Important Notices and Terms of Engagement
Please make sure that you read and understand the following important information.
Acceptance of our Terms of Engagement
By asking us to quote for, advise on, arrange or handle your insurances you are providing your informed agreement to these Terms of Engagement.
Reports prepared and issued by ILG Insurance Brokers Limited (ILG) contain information which is confidential to the insured named therein and ILG. Accordingly, we trust you will understand that such reports are given to the company, it’s directors, officers and employees in confidence and may not be distributed, reproduced in any form or communicated to any other person, firm or company without the prior approval and consent of ILG.
The Insurance & Lending Group of companies, of which ILG Insurance Brokers Limited (ILG) is a member, has always valued the privacy of personal information. When ILG collect, use, disclose or handle personal information ILG will be bound by the Privacy Act 1993 (the “Act”.
ILG collect personal information to offer, provide, manage and administer the many financial services and products we are involved in and offer to our clients. These include insurance broking, claims and risk management consulting and other insurance services such as employee benefits and arranging premium financing for clients. ILG also collect it to be able to develop, establish and administer alliances and arrangements with other organisations in relation to the promotion, administration and use of our respective products and services.
ILG disclose personal information to third parties who we believe are necessary to assist us in providing relevant products and services to our clients. We do, however, limit the use and disclosure of any personal information provided by us to such third parties for the specific purpose for which it was provided.
We may store information (including personal information) that we receive or hold about you on our own servers or in secure server locations operated by companies contracted by us to do so on our behalf both in and outside of New Zealand.
Where we collect personal information on behalf of individuals, those individuals have the right of access to, and to seek correction of, personal information about them.
ILG and other Insurance and Lending Group companies may wish to contact you, including by email, about goods or services which may be of interest to you, including sending you newsletters and service offerings. If you do not object to this, which you may do at any time, your and your staff’s consent to receive such communications will be assumed.
Complaints Dispute Resolution
If you have a concern or complaint about any service that ILG have provided, you should immediately contact your ILG advisor or representative or alternately telephone or email details of your concern or complaint to :
Address : The General Manager
ILG Insurance Brokers Ltd
P O Box 303192
Email : email@example.com
Telephone: 09 448 2095
Fax: 09 448 2182
When lodging a complaint please supply the following information :
The name in which your policy is issued
Your contact details
Details of your complaint
Your complaint will be considered by a senior member of staff and reviewed by a Director of the company.
Additional information and/or a meeting may be requested.
If you are not satisfied with ILG’s response you may refer your complaint to :
The "Insurance & Financial Services Ombudsman Scheme Inc (ISFO Scheme)”
Postal Address : P O Box 10-845
Email : firstname.lastname@example.org
Website : www.ifso.nz
Freephone : 0800 888 202 (within NZ)
Fax : 04 499 7614
Duty of Disclosure
You have a legal duty to disclose to your insurer any information that is known to you or that could reasonably be expected to have been known to you that would influence the judgement of a prudent insurer in accepting or declining a risk or in fixing the premium or terms or conditions of the contract of insurance.
This duty is an on-going duty and requires that you make disclosure to your insurer when applying for insurance, when renewing any insurance or when making any change to an insurance policy.
Examples of information that you may need to disclose include:
Any change in circumstances which could increase the risk of any insurance claim
Any criminal offence or traffic offence
Any cancellation, refusal to renew or imposing of special terms or conditions by another insurer
Any previous insurance claims that you have had
If in doubt about whether or not something needs to be disclosed you should always disclose.
Changes and Developments
It is also important that you advise ILG immediately of any changes or developments to your business that could be material to the nature and extent of your insurance program. Examples of material changes include :
Any business undertaken that is outside of the scope or description of your business as specified in your policies
The acquisition of or merger with any other company or business
The purchase, construction or occupancy of any new or additional premises
Any alteration, vacancy, temporary unoccupancy, extension or demolition of existing premises
Any increase in values beyond the sums insured or limits specified in your policies
The removal of stock, equipment or other insured property to another location
Any “hold harmless” agreement*, assumption of liability or waiver of recovery rights under the terms of any agreement or contract
Any hiring, leasing or borrowing of vehicles, plant, equipment, etc
Any substantial or material change in processing methods, occupancy of premises or products
Any change to the territories in which business is done, particularly in North America or Canada
Any alterations (including temporary alterations) in the nature and extent of your burglary and/or fire detection and prevention systems
* Hold Harmless Agreements – If you sign or enter into an agreement that contains a “hold harmless” clause/condition it means that your insurer will be unable to exercise subrogation or rights of recovery against another party. Such a waiver of rights may also be regarded as a material fact which, if not disclosed to your insurers, could result in your insurance being rendered void. Contracts that contain any “hold harmless” clause or other form of waiver should not be signed without the prior written approval of your insurers.
ILG Insurance Brokers Ltd, it’s directors and staff shall not be responsible for the solvency of any insurer or it’s ability or willingness to pay claims, return premiums or meet any of it’s financial obligations and you understand and agree that we do not accept any liability due to the failure of any insurance company.
We will use all reasonable precautions in choosing an insurance company(ies) and will advise you of their Financial Strength rating as per the Insurance Companies (Ratings and Inspections) Act 1994.
We do not guarantee or make any representation or warranty that insurance can be placed on terms acceptable to you and we disclaim liability for any additional expense or liability that may be incurred, or planned saving which is not made.
We will not be liable for any loss of profits, loss of business, increased or duplicate costs and/or any economic or indirect or consequential loss or damage.
