Our Terms of Business confirm how we agree to act for you and include details of our regulatory and statutory responsibilities. These Terms should be read in conjunction with your Insurers Policy Wording, Schedule and Statement of Fact.
Please read them carefully.
CoverMy Cab, CoverMy Drive, CoverMy Minibus, CoverMy Courier, Covery Fleet, CoverMy Motor, CoverMy Business, CoverMy Home, CoverMy Property, CoverMy Motorhome, CoverMy Trade, CoverMy Community and Mercury Insurance Brokers are trading names of CoverMy Ltd our registered office is Field House, Station Approach, Harlow, CM20 2FB (reg no 07757031)
CoverMy Ltd is authorised and regulated by the Financial Conduct Authority (FCA) and covered by the Financial Services Compensation Scheme (FSCS). You may check this information on the FCA register by visiting www.fca.org.uk/register or by contacting the FCA on 0800 111 6768. Our firm reference number is 571906.
Our panel of insurers includes both rated and unrated companies. An unrated insurer is one that does not carry an “insurer financial strength” rating given by international rating agencies. The rating provides an assessment of the financial strength of the insurer and is usually sought by larger institutions. Although not all insurers on our panel are rated they are all regulated by the FCA. Certain risks may be arranged via Binding Authorities granted to us by Lloyd’s Underwriters or other authorised insurers.
As a customer of CoverMy, we want to ensure that you enjoy the best possible service at all times. We would like to remind you that when answering questions, you must disclose all the relevant information correctly and honestly.
Failure to provide the correct information or misrepresentation to us and/or an insurer may result in a claim not being paid, an additional premium being added or as a last resort the cancellation of your policy. It is very important that you inform us of any change in circumstances since the last renewal of your policy. Should a claim or change of circumstances arise before the renewal date, the renewal terms or premium may be revised or withdrawn.
CoverMy Ltd receives remuneration through insurer commission and fees.
CoverMy applies the following non-refundable administration fees for our services:
New Business / Renewal – up to £100
Amendment of Policy mid term – up to £55
Cancellation – up to £100
The calculation of any refund will be based on your specific insurer’s cancellation terms. Some insurers determine cancellations on a pro-rata basis (considering the time you were covered), while others follow a short-period cancellation scale. Please refer to your insurer’s Policy Wording or contact our Customer Service team to understand how your insurer calculates refunds of premium.
Cancellation fees are applicable in the event of policy cancellation, whether requested by you (the customer) or us (the agent), regardless of the reason. Please note that some insurers may charge a cancellation fee separate from our own fee. Refer to the Fees section for further details.
To cancel your policy, please contact our dedicated Customer Service team at 0345 456 4505 or via email at [email protected]
They will guide you through the necessary process with your insurer and can assist you in exploring alternative coverage if needed.
Please note that cancelling your premium finance does not automatically cancel your policy. Furthermore, the payments made thus far may not cover the associated costs in the event of cancellation. Any outstanding balance can be settled in a lump sum payment, or you may continue with the scheduled instalments until the balance is repaid. We will retain proof of your No Claims Bonus until the outstanding balance is settled. In cases involving claims or potential losses, the full premium will be due without any refund, as specified in your Policy Wording.
It is important to keep your registered email address and mobile phone number up to date as we may communicate any cancellations via email and text message.
In the unfortunate event of an incident that may result in a claim, whether it is your fault or not, it is crucial to notify us immediately on our claims reporting line. Please be aware that some of our insurers impose a late reporting charge or excess if an incident , regardless of fault, is not reported to us or them within the required timescale. For more details, please refer to your Policy Wording.
If the claim involves damage to your vehicle, do not authorise any repair work until it has been approved by your insurers. In the case of claims related to damage to third-party property or injuries to individuals, it is essential to promptly provide us with copies of all unanswered correspondence, including solicitors’ letters.
To protect the integrity of your claim, please avoid engaging in negotiations or responding to any other party involved in the incident without first consulting us or your insurers, as this may adversely impact your claim.
Please note that a claim occurring after the invitation to renew a policy may influence the assessment and acceptance of that renewal by your insurers. If you have any uncertainties regarding the necessary steps to take in the event of a claim, we strongly encourage you to contact us for guidance.
We want to provide an excellent level of customer service to all our customers. If for any reason you are unhappy with our service, please let us know and we will do everything we can to put it right.
Should you wish to register a complaint, please contact us
Call us: 0345 456 4505
Email us: [email protected]
Write to us: CoverMy, Field House, Station Approach, Harlow, Essex CM20 2FB.
If you are unable to resolve your complaint with us, you may be able to refer your complaint to the Financial Ombudsman Service. Website: www.financial-ombudsman.org.uk
The laws of England and Wales govern this agreement and any dispute is subject to the jurisdiction of the English courts.
