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Regulated Risks

Terms of Business

Regulated Risks is a trading name of Peacock Insurance Services Limited.

If you have taken out a policy with us, we look forward to providing you with exceptional customer service at competitive prices. Our hope is that you will be so satisfied with our service and products we offer that you will need to look no further than Regulated Risks for all of your personal and business insurance requirements.

The Financial Conduct Authority (FCA)

The Financial Conduct Authority is the independent watchdog that regulates financial services. The following document provides some of the regulatory information we are required to disclose to you. Included are details about our services and responsibilities we have to each other. You must read this document and advise us immediately if there is anything you are unable to understand or comply with.

Who We Are

Regulated Risks is a trading style of Peacock Insurance Services Limited, an independent insurance intermediary (Broker). Our address is 1410 Spring Place, Herald Avenue, Coventry Business Park, Coventry, CV5 6UB. Registered address: Leofric House, Binley Road, Coventry, CV3 1JN Registered in England and Wales No: 08557985. Regulated Risks Insurance Services, Regulated Risks, Construction Warranty & Guarantee, Construction Warranty & Guarantee Insurance Services, Construction Warranties & Guarantees, Construction Warranties & Guarantees Insurance Services, Construction Warranties & Guarantees Insurance Services, CW&G Insurance Services, Just Construction, Bouncy Castle Insurance Services, Compare Crazy, Commercial Warranty Group, Hippo Insurance Services, Let Portal and Just Property Insurance are trading styles of Peacock Insurance Services Limited.

Who Regulates Us?

Peacock Insurance Services Limited is Authorised and Regulated by the Financial Conduct Authority (FCA). Our Firm Reference Number is 603863. Our permitted business is arranging, advising on and helping in the administration of general insurance contracts. You can check this on the FCA’s Register by Visiting the FCA’s website or by contacting the FCA on 0800 111 678.

The Products and Policies We Offer

We sell a variety of insurance products to cover both personal and commercial requirements. We offer policies from a limited number of Insurers. In some circumstances, we offer the policies of a single Insurer for certain lines of business, however we are not contractually bound to do business in this way. Where we deal with more than one Insurer, we will provide details on the selection of policies available to you so you can choose which one is right for you. We will provide advice and recommendations based on the information that you provide to us. We will ask questions to identify your specific needs and this will form the basis of our advice and recommendations. If your policy is placed with Ark Insurance Group Ltd. you should be aware that this company shares a common ownership with Peacock Insurance Services Ltd. however both are separate legal entities, each with their own FCA regulatory obligations. A list of our Insurers is included in our welcome pack. We receive payment of your premium from you as agent for the relevant Insurer. Any claims money or refund of premium we receive from the Insurer in respect of your insurance is also received by us as agent of the Insurer. When you pay your premium to Peacock insurance Services, it is held in a ‘non- statutory trust’ client money account. Any interest that may be applicable on these funds will be retained as revenue to Peacock Insurance Services. If a policy is taken out with Peacock Insurance Services, you are consenting to us holding your money in this way.


All quotations are subject to change in respect of the amount of premium indicated and / or the Terms and Conditions that are applied.

What You Must Tell Us

Commercial customers are customers who are acting for the purposes relating to their trade, business or profession. You have a duty to disclose all material facts that are known or ought to be known by the policyholder’s senior management, or those responsible for arranging the insurance. This allows us to provide the Insurer with a fair presentation of all material circumstances so that they can determine whether to take the risk and, if so, on what terms.

It is your responsibility to provide complete and accurate information to us and Insurers when you take out an insurance policy, throughout the life of the policy and when you vary or amend your insurance. Failure to do so, or any inaccuracies in information given, could result in your insurance being invalid or cover not operating fully. If a form is completed on your behalf, you should check that the answers shown to all questions are true and accurate. You are advised to keep copies of any correspondence you send to us or direct to your Insurer.

Any changes in information supplied will be accepted either verbally or in writing. We will send you a copy of your Proposal Form or Statement of Fact that shows the information you have supplied. Information declared on a Statement of Fact or Proposal Form constitutes the basis of your contract, and will be submitted by us to your Insurer and to the agents appointed to handle claims on their behalf. If you do not agree with any of the information on a Statement of Fact, you should disclose it to us immediately. Any changes may require the Insurer to charge an additional premium, quote special terms, or decline your proposal. Remember, you should always tell us about any change immediately.

Insurers share information with each other via the Claims and Underwriting Exchange register and others to aid the prevention of fraudulent claims. In the event of a claim, the information you supply on the claims form, together with any other information relating to the claim will be put on the registers.

Awareness of Policy Terms

You should read your policy carefully. The policy document, schedule and any certificate of insurance are the basis of the cover you have purchased. Please make sure that you understand them and are able to follow their requirements. Breach of any terms, conditions or warranties may enable your Insurer to terminate your policy or repudiate a claim under your policy.