Invoices are payable on presentation.
The insurer has the right to decline any claim if the premium due to it for the cover has not been paid.
In order to assist clients ILG Insurance Brokers Ltd can arrange for your premium to be paid in instalments.
These facilities are made available through Insurance & Lending Finance Ltd which, like us, is a company within the Insurance & Lending Group and ILG Insurance Brokers Ltd receives no direct benefit or income for doing so. If you wish to make use of this facility please contact us to make the necessary arrangements.
The documentation provided by ILG Insurance Brokers Ltd about the policies arranged on your behalf are brief summaries only of the cover placed and are not to be relied upon for purposes of determining the terms and conditions of your cover.
For full details of the terms, conditions, extensions, limitations, restrictions, sub-limits, excesses, etc, applicable reference should always be made to the insurer’s policy wording and schedule.
Should you not have received or have mislaid these documents copies will be made available on request.
It is important that you read all insurance documents issued to you, both by ILG and your insurers. Particular attention must be paid to any warranties and conditions as failure by you to comply with them could invalidate your policy and cover.
Our role is to advise you on insurance matters and, after we have assessed your needs, to make a suitable recommendation.
We select personal and commercial insurance products from a range of insurers, but for certain products we may only deal with a single insurer or deal with a limited number of insurers.
We may also on occasion provide advice or make recommendations based on information generally applicable to businesses similar to or operating in the same industry as yours.
We will negotiate with insurers on your behalf and keep you informed of any significant developments.
We are independent of any insurer. We will advise you of the insurers with whom we propose placing your insurance. Unless you advise us to the contrary, each insurer with whom we place your business will be deemed as acceptable to you.
We take no responsibility for the adequacy or accuracy of any insurance placed for you by another party.
We will hold review discussions and/or meetings with you as agreed from time to time or when required or requested by you.
We will assist in the preparation, management and negotiation of claims. If we spend more than 10 (ten) hours on a claim or series of related or similar claims, we may charge you a fee based upon an hourly rate of $95 for further claims services.
We will assist you when necessary or requested with the completion of application forms and other documents relating to your insurances, however we do not accept responsibility for the accuracy of those documents and we will not sign documents for you.
Our obligation to provide services to you will end when our appointment is cancelled.
You can cancel our appointment at any time by notice in writing to us at P O Box 303 192, North Harbour, Auckland, 0751 or by delivery of such notice to The General Manager, ILG Insurance Brokers Ltd, 76 Paul Matthews Road, North Harbour, Auckland.
Unless otherwise agreed in writing, if our appointment is terminated for any reason howsoever arising, any and all monies owing or outstanding will become immediately due and payable and ILG shall be entitled to receive and retain all commission received (or receivable) together with all fees charged for the services provided.
The handling of ongoing claims or any other service, if required or requested by you after such cancellation, will be charged out at the rate of $95 per hour and will be subject to our standard Terms of Engagement.
Limitation of Liability
It is specifically agreed that ILG Insurance Brokers Limited will not be liable for any direct, indirect or consequential loss (financial or otherwise), damage, cost, expense arising from any negligent act, error, omission, advice given or service provided whether in contract, tort or otherwise, and that in the event of any liability being established in any court of competent jurisdiction the maximum aggregate amount payable in relation to such direct, indirect or consequential loss, damage, cost, or expense shall be limited to the amount of commission and fees earned by or paid to ILG Insurance Brokers Limited for the advice given or service delivered.
Refunds following Cancellation or Amendment
You should make any request for cancellation of a policy in writing.
The terms of your policy may entitle insurers to retain the premium in full or to charge short-period premiums in the event of cancellation before the policy expires.
If cover is cancelled before the expiry of the period of insurance or if the policy is entitled to a premium reduction for any reason whatsoever, we will refund to you only the net premium which we receive from the insurer. We will not refund any part of the commission or fee we receive for arranging or administering the policy or cover.
We receive commission from insurers with whom we place insurance. The rates of commission may vary between insurers. From time to time we may also receive certain other monetary or non-monetary benefits from insurers and/or other service providers operating in the insurance industry. Such benefits do not influence the placement of a client’s business.
The amount invoiced in respect of any insurance policy may also include fees. The amount of fees charged may vary depending on the class of business and the nature of work to be performed by ILG but will not exceed 15% of the total premium payable without prior agreement with the client.
Where fees are charged these will be reflected separately as “Fee” or “Add-on” on the relevant invoice.
We have premium payment arrangements with insurers as provided for in the Insurance Intermediaries Act 1994 and as a result, we earn investment income from handling premium funds.
We sometimes pay money to others who refer clients to us. These payments are made from the commission received from insurers and/or fees you pay us.
Premium payments that we hold are deemed to be held by the insurer(s) with which your insurances are arranged.
Money that we have collected is held in a premium trust account pending payment to insurers. The premium trust account is operated in accordance with the Insurance Intermediaries Act 1994.
For purposes of some transactions, client money may pass through other authorised intermediaries before being paid to the insurer.
Authority to Renew
In order to protect your interests and to ensure continuity of cover, if a policy is renewable, we will automatically renew it unless advised not to do so.
Conflict of Interest
Occasions can arise where we or one of our 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 contact you and obtain your consent before we carry out your instructions.
Claims Handling Arrangements
It is important that you take note of and acquaint yourself with the required procedure in the event of a claim. These are explained fully in your policy documentation.
Insurers generally require immediate notification of a claim or circumstances which might lead or give rise to a claim.