We are pleased to confirm our Terms of Engagement, which details how and on what terms we will manage your general insurance needs.
In regard to the placement of your insurance policies, Penguin Risk Solutions ABN 52 637 022 069, Authorised Representative of PSC Connect Pty Ltd ABN 23 141 574 914, will act on your behalf as your insurance broker.
Penguin Risk Solutions Authorised Representative of PSC Connect Pty Ltd holds a current Australian Financial Services License (No. 344648).
Our Contact Details
Address: 2/885 Wellington Street, West Perth, WA 6005
Telephone: +61 488 452 159
Email: Jason.Fuller@penguinrisk.com.au
Our Services
As your insurance broker, we provide the following services:
Pre-placement services
- Help you identify and assess your risks and develop a proposal to submit to a potential insurer/insurers
- Providing advice on risk mitigation and management strategies
Insurance placement and premium financing
- Seek insurance quotes (for more information on how we will seek quotes see "Approaching the market")
- Negotiate policy coverage and policy renewal annually or as otherwise agreed with you
- Seek to bind coverage where you have authorised us to do so ( except in urgent circumstances where unless you instruct otherwise, we may choose to bind insurance on your behalf if we consider that is in your best interests)
- Obtain and provide a quotation for premium funding
Post-placement services
- Prepare and manage claims if an insured event occurs
- Advocate on your behalf during the claims process
- Facilitate policy changes and/or cancellations as per your instructions
Approaching the market
We will seek quotes from the broader general insurance market before making a recommendation to you. We have arrangements with various insurers and underwriters, which enables us to find the right insurance product for you.
It is important that you maintain continuity of cover. Accordingly, if a contract of insurance falls due and we are unable to contact you, we will automatically arrange for the policy to be held covered (or renewed if necessary), however there may be insurance contracts that we will need a proposal form or declaration completed by you and returned to us in order for renewal terms being considered and offered by the Insurer. If this is the case we will advise you in advance of the policy expiry. If you do not require the cover, we do ask that you tell us as soon as possible. A short-term premium may apply. Please tell us if you do not wish us to provide this service.
Remuneration
Unless we tell you otherwise, we will be remunerated by commission from the insurer when you enter into an insurance contract that we arrange (this includes renewal and some variations). The commission is a percentage of the premium (excluding government charges, levies and taxes). We may also charge you a broker fee which will be shown on your policy invoice.
Policy Cancellation
If a cover is cancelled before the expiry of the period of insurance, we reserve the right to refund to you only the net return premium we receive from the insurer and not refund any part of the brokerage and/or broker fee we receive for arranging the cover. A broker fee may be charged to process the cancellation.
Payment Terms
You are required to pay outstanding premiums to our office within the time frame set out on our invoice.
Our advice to you
We are authorised to advise you about and arrange general insurance products. For retail clients, we will provide you with advice which takes into account your personal objectives, financial situation or needs before making a recommendation. In order to provide this advice we rely on you to provide accurate and complete information.
We also provide you with a Financial Services Guide (FSG). This document contains important information about our relationship with you such as:
- Our status as a licensed financial services provider
- Disclosure obligations on your part and ours
- Potential conflicts of interest that we have in our dealings with insurers and other service providers
- Professional indemnity insurance arrangements
- Internal and external complaints resolution procedures
- Details of our privacy policy
We subscribe to and are bound by the Insurance Brokers Code of Practice, a full copy of which is available from the National Insurance Brokers Association (NIBA) website - www.niba.com.au.
We will notify you of any changes to terms of trade or services provided.