Terms of Business

Terms of Business

Our Terms of Business confirm how we agree to act for you and include details of our regulatory and statutory responsibilities. These Terms should be read in conjunction with your Insurers Policy Wording, Schedule and Statement of Fact.

Please read them carefully.

About us

CoverMy Motor is a trading name of Mercury Insurance Brokers Ltd, registered office 5 Technology Park, Colindeep Lane, London NW9 6BX 

 

Our Service

We are an independent insurance intermediary (insurance broker).

You will not receive advice or recommendations from us. However, we may ask you some questions to narrow down the selection of products we will provide details on. You will then need to make your own choice about how to proceed.

We will select insurance products from a range of different insurers. A list of the insurers we deal with is available upon request.

 

The Financial Conduct Authority

CoverMy Motor is a trading name of Mercury Insurance Brokers Ltd, which is authorised and regulated by the Financial Conduct Authority (FCA). Our firm reference number is 571906.

You may check this information on the FCA register by visiting www.fca.org.uk/ or by contacting the FCA on 0800 111 6768.

 

Fees & Charges

In addition to any insurance premiums, insurer charges, premium finance provider fees or interest charges – We charge professional fees as follows:

Arranging a new policy or renewing an existing policy

£50

Mid-Term Alteration to your policy (includes change of address, change of vehicle, change of registration no.)

£40

Provision of hard copy documents postage fee

£5

Duplicate documents

£20

Cancellation charge

£70

 

How we handle your money

We hold your premium (payment or refund) in a trust account as agent of the insurer. It is considered as being held by the insurer whilst in this account – this is known as ‘risk transfer’. While it is in the account, your money cannot be used for any purpose other than paying the insurers or any brokers through whom we may have arranged your insurance, or in the case or premium refunds, returning the money to you. Any interest earned on the account is retained by us.

 

Your duty to disclose information

You must provide us with honest and accurate information to the questions we ask and inform us of any changes to the information previously supplied. If you withhold information or answer questions dishonestly you may have your cover reduced, be charged a higher premium or have your policy cancelled or voided and any claims may not be paid. It is your duty to notify your insurer immediately regarding any circumstance that may give rise to a claim under the terms of your policy. If you are in any doubt as to whether information is material or not, you should disclose it.

 

Documentation

Our aim is to produce documentation in a clear and understandable format.

You should check all policy documentation to ensure that the details are correct and the cover provided meets your requirements. Any errors or discrepancies must be notified to us immediately.

You will be asked to provide documentation following the purchase of your policy. Failure to provide requested documentation will result in additional fees and/or premium being due, or cancellation of your policy.

All policies contain conditions, exclusions and excesses. It is your responsibility to examine the document to familiarise yourself with these.

A breach of a policy condition may result in non-payment of a claim.

 

Cancellation of Policy

To cancel your policy please telephone our Customer Service team on 0345 456 4505 or email [email protected] in the first instance. They will advise you of the process required for your insurer and can help you look for alternative cover if appropriate. Cancelling your instalment plan DOES NOT cancel your policy, and the payments made to date are unlikely to cover costs in the event of cancellation. Any remaining balance can be settled in one payment or you must continue with the instalments until repaid. We will withhold proof of any No Claims Bonus until the balance is paid. Cancellation fees and costs apply whether the policy is cancelled by you or us, regardless of reason. If there has been ANY claim or potential loss, the full premium will be payable with no refund due – please refer to your Policy Booklet. We may communicate any cancellations by email, so please ensure the email address you provide us with is correct and kept up to date. 

Cancellation charges will be calculated in accordance with your specific insurer’s cancellation terms. Some insurers calculate cancellations on a pro rata basis (the time you had on cover) while other insurers calculate them on a short period cancellation scale, please refer to you Insurer’s Policy Booklet to find out how your insurer calculates cancellations or call our Customer Service team.

Insurer charges are in addition to our charges, see section Fees & Charges.

 

Claims

In the unfortunate event that an incident occurs which may give rise to a claim, whether fault or non-fault it is your responsibility to inform us within 72 hours. Some of our insurers will charge £400 if a claim, regardless of fault, is not reported to us or them within 72 hours from the time/date of incident, please refer to your Policy Booklet. If the claim involves damage to your vehicle, you must not authorise repair work until this has been agreed by your insurers. If your claim involves damage to third party property or injury to persons, you must pass copies of all unanswered correspondence, including solicitors’ letters to us immediately.

Please do not attempt to negotiate or respond to any other party regarding the incident without prior referral to us or your insurers as this may prejudice your claim.

You should be aware that a claim arising after the renewal of a policy has been invited may affect the assessment and acceptance of that renewal by your insurers. If you are in any doubt as to what action to take in the event of a claim, please call us 0345 184 9999.

 

Insurer security

While we monitor the financial strength of our insurer panel.  it should be noted that the claims-paying ability of even the strongest insurers could be affected by adverse business conditions. We cannot, therefore guarantee the solvency of any insurer or underwriter.

A liability for the premium, whether in full or pro rata, may arise under policies where a participating insurer becomes insolvent.

 

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. For further information about compensation scheme arrangements go to www.fscs.org.uk

 

Complaints

We want to provide an excellent level of customer service to all our customers. If for any reason you are unhappy with our service, please let us know and we will do everything we can to put it right. Should you wish to register a complaint, please contact us by email: [email protected]: Call us: 0345 456 4505, or write to: CoverMy Motor, Field House, Station Approach, Harlow, Essex CM20 2FB. If you are unable to resolve your complaint with us, you may be able to refer your complaint to the Financial Ombudsman Service.

 

Governing law

The laws of England and Wales govern this agreement and any dispute is subject to the jurisdiction of the English courts.