TERMS OF BUSINESS
INFORMATION ABOUT US
We
are Anglo Arab Insurance Brokers Limited, Osprey House,
With
effect from 7th July 2005, we are authorised and regulated by the Jordanian
Insurance Commission (JIC); our permitted business is arranging general
insurance contracts and independent financial advice. Our Registration number is 290. These details can be checked by contacting
the JIC on +962 (0)6 565 6327.
Relationships
We
are a privately owned investment and insurance intermediary. When we have an arrangement with a proposed
insurer to our financial benefit beyond the remuneration we would normally
receive, we will let you know. We will
also advise you if we have any conflict of interests regarding the services we
provide to you.
Security
We
seek insurance only from insurers which meet our financial security criteria,
unless we receive specific instructions from our clients to the contrary. However, we cannot and do not guarantee the
solvency or continuing solvency of any insurer used. You should note that the financial position
of an insurer can change after cover has incepted.
Please read this document carefully. It sets out the
terms on which we agree to act for you and contains details of our regulatory
and statutory responsibilities. Please
contact us immediately if there is anything in these terms of business which
you do not understand.
We
specifically draw your attention to the following sections:
·
The Duty of
Disclosure
·
Premium Payment
and Cancellation
·
Client Money
Arrangements
THE DUTY OF DISCLOSURE
The
law in the Hashemite Kingdom of Jordan and the UK, where most of our business
is placed, requires prospective insureds and their agents to disclose to
insurers all “material information” before the contract is made. The obligation is not limited to material
information of which they are aware; it extends to matters of which they ought
to be aware in the ordinary course of their business or affairs.
Information
and circumstances are material if they “would influence the judgement of a
prudent insurer in fixing the premium of determining whether he will take the
risk”. Information may be deemed to
influence the judgement of a prudent insurer and be material even if it would
not necessarily have led him to decline the risk or to have set an increased
premium. If there is any doubt whether
information is material, it ought to be disclosed to insurers.
In
addition, prospective and actual insureds and their agents are obliged to act
at all times towards insurers with utmost good faith. This means that both parties (insurer and
insured) must enter into the contract in good faith and must disclose all
relevant facts with the intent to carry out their respective obligations.
Any
failure to disclose any material information to insurers or breach of the duty
to act with utmost good faith may entitle insurers to avoid the policy of
insurance from inception if the breach induced the making of the contract on
the relevant terms. This means insurers
would be entitled to act as if the policy has never existed.
The
duty of utmost good faith and disclosure also apply to the claims process and
to any situations during the period of the policy in which the insured is
required, under the terms of the policy or otherwise, to provide information to
insurers; this includes an extension or amendment or renewal of any policy.
In
completing a proposal or claim form, or other document relating to an insurance
policy, the accuracy of all answers, statements and/or information is the
insured’s sole responsibility.
PREMIUMS
We
invoice our clients for the premium due plus any taxes which insurers are
obliged to collect in respect of the contract of insurance.
Insurers
may include a premium payment condition as a term of the insurance. Failure to comply with the terms of this
clause may result in insurers issuing a notice of cancellation; and failure to
pay insurers the premium in full before the notice period expires will enable
them automatically to terminate their obligations under the policy. We will inform you of any such requirements
and the relevant date(s).
In
some cases, insurers may impose a warranty under the terms of which the
premium must be paid to them by a certain date; failure to comply with the
exact terms of the warranty will enable the insurer automatically to terminate
its obligations under the policy. Again,
we will inform you of any such requirements and the relevant date(s).
Unless
agreed in advance and specifically stated on our debit note to you, all
premiums should be paid to us no later than 14 days from invoice date. This is to allow us sufficient time to pass
cleared funds to your insurers.
CANCELLATION
In
the event of cancellation of the insurance contract after inception, insurers
may return a pro rata premium to us; once our remuneration has been earned our
brokerage fees will not usually be returnable.
We therefore reserve the right to retain our brokerage or fees in full
in such circumstances.
DOCUMENTATION
We
will issue documentation confirming the details of the policy purchased,
including the identity of your insurers.
We
will advise you of the date(s) on which any premiums are due and, if relevant,
the consequences of late-payment.
Where
required by regulation we will also:
-
include with your
policy confirmation a statement setting out your demands and needs as
understood by us;
-
confirm whether
the contract had been personally recommended and, if so, the reasons for making
that recommendation;
-
include a summary
of the key aspects of your policy;
-
provide you with
renewal terms in good time before the expiry of your policy, or notify you that
renewal is not being invited.
It
is important that you:
-
read all your
documentation carefully and inform us immediately if you have concerns with the
coverage arranged for you; and
-
keep your
insurance documents in a safe place while your policy remains open to you to
make a claim.
CLAIMS
You
should notify us at the above address as soon as possible of a claim or
circumstances which may give rise to a claim.
It will help if you are able to advise us of the reference number stated
on your cover note or policy document.
We will advise you what you need to do to pursue your claim; you should
note you will need to state all material facts concerning the claim.
We
will remit claims payments to you as soon as possible after they have been
received on your behalf.
We
will provide you with every assistance in submitting a claim and seeking to
obtain a reimbursement. However, in the
event that an insurer becomes insolvent or delays making settlement we do not
accept liability for any unpaid claims.
REMUNERATION
The
method of remuneration for our services to our clients is normally either in
the form of a proportion of the insurance contract premium, which is set by
Underwriters and known as the commission or brokerage; or a fee previously
agreed with you. If we receive any other
remuneration in connection with the services we provide to you, we will let you
know. We reserve the right to charge for
our services should you cease to be our client but wish us to continue to act
on our behalf.
CLIENT MONEY
Client
money is money that we receive and hold in the course of carrying on insurance
mediation on behalf of our clients or which we treat as client money.
Non Statutory Trust
We
keep client money with The HSBC plc; it is separate from our own money and
subject to a non statutory trust. This
means that we are entitled to and may use client money held on behalf of our
client to pay another client’s premium before the premium is received from that
other client, and to pay claims and premium refunds to another client before we
receive payment from the insurer. We
only take our remuneration from client money when we receive the relevant
premium from the client.
Interest on Client Money
Any
interest or exchange gains realised from client money held by us will be
retained by us.
COMPLAINTS
It
is always our intention to provide a high standard of service. If our service falls below the standard our
clients reasonably expect and they have cause for complaint, we endeavour to
ensure that at the appropriate stage the matter is handled fairly and promptly
by a suitably senior and independent member of staff.
If
you wish to register a complaint then please contact the Compliance Officer in
writing at the address above; or by telephone at +962 (0)6 592 4107; or by
email at
If
we consider that your complaint is not with regard to our performance (for
instance, if the complaint concerns the performance of your insurer), we will
endeavour to put you in contact with an appropriate person to whom your
complaint may be addressed.
We
have a formal complaints procedure which complies with JIC requirements. If we are unable to settle your complaint,
you may be entitled to refer it to the Jordanian Insurance Commission,
Insurance Supporting Services Supervision Department,
LAW AND JURISDICTION
These
terms of business shall be governed by and construed in accordance with Jordanian
law. In relation to any legal action or
proceedings arising out of or in connection with these terms of business we
both irrevocably submit to the non-exclusive jurisdiction of the Jordanian courts.