Your Right to Cancel Your Insurance

You have a right to cancel any insurance you buy through us. You can do this by providing a signed written notice to us within 14 days of your receipt of the new business paperwork to Regulated Risks, Peacock Insurance Services, 1410 Spring Place, Herald Avenue, Coventry Business Park, Coventry, CV5 6UB. If you do exercise this right to cancel your insurance, you will be charged by the Insurer for the service provided up to the point of cancellation, if a claim is reported it is unlikely any refunds will be made until the full extent of the costs of the claim are known. We will also make a cancellation charge of £35. Additionally, you will not be entitled to a refund of any service charges made by us for arranging / administering your insurance. If you do not exercise this right to cancel within this 14 day period, any remaining cancellation rights will be as set out in the policy document and charges listed below. If the policy is incepted on a minimum and deposit basis and cancelled mid-term there is no refund issued against the policy. Some Insurances policies such as Solicitors Professional Indemnity include specific/unique cancellation terms and any such terms will be fully disclosed and explained.

How You can Deal with Us

The language we do business in is English. The laws which govern us are those of England and Wales and any dispute arising out of those laws shall be subject to the exclusive jurisdiction of the English Courts. If you arrange your insurance through our offices, website or over the phone, you can deal with us in relation to that insurance either face-to-face, over the phone, email or by post. If you have provided your email address, you should be aware that we do send important information by this means. The email and contents will hold the same legal ramification as if it were sent by post. By providing your email address, you are consenting for us to communicate with you in this way. If this is not the case, please advise us immediately. Please note that we cannot accept email instructions from an email address that is not held on your records. Nothing in this document affects your normal statutory rights.

Receipt of Instructions

We do not consider instructions to arrange or change cover sent to us by post, electronic mail, or facsimile or left on answering equipment to have been received until they reach the relevant personnel in our offices. We do not accept responsibility for instructions which do not reach us due to failures in postal, electronic or telecommunication systems.

Commission Withdrawal

Insurers pay us a percentage of the annual premium as a commission. If you would like to know the commission we receive in respect of your insurance contract, this information is available on request. We shall only withdraw commission after we have received the premium from you, and in accordance with FCA regulations and agreements we hold with Insurers.

Other Taxes & Costs

Other taxes or costs, or both, may exist in relation to the products and services offered by us which are not paid through, or imposed by us.

Earning Interest on Customer Premiums

We hold premiums that you pay to us in a Client Money Bank Account. Under FCA Regulation we have to inform you that we may earn interest from the money held in our client account which may exceed £20 for any one transaction that you make with us. Our policy for the payment of interest is not to calculate and repay to customers the interest that we have received on the premium held prior to settlement with the Insurers. By accepting these Terms of Business, you are giving your consent for us to act in the manner described in this section.

How to Make a Claim

Instructions on how to make a claim are included in your policy booklet and policy summary. You will find the insurance company’s address, telephone number or other point of initial contact. Additionally, you will find the information which you must provide when notifying a claim (if this is not the case please use your policy / certificate number in all communications). You may also find in your paperwork, contact for a third party claims handling company who provide an additional claims service for clients. All claims need to be reported as soon as reasonably possible. If any documents or keys relating to a claim need to be submitted to us or the Insurer by post, they need to be sent recorded delivery. All outstanding premiums must be paid before any claim payment can be made.

Conflicts of Interest

Conflicts of interest may arise where we or one of our clients or product providers will have a potential conflict of interest with business being transacted for you. If this happens and we become aware that a potential conflict exists, we will write to you and obtain your consent before we carry out your instructions, and detail the steps we will take to ensure fair treatment.

Insurer Security

Whilst we monitor the financial strength of the Insurers, with whom we place business it should be noted that the claims-paying ability of even the strongest Insurers could be affected by adverse business conditions. We cannot therefore guarantee the solvency of any Insurer or underwriter. A liability for the premium, whether in full or pro rata, may arise under policies where a participating Insurer becomes insolvent.

Transferred Business

If we take over the servicing of insurance policies which were originally arranged through another broker or intermediary, or directly with an Insurer, we do not accept liability for any claim arising out of the advice given by that broker, intermediary or Insurer, nor for any errors omissions or gaps in your current insurance protection. We would ask you to contact us without delay should any aspect of a policy which has been transferred to us cause you concern or if you need an immediate review.

Financial Services Compensation Scheme

We are covered by the Financial Services Compensation Scheme (FSCS) and therefore you may be entitled to compensation from the FSCS 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, without any upper limit.

Where the claim is in respect of a relevant omission on a Professional Indemnity Policy, then 100% of the claim is covered. A relevant omission is where the firm has not passed the premium on to the Insurer or passed claim payments onto the policyholder or otherwise not taken steps and caused a contract not to be incepted by the Insurer. Further information about compensation scheme arrangements is available from the FSCS, 10th Floor, Beaufort House, 15 St Botolph Street, London EC3A 7QU, United Kingdom, telephone: 0800 678 1100, website

How to Make a Complaint

We strive to ensure that the service we offer is amongst the best in the industry. Consequently, if you have a complaint about our Insurance staff or its services please follow the following steps below so we may attempt to remedy the situation and prevent any future recurrences. If you have a complaint against your Insurer, please refer to the policy booklet for details of your Insurer’s complaints procedure.

