TERMS OF BUSINESS
1.1 You have appointed Trevor Strong Insurance (2013) Limited T/A TSI Brokers and Consultants, (we,
us) as your insurance broker. We will provide our services in accordance with these terms of
1.2 These terms apply until they are varied by agreement in writing between you and us, or until our
appointment is cancelled. We may vary the services we offer you from time to time, without prior
1.3 These terms are in addition to any terms set out in the letter of authorisation signed by you, or any
other terms we may provide you with from time to time which you agree to in writing. In the event
of any inconsistency between these terms and such additional terms, the letter of authorisation
and additional terms will prevail over these terms.
2.1 We are members of The Insurance Brokers Association of New Zealand Inc (IBANZ).
We subscribe to the IBANZ Code of Practice that can be found at www.ibanz.co.nz and
are a registered financial service provider registration number 3062.
2.2 We will offer a range of services to assist you to protect your Assets and Liabilities. These include:
· Review your risk exposure and insurance needs
· Advice about insurance products
· Arrange, amend and renew insurance contracts (policies) on your behalf
· Arranging premium funding if required
· Assisting with insurance claims.
We may provide additional services upon request.
2.3 As your insurance broker we normally act as your representative regarding arranging insurance on
your behalf. We will make recommendations to you regarding insurers based on your
requirements; however, the final choice of insurer will remain with you.
2.4 We may provide you assistance with placing and servicing overseas insurance, or the management
of overseas risk. A third party Broker may assist us with the provision of such services.
2.5 We will negotiate with insurers on your behalf and will keep you informed of any significant
developments. We will do our best to ensure that policies and endorsements for insurance we place
on your behalf are issued by your insurers promptly and correctly. These documents detail the precise terms and conditions relating to the insurance we have arranged for you and are important.
We recommend you keep these documents in a safe place.
2.6 Upon our receipt of premiums and related statutory charges from you, we will arrange for their
timely disbursement to the relevant insurers and authorities.
2.7 While we will endeavour to provide you with relevant and up to date information, we are not
responsible for the accuracy or reliability of information we receive from an insurance company or
reinsurer, which we then forward to you.
2.8 We make no representation or warranty concerning the solvency or ability of any insurer to pay
2.9 If your insurances were arranged by another party prior to our appointment:
a. We will not be responsible for any payments made in relation to those insurances prior to
our appointment (including payment of premiums and claims);
b. We will review the policies within 60 days of our appointment, or upon receipt of the
documents, whichever is the later, and discuss with you any relevant issues we identify
with the policies; and
c. We will not be responsible to the adequacy or apportionment of such insurances for your
needs prior to our review.
2.10 We may enter into a binder arrangement with an insurer from time to time to arrange insurance
policies on their behalf.
2.11 You can provide us with instructions in person, by telephone, email or in writing using our contact
3.1 We receive brokerage from insurers in accordance with normal market practice on any insurance
we arrange for you. We may also, in certain cases, charge you a fee as well as receiving brokerage.
3.2 Your premiums are inclusive of our broker administration fees.
3.3 Where we arrange the placing and servicing of insurance overseas, our overseas representatives
may also receive remuneration from insurers in accordance with normal market practice.
3.4 If you wish us to provide services in addition to those listed in 2.1 of this agreement we may charge
you an additional fee. Such additional fees will be agreed with you prior to us undertaking those
3.5 We may earn investment income from handling your premiums.
3.6 If we arrange premium funding for you we may be paid a commission by the premium funder. We
may also charge you a fee (or both). The commission that we are paid by the premium funder is
usually calculated as a percentage of your insurance premium (including government fees or
3.7 We reserve the right to set off any outstanding sums that you owe us in connection to
any contract of insurance, from any money we receive on your behalf in relation to that insurance.
4. Your Responsibilities
4.1 You have a general duty of disclosure. You are responsible on an ongoing basis for providing us
with all material facts relating to the insurance contracts we arrange on your behalf. Material facts
are those that would influence an insurer when they were deciding whether to accept the risk, and
the terms and conditions that would apply. Failure to provide full and accurate information may
mean that your cover is reduced, cancelled, or if the non-disclosure is fraudulent, the insurer may
be able to void (cancel) the contract from the beginning. If you are in any doubt as to what facts
are considered to be material you should disclose them to us.
4.2 You must provide accurate, complete and timely information to us. You are responsible for all
information you provide in any proposal, claim form or other material document. We are not
responsible for checking the accuracy or completeness of any information you provide to us or any
insurer. We will not be responsible for any consequence resulting from a failure by you to disclose
all material facts to an insurer (including, without limitation, the possibility of your insurance policies
being rendered void or limited).
4.3 You must advise us of any change in your business that might affect your insurances. This may
include acquisitions, disposals, mergers, sale of principal assets, or material changes to business
4.4 If you want to vary any insurance e.g. by increasing the sum insured or adding other property, you
must provide us with details of the changes you require and any other information you need to
disclose to insurers. Any adjustment to the premium as a result of such variation will be advised
4.5 You must advise us (or your insurers) as soon as is reasonably practicable of an event or
circumstance that may give rise to a claim or potential claim. If you do not inform us (or your
insurers) of such a claim or potential claim you may prejudice your rights under your insurance
contracts. You will be advised if you need to complete a claim form or produce documentation to
support your claim.
4.6 After receiving your insurance documents from us, you should check them and advise us promptly
of anything that does not meet your requirements. Any errors should be notified to us immediately.
4.7 You must pay premiums when due as set out in our invoices, unless premium funding has been
arranged. We normally accept payments by cheque. We will give full information about premium
payment options when we provide quotations. Invoices detail the premium, statutory charges
(Government levies and GST) and fees (if applicable) for all new and renewals and mid-term
4.8 If you do not pay the premium on time, we are required to advise the insurer. In that event, the
insurer may have the right to cancel the insurance and you will not be insured. The insurer may
also charge a short-term premium for the time they have insured the risk.
4.9 Please note that we have no obligation to fund any premium, taxes or fees (if applicable) on your
behalf and we have no responsibility for any loss you may suffer as a result of insurers cancelling
the insurance or taking any prejudicial steps as a result of late payment.
5. Disclosure of Interests
5.1 We make every attempt not to have a situation where there is conflict of interest. Should a situation
arise where a conflict of interest would be perceived we declare it as soon as is practicable to do
5.2 TSI Insurance Limited is a member of Steadfast (NZ) Ltd (Steadfast). Steadfast has arrangements
with some insurers under which Steadfast receives commission for each product arranged by us
with those insurers. These payments are used to operate Steadfast. We may receive a proportion
of that commission at the end of each financial year.
6. Complaints and Disputes
6.1 If you are not fully satisfied with our services please contact us in writing, addressed
to “The Manager” and provide details of your complaint. Your complaint will be acknowledged in
writing and we will endeavour to resolve your problem within 20 working days.
6.2 If the complaint still remains unresolved then you can undertake dispute resolution proceedings
directly with Financial Service Complaints Limited as the selected independent dispute
resolution scheme required under the terms of the Financial Service Providers (Registration and
Dispute Resolution) Act 2008.
Contact details are:
Financial Service Complaints Limited
PO Box 5967
7.1 You may cancel our appointment at any time however we will not cancel your contract of insurance
without written instruction from a person(s) who is authorised to represent each of the parties who
are named as insured’s in the contract of insurance or the approval of any interested parties noted
on the contract. We cannot cancel a policy without the insurer’s approval and some insurance
contracts contain a non-cancellation clause or cancellation penalties which, for the avoidance of
doubt, you will be responsible for paying.
7.2 Upon such cancellation we will cease providing you services and:
a. withdraw from any negotiations in progress, including, without limitation, any claims or
renewals of policies;
b. return any premiums we have received from you but not yet disbursed; and
c. upon request, deliver to you copies of relevant correspondence we have had with your
insurer in respect of any current claim.
If a contract of insurance is cancelled before expiry of the period of insurance we may refund the net premium we receive from your insurer(s). We will not refund our fees or commission
earned when the policy was first arranged.
7.3 We will keep all information you provide us about your business confidential and, except where
disclosure is required by law or where the information is already in the public domain, we will not
disclose such information to any third party without your consent.
7.4 You consent to being entered into our marketing database and, for the purposes of the Unsolicited
Electronic Messages Act 2007; you expressly consent to receiving email communications from us
with regard to our business or the insurance industry. You may revoke such consent at any time,
and we will remove you from our marketing database.
7.5 Any failure by us to enforce any right or obligation under these terms, will not in any way limit or
waive our right to subsequently enforce such right or obligation.
7.6 If any part of these terms becomes invalid or unenforceable for any reason whatsoever, the
remaining terms will continue to apply subject to any modifications as is necessary to continue to
give them effect.
7.7 These terms are governed by the laws of New Zealand and the parties submit to the exclusive
jurisdiction of the New Zealand Courts.
7.8 We accept no liability for instructions received until we acknowledge receipt and acceptance of the
instructions to you in writing.
7.9 No cover or action by us shall be deemed to be taken or given until confirmed by us in writing.
7.10 We shall be entitled to rely on all written instructions without further enquiry, including email