Terms of Engagement
Strong Insurance PTY LTD
Our Obligations
DUTY TO INFORM & ADVISE
As an insurance broker we will help identify risk and/or provide you with requested insurance cover to suit your needs. We will aim to always get you the most appropriate cover at the best price. In the event of a claim we will be here to liaise with your insurer and help get you your full policy entitlements.
​
We provide insurance knowledge and are connected with a network of well regarded insurance providers, meaning we are often able to obtain policy wordings that may not be available to the general market.
​
Being a part of Community Broker Network and Steadfast we are able to source competitive pricing and deals to pass on to your consumers.
​
As a professional we can help identify risk to ensure you are covered for all your insurance needs.
ACQUIRING QUOTATIONS, POLICY PLACEMENT & RENEWALS
We do not charge you for providing insurance quotes. We use years of industry professional knowledge to know where to go for what you need. We use the information provided from you to source insurance quotes. Depending of the complexity of your insurance we may seek multiple insurers for quotes - or for extremely specific insurance needs, we may be limited to 1 or 2 insurers.
​
In the event that we place a policy for you we can do so with your written or verbal instruction. We will place cover with the insurer based on the information that you provided to us. You will be delivered all documentation electronically as soon as possible after policy placement. You have a duty to read your documents to ensure the policy information is accurate and suits your needs. If the policy needs any amendments or changes - simply contact our office ASAP to have this policy cancelled, replaced, or amended. We may charge a policy placement fee as well as receive a commission from insurance partners that we work with. For full information about our remuneration please see our Financial Services Guide.
​
Upon your policy with us ending, we will renew it for you with the same insurer unless you advise us not to. We do this to ensure that you cover remains in place and protect you from risk. We will reach out at least 14 days prior to the expiry of your policy. If your current insurer is not offering renewal, we will reach out to you to let you know; however, your policy will lapse on the expiry date as we are unable to place cover with a new insurer without your instruction to do so.
​
During the renewal process we will look at alternative quotes to see if we can get you equal or better cover for a cheaper premium. Depending on the market and your specific circumstances we may roll your insurance over with the same insurer.
​
If we are unable to get in contact with you, we will renew your insurance to ensure you have continuity of coverage. We will send you your full policy documents in this case. If there is a change to your circumstances or you need to amend the details of the cover, contact us as soon as possible to allow us to assess whether your insurance is appropriate for your circumstances.
NEEDING TO MAKE A CLAIM
Should you need to claim we will do our best to represent you to the insurer. We will review your cover and claim situation to determine the next steps. There may be additional documents or steps required in order to allow the insurer efficient information to conclude the loss.
​
Some situations may require you to liaise with the insurer directly, or at your own discretion you may do that as long as it is within the insurers procedures. Some insurers will require you to liaise with your broker (us).
​
Your insurer may appoint associated companies such as loss adjusters or industry professionals to assist in determining the cause/value/or similar regarding the claimable loss.
We will forward you any claim related documentation, insurance company settlement cheques and other associated claim information.
​
POLICY CANCELLATIONS
All policy cancellations need to be in written format. We are only able to cancel an insurance policy through the insured or authorised acting persons of the policy. If you have elected to fund your insurance premium through a premium funder they are given the authority to act on the policy and can/may cancel your policy due to non payment in line with their process. We cannot cancel any insurance contract which is subject to the Marine Insurance Act 1909.
​
If you cancel your insurance mid term, we will refund the net premium we receive from your insurer. We will not refund our fees or commission for arranging the insurance or premium funding. We do not charge any additional cancellation fees other than for what is noted above.
​
If you have elected to fund your premium with an insurance premium funder and cancel the policy mid term, the premium funder may charge you the full interest applicable on the funding contract as well as an early contract termination fee - please see your funding contract for full terms and conditions that apply. We will refund the net premium from your insurer but will not refund any fee's or commissions charged/earnt at policy inception. Your refund may be reduced from the insurer by any amounts owed on the funding contract or in some circumstances the amount returned from the insurer may not finalise the amount owed on the funding contract and you may have to make an additional payment.
​
In some cases insurers may charge minimum premiums to policies with may further reduce the refund in the event of a cancel. Insurers may short date a policy or charge an additional premium if the information you have provided at policy inception is incorrect resulting in a more expensive premium.
