Terms of Business Agreements.

Terms of Business Agreement




About us

AFL Insurance Brokers Ltd of 8 Lloyd’s Avenue, London EC3N 3EL is authorised and regulated by the Financial Conduct Authority as an insurance intermediary. Our FCA Firms Registration Number is 308657. We are permitted to arrange and advise on, deal as an agent of insurers and clients and assist in claims handling, with respect to non-investment insurance policies. You can check these details online using the Financial Services Register at https://register.fca.org.uk/. We are also authorised by the FCA for consumer credit broking. We act for a number of lenders.We offer insurance products from a range of insurers.

Your duty of disclosure

Consumers: You must take reasonable care not to make a misrepresentation to the insurer.  This means that all the answers you give and statements you make as part of your insurance application, including at renewal and when an amendment to your policy is required, should be honest and accurate.  If you deliberately or carelessly misinform the insurers, this could mean that part of or all of a claim may not be paid.


How to cancel

Please contact us immediately if you wish to cancel any insurance policy we have arranged for you. You may have a right to cancel a policy without penalty within the first 14 days (or, in some cases, longer). Please refer to your policy summary or your policy document for further details. If you cancel within this initial cancellation period (where this applies) you will receive a pro rata or short rate refund of premium from the insurer. However, Insurers are entitled to make an administrative charge.

If you wish to cancel outside the initial cancellation period (where this applies) you may not receive a pro rata refund of premium.


Protecting your information

We take your privacy extremely seriously and we will only use your personal details in line with our Privacy Notice. Please read our Privacy Notice that can be found on our website at https://www.aflib.com/wp-content/uploads/2018/05/Privacy-Notice.pdf and contact us immediately if you have any queries.

Where necessary, for example where we would like to use your data for some marketing purposes, we shall ask for your specific consent, where required to do so. Your personal information includes all of the details you have given us to process your insurance policy (we will not ask for more information than is necessary). We may share your data with Third Parties for the provision and ongoing performance of your insurance policy. Your data may be transferred outside the UK. We will not sell, rent or trade your data under any circumstances. All of the personal information you supply to us will be handled strictly in accordance with the applicable Data Protection regulations and legislation.


How to claim

Please refer to your policy summary, IPID or your policy document if you need to notify a claim. You should contact us or the insurer direct as soon as you become aware of any incident which could give rise to a claim. If in doubt about whom you should contact, or if you require our assistance in relation to a claim or potential claim  please contact us on +44 (0) 203 861 1000.


Our Earnings

As a result of placing your insurance business or arranging premium finance, we usually receive basic commission. This is received from the insurer or finance provider and is calculated as a percentage of the premium you pay. We also have arrangements with some insurers to pay us a profit share dependent upon the overall profitability of our account with them. Further details of our commission and other earnings are available on request.


Fees and charges

We will on occasion agree with you a fee in lieu of or additional to broker commissions for the placement of cover or for broking or claims services. Any such fee will be agreed with you in advance at inception of cover and at renewal. We do not make charges to clients for mid-term changes to policies in excess of the premium amount charged by insurers. If you pay your premium by instalments we shall inform you of any additional fees, charges or interest as part of your credit arrangements


Protecting your money

Prior to your premium being forwarded to the insurer (or forwarded to you in the event of a premium refund) we generally hold your money as an agent of the insurer with which we arrange your insurance. Where we hold premium as the agent of the insurer it is regarded as received by the insurer. If we are not acting as an agent of the insurer when we receive your premium, we shall hold it as client money in trust for you within a non-statutory client bank account with an approved bank. Our non-statutory client bank account(s) may contain other clients’ money and money we hold as an agent of insurers. In line with strict FCA rules, our non-statutory client bank account(s) is/are rigorously monitored in order to segregate and safeguard client money. We reserve the right to retain interest earned on our client bank accounts.

We are permitted (but do not generally intend) to advance credit to other customers from monies we hold in a non-statutory trust client bank account. A copy of the trust deed under which our non-statutory client bank account has been established is available on request. You must notify us if you do not wish your money to be handled in this way.

We may transfer your premiums to the insurer through another party, such as a broker or underwriting agent for the purposes of effecting a transaction.

By accepting this Terms of Business Agreement, you are giving your consent for us to operate in this way. Please notify us immediately if you have any objection or query.


Market security

We only place contracts of insurance with insurers that meet our minimum financial standards, unless you provide specific instructions to the contrary. We do not guarantee the solvency or continuing solvency of any insurer and you should note that the financial position of an insurer can change.



It is our intention to provide a high level of service at all times. However if you have reason to make a complaint about our service you should contact us immediately as follows:

  • Initial contact by telephone, please call +44 (0) 203 861 1000. Our staff are available at the following times to help you: Monday – Friday 8.30am to 5.00pm.
  • Initial contact by email to info@aflib.com
  • Initial contact in writing to Mr Jonathan Bines, Chief Executive Officer, AFL Insurance Brokers Ltd, 8 Lloyd’s Avenue, London EC3N 3EL

You may be entitled to refer the matter subsequently to the Financial Ombudsman Service.  You can contact the Financial Ombudsman Service by telephone on 0800 0 234 567and further information is available at http://www.financial-ombudsman.org.uk/. If you do decide to refer any matter to the Financial Ombudsman Service your legal rights will not be affected. We will provide a summary of our complaints handling procedures, should you make a complaint which we cannot resolve informally and at any other time, on your request.


Compensation arrangements

We are covered by the Financial Services Compensation Scheme.  You may be entitled to compensation from the scheme if we cannot meet our obligations.  This depends on the type of business and the circumstances of the claim. Insurance advising and arranging is covered for 90% of the claim, without any upper limit.  For compulsory classes of insurance, insurance advising and arranging is covered for 100% of the claim, also without any upper limit. The scheme does not apply to consumer credit.  Further information about compensation scheme arrangements is available from the FSCS on 0800 678 1100 or 020 7741 4100 or by visiting http://www.fscs.org.uk/.


Money laundering / Proceeds of crime

We are obliged to report to the National Crime Agency any suspicion of money laundering or terrorist financing activity and we are prohibited from disclosing any such report.


Adequacy of insurance values

It is the responsibility of the insured to ensure that all sums insured and policy limits are adequate. Whilst we seek to assist in establishing and maintaining insured values and indemnity limits we cannot accept responsibility for their accuracy. It is strongly recommended that the appropriate Professional (e.g. Surveyor/Accountant) be consulted to ensure that the sums insured and limits under the policy are suitable.


Conflicts of interest

As insurance brokers, we generally act as your agent in advising you, arranging your insurance and assisting you in the event of a claim. In certain circumstances, we may act for and owe duties of care to insurers and/or other parties. For example, we act for the insurer in collecting and handling premiums. Where we become aware of any actual or potential conflict of interest, we will inform you of the situation, the options available to you and obtain your consent before we proceed. AFL has up-to-date arrangements in place to manage conflicts of interest and to ensure, with reasonable confidence, that risks of damage to the interest of the customer will be prevented.



You or we may terminate authority to act in connection with your insurance arrangements at any time. Notice of termination must be given in writing and will be without prejudice to the completion of any transactions already commenced. Any business currently in progress will be completed unless we receive instructions to the contrary. Any premiums or fees outstanding will become payable immediately. In circumstances where we feel we cannot continue providing services to you, we will give you a minimum of 7 days’ notice.


Law and jurisdiction

These Terms of Business shall be governed by and construed in accordance with English Law and shall be subject to the exclusive jurisdiction of the English courts.

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