Product Fair Value Assessment

Product Information

Product Approval Process

Product value assessments have been carried out to confirm that the product is suitable for the target market, and responds to exposures for a range of liabilities. The product has been assessed to ensure fair value is provided to customers. In the event of a material change to the product a new assessment will be carried out.

Target Market

Commercial entities, partnerships and sole traders established in the United Kingdom that typically fall into the small to medium enterprise (SME) category. The main risks for these clients will usually come from working away from their own premises on 3^rd party sites, where there are exposures to own materials, work in progress, plant, tools and equipment.

Who is the Product not suited to?

Consumers – persons carrying out activities unrelated to their declared business description/trade  type or profession.

Customers established or employing persons based outside of the United Kingdom.

Fair value is not expected to be given to those falling outside of the target market.

Product Distribution Strategy

The product is sold and offered to the customer exclusively via FCA authorized intermediaries and their Appointed Representatives, having been carefully selected and approved by us, and who enter into our Terms of Business Agreement. The products can be accessed via our online broker portal, providing a quote and bind facility and instant documentation.

Commission & Remuneration

We retain a commission that is reflective of our contribution and administration of our product offering, whilst still ensuring fair value is given. We will also agree a commission with intermediaries, who should be able to reasonably demonstrate that their commission received is proportionate and appropriate to their level of contribution and consistent with their added value in the product offering.

We apply an Underwriting Fee to all new policies and will charge a fee if the customer requests a mid-term adjustment or cancellation. Details of our fees will be clearly shown within our quotation documentation, will be shown separately and not from part of any insurer premium.

Intermediaries may also apply their own policy fee, but this again must be reflective of their value added in the product offering.

On request, we may require intermediaries to provide details of remuneration earned in relation to the sale of the products provided by us, not limited to but including any fees, premium finance earnings or earnings gained from the sale of ancillary products sold alongside our products.

Intermediaries remuneration policy must be consistent with FCA rules, with polices in place to deal with incentives and address any potential or actual conflicts of interest.

Client Outcomes

Clients can be confident they are dealing with a firm where the fair treatment of customers is central to the corporate culture, and products and services offered are designed to meet the needs of the identified target market. Our product governance and review process ensures that fair value is provided to the end customer.