  • Step 1 – Please write to the ‘Compliance Officer’ at Regulated Risks, Peacock Insurance Services, 1410 Spring Place, Herald Avenue, Coventry Business Park, Coventry, CV5 6UB, or contact us on 02476 437600 detailing your dissatisfaction and if possible, the member of staff you have been dealing with. We expect the majority of complaints will be quickly and satisfactorily resolved at this stage,butifyou are not satisfied,you can take the issue further.
  • Step 2 – Please write directly to the Managing Director at the above address.
  • Step3-If you remain dissatisfied with our response to your complaint,you may be able to refer the matter to the Financial Ombudsman Service (FOS) The FOS will independently investigate your complaint without charge to you. You will not be able to refer any complaint to the FOS unless you are:
  1. Individuals acting for purposes outside of their trade, business or profession;
  2. A charity which has an annual income of less than £6.5 million at the time the complaint is made
  3. A trustee of a trust which has a net asset value of less than £5 million at the time the complaint is made;
  4. Professional clients and eligible counterparties, where the person is an individual acting for purposes outside his trade, business, craft or profession.
  5. Micro-enterprises which are smaller businesses with less than 10 employees and an annual turnover of less than €2 million if the event leading to your complaint took place before 1st April 2019; or if the event leading to your complaint took place from 1st April 2019, small businesses with an annual turnover of less than £6.5 million (or its equivalent in any other currency) and either:
    • a balance sheet total of less than £5 million (or its equivalent in any other currency); or
    • fewer than 50 employees.

(F) A guarantor

Following the above complaints procedure will not affect your legal rights. Please provide your policy details in all correspondence.

Our Service Charges

Typically, we are paid a commission by the insurer. However, we may opt for a fee-based approach rather than receiving commission, or we may use a blend of both commission and fees. In instances where we levy a fee, it will not be subject to insurance premium tax or value added tax (VAT), as the insurance sector is exempt from VAT. Situations may arise that necessitate an extra fee, such as when adjustments to the risk profile demand significant advisory services and the arrangement of additional coverage, when there is a need for more extensive risk management services, or when we are heavily involved in managing large, complex, or particularly challenging claims. Please be aware that we hold the discretion to modify our fee structure as needed.

It is not economic or practical to issue refund cheques of very small amounts. Accordingly, where a transaction would result in a refund to you from us of less than £2, this nominal amount will be retained by us as an additional service charge. Where a transaction results in a premium credit, any refund to you will be reduced by any service charge and any other sums owing in respect of the policy. These charges are in addition to any insurer charges. We reserve the right to take any debt owed to us directly from any credit card/debit card used through the duration of the policy. Should there be a debt on the policy, we reserve the right to charge interest at 8% plus the Bank of England Base Rates, Legal Fees of £595 and administration fees of £100 should a third-party agency be employed.

Credit Checks

As part of our process, we may carry out checks with credit reference and fraud prevention agencies in order to verify your identity, assess your application for a quotation or credit. The checks may be against both public data (such as information from the electoral roll) and private data (such as your credit history). A record of the search will appear on your credit report. As part of the quote process the Insurers we pass your details onto may exchange information with various industry databases in order to verify the information that you have provided such as the Claims and Underwriting Exchange (CUE), the Hunter Database, the Motor Insurance Anti-Fraud and Theft Register or the No Claims Discount Database. We may also carry out checks against data that we already hold on you such as data from existing products or account data. We may use this data to help us assess and rate your application for a quote and to determine your premiums.

Confidentiality & Data Protection

We take protecting our customers data very seriously and abide by the rules of the General Data Protection Regulation (GDPR). Please refer to our Privacy Notice for information on how we hold and process your data.

Insurers share information with each other via the Claims and Underwriting Exchange Register to aid the prevention of fraudulent claims. In the event of a claim, the information you supply on the claim form, together with any other information relating to the claim will be put on this register.

Bribery Act

Both the firm and its customers must not offer or receive any form of bribe from the other party. This includes the offering, promising or giving of any financial or other advantage that could lead to a breach of the law. As such, the firm ensures it and any associated persons, including third parties, are not involved in the receipt or offering of any form of bribe. To enforce this policy the firm maintains on an ongoing basis its own anti-corruption/bribery policies and procedures, including but not limited to adequate procedures under the Bribery Act 2010.

Means of Providing Information

All information we provide will be made clear and accessible to you. You will also be given the choice to receive the information in paper format, free of charge. If you would like a paper copy at any time then please let us know. At renewal we will rely on your existing choice.

Version 1.0 31/01/2024

Take advantage today of our holistic approach to risk management.

Customised to your firm’s unique requirements, our service model ensures you have the support of a team of qualified professionals overseeing every aspect of your insurance and risk management needs.

Partner with us for a secure, thriving future.

© 2024 Regulated Risks • Company No: 08557985

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