You should read this document carefully, because as well as setting out the terms of our relationship with you it contains details of our regulatory and statutory responsibilities. It also identifies your own responsibilities both to us and insurers. These are our standard terms and cannot be varied without our written consent. We therefore ask that you read this document carefully, contacting us immediately if there is anything in this document which you do not agree with or do not understand otherwise, we will assume that you are in agreement with them.

IN THESE TERMS OF BUSINESS

Planet Protection Limited is also referred to as “Planet Protect”, “we”, “us”, “our”, or “ourselves”. Insurance/insurer/insured should be construed within this TOBA to include reference to reinsurance/reinsurer/reinsured.

WHO ARE WE

Planet Protection Limited is a private limited company registered in England and Wales under Company Number 15384818 at registered office address, 71-75 Shelton Street, Covent Garden, London, United Kingdom, WC2H 9JQ. Planet Protection Limited, Firm Reference Number 1019952 is an appointed representative of Innovative Risk Labs Limited which is authorised and regulated by the Financial Conduct Authority under Firm Reference Number 609155.

RELATIONSHIPS

If you are an intermediary, you will be a ‘commercial customer’ as defined in the FCA regulations. In all cases you must ensure that by instructing us you are confirming that you have the authority to do so on behalf of your customer. It is also both our obligation to ensure that we hold and comply with all necessary licenses, statutory legal and regulatory rules that apply including the retention of records and reproduction of such, if required, on a timely basis.

If you are a direct insured this document sets out the basis on which we will provide you with services in relation to each contract of insurance that we place on your behalf, taking into consideration your demands and needs, complying with all necessary licenses, statutory legal and regulatory rules.

OUR SERVICES TO YOU

We will act as intermediary for you and provide independent insurance intermediation, broking and other insurance distribution with reasonable skill and care. We are also subject to the law of agency, which imposes various additional duties upon us. We will arrange insurance with insurers to match as far as possible, your insurance demands and needs, or if you are an intermediary the demands and needs of your client, issue policy documentation to you in a timely manner to provide you with contract certainty, assist in any ongoing changes and assist when and if you need to make a claim against the policy.

We will advise according to our knowledge and market experience on insurers available to meet your demands and needs which may be:

1. A single insurer
2. A group of insurers acting on a co-insurance basis

In these circumstances we may also act for and owe duties of care to other parties.

Important Note: We do not offer or provide advice in relation to tax, accounting, regulatory, legal or other specialist matters and you should take separate advice as you consider necessary regarding such matters.

You agree that by providing our services to you that we may use electronic placing, electronic servicing and electronic claims handling services of third parties, and if we do so we will be acting for you and, if you are an intermediary for your client as agent so that in doing so you and, if you are an intermediary, your client will be bound in accordance with the arrangements we have in place from time to time to access those electronic platforms.

CONFLICT OF INTEREST

In the performance of our services, situations may arise where we have conflicting interests. If this should occur, we have procedures, systems, and controls in place to deal with it.

Circumstances may arise where we have a conflict of interest between:

1. Us (including our employees or agents)
2. You and another of our clients

We always aim to treat you fairly and avoid conflicts of interest. We never deliberately put ourselves in a position where our interests, or our duty to another party, prevent us from discharging our duty to you. We may act as agent of an insurer under a delegated underwriting authority.

Should a situation arise where our own interest conflict with any duty we owe to you, our Conflicts of Interest Policy is designed to help us recognize and manage such circumstances and we will not proceed until such time as you have been fully appraised of the position and you have given your informed consent.

MARKET SECURITY

We will identify clearly and seek your consent for the use of any market security prior to placing cover. Our selection of insurers is based generally on our experience and knowledge of the market and the use of recognised rating agencies such as:

1. Standard & Poor’s
2. A.M. Best
3. Moody’s

The information is in the public domain which we recommend you use. You should advise us immediately if you have any concerns about the selected use of security.

Important: We cannot and do not guarantee or accept any responsibility for financial standing or financial performance, including solvency or continuing solvency of any insurer used.

DUTY TO DISCLOSE

Under the laws of England and Wales, Scotland and Northern Ireland (UK law):

1. A business insured (i.e. an insured who has bought insurance mainly for purposes related to their trade, business or profession) has a duty to disclose to the insurer every material circumstance which it knows or ought to know after reasonable search.
2. A retail customer (i.e., an individual buying insurance mainly for purposes unrelated to your trade, business or profession), and subject to UK law, you have a duty to take reasonable care to answer the insurer’s questions fully and accurately and to ensure that any information that you volunteer is not misleading.

If you are an intermediary, it is the duty of your client and you as their agent, to make fair presentation of the risk to be insured. If you are a direct customer, please note the contents above.

This duty exists:

1. Before the cover is placed
2. When it is renewed
3. Any time that it is varied

The policy wording may also provide that this duty continues for the duration of the policy period.

Warning: Failure to disclose a material circumstance may entitle an insurer to:

1. Impose different terms on the cover
2. Proportionately reduce the amount of any claim payable
3. Avoid the policy from inception
4. Refuse to pay claims

THE INSURANCE ACT 2015

This clause only applies to insurance policies which are subject to the laws of England and Wales, Scotland, and Northern Ireland. The UK Insurance Act 2015 allows non-consumer insureds and insurers to contract out of certain provisions of that act in a policy of insurance for a non-consumer insured. However, any “disadvantageous terms” must meet certain transparency requirements. We will not provide advice in respect of any proposed contracting out of the Act

.

