CoverMy LTD – Terms of Business
These Terms of Business set out the basis on which CoverMy Ltd provides its insurance services.
They should be read alongside your insurer’s Policy Wording, Schedule, and Statement of Fact.
- About Us
CoverMy Cab, CoverMy Drive, CoverMy Minibus, CoverMy Courier, CoverMy Business and CoverMy Property are trading names of CoverMy Ltd.
Registered Office: Number One, Station Approach, Harlow, CM20 2FB
Company Registration Number: 07757031
CoverMy Ltd is authorised and regulated by the Financial Conduct Authority (FCA).
Our Firm Reference Number is 571906.
We are covered by the Financial Services Compensation Scheme (FSCS).
You can verify our regulatory status at: www.fca.org.uk/register
We place business with FCA-regulated insurers. Some products may be arranged under Binding Authorities granted by Lloyd’s Underwriters or other authorised insurers.
- Our Scope of Service
2.1 Personal Lines – Non-Advised
For personal lines insurance (e.g., motor, taxi, courier, home), we operate on a non-advised basis.
We provide information only, allowing you to make an informed choice.
We do not make recommendations on personal lines products.
2.2 Commercial Insurance – Advised
For commercial customers, we operate on an advised basis.
We will assess your demands and needs and recommend suitable insurance options.
2.3 Insurer Market Selection
We access:
- A limited panel of insurers for most personal lines
- A broad market for commercial insurance
- A single insurer for specialist schemes where applicable
We will confirm the nature of the market search before cover is placed.
- The Capacity in Which We Act
We act in different capacities depending on the service being provided.
In most cases, we act as agent of the insurer, particularly for the collection and handling of premiums where we operate under risk transfer.
We act as:
- Agent of the insurer when receiving or holding premiums (risk transfer applies in all instances)
- Agent of the customer when sourcing or advising on insurance
- Agent of the insurer where we hold delegated claims authority
- Agent of the customer for support on non-advised personal lines
We will confirm our capacity for any specific transaction upon request.
- Your Responsibilities
You must take reasonable care not to make misrepresentations when providing information.
Incorrect or incomplete information may result in:
- Claims not being paid
- Additional premiums
- Policy cancellation
You must inform us immediately of any material change during the policy period.
A change or claim prior to renewal may affect your insurer’s acceptance of renewal terms.
- Fees and Charges
CoverMy Ltd receives remuneration from insurers and through administration fees.
Fees apply only when we arrange, amend, renew or cancel insurance and are non-refundable.
5.1 Retail (Personal Lines)
- New Business / Renewal: up to £135
- Mid-term Amendments: up to £75
- Cancellation: up to £100
5.2 Commercial Insurance
For commercial products, CoverMy Ltd may charge a fee of up to 20% of the premium at:
- New Business
- Renewal
The exact fee will be disclosed before cover is arranged.
5.3 Insurer Fees
Some insurers apply their own fees.
These are disclosed in your quotation, Statement of Fact, Schedule, or Policy Wording.
5.4 Remuneration Transparency
- Commission is included in your premium.
- Commission levels vary by product and insurer.
- A full breakdown of our remuneration is available on request.
- How We Handle Your Money
CoverMy Ltd operates under risk transfer in all instances.
This means:
- All money you pay to us is treated as paid directly to the insurer
- Refunds or claims sent to us are treated as received by you
- We hold and manage funds as agent of the insurer
Where risk transfer does not apply (e.g., premium finance), we will notify you separately.
- Cancellation
Refunds are calculated according to your insurer’s cancellation terms (pro-rata or short-period).
Our cancellation fee applies whether the policy is cancelled by you or by us.
Insurers may also apply their own cancellation fees.
Premium Finance
Cancelling your finance agreement does not cancel your insurance policy.
Any outstanding balance remains payable.
Where a claim has occurred or is outstanding, the full annual premium may become payable.
To cancel, contact:
service@covermy.com or 0345 456 4505
- Claims
You must report incidents immediately.
Insurers may apply:
- Additional excesses
- Late reporting charges
- Claim repudiation for delayed notification
Do not:
- Authorise repairs without insurer approval
- Negotiate with third parties
- Respond to legal correspondence
Forward all third-party or legal correspondence to us unanswered.
A claim raised after renewal is invited may affect renewal acceptance.
- Vulnerable Customers
We are committed to supporting customers who may be vulnerable due to:
- Physical or mental health conditions
- Disabilities or learning difficulties
- Bereavement or life events
- Financial difficulties
- Low confidence or capability
- Language or communication challenges
- Age-related vulnerability
If you believe you may require additional support, please tell us.
We may provide:
- Additional explanation time
- Alternative communication formats
- Support from a nominated third party (with consent)
- Extra help at claims or renewal stages
We train colleagues to identify and support vulnerable customers in line with the FCA Consumer Duty.
- Conflicts of Interest
We maintain procedures to identify and manage conflicts of interest.
We do not hold any material financial interest in insurers, and no insurer holds shares in CoverMy Ltd.
Where a conflict cannot be avoided, we will inform you and explain how it will be managed.
- Financial Crime
We comply with all relevant legislation, including:
- Anti-money laundering
- OFSI sanctions
- Fraud prevention
- Anti-bribery and corruption laws
We may refuse to act or withdraw services where financial crime concerns arise.
- Data Protection (GDPR)
We process personal data in accordance with UK GDPR and the Data Protection Act 2018.
We use your information to:
- Provide quotations
- Arrange and administer policies
- Manage claims
- Support renewal processing
- Prevent fraud and financial crime
- Meet regulatory obligations
We may share data with insurers, premium finance providers, claims handlers, law enforcement bodies, fraud prevention agencies, and service partners.
Our full Privacy Policy is available at:
www.covermy.com/privacy
- Consumer Duty, Product Governance & Fair Value
CoverMy Ltd is committed to meeting the FCA’s Consumer Duty.
We ensure that:
13.1 Fair Value
Products must provide fair value relative to the premium and fees charged.
13.2 Target Market
Products must meet the needs of their intended target market.
13.3 Customer Support
Customers receive appropriate support throughout their policy lifecycle.
13.4 Clear Communications
Information is clear, fair, not misleading, and supports informed decisions.
13.5 Pricing & Fees
Fees reflect the cost and value of the service and are disclosed before purchase.
13.6 Ongoing Monitoring
We regularly review products and customer outcomes to identify and mitigate potential harm.
- Renewals
We may offer to renew your policy, but this is not guaranteed.
Changes in insurer underwriting appetite or claims history may affect renewal terms.
Your acceptance is required before renewal unless auto-renewal is explicitly provided by your insurer.
- Complaints
If you are unhappy with any aspect of our service, please contact:
Phone: 0345 456 4505
Email: complaints@covermy.com
Post: CoverMy Ltd, Number One, Station Approach, Harlow, CM20 2FB
We will:
- Acknowledge your complaint within 5 working days
- Provide a Final Response within 8 weeks, in line with FCA DISP rules
FOS Eligibility
Depending on your circumstances — and this includes most individual customers, sole traders and small businesses — you may be eligible to refer your complaint to the Financial Ombudsman Service (FOS).
Website: www.financial-ombudsman.org.uk
FOS will confirm eligibility when contacted.
- Governing Law
These Terms are governed by the laws of England and Wales.
Any dispute will be subject to the exclusive jurisdiction of the English courts.
