45north Ltd

45north Ltd is authorised and regulated by the Financial Conduct Authority – reference 745230. You may check this on the Financial Services Register by visiting the FCA website at www.fsa.gov.uk/register/ or by contacting the FCA on 0800 111 6786.

Our trading names are Bikmo, Bikmo Plus, Bikmo Go and Bikmo Tri.

Trading address: 7 Abbey Square, Chester, CH1 2HU. Registered in England & Wales No: 09149847.

By asking to quote for, arrange or handle your insurance, you are providing your informed agreement to these Terms of Business. We draw particular attention to;

  • ‘Use of personal data’, specifically the paragraph explaining how ‘sensitive personal data’ will be used and the section titled ‘Credit Searches’.
  • The section headed ‘Handling money’, which explains our terms for handling client money in a non-statutory trust account.

Please read this document carefully. Please contact us immediately if there is anything in this document that you do not understand/or with which you disagree.

In the interests of security, staff training and to generally improve our service please be aware that telephone calls may be monitored and/or recorded.

1. Definitions

1.1. ‘You’ or ‘your’ means you (and/or your appointed agent).

1.2. ‘We’ or ‘us’ or ‘our’ means the firms noted in the heading of this document.

2. Who regulates us?

2.1. We are authorised and regulated by the Financial Conduct Authority (FCA) an independent body that regulates the UK financial services industry. Our details may be confirmed on the FCA’s Register www.fca.org.uk or by phoning the FCA on 0800 1116768.

2.2. Our permitted business activities are introducing, advising, making arrangements with a view to transactions, dealing as an agent, assisting in the administration and performance of a contract and agreeing to carry on a regulated activity in respect of General Insurance contracts, and credit broking in relation to insurance instalment facilities.

3. Our service

3.1 When transacting your business online, we source and arrange a product but do not offer advice or make recommendations when arranging your insurance. However, we may ask some questions to narrow down the selection of products on which we will provide detail, You then need to make your own choice on how to proceed.

3.2 In some circumstances we do provide advice and we will, therefore, confirm in separate documentation whether or not any advice or recommendation has been made before finalising your insurances.

3.3 We will not provide further advice or recommendations following the arrangement of insurance cover unless you notify us of a material change of circumstances or formally request that we review your insurance arrangements.

3.4. We will advise you of any inability to place your insurance.

3.5 We only cycle insurance from Hiscox Insurance Company Ltd. We will not in any circumstance guarantee the solvency of any insurer.

3.6 Please also note, unless your policy confirms otherwise, the rights under your policy may only be pursued in English law.

4. Our remuneration and other income

4.1. We are usually remunerated by commission from insurer(s), product providers, and where applicable, finance providers, for our insurance broking services. In addition:

4.1.1. We may make individual charges up to £20 to cover the administration for mid-term cancelled policies – you will be notified before the conclusion of the transaction. No charge is made for arranging a policy, mid-term adjustments, renewals or the replacement of documents.

4.1.2. Some insurers may make additional payments to us reflecting the size and/or profitability of our account with them and/or in respect of work we undertake on their behalf.

4.1.3. We charge you a flat 2.5% fee for payment processing.

4.2. You are entitled, at any time, to request information regarding any commission which we may have received as a result of placing your insurance business.

4.3. When you receive your quotation, you will be informed of the total price to be paid which identifies any fees, taxes and charges separately from the premium, before your insurance arrangements are concluded.

4.4. We also draw your attention to the section ‘Cancellation of Insurances’.

5. If domiciled in a country other than the UK

5.1. The law or regulations in your country of domicile may take precedence over any relevant UK legislation. Therefore references in this document to the FCA or Financial Ombudsman Service or Financial Services Compensation Scheme and any rights or benefits thereunder may not apply. If you wish to clarify your position in this respect then we will discuss this on request.