QUOTING, PLACING AND CONFIRMATION OF COVER

We will:

1. Seek to understand your requirements
2. Keep you fully informed of progress at all stages of negotiations
3. Provide you with details of the terms indicated by insurers
4. Include an indication of the likely premium cost

Important: It is vital that you provide us with all relevant information and that you keep us informed of changes in material circumstances to enable us to properly represent your interests.

We will promptly advise you by email, or other agreed means of communication, of the

completion of the insurance arrangement(s). This will be in the form of one or more of the following:

1. Evidence of Cover document
2. An insurance policy
3. A certificate of insurance

Documentation Review

You should:

1. Familiarize yourself with all terms of any insurance that you purchase
2. Treat all conditions and warranties seriously and strictly comply with them
3. Check all documents sent to you carefully
4. Ensure they are entirely in accordance with your understanding and instructions

Warning: Failure to comply with policy conditions may entitle the insurer to decline a claim under your insurance.

FINANCIAL CRIME

We are committed to the fight against financial crime, and we are obliged to comply with UK legislation and FCA regulations.

Bribery and Corruption

We have in place strict policies regarding bribery and corruption in compliance with applicable regulatory requirements, rules, laws including the UK Bribery Act 2010. It is integral to our relationship with you that when you are doing business with us you (and any of your agents) have similar policies and procedures in place to ensure that acts of bribery or corruption do not take place.

Warning: Any breach of bribery laws by any party with whom we transact business, either directly or indirectly, will entitle us to treat our Agreement as immediately terminated.

Money Laundering

UK regulation requires that we obtain:

1. Certain information and evidence to confirm your identity
2. Address and registered address
3. Company registration and certificate of incorporation
4. Parent company details
5. List of directors, shareholders, and beneficial owners

This due diligence process is commonly known as “Know your Customer” (“KYC”). If we cannot source this information electronically, we will request the necessary information from you.

Sanctions

We are legally obliged and will comply with all sanction regimes and legislation which affect regular screening activities will be undertaken to confirm that we are not providing financial services or financial resources to sanctioned individuals.

PAYMENT OF PREMIUM DEBIT/CREDIT NOTES

A Debit Note will be sent to you which will clearly show:

1. Total amount of premium due
2. Any taxes or charges

Premium should be submitted to us in cleared funds in sufficient time to enable us to honor the payment terms to the insurers.

Important Payment Terms:

1. Payment must be in the currency shown on the Debit Note
2. Different currency payments will be applied with any shortfall remaining your liability
3. Credit Notes will be issued for return premiums
4. Do not set Debit Notes and Credit Notes against each other without prior written agreement

Our method of payment is by direct transfer to our client money bank account together with a remittance advice. We will advise you our banking details and you are not to accept any changes to these details unless we notify them to you in writing in the form of our statement of account.

THE RECEIVING AND HOLDING OF CLIENT MONEY

Client money includes:

1. Money received from you
2. Money received from an agent for you
3. Claims and return premiums received from insurers

We will hold and co-mingle all premiums, claims money and return premium in bank accounts held in designated client money accounts. Any interest earned on Client Money held by us and any investment returns will be retained by us for our own use.

REMUNERATION AND OTHER INCOME

1. Our remuneration may come from:
2. Commission determined by insurers
3. Agreed fees for services
4. Combination of both commission and fees

Additional income sources may include:

1. Interest earned on insurance monies
2. Commissions from insurers for additional services
3. Profit commissions from specific facilities
4. Income from premium finance arrangements

CLAIMS

It is very important that you carefully read the terms and conditions paying particular attention to notification of claims under the insurance contract that we have placed on your or your client’s behalf, as requirements can vary substantially from policy to policy.

To notify us of a new claim or circumstance, please contact:

1. Claims helpline: 0203 3856 5174
2. Email: claims@planetproection.co.uk

Warning: Please note that failure to promptly notify your underwriter of a claim or circumstances could result in the claim being refused.

COMPLAINTS

We take any complaints very seriously and we will ensure that complaints are handled fairly, effectively and promptly and are resolved at the earliest opportunity. All complaints should be directed to:

The Compliance Officer

Planet Protection Limited

71-75 Shelton Street

Covent Garden

London

United Kingdom

WC2H 9JQ

Email: daniel@planetprotection.co.uk

If you are unhappy with our response regarding a Lloyd’s policy, you may refer to Lloyd’s complaint procedures at: https://www.lloyds.com/resources-and-services/make-a-complaint/complaints-handling

DATA PROTECTION AND SECURITY OF INFORMATION

We are registered with the Information Commissions Office (ICO). Your personal information

will be kept secure and processed:

1. Lawfully, fairly and transparently
2. Only as necessary for specified purposes
3. Securely with protection against unauthorized processing
4. With appropriate technical and organizational measures

LIMITATION OF LIABILITY

We will not be liable for any direct or indirect losses, damages, costs or expenses unless arising directly from our negligence, willful default or fraud. Our total liability shall not exceed £1,000,000 except in cases of willful default or fraud.

INTELLECTUAL PROPERTY

We shall retain all title, copyright, patents and other intellectual property rights to all methodologies and documents used in our provision of the services to you.

GOVERNING LAW AND JURISDICTION

This Agreement will be governed by, and construed in accordance with English and Wales law and the parties irrevocably submit to the exclusive jurisdiction of the courts of England and Wales.

TERMINATION AND AMENDMENTS

1. Either party may cancel this agreement with 30 days written notice
2. We shall be entitled to receive any commission or fees for insurance contracts placed prior to termination
3. No variation shall be effective unless in writing
4. Amendments may be sent by email or revised Terms of Business