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

 

 

Randell Dorling Ltd is authorised and regulated by the Financial Services Authority ("FSA")

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