Towbay Limited is authorised and regulated by the Financial Conduct Authority
Terms Of Trade and Initial Disclosure Document

The Financial Conduct Authority (FCA)
The FCA is the independent watchdog that regulates financial services. It requires us to give you this document. Use this document to decide if our services are right for you.

Our Service
We act as an Independent Broker on your behalf and our service includes helping you determine your insurance needs, arranging insurance cover with insurers to meet those requirements and any subsequent amendments.

The Products we offer
We offer both personal and commercial insurance products from a range of insurers and a list is available upon request. Unless otherwise advised to you, we will endeavour to provide advice or information on the basis of a fair market analysis born this panel of insurers. For legal expenses insurance we only deal with a maximum of two Insurers at any time, We will not in any circumstances act as an insurer nor guarantee or warrant solvency of any insurer.

Remuneration & Our Charges
As Independent Brokers we are normally paid a commission by the insurance provider, details of which are available on request. In addition we also charge what we describe as a “brokerage”. This will not exceed 20% of the total annual premium, with a minimum amount payable of £15.00 and such amounts will always be clearly spelt Out to you. Brokerage will apply to all transactions for new business, renewals, mid-term adjustments and cancellations. In addition we charge up to £10 per instalment for our own short term payment scheme. In certain circumstances their may be a variation of the above charges and if this is the case you will be advised separately of such amounts prior to the conclusion of the contract. We may receive remuneration for services provided to underwriters for return premiums (usually arising if any insurance risk is reduced or the policy is cancelled), we repay commission on the refund to your insurer and this amount will be deducted from the final amount refunded to you.

Who regulates Us?
Towbay Limited of 4 The Parade, The Green, Croxley Green, Herts, WD3 3AN is authorised and regulated by the Financial Conduct Authority (FCA). Our FCA Register number is 305930,

Our permitted business is:

  • Advising customers on non-investment contracts
    This includes recommending a specific insurance policy.
  • Arranging (bringing about) deals in non-investment contracts
    This covers a range of activities including introducing a customer to an insurer, helping a customer to complete a proposal form and sending this to an insurer
  • Making arrangements with a view to transactions in non-investment insurance contracts
    This includes helping a potential policyholder to complete a proposal form or introducing a customer to another intermediary either for advice or to help arrange an insurance policy
  • Dealing as agent in non-investment contracts
    This includes entering into a contract of insurance with a customer on behalf of an insurer (for example, issuing a cover note)
  • Assisting in the administration and performance of a non-investment insurance contract
    This includes notifying an insurance claim to the insurer and negotiating a settlement on behalf of the customer. You can check the above on the FCA’s register by visiting their website or by contacting them - 0800 111 6768

It is our intention to provide you with a high level of customer service at all times, However, if at any time you are dissatisfied with the service we provide, we haves formal complaints procedure. You should, therefore, take the following action: In the first instance you should discuss this matter with the member of staff with whom you have been dealing. If you remain dissatisfied, please write to or telephone the Managing Director of Towbay Limited at the address and telephone number shown above. We will acknowledge your complaint within 5 working days and advise you who is conducting the investigation into the matters which you have raised. We will provide a formal response within 20 working days from initial receipt of the complaint. If the complaint cannot be resolved within this timescale we will explain why and specify the likely timescale for resolution. If we cannot settle your complaint, you may be entitled to refer it to the Financial Ombudsman Service. We will advise you if you are able to refer any complaint to the Financial Ombudsman.

Financial Services Compensation Scheme (FSCS)
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 business and the circumstances of the claim. Insurance advising and arranging is covered for 100% of the first £2000 and 90% of the remainder of the claim, without any upper limit. For compulsory classes of insurance, 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.

It is your responsibility to provide complete and accurate information to insurers when you take out your insurance policy, throughout the life of your policy, and when you renew your insurance. Failure to disclose information pertaining to your insurance, or any inaccuracies in information given, could result in your insurance being invalid or cover not operating fully. It is important you ensure that all statements you make on proposal forms, claim forms and other documents are full and accurate. If a form is completed on your behalf, you should check that the answers shown to any questions are true and accurate before signing the document. No responsibility can be accepted for any errors or omissions on any forms which are completed on your behalf, You are reminded that it is an offence under the Road Traffic Act to make any false statements or withhold any relevant information to obtain an Insurance Certificate. You are advised to keep copies of any correspondence you send us or direct to your insurer If you are in any doubt as to whether any information is material, you should disclose it.

Premiums and Financial Aspects
You must provide the premium due in cleared funds in accordance with the amounts and payment dates specified in our advices to you. Failure to meet the payment criteria can lead to insurers cancelling your policy. We hold all client money collected for onward transmission to the insurance undertaking and refunds/credits due, in an Insurance Broking Account under a Statutory Trust as required by the FCA and managed by Barclays Bank plc. Notify us should you not wish us to use this bank. For the purpose of some transactions, client money may pass through other authorised intermediaries before it is received by an Insurer. We are the agent of insurers for the collection of certain premiums Interest will not be paid to customers in respect of money held in client bank accounts. We accept payment by cheque, cash or the majority of “debit” cards. Most “credit” cards are accepted provided a 2% handling charge is paid. You may be able to spread your payments through insurer’s instalment schemes or a credit scheme that we have arranged with a third party finance provider. Our Consumer Credit Act Licence No. is 032759

It is essential that you notify us or your Insurer immediately of all incidents which may result in a claim under your insurance policy whether you believe you are liable or not Any third party letter or claim received by you must be passed to us immediately. When we receive notification of an incident, we will inform the insurers without delay. We will advise you promptly of insurers requirements concerning claims, including the provision, as soon as possible, of information required to establish the nature and extent of the loss. You should not admit liability or agree to any course of action, other than emergency measures to minimise your loss, until you have agreement from your insurer We will forward any payments received from insurers, in respect of any claim, to you without delay. We will notify you of any request for information we receive from your insurers,

All personal information about our customers is treated as Private and Confidential. We will only disclose the information we have about private individuals in the normal course of arranging and administering their insurance and will not disclose any information to any other parties without their written consent unless required by law or public interest We may use the information we hold about our customers to provide them with information about other products and services which we feel may be appropriate to them, Under the Data Protection Act 1988, private customers have a right to see the personal information about them that we hold in our records, if you wish to exercise this right, or have any other related queries, you should write to the Managing Director of Towbay Limited at the above address,

Claims and Underwriting Exchange Register and Motor insurance Anti-Fraud Register
Insurers pass information to the Claims and Underwriting Exchange Register operated by Database services Ltd and the Motor Insurance Anti-Fraud Register compiled by the Association of British Insurers. The objective is to check information provided and to prevent fraudulent claims, Motor insurance details are also added to the Motor insurance database operated by the Motor Insurers Information Centre (MIIC) which has been formed to help identify uninsured drivers and may be accessed by Police to help confirm who is insured to drive, In the event of an accident, this database maybe used by insurers, MIIC and the Motor Insurance Bureau to identify relevant policy information Other insurance related databases may also be included in the future

IDD/TOB 1/05.2






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