About our Insurance Services
The Financial Services Authority (FSA)
The FSA is the independent "watchdog"
that regulates financial services in the UK. The FSA
requires
us to give you this document. This information is being
sent to assist you in determining whether Randell Dorling
Limited is the correct vehicle via which you should purchase
your insurance.
Some important facts about your Randell Dorling Limited
combined insurance product, which has been specifically
designed for members of the Professional Contractors
Group (PCG) are summarised below. One other optional
cover is also available which is in essence, a business
equipment insurance. If you would like a quotation for
something that is not included above, you can call us
and we will direct you to the appropriate market or broker,
including but not limited to Blackmore Borley Limited
our parent company.
This summary does not describe all the terms and conditions
of your policy, so please take time to read the policy
document to make sure you understand the cover it provides.
The Policy Terms are available on the Randell Dorling
website, and are adjusted individually by virtue of the
issue of a Policy Schedule and Endorsements if applicable,
in conjunction with which these should be read.
Period of Insurance
Your cover is valid for 12 months unless otherwise agreed
and is renewable annually.
About your Professional Indemnity (PI) Insurance cover
Your PI policy is a legal liability insurance that provides
cover for claims made against you by a third party arising
from a negligent act, error or omission by you occurring
in the course of your business and which results in the
third party suffering (and being able to demonstrate)
a financial loss.
In addition to the basic cover, your policy also provides
many other features and benefits. Please refer to the
policy wording for full details of these.
The maximum payable in respect of any one claim is
the amount chosen by you and shown as the ‘Limit
of Indemnity’ in the policy schedule. Costs incurred
in the defence or investigation of the claim, are inclusive
within this figure.
PI is different to most other insurances in that it
operates on what is known as a ‘claims made basis’,
meaning that the policy will only provide cover for claims
or circumstances discovered and notified to the Insurer
during the period of insurance, rather than errors or
mistakes occurring during the period of insurance.
As with all insurance policies, certain exclusions
apply and you should consult the policy wording for
the full
list. However, some of the more significant exclusions
include:
- Death, bodily injury or disease sustained by any
person, or damage to their property, unless arising
from negligent
advice (this is covered by either an Employers’ or
Public Liability Insurance)
- The self-insured Excess
which is inclusive of costs incurred in the defence
or investigation of the claim
- Asbestos
- Claims or circumstances arising from work
carried out prior to the retroactive date
- Claim
or Claims arising out of USA or Canada contract jurisdiction.
NB This does not mean that you cannot work for a US or
Canadian company, simply that
your contract
should
be
written under the Laws of an EU country (preferably
UK).
Additional covers - your Quotation or Policy Schedule
will show which are included
Employers' Liability (EL) Insurance
Your EL policy is a legal liability insurance that provides
cover for claims against you by, or on behalf of, an
employee who is killed, injured or contracts a disease
whilst undertaking work for you during the course of
their employment.
The maximum payable ("Limit of Indemnity")
in respect of any one accident or event is £10m,
which includes costs incurred in the defence or investigation
of the claim.
As stated above, all insurance policies contain certain
exclusions and you should consult the policy wording
for the full list. However, some of the more significant
exclusions include:
- Death, bodily injury or disease
sustained by an employee whilst working offshore
- Death,
bodily injury or disease sustained by any person
other than an employee (this is covered by
a Public Liability
Insurance)
- Damage to third party property (this
is covered by a Public Liability Insurance)
Public Liability (PL) Insurance (including limited
Products Liability)
Your PL policy is a legal liability insurance that provides
cover for claims against you by, or on behalf of, any
party who is killed, injured or contracts a disease (except
for an employee), or whose property you damage as a result
of your business activities.
It also incorporates a limited Products Liability cover.
See the full documentation on the Randell Dorling website
for further details.
The maximum payable in respect of any one claim is the
amount chosen by you and shown as the "Limit of
Indemnity" in the policy schedule. Unless otherwise
stated, costs incurred in the defence or investigation
of the claim will be paid in addition to this figure.
Claims for Products Liability and for Pollution are
subject to an annual aggregate Limit of Indemnity.
As previously stated, all insurance policies contain
certain exclusions and you should consult the policy
wording for the full list. However, some of the more
significant exclusions include:
- Death, bodily injury
or disease sustained by an employee whilst in the course
of their employment (this is covered
by an Employers' Liability Insurance)
- Pollution
(although some cover is provided arising from "sudden
and unexpected" incidents)
- Professional advice
provided for a fee (this is covered by a Professional
Indemnity Insurance)
- the Excess
- Asbestos
Difference between Claims Made (PI) and Occurrence
Based (EL/PL)
The difference between Claims Made and Occurrence based
Policies can be summarised as follows.
A Claims Made Policy is one that responds to a Claim
made whilst that Policy is open, regardless of when the
event which gave rise to the claim happened, provided
that the event occurred after any retro-active date of
inception within the Policy which has not been or should
have been reported to any Insurer.
An Occurrence based Policy only responds if the Policy
was in existence at the time that the event giving rise
to the Claim took place.
Examples are provided on our website.
Equipment Insurance
This Combined Policy also offers the opportunity to
cover certain items of business equipment and business
related software. Full details are contained within the
Application Forms available on the website.
Law applicable to the contract
You and the insurer are free to choose the law applicable
to this contract but in the absence of agreement to the
contrary, English law will apply.
Flexible payment options
You may be able to pay your premium, including tax,
by 10 monthly instalments using our premium credit facility.
Please ask us about the procedure if this is of interest
to you.
Randell Dorling Limited receives no commission from
the finance provider.
Change in Circumstances
Please let Randell Dorling Limited know, if your circumstances
change at any time i.e. new address, change in partners
or directors or new line of business activity.
