Respectrum Insurance brokers Terms of trade
Your broker is acting on behalf of Respectrum Insurance Brokers Limited and is a General Insurance Broker. Under NZ law they are authorised to carry on a financial service business to provide advice on and deal in general insurance products.
We are able to issue, apply for, acquire, vary or dispose of such products to our clients. We are also authorised to apply for, acquire, vary and dispose of products on behalf of another person.
We provide these services on your behalf, unless we tell you otherwise. On occasion, we may act under an agreement authorising us to effect insurance and / or settle claims on behalf of an insurer. We will tell you whenever we act for the insurer and not for you.
Our quality services are delivered competently with integrity and honesty. We are members of IBANZ (Insurance Brokers Assn of NZ) and proudly follow the Insurance Brokers Code of Practice.
You can contact us and give us instructions by mail, phone, fax or email during business hours. Other contact will be as agreed with you.
We will collect relevant information from you to enable us to arrange quotation(s) from suitable insurance markets.
When we submit the quote(s) to you, we may also give you advice or recommendations. We will either ask for your instructions in writing or we will confirm your verbal instructions back to you in writing as agreed.
Your instructions will be carried out promptly and confirmed to you by us with formal documentation e.g. our Tax Invoice and Schedule of Insurance; Certificate of Currency; Policy.
Any policy transaction will be confirmed to you in writing. At times, we will retain the insurer's documentation on your behalf; however, we will provide it to you upon request. Alternatively, we will inform you that we are endeavouring to obtain the documentation from the insurer.
We monitor publicly available security ratings e.g. Standard & Poor's, and where deemed appropriate, we also analyse publicly available financial statements. Whilst we prudently monitor security, we accept no responsibility in any circumstances for the ability or otherwise of any insurer to discharge their responsibility to you.
Our main remuneration for services is calculated as commission paid to us by the insurer or underwriting agency. Commission is a percentage of the base premium i.e. the premium before the addition of EQC levy, fire services levy, GST and any other charges or fees. The rates of commission can vary between 0% and 25% and is payable on most transactions.
We will retain any fee charged for the period of insurance if your insurance is altered midterm.
Each transaction may also attract an additional administration fee. If you are owed a refund of premium, we may retain the total commission for the full policy period by charging you an additional Administration Fee to offset any loss of commission due to the refund transaction.
We can arrange premium funding with preferred companies who charge you interest to enable you to pay premiums by instalment.
Before you enter into a contract with a funding company, you should read it carefully to ensure you agree with its terms and conditions. We may receive commission from the funding company calculated in the range of 0% to 3% based on the amount funded.
Respectrum Insurance Brokers Ltd, its representatives and employees are covered by Professional Indemnity Insurance that more than meets the requirements of our membership to the Insurance Brokers Association of New Zealand (IBANZ).
The insurance, subject to policy terms and conditions, also covers claims in relation to our representatives and employees who no longer work for us, but who did at the time of the relevant conduct.