obligations:
Where our use of your information is in our legitimate interest:
Where our use of your information is based on us obtaining your consent:
We disclose your information to third parties listed below for the purposes described in this Policy:
We will only keep your information for as long as reasonably necessary to fulfil the relevant purposes explained in this Policy and comply with our legal and regulatory obligations. How long we keep your information is primarily determined by our regulatory obligations. This is usually up to 7 years from the end of our relationship with you but will differ depending on what information we have and what we do with it.
You have the following rights in relation to our use of your information and can ask us for the following:
– when we collect your information, we will ask for your consent to contact you about any products, offers or promotions we believe may be of interest to you by post and email, by telephone and text. You can withdraw your consent at any time, or you can change the way we contact you
– where we justify our use of your information on the basis of our legitimate interests, you can object to this use if you believe your rights and freedoms outweigh our legitimate interests
* Last updated March 2022