Neville Newcomb Insurance Brokers

Business Protocols

Our business is based on our professional integrity, we operate on a full disclosure basis and follow business practices and procedures according to a strict set of protocols. Please read our business protocols document to find out more or discuss any queries with your broker.

This document contains important information. Please read it carefully.

1. Introduction

As your Insurance Broker and Risk Advisor we will exercise the skill and care of an independent and prudent professional in the provision of advice, placing and managing insurance and negotiating claims on your behalf.
The manner in which we conduct our business, the relationship that exists between you as our client and us, as well as our relationship with insurers, are all subject to certain business protocols.The protocols outlined in this document are a general statement of our business practices and procedures, and our mutual responsibilities.

2. About our company

We are committed to providing a high standard of professional service and to acting in accordance with the following principles. We will: conduct business with integrity and with due skill, care and diligence; pay special regard to your interests and treat you fairly; pay careful regard to your information needs and communicate information to you in a way that is clear, fair and not misleading; avoid conflicts of interest or ensure we can manage them fairly; arrange adequate protection for your assets when we are responsible for them, including client money; take reasonable care to establish and maintain systems and controls appropriate for our business.

3. Our relationship with you

As an independent insurance intermediary we act for you as an agent and we are subject to the law of agency. We may have arrangements with insurers or others that we may use to meet your requirements. In these circumstances we will act for and owe duties to other parties. We will advise you of any such arrangements if it could give rise to a conflict of interest.

4. Liability insurance

Neville Newcomb Insurance Brokers Limited maintains a substantial level of liability insurance.

5. Your insurance arrangements

We offer access to products from the New Zealand insurance market and a wide range of international insurers. The selection of insurers is based on our knowledge and experience of the market, as well as consideration of insurance contracts we have previously arranged in each market sector. We will normally arrange cover for you and provide advice, products or information on the basis of an analysis of the market by considering a sufficient number of insurers that we feel are appropriate to underwrite the insurance cover you are seeking and/or require. We may also recommend a policy for you on the basis of a special arrangement with insurers if we feel this provides the most suitable product for you. We will advise and make a recommendation on cover for you after we have made an assessment of your insurance needs based on the information you make available to us. For some classes of insurance, you may be asked to complete a proposal form. We will be happy to give you advice on the form but we cannot complete it for you. To avoid misunderstandings, it is helpful if you provide written instructions by letter, fax or email. In urgent cases, we will of course take verbal instructions, but we recommend that these should be confirmed in writing. Once we have your instructions, we will arrange your insurance and keep you informed of the progress of negotiations. We will also advise you if we are unable to obtain cover to satisfy any part of your insurance requirements or instructions.

6. Cover information & policy documentation

We will provide you with sufficient information to allow you to make an informed decision before concluding a contract of insurance. This may include details of:

  • The type of cover and its significant features and benefits

  • Any significant or unusual exclusions or limitations to the policy.

Policy documentation to provide the full terms and conditions of cover will be issued promptly once agreed with insurers. For some business, insurers may rely on the content of the brokers placing slip and/or an agreed wording where a formal policy will not be issued, unless requested. We will maintain records and retain documents for the insurances we arrange for you.

7. Mid-term changes to your policy

If you need to make changes to your insurance cover during the period of your policy (mid-term changes), please contact us immediately so that we can advise your insurers and obtain their approval. We may also need to seek further information from you. We will confirm the revised terms for cover to you in good time following receipt of your instructions.

8. Renewal of your insurance

We will approach you for renewal in good time before expiry of your policy to be able to approach existing or alternative insurers. We will then provide renewal terms and advise you of any proposed changes to the terms of the policy and its price. Please remember that the duty to disclose all material information applies for any alteration, extension or renewal of your insurance contract.

9. Premiums

We will provide you with a statement of the premium due for your policy upon confirming cover. If you enter into a premium finance agreement arranged through us to pay your premium by instalments, we will inform you of the interest payable. We will issue invoices, or payment instructions in your cover documentation. This will show you the amount due, how you should pay and when. Premium will become due from the moment your insurance commences and so that we can settle with your insurers, we ask that you pay us promptly in accordance with the invoices or instructions given, or as per premium funding agreement if required. If you fail to pay your premium by a due/agreed date, your insurances may be cancelled by insurers from inception (the date your policy started).

10. Claims

We will administer your claims fairly and promptly. You must notify us as soon as possible of any claim you have or of any circumstances that might give rise to a claim from you. Most insurance policies require prompt notification of claims or claim circumstances or occurrences as a condition of cover and some may specify a time period or format for notification. We will tell you when confirming cover who you should contact if you have a claim and will assist you in submitting your claim and in seeking settlement from insurers.
If in relation to a particular claim, an insurer declines cover, delays settlement or becomes insolvent, we will inform you and seek instructions. We will not accept liability for any unpaid amounts due from insurers. Claims payments will be remitted to you as soon as possible after they have been received from insurers. In the event that our services are terminated, claim details should be transferred to your new broker. But, if you wish us to handle run-off claims on your behalf and we agree to do so, we reserve the right to charge a reasonable fee for these services.

11. Insurer security

We will assist you with decisions on the selection and suitability of insurers for your insurance programme by providing advice and recommendations. Recommendations made by us in this regard will be based solely upon scope of cover or premium cost. A variety of factors will be considered, including financial security, claims service, attitudes in claims handling, underwriting flexibility and the ability of the insurers in resolving contentious issues. Whilst all reasonable precautions are taken to ensure that only Insurers of adequate financial standing are used, we are unable to give any guarantees of insurer solvency.

12. Our remuneration

Our remuneration will be taken as brokerage or a broking fee charged. We will advise you of this service we will provide for the brokerage/fee and provide a statement showing the amount and the purpose of the changes made.
We reserve the right to make additional fee charges to cover administration, documentation, visits or other costs, including higher costs of claims handling for exceptional or significant claims activity or major losses, but will explain and disclose any such changes prior to making them applicable.

Other remuneration may also be generated from:

  • The temporary management of cash balances;

  • Arrangements with insurers to provide administration and support or other services including where we act as agent for insurers;

  • Our relationship with other companies whether or not identifiable to any specific client or account when our clients determine they wish to benefit from services provided by those companies. This includes referral payments from Premium Finance Companies;

  • The arrangement of reinsurance on behalf of insurance companies.

such remuneration is only earned on the basis that it does not in any way detract from our conflict with our acting in your best interests which is paramount at all times.
Details of our remuneration are available on request from your broker.

13. Client money

Client money is any money that we receive and hold in the course of arranging or administering insurance on your behalf.

You must notify us if you do not wish your insurance arranged with a particular company or money passed to a person in a particular company/organisation.

We will deposit client money in a separately identified client premiums bank account. Any interest earned on client money held by us and any investment returns on any segregated designated investments will be retained by us.

14. Confidentiality & data protection

We will treat any personal data or other information we receive from as you confidential. From time to time we may appoint a third party to assist us with processing of your personal data and any agreement we have with a third party will cover data processing to ensure your personal data is properly protected.