6. Your responsibilities

6.1. It is your responsibility to answer honestly and to the best of your knowledge, providing complete and accurate information which insurers will require. This also applies to your responses in relation to any assumptions. This particularly important when taking out a policy but also during renewal and when you make a mid-term adjustment to your policy.

6.2. Failure on your part to immediately disclose information relevant to your insurance or any inaccuracies in the information given could result in your insurance cover being invalid or a claim may not paid.

7. Notification of changes, alterations and renewals

7.1. Amendments to policies may be arranged upon receipt of full details and on return of the certificate of insurance (if applicable). Cover is subject to acceptance by insurers and payment of any additional premium required inclusive of Insurance Premium Tax (IPT).

7.2. Renewals are invited on the basis that there have been no changes in the risk other than those specifically notified to us or your insurers.

8. Insurer security

8.1 We will only place cover with insurers who satisfy certain minimum criteria assessed by the rating agencies and/or our own assessment, or for whom you have given us specific approval to use. Whilst the information upon which we rely is obtained from sources considered to be reliable, and we use all reasonable endeavours to review that information in order to protect your interests, predictability of solvency cannot be, and is not, guaranteed by us. The financial standing of any insurer can, of course, change after the insurance contract had incepted. We do not guarantee the ongoing ability of any insurer to meet their contractual obligations.

9. Quotations

9.1. Quotations are valid until the date cover commences up to a maximum of 30 days, unless otherwise stated. Specimen policy wordings are available upon request.

10. Documentation

10.1. Documentation including your policy and certificate, if applicable, will be available in your online account.

10.1. It is your responsibility to read all documentation and ensure that there are correct and meet your needs. Incorrect policy information could result in a claim not being paid.

11. Payment of the premium

11.1 We must receive your payment, before cover commences unless we agree otherwise. A charge may apply to payments made by credit card and this will be confirmed to you at the time of incepting or renewing your insurance. If we agree to accept payment from someone other than the policyholder then this must be notified to us and agreed by us.

11.2 We have no obligation to fund any premium, taxes or fees (if applicable) on your behalf nor do we have any responsibility for any loss you may suffer as a result of cancellation of insurance cover or any other prejudicial steps taken as a result of late payment substantially attributable to you. If we decide to retain certain documents whilst awaiting payment, we shall provide details of your insurance cover and any information or documents required by law.

11.3 We shall be entitled (but not obliged) without providing notice to you to set off any amounts due to us from you, against any amounts which we may receive on your behalf (i.e. claims moneys, refunded premiums and other sums). Please be aware that full or partial non-payment of a premium or default on a credit agreement may result in the cancellation or lapsing of your policy.

12. Transferred business

12.1. When we are appointed to service insurance policies other than at their inception or renewal and which were originally arranged via another party, we shall not be liable during the current insurance period for any loss arising from any errors or omissions or gaps in your insurance cover or advice not supplied by us. Should you have any concerns in respect of a policy, which has been transferred to us, or if you require an immediate review of your insurance arrangements, you must notify us immediately. Otherwise we shall review your insurance arrangements and advise accordingly as each policy falls due for renewal.

13. Cancelled and short period policies

13.1. If you wish to cancel your policy then you will need to contact the customer services team via phone or email, or use the cancellation function in your online account.

13.2. Subject to the cancellation terms of your policy, a refund of premium may be available, you will be advised of this at the time. Details of any applicable cancellation terms and charges will be found in your policy documents.

13.3. Our commission and/or fees are fully earned from the date insurance cover commences and may not be refundable in the event of cancellation, avoidance or early termination of a policy.

13.4. There is no refund for policies of a duration of 30 days or less.

13.5. Our annual policies have a 14-day cooling off period.

14. Claims

14.1. You should take note of the required procedures in the event of a claim, which will be explained in the policy documentation. Generally, insurers require immediate notification of a claim, or circumstances which may lead to a claim.