Preventing claims occurring
As a professional we do not presume to tell you how
to run your business. However many claims arise through
misunderstandings which it may be difficult to disprove
without evidence. Please ensure wherever possible that
all contracts and instructions are confirmed in writing.
Written records of meetings and telephone conversations
should also all be retained on file.
Warning signs include:
- verbal complaints from a dissatisfied
customer, or threats to take the matter further
- letters
of complaint alleging neglect error or omission
- a
client refusing to settle or delaying settlement
of fees
- client wanting to change professional adviser
Claims Procedure
In the event of any criticism by your client, or if
you become aware of circumstances which could give rise
to a claim against you, it is essential that you follow
the protocol outlined in our website.
Once we have been notified of a possible claim we will
assist you in providing guidance on how best to conduct
future dealings with the client. Depending on the nature
of the situation we may appoint professional advisers
to assist you.
In the event of a claim or notification please do not
advise the third party that you hold P.I. insurance as
this may prejudice the position.
Do not discuss or admit liability. Any correspondence
should be passed as per the instructions on our website,
as soon as possible. Correspondence from the plaintiff
should remain unanswered beyond a simple acknowledgement
of receipt.
If you are involved in the Construction Industry please
note the special conditions in the policy relating
to prompt notification of circumstances relating to
Adjudication under the Housing Grants and Construction
Act.
Cancellation rights
We would remind you that PCG originally negotiated policies
that were issued on a 12 month non-cancellable basis.
The consideration was that, by virtue of this guarantee,
the original premium was deemed earned at inception.
Complaints procedure (except Claims Handling)
Randell Dorling Limited strives to provide the highest
possible standard of customer service. However, should
you feel that our service has fallen below the level
expected and you wish to register a complaint, please
contact us by writing to:
The Compliance Manager
Randell Dorling Limited
52 Lime Street
London
EC3M 7NP
Tel: 020 7929 5454
Please quote your policy number and provide full details
of your complaint.
If we are unable to resolve your complaint with us,
you may be entitled to refer it to the Financial Services
Ombudsman (FOS), South Quay Plaza, 183 Marsh Wall, London
E14 9SR.
Financial Services Compensation Scheme
We are covered by the Financial Services Compensation
Scheme. You may be entitled to receive compensation from
the scheme if we cannot meet our obligations. This depends
on the type of business and the circumstances of the
claim.
For compulsory classes of insurance, insurance advising
and arranging is covered for 100% of the claim, without
any upper limit.
For other classes of insurance, insurance advising and
arranging is covered for 100% of the first £2,000
and 90% of the remainder of the claim, without any upper
limit.
About Randell Dorling Limited
Randell Dorling Limited was formed on 18th December
1998. Randell Dorling Limited is not an insurance broker.
Randell Dorling Limited acts only under a limited delegated
underwriting authority which has been granted to us by
Saturn (a trading name of Martello Professional Risks
Limited on behalf of Royal & Sun Alliance Insurance
plc), but only in respect of the members of PCG.
Who owns us?
Randell Dorling Limited is a wholly owned subsidiary
of Blackmore Borley Limited, whose brochure giving full
details of activity is available by calling 020 7929
4616.
Which services will we provide you with?
In all cases we will promulgate the terms for your Policy
by making third party value judgements based on information
supplied by you.
You will not receive any advice or recommendation but
we may provide you with our observations of how other
members of PCG have approached the insurance issues surrounding
the Policies described earlier in this document.
Will you have to pay us for our services?
Randell Dorling Limited will not charge any form of
fee for our services.
We receive commission which is included in the Premium
quoted to you. Commission rates are available upon request.
Who regulates us?
Randell Dorling Limited is authorised and regulated
by the Financial Services Authority. Our FSA Register
Number is 311940.
The permitted business of our firm is defined as the “firm
undertakes insurance mediation”.
You can check this on the FSA’s Register by visiting
their website on www.fsa.gov.uk/register or by contacting
the FSA on 0845 606 1234.
The capacity and security for our business is provided
by Royal & Sun Alliance Insurance plc via Saturn
(a trading name of Martello Professional Risks Limited).
For the record, and as mentioned earlier, Claims Handling
is per the protocol on the Randell Dorling website.
If any aspect of these notes is unclear, or require
any clarification, please contact us by any of the methods
below.
Randell Dorling Limited
Authorised and Regulated by The Financial Services Authority
No. 311940
Registered Office: 52 Lime Street, London EC3M 7NP
Registered in England No.3688419
Tel: 020 7929 5454
Fax: 020 7929 4616
Email: info@randelldorling.co.uk
About Saturn
Saturn (a trading name of Martello Professional Risks
Limited) was formed in August 1996 as a specialist "intermediary
only" Professional Indemnity Underwriting Agency.
In December 2006, they were purchased by Royal & Sun
Alliance Insurance plc.
They hold full delegated underwriting. The capacity and
security for their business is provided by two highly
regarded companies, Royal & Sun Alliance Insurance
Plc and DAS Legal Expenses Insurance Co Ltd.
By way of interest their delegated authority enables
them to provide quotations for the majority of professions,
with tailor-made wordings to meet their specific needs.
All their policies issued to Professionals who have governing
bodies that regulate Professional Indemnity wordings
are formulated to meet the requirements of such governing
bodies.
Saturn (a trading name of Martello Professional Risks
Limited)
Authorised and Regulated by the Financial Services Authority
No. 309594
Saturn House 130/132 High Street, Chesham, Bucks HP5
1EF
Registered in England No. 3068229
Tel: 01494 774431
Fax: 01494 774451
E-mail: info@saturnprl.co.uk
Website: www.saturnprl.com
DX 50321 CHESHAM
|
