Terms of Engagement
Who we act for
When you engage us as your Insurance Broker, we have a duty to act on your behalf and in your best interests. We may at times act for insurers during the course of an insurance transaction, for example by arranging insurance and submitting claims electronically. While engaged by a client, we will not act for an insurer or another party where doing so would be contrary to our client's best interest. corrected.
Our Services
As your insurance broker, we will provide the following services;
Pre-placement services- Help you identify and assess your risks and develop a proposal to submit to a potential insurer/insurers;
- Providing advice on risk mitigation and management strategies;
- Seek insurance quotes (for more information on how we will seek quotes see "Approaching the Market")
- Negotiate policy coverage and policy renewal annually or as otherwise agreed in your service plan
- Seek to bind coverage where you have authorised us to do so (except in urgent circumstances where unless you instruct otherwise, we may choose to bind insurance on your behalf if we consider that is in your best interests)
- Obtain and provide a quotation for premium payment options
- Prepare and manage claims if an insured event occurs
- Advocate on your behalf during the claims process
- Facilitate policy changes and/or cancellations as per your instructions
Approaching the market
We will seek quotes from the broader general insurance market before making a recommendation. We have arrangements with many insurers and underwriters, which enables us to find the right insurance product for you.
However, there are some products like Personal Accident insurance where we have arrangements with a limited number of insurers and underwriters. When providing you with our recommendation we will only recommend products from these insurers and will not seek quotes from the broader general insurance market.
Remuneration
In return for the services we provide, we will receive a commission usually between 0% and 25% of the premium paid (excluding relevant taxes, charges and levies) which is paid to us by the insurer and a fee, payable by you. We will not receive any contingent remuneration including volume-based commissions or profit-sharing arrangements or preferential remuneration (such as overrider commissions from an insurer).
Policy Cancellation
If a cover is cancelled before the expiry of the period of insurance, we reserve the right to refund to you only the net return premium we receive from the insurer and not refund any part of the brokerage and/or broker fee we receive for arranging the cover. A broker fee may be charged to process the cancellation.
Payment Terms
You are required to pay outstanding premiums to Blackburn (Insurance Brokers) Pty.Ltd. within the time set out on our invoice.
Our advice to you
When making a recommendation, we will not take into consideration your personal objectives, financial situation or needs. Before taking any action, you should consider whether the advice we have provided is appropriate to you having regard to your individual circumstances. Clients should obtain and read the relevant product disclosure statements before making a decision.
We also provide you with a Financial Services Guide (FSG). This document contains important information about our relationship with you such as:
- Our status as a licensed financial services provider;
- Disclosure obligations on your part and ours;
- Potential conflicts of interest that we have in our dealings with insurers and other service providers;
- Professional indemnity insurance arrangements;
- Internal and external complaints resolution procedures
- Details of our privacy policy
