Insurance Regulation
Premier Commercial Ltd is Authorised & regulated by the Financial Services Authority. Our Firms Reference Number is 303287 and a copy of our Scope of Permission can be downloaded here.
We are predominantly a wholesale broker offering facilities to regional brokers although we do have a small direct offering in our home town of Edinburgh and its surrounding districts. We always place cover directly with our select panel of insurers or through our Lloyd's brokers, under no circumstances will we use another agent in a chain. Each of our insurance company partners provides us with 'risk transfer' although we do not pass this onto you, preferring to draw a distinct line that you are in charge of your client's money until you discharge your statutory duties. Obviously when placing via our Lloyd's brokers we cannot guarantee we are receiving 'risk transfer' and we undertake to notify you should this be the case.
We take our responsibilities in respect of the attainment of 'contract certainty' seriously and our risk submission forms assist us in achieving this for your client. We always provide your quotation in writing notifying you of any significant endorsements, warranties, terms or conditions prior to the assumption of risk by the insurer concerned. Most of the policy wordings for the products we promote are available at our download centre and we will continue to develop this part of our website on an ongoing basis. You will also find information relating to the particular wording of insurer endorsements, warranties and conditions at our download centre.
Premier Commercial has a policy for the management of its 'conflicts of interest.' In many cases the relationship between us will be us acting for the insurer and you acting for your client however from time to time your client may rely on our expertise in a particular area and we recognise that this can give rise to a conflict. For this reason our policy is to facilitate the insurance transaction and place the interests of the customer at the forefront of our obligations, this means that we will not permit any action, or inaction, of any party prejudice the insured's right to receive the protection of the insurance policy purchased. In the majority of cases we will receive a commission from the insurance company offering the insurance cover of which we will seek to retain normally 10% or an amount reflective of the work undertaken on your behalf. The balance of the commission will be paid to you. We do charge and disclose a small document fee where the insurer relies upon us to issue the documentation on their behalf or where we have additional operational costs.