​
It is always a good idea to discuss your cancellation with our team before actioning as there may be premium owed for time on cover or more financially beneficial ways if you are looking to replace the policy or retake the policy up in the future.
STRONG INSURANCE REMUNERATION
Strong Insurance is generally remunerated through a policy placement fee that is shown on your invoice - this fee can vary depending on the time taken and complexity of your insurance requirements. We will always display your fee on your invoice. Our insurance partners provide a percentage of the premium as payment to our office, this is referred to as commission. Commission amounts can vary between insurers (from NIL to 30% of the base premium). We will always place policies with insurers that are best for your needs and requirements despite commission rates. Any commission on a policy is paid to us by the insurer, you do not need to pay this in addition to your quoted premium. Any fee charged upon policy placement or commission on the policy is deemed earnt at inception and is non refundable. If we organise a premium funding option for you at your request (so that you can pay your insurance by the month, week, etc), we may receive remuneration from the funding company through a variety of methods, including but not limited to a commission from the premium funder (this is generally capped at 2% of the premium). Other financial remuneration may apply.
​
We work for you and will always hold your needs and requirements at the forefront of our actions.
​
Although our policies may include additions such as a fee - we are generally more competitive and/or are able to provide insurance policies that are otherwise unavailable to clients through the general insurance market.
Your Obligations
YOUR DUTY OF DISCLOSURE
Before entering into an insurance contract, you have a duty to tell us anything that you know, or could reasonably be expected to know that may affect the insurer’s decision to insure you and on what terms the insurance cover would be offered.
​
It is important that you provide us with complete and accurate information regarding the risk to be insured as well as the required personal details and situation. If you fail to provide this information accurately and in its entirety the advice we give you may not be appropriate for your needs.
​
If your circumstances change, our recommendations may no longer be appropriate. Please tell us about any changes to your circumstances so that we can confirm that your insurance cover remains suitable for your needs.
​
-
You have this duty when acquiring insurance quotes, prior to taking out the insurance as well once the insurance has been taken out and for the life of the policy.
-
You have the same duty before you renew, extend, vary or reinstate an insurance contract.
-
You do not need to tell the insurer anything that:
-
Reduces the risk they insure you for; or
-
Is common knowledge; or
-
They know or should know as an insurer; or
-
They waive your duty to tell them about.
-
​
If you do not tell the insurer something you are required to, they may cancel your insurance contract - or refuse, reduce or deny a claim or the amount payable in the event of a claim.
​
If your failure to tell them is fraudulent, or the circumstances around the insurance contract, or claimed event, the insurer may refuse to pay a claim and treat the contract as if it never existed.
​
CONSUMER INSURANCE CONTRACTS
Consumer insurance contracts are no longer bound by a Duty of Disclosure. Customers entering into a consumer insurance contract will have a duty ‘to take reasonable care not to make a misrepresentation’.
When applying for insurance, there is a legal duty to take reasonable care not to make a misrepresentation to the insurer before the contract of insurance is entered into. To meet this duty, each person who will be covered under the insurance must also take reasonable care not to make a misrepresentation.
This would include but is not limited to, any false answer, or any answer that is only partially true, omits truths, or which does not have a fair reflection of the truth.
​
This duty also applies when extending or making changes to existing insurance, acting on the insurance such as during a claim, renewing insurance or reinstating insurance.
YOUR RESPONSIBILITY
You are responsible for the information provided to us.
The information is for yourself as well as any other individual that would be covered under the policy.
Each person answering our questions should:
-
Carefully consider all questions before answering. If you are unsure of the meaning of any question, please ask for clarity before providing an answer
-
Answer every and all questions presented/asked
-
Answer truthfully, accurately and completely. If you are unsure about whether you should include information; you are required to include the information/or guide clarity on the requirement to present the information. All information should be presented and you should not assume that we will seek this information from another person/party.
-
Review your insurance application/proposal form as well as all provided insurance documents carefully. If someone else assisted in the preparation of your insurance application, please check every answer (and if necessary, let us know of any amendments/changes required as soon as reasonably possible.
FOR MORE INFORMATION
If you require any further information, or have any questions regarding the way we operate/your duties & responsibilities - please call our office on:
