a little bit of small print
As a non-advised business we will never offer an advised service, practically this means we won’t ever make a recommendation of any product via our panel of insurers.
We will always provide you with relevant information that helps you to make an informed decision on the suitability of a product compared to your needs. We will need to collect information from you in order to assess what your demands and needs are and to provide you with specific information, for more information on what we do with your data see our Privacy Policy.
Next Generation Ins Group Ltd is an appointed representative of Innovative Risk Ltd. Who are authorised and regulated by the Financial Conduct Authority. Firm Reference Number is 609155. You can check these details online (www.fca.org.uk) using the Financial Services Register.
You’re required to take reasonable care not to make a misrepresentation to us and the insurer. This means that all the answers you provide and statements that you make as part of your application to obtain, manage, change and renew your insurance must be honest and accurate. If you’re found to have deliberately or carelessly misinformed us and the insurer(s), this could mean that part of or all of any claim may not be paid or your policy may be voided from inception.
Before deciding to cancel please contact us and ensure you’ve referred to your policy terms and conditions for more information on how the cancellation will be processed and what cooling off period applies.
When you cancel we will normally issue a pro-rata refund less any administrative cost both us and the insurer may apply. However this may not always be the case and you may not be eligible for a refund, for example, if a claim has occurred during the insurance period no refund of premium will be due on cancellation or your insurer doesn’t offer refunds for cancelled policies owing to low original premiums and the costs associated with administering a cancellation. More information on our administration charges can be found below.
We will issue a renewal notice within 30 days of your renewal date, we will always show you last years premium, including Insurance Premium Tax (IPT) so you can compare the renewal premium we're offering you vs what you paid last year.
Unless you've instructed us not to we will automatically renew your policy. If we cannot automatically renew your policy because payment cannot be taken then we'll contact you and ask you how you wish for us to proceed and if we hear nothing back we'll cancel the renewal.
If we collect your payment because you've not advised us to cancel your policy at renewal, you'll incur an administration fee to cover the cost of payment processing and administration, see our fees below.
We take the privacy of your data seriously and as such all personal information about you will be treated as private and confidential (even when you are no longer a customer), except where the disclosure is made at your request or with your consent in relation to administering your insurance or where we are required by law.
We will use your information in relation to the setting up and administering of your insurance and in relation to any credit arrangements that may be in place. Please read our privacy policy which is available on our website.
By agreeing to our terms of business at checkout/purchase of your insurance policy, you provide NextGen insurance with the consent to initiating a payment(s) for a mid-term adjustment, administration fee(s) and policy renewal(s) (these amounts could differ to your original payment amount as insurance prices can change), or a series of payments on your behalf using this method.
Whether you opt for a monthly or annually payable policy with NextGen Insurance we'll set up a recurring subscription - this will be monthly or annually.
If you've opted to pay monthly we'll collect the monthly instalments on the monthly anniversary of the date in which your first payment was made. At renewal the price of your policy may increase or decrease and we'll amend your existing subscription to reflect the change in premium and continue taking payments following renewal, unless you tell us not to do so. This ensures you're afforded continuous cover - don't worry, you can tell us if you don't want your policy to renew.
If you've opted to pay annually we'll set up an annual subscription. At renewal the price of your policy may increase or decrease and we'll amend your existing subscription to reflect the change in premium and continue taking payments following renewal, unless you tell us not to do so. This ensures you're afforded continuous cover - don't worry, you can tell us if you don't want your policy to renew.For annually payable policies the renewal payment will be taken 3 days prior to the annual anniversary date in which your first payment was made.
We'll always use the card that you used to purchase your insurance policy to debit and credit funds, unless you've updated this in which case we'll use your new card payment details. If the account that the card relates to has closed you'll need to notify us of this to ensure payment isn't made to a closed account - if that does happen the funds should be returned to us and we can re-allocate the funds to a new payment method. If we need to charge a different premium to that of your recurring billing plan, or an administration or mid-term adjustment additional premium as a result of a change to your policy we'll do so using a method called 'off session payments' via our Merchant, Stripe.
If you pay your policy monthly we reserve the right to request payment of the remainder of the annual insurance policy if at least two failed payments occur. This ensures we are able to reduce the administrative burden and associated fees of failed or missed payments.
If you pay your policy monthly and you have missed at least 3 payments or we've incurred additional administrative effort by facilitating missed/failed payments/revoked bank cards, we reserve the right to request full payment of your insurance premium in advance of making a claim. This is to reduce the risk of bad debt, additional fees being incurred and ensuring the Insurer is in receipt of the full annual premium in the event of a claim.
If you incorrectly challenged a payment via your bank or building society for your insurance premium or any cancellation or administration fees and those monies were returned to you and we have incurred fees from our payment provider we will ask you to contact your bank to advise them that the payment was correct. If you fail to do this within a reasonable timeframe and we've incurred fees from an incorrectly challenged payment we will deduct these costs from the card that we hold on file.
Please refer to your policy summary or your policy document if you need to notify us of a claim. You should contact the claims administrator as soon as possible as defined in the policy terms and conditions. Upon the claim being approved you will be required to pay the claim excess, this is payable directly to our Claims administrators, Davies Group.
Our administration fees simply cover the costs that we incur for administering changes and for collecting or returning payments where we incur a fee from our payment provider. Here are the details on fees:
Arrangement of new policies and renewals: £0
Policy alterations/mid-term adjustments: £5
Policy cancellation YR1: £15
Policy cancellation YR2 >: £10
Renewal payment processed and refunded: £7.50
Cancellation where fraud is suspected: £50
3 or more declined or missed payments: £7.50
Incorrectly challenged payment: £15 per disputed transaction
Duplicate Policy documentation (hard copy): £0
Information provision under Data Protection Act: £12.50
You are entitled, at any time, to request information regarding any commission which we may have received as a result of placing your insurance business.
The NextGen referral scheme is entirely discretionary and can be withdrawn at any time.
Prior to your premium being forwarded to the insurer, and for your protection, our principle Broker, Innovative Risk Ltd will hold your money as an agent of the insurer(s). In which case your policy is treated as being paid for. Your money will be protected at all times because of the requirements of FCA rules. We reserve the right to retain interest earned on this account. By accepting this Terms of Business Agreement, you are giving your consent for us to operate in this way.
If you have reason to make a complaint you can contact us in the following ways:
Tel: 01206 688097
Email: hello@nextgeninsurance.co.uk
Post: Next Generation Ins Group Ltd, The Ramsey, Systematic Business Park, Old Ipswich Road, Ardleigh, Colchester, CO7 7QL.
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 0 234 567 and further information is available at the Financial Ombudsman. If you do decide to refer any matter to the Financial Ombudsman Service your legal rights will not be affected. Please take some time to review our complaints procedure which is available on our website.
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.
Next Generation Ins Group Ltd is an authorised representative of Innovative Risk Ltd. Innovative Risk Ltd is authorised and regulated by the Financial Conduct Authority, FCA Registration 609155. You can check this by visiting the Financial Services Register or by contacting the FCA on 0800 111 6768.