14.2. We will employ due care and skills if we act on your behalf in the event of a claim.

15. Client and insurer money

15.1. Our financial arrangements with most insurance companies are on a risk transfer basis. This means that we act as agent of the insurer in collecting premiums and handling refunds due to clients.

15.2. We hold all client monies in a Non-Statutory Trust bank account in accordance with the FCA client money rules. Under these arrangements, we assume responsibility for such monies and are permitted to, and may:

15.2.1. Use such monies received on behalf of one customer to pay another customer’s premium, before the premium is received from that other customer. However, we are not entitled to pay ourselves commissions before we receive the relevant premium from the customer;

15.2.2. For the purpose of effecting a transaction on your behalf, pass your money to another intermediary, including those that reside outside the UK who would, therefore, be subject to different legal and regulatory regimes. In the event of a failure of the intermediary, this money may be treated in a different manner from that which would apply if the money were held by an intermediary in the UK. Please inform us if you do not agree to this.

15.2.3. Retain for our own use, any interest earned on client money.

15.3. Your money will be held as agent of the insurer, which means that when we have received your cleared premium, it is deemed to have been paid to the insurer.

15.4. Unless we receive your written instruction to the contrary, we shall treat the receipt of payment from you and of any claim payment and/or refund of premium which fall due to you, as being with your informed consent to the payment of those monies into our Non-Statutory Trust bank account.

15.5. A copy of the deed of trust is available on request or may be inspected at our premises during normal office hours. If you object to your money being held in a non-statutory trust account, you should advise us immediately. Otherwise, your agreement to pay the premium together with your acceptance of these terms of business will constitute your informed consent to our holding your money this way.

16. Our liability to you

16.1. Unless we have otherwise agreed with you in writing, we shall treat your instructions to us to place or renew your insurance cover as acceptance of the limitation of our liability to you and to any other person with an interest in your insurance cover, as follows;

16.2. Except in respect of any claim: –

resulting from our fraudulent act; or
resulting from a breach by us of the FCA’s rules or Principles of Business; or
in relation to any liability for death or personal injury resulting from our negligence; or
in relation to any other liability which cannot lawfully be excluded or limited
our liability to you (whether in contract, tort (including, without limitation, negligence) or otherwise) shall be limited to £1,000,000 in respect of any and all insurance mediation activities undertaken by us on your behalf over any 12-month period.

16.3. This Agreement contains all obligations owed by us to you. Our liability shall be strictly limited to direct liability in contract. We expressly exclude any liability for indirect or consequential loss howsoever arising and any and all liability in tort save in relation to liability for our negligent acts causing personal injury or death or other liability expressly reserved by statute.

17. Confidentiality and security

17.1. We will process any personal information we obtain in the course of providing our services to you in accordance with the Data Protection Act 1992.

17.2. In administering your insurance and where applicable for arranging premium finance, it will be§ necessary for us to provide information to insurers and other relevant services or product providers, or if required by law.

17.3. Some of the details you may be asked to give us, such as information about offences of medical conditions are defined by the Act as sensitive personal data. By giving us such information, you signify your consent to it being processed by us in arranging and administering your insurances.

17.4. Subject to certain exceptions, you will be entitled to have access to your personal and sensitive personal data. We do not charge for this service.

17.5. We may from time-to-time, provide you with marketing information on other products we supply and/or pass your contact details to other suppliers of products or services of whom we approve. Please notify us promptly in writing if you do not wish your details to be used for any of these purposes otherwise we shall treat issue of this Terms of Business as evidence of your informed consent.

17.6. We take appropriate steps to ensure the security of any money, documents, other property or information handled or held on your behalf. It is our policy to retain records for insurance cover effected on your behalf for a minimum of 3 years after expiry and otherwise as required by regulation or law.

17.7. All information in any form, with the exception of policy documents and certificates issued on behalf of insurers, supplied by us to you must be treated as strictly private and confidential and not be released directly or indirectly to any other party, without our explicit, written consent.

