1. Agreement
1.1 Appointment
By appointing GSI Insurance Brokers (Christchurch) Ltd, P O Box 37436, Halswell, Christchurch 8245, Phone: +64 800 786 631 ("we", "us"), as your insurance broker, you agree to the terms of this agreement. Our services are provided in accordance with these terms, and we both agree to be bound by them.
1.2 Scope of Services
As your broker, we will recommend potential insurers based on your requirements, but the final choice of insurer is your responsibility. We may adjust or vary the services provided, and we will notify you in writing if this happens.
1.3 Terms of Agreement
These terms apply to all services we provide unless we agree to changes in writing. In case of any conflict between these terms and other documents we issue, the terms in the letter of authority or appointment will take precedence.
1.4 Our Affiliations
We are members of:
- The Insurance Brokers Association of New Zealand Inc. (IBANZ), subscribing to the IBANZ Code of Practice (available at www.ibanz.org.nz).
- Steadfast NZ Limited, which offers us support with marketing, technical services, and more.
1.5 Legal Governance
Our business is governed by:
- Insurance Intermediaries Act 1994 (handling premiums, claims, etc.)
- Financial Services Legislation Amendment Act 2019 (regulating aspects of our relationship with you). More details are available at www.fma.govt.nz.
1.6 Limitations of Role
We do not act as an insurer. Our services are limited to insurance broking and risk management advice. We do not provide safety inspections or valuations. You are responsible for ensuring that all sums insured are adequate.
1.7 Insurance Arrangements
We may arrange insurance with insurers based in New Zealand or elsewhere. We may also engage third-party brokers, consultants, or reinsurers to assist with placement and servicing of your insurance.
1.8 Insurer Solvency
We make no guarantees about the solvency or claim-paying ability of insurers. In New Zealand, insurers must comply with the Insurance (Prudential Supervision) Act 2010 and provide Financial Strength Ratings, which we will communicate to you.
1.9 Premium and Claims Handling
We will handle premiums and related charges according to the Insurance Intermediaries Act 1994 and work to ensure that your insurance policies are issued promptly and correctly. You should review all policy documents carefully.
2. Remuneration
2.1 Broker Fees
We are typically compensated by commission from insurers when you enter into an insurance contract (including renewals and variations). We may also charge you a fee for our services.
2.2 Commission Structure
The commission we receive is a percentage of your premium (excluding taxes and levies). The amount can vary depending on the type of insurance and insurer.
2.3 Binder Arrangements
If we operate a binder on behalf of an insurer, we may receive a higher commission as part of normal industry practice.
2.4 Overseas Remuneration
If we arrange insurance outside New Zealand, we may receive additional compensation from insurers or third parties involved.
2.5 Additional Fees
If you request services beyond those initially agreed, we may charge an additional fee. This will be agreed upon with you in advance.
2.6 Volume or Profit-Based Remuneration
We may receive additional amounts based on the volume or profitability of insurance placed with an insurer over time.
2.7 Referral Fees
We sometimes pay a fee to parties that refer clients to us or earn a fee if we refer clients to other service providers.
2.8 Premium Funding
If we arrange premium funding for you, we may earn a commission from the premium funder and may charge you a fee.
2.9 Interest on Funds
We may earn interest on funds held in our broking client account at standard banking rates.
2.10 Non-Financial Benefits
We may also receive non-financial benefits such as training grants, conference fees, and social functions from insurers.
2.11 Payment Adjustments
We reserve the right to offset any outstanding sums you owe us against any money we receive on your behalf.
2.12 Replacement Documents
We may charge an administration fee for issuing replacement policies or certificates.
2.13 Policy Cancellations
If your policy is cancelled mid-term and not replaced, we will refund the returned premium from insurers, minus any cancellation or administrative fees. Commissions or fees we have received are non-refundable.
3. Your Responsibilities
3.1 Information Accuracy
You are responsible for providing accurate, complete, and timely information to us. We are not liable for any consequences resulting from incomplete or incorrect details.
3.2 Reporting Changes
You must inform us of any changes to your business that may affect your insurance, such as mergers, acquisitions, or sales of assets.
3.3 Policy Adjustments
If you need to adjust your insurance (e.g., increasing coverage or adding property), provide us with the relevant details, and we will notify you of any premium changes.
3.4 Claims Notification
You must notify us (or your insurer) of any event that may result in a claim under your insurance policy. Failure to do so could impact your coverage.
3.5 Document Review
Upon receiving your insurance documents, you must review them and inform us promptly of any discrepancies.
3.6 Premium Payments
You must pay premiums and any associated charges (taxes, levies, etc.) on time, as outlined in our invoices. If you fail to do so, the insurer may cancel your policy.
4. Disclosure of Interests
4.1 Conflict of Interest
We strive to avoid conflicts of interest. If one arises, we will disclose it promptly.
4.2 Steadfast Commission
As a member of Steadfast, we may receive commission payments from insurers that have arrangements with Steadfast. These payments support the operation of Steadfast, and we may receive a portion of them.
4.3 Binder Authority
If we hold a binder agreement with an insurer, we will disclose the delegated authority for policies under that agreement.
5. Privacy Act 2020
5.1 Personal Information
We collect, use, and hold your personal information in accordance with the Privacy Act 2020.
5.2 Privacy Statement
Our Privacy Statement is available at www.gsisouth.co.nz or by request.
5.3 Marketing Consent
By using our services, you consent to receiving email communications about our business and the insurance industry. You can opt out at any time.
6. Fair Insurance Code
6.1 Insurer Compliance
If your insurer is a member of the Insurance Council of New Zealand (ICNZ), they are committed to complying with the Fair Insurance Code. A copy of this code can be found at www.icnz.org.nz.
6.2 Our Compliance
We will also comply with the Code if we hold delegated authority from an insurer under a binder agreement.
7. Complaints and Disputes
7.1 Dispute Resolution
We are members of the Financial Services Complaints Limited (FSCL), an approved dispute resolution service, as required by the Financial Service Providers (Registration and Disputes Resolution) Act 2008.
7.2 Complaints Process
Our complaints process is explained on our website at www.gsisouth.co.nz. You can request a hard copy if needed.
7.3 Internal Dispute Resolution
We encourage you to notify us directly if you have a complaint. We will attempt to resolve it internally before involving external resolution services.
8. General Terms
8.1 Cancellation
You can cancel our appointment by providing one month’s written notice. Upon cancellation, we will stop providing services and return any unprocessed premiums.
8.2 Insurance Policy Cancellations
If an insurance policy is cancelled before it expires, we will refund the net premium, but our fees and commissions are non-refundable.
8.3 Confidentiality
We will keep all information you provide confidential, unless disclosure is required by law or is in the normal course of arranging your insurance.
8.4 Marketing Database
By using our services, you consent to being added to our marketing database. You can withdraw your consent at any time.
8.5 Enforcement of Terms
Any failure by us to enforce these terms will not affect our ability to do so in the future.
8.6 Invalidity
If any part of these terms is deemed invalid, the rest will remain in effect.
8.7 Governing Law
These terms are governed by New Zealand law, and any disputes will be resolved by New Zealand courts.
8.8 Acknowledgement of Instructions
We will only act on instructions once we have acknowledged and accepted them in writing.
