Financial Services Guide
Introduction:
This guide helps you understand who we are, what services we provide and explains our relationship with the Insurers of the products we deliver. If will help you to decide whether to use our services and explains how we are remunerated for our services, our complaints process and Professional Indemnity insurance alongside your rights and duties of disclosure.
Who we are:
Our services are offered through Australasia Underwriting Pty Ltd – ABN 20626490711
We hold an Australian Financial Service Licence (AFSL). Our AFSL License number is 510185
Address: 5B /148 Chesterville Road Moorabbin VIC 3189
P.O Box 222 Moorabbin Vic 3189
Phone: 1300 988 643
Email: admin@australasiaunderwriting.com.au
Website: www.australasiaunderwriting.com.au
Our Services:
Australasia Underwriting (AU) is authorised through our AFSL license to assist obtaining general insurance products including but not limited to Industrial Special Risks & General Liability.
Generally we will act under a binder or agency agreement AU has with an insurer. When we do so, we will be acting as an agent of the insurer. Meaning we are representing the insurer, not you. Where this is the case, we will advise you.
We provide our products through licensed insurance brokers or their authorised representatives. AU will only offer general advice as we cannot advise you on your individual financial situation, circumstances, or needs.
How are we Paid?
Commission AU may receive a commission from the insurer when we arrange insurance for you. The amount is calculated as a percentage of the premium (excluding taxes and statutory charges). It will be included within the premium quoted to you.
Fees AU may also charge a fee for underwriting services or as recompense for the provision of an Underwriting Survey. The fee is payable in addition to the premium.
You can ask us for further details of the remuneration that we receive. If interested, you must ask for this information within a reasonable timeframe after receiving this statement. You must ask for this information before we undertake any services for you. Such as placing insurance on your behalf.
Professional Indemnity Insurance
We hold a Professional Indemnity Policy. This insurance policy can provide financial compensation in the event of errors and omissions relating to our insurance services. The policy extends to cover AU for work done for us by representatives/employees after they cease to work for us and satisfies the requirements for compensation arrangements under Section 912B of The Corporations Act.
What to do in the event of a complaint?
If you are not satisfied with our services you should contact our Complaints Officer on 1300 988 643. We will acknowledge receipt of your complaint immediately and attempt to resolve it within 30 calendar days. If you are not satisfied with our response, you can then request to have it heard within our External Dispute Resolution (EDR) process . We are members of the Australian Financial Complaints Authority (AFCA), a free consumer service that handles the EDR process. Further information is available from our office, or contact AFCA directly on 1800 931 678 or visit www.afca.org.au .
Your duty of disclosure
Before you enter into a contract of general insurance with an Insurer and up until the commencement of the insurance, you have a duty, under the Insurance Contracts Act 1984, to tell the underwriter of anything that may affect the underwriters’ decision whether to insure you and on what terms.
You must tell the Insurer about anything that you know or could be reasonably expected to know considering the nature and extent of the insurance cover to be provided and the class of persons who would ordinarily be expected to apply for such insurance cover.
In answering any such questions, you must tell them anything that you know and that a reasonable person in the circumstances would include. You have the same duty before you renew, extend, vary or reinstate an insurance contract.
You do not need to tell the underwriter anything that:
– reduces the risk to be insured or that is of common knowledge.
– the underwriter knows or, in the ordinary course of business, ought to know.
– the underwriter has waived your duty to tell them about.
The impact of non-disclosure or misrepresentation
If you do not tell the Insurer anything you are required to, the Insurer may cancel the contract of insurance or reduce the amount the Insurer will pay you if you make a claim, or both.
If your failure to tell the Insurer is fraudulent, the Insurer may refuse to pay a claim and treat the contract of insurance as if it never existed.
Our Privacy Promise
We are committed to protecting your privacy and confidentiality in accordance with the Privacy Act 1988 (Cth) including the Privacy Amendment (Enhancing privacy Protection) Act 2012 and it is one of our prime concerns that any personal or sensitive information you provide to us is not used for any other purpose than that intended and expected by you. Our Privacy Policy describes our current policies and practices in relation to the handling and use of personal information.
We collect personal information about you to provide you with insurance and insurance-related services. We may disclose your personal information to third parties for the purposes described in our Privacy Policy, including related entities, insurers, reinsurers, agents, and service providers, some of whom may be in the United Kingdom and other overseas countries. By asking us to provide you with insurance and insurance-related services, you consent to the collection, use, and disclosure (including overseas disclosure) of your personal information for the purposes described in our Privacy Policy. Where you provide personal information about others, you represent to us that you have made them aware of that disclosure and of our Privacy Policy and that you have obtained their consent. If you do not consent to provide us with the personal information that we request or withdraw your consent to the use and disclosure of your personal information at any stage, we may not be able to offer you the general insurance products or provide the services.
