Terms Of Engagement
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/insurer.
- Providing advice on risk mitigation and management strategies for our clients.
Insurance placement and premium financing
- 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 authorized 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 funding with our selected funders.
Post-placement services
- Prepare and manage client claims if an insured event occurs – We may outsource to an AUS based company to assist if in clients’ best interests.
- 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 multiple insurers and underwriters, which enables us to find the right insurance product for you.
Remuneration
In return for the services we provide, we will receive a commission usually between 5 and 28 per cent of the premium paid (excluding relevant taxes, charges, and levies) which is paid to us by the insurer and a fee, payable by you should the work required in obtaining adequate cover deem this appropriate.
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 Lockmor Insurance Brokers within the time set out on our invoice issued to you upon new business placement and renewal placement.
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.
Period of Engagement
Unless we agree otherwise, our appointment commences from the date the terms of engagement are signed by the client. This appointment may be cancelled in writing with 30 days’ notice.
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 service 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 - We will notify you of any changes to terms of trade or services provided.
Lockmor Insurance Brokers agrees to notify us of any changes to terms of trade or disclosure obligations.