18. Ending your relationship with us

18.1. You or we may terminate our authority to act on your behalf by providing at least 7 days notice in writing (or such other period we agree). Termination is without prejudice to any transactions already initiated by you, which will be completed according to these Terms of Business unless we agree otherwise in writing.

18.2. You will remain liable to pay for any transactions or adjustments effective prior to termination and we shall be entitled to retain any and all commission and/or fees payable in relation to insurance cover placed by us prior to the date of written termination of our authority to act on your behalf.

19. Severability

19.1. If any provision of these Terms of Business is found to be invalid or unenforceable in whole or in part, the validity of the other provisions of these Terms of Business and the remainder of the provision in question will not be affected.

20. Assignment

20.1. We are entitled to assign these Terms of Business to any other company within the group of companies of which we are part but then only for so long as such company remains a member of such group.

20.2. We are entitled to transfer client monies to an identical bank account held in the name of any other company within the group of companies of which we are a part but then only for so long as such company remains a member of such group.

21. Law and jurisdiction

21.1. These Terms of Business which form our agreement with you shall be governed by and construed in accordance with the laws of England and the exclusive jurisdiction of the English courts unless we agree with you otherwise.

22. Rights of Third Parties

22.1. Unless otherwise agreed between us in writing no provision of this Terms of Business is enforceable under the Contracts (Rights of Third parties) Act 1999 by any person other than you or us.

23. Credit checks

23.1. We, and other companies involved in arranging your insurance, may use public and personal data from a variety of source including credit reference agencies and other organisations.

23.2. The information is used to help tailor a price to ascertain the most appropriate payment options for your, and prevent fraud.

23.3. Any credit reference search will appear on your credit report, whether or not your application proceeds, If you have any questions about this, or any other matter, please do not hesitate to contact us.

24. Bribery and corruption

24.1. We have no tolerance for bribery and corruption and this policy extends throughout the company for all of its dealings and transactions in all countries in which we operate. Our anti bribery policy is updated in line with the changes in law, changes in our business and our reputational demands. All employees are required to comply with this policy.

24.2. Both parties agree to comply fully with the requirements of the Bribery Act 2010, and will not engage in any of the following activity:
promising or giving of an advantage, financial or otherwise, to another person to bring about an improper performance or to reward such improper performance
requesting, agreeing to receive or accepting of an advantage, financial or otherwise to act improperly
bribe a foreign public official to do or reward them for doing, something improper

24.3. Additionally, where applicable, a firm will prevent bribery being committed on its behalf by its employees and third parties.

25. Sanctions

25.1. Both parties shall pay due regard to, and co-operate in respect of the observance of, any applicable international economic, financial or trade sanctions legislation.

26. Complaints

26.1. We sim to provide your with a high level of customer service at all times but, if you feel dissatisfied, please contact us by emailing us at support@bikmo.com or by writing or telephoning us using the following details;

David George
45north Ltd
7 Abbey Square
Chester
CH1 2HU
Tel: 01244 470337

27.2. When dealing with your complaint, we will follow our complaint handling procures; a summary of these are available on request. If you are still not satisfied, you may be entitled to refer the matter to the Financial Ombudsman Service (FOS). For further information, you can contact www.financial-ombudsman.org.uk.

Access to the FOS is available for complaints received from;

  • Consumers (which are private individuals acting for purposes which are wholly or mainly outside that individual’s trade, business, craft or profession).
  • Businesses employing fewer than 10 persons whose turnover or annual balance sheet is less than 2 million Euros.
  • Charities or trusts whose turnover or net assets respectively are less than £1m.
  • Trustees of a trust with a net asset value of less than £1m.

27. Financial Services Compensation Scheme

27.1. We are covered by the Financial Services Compensation Scheme (FSCS) and you may be entitled to compensation from the FSCS if we cannot meet our obligations. Full details and further information on the scheme are available at www.fscs.org.uk.