Sovereign Insurance Services (Europe) Cell is a protected brokerage Cell of Jatco Insurance Brokers PCC Ltd (Company Registration No. C9233), which is a company authorised under the Insurance Distribution Act (Cap. 487) to carry out insurance intermediaries activities, licensed to operate as a Protected Cell Company in terms of the Companies Act (Cell Companies Carrying on Business of Insurance) Regulations, 2010 and is regulated by the Malta Financial Services Authority (MFSA, Mdina Road, Zone 1, Central Business District, Birkirkara CBD1010 Malta). MFSA Financial Services Register Reference Number (Authorised Person ID) SISE-14326.

Sovereign Insurance Services (Europe) Cell of Jatco Insurance Brokers PCC Ltd is licenced to service clients in Malta and also all of the EU/EEA under freedom of services legislation.

CLIENT TERMS OF BUSINESS AGREEMENT (PROVISION OF SERVICES)

About Sovereign Insurance Services (Europe) Cell

Sovereign Insurance Services (Europe) Cell is a cell of Jatco Insurance Brokers PCC Ltd, and a member of the Sovereign Group of companies and is authorised and regulated by the Malta Financial Services Authority (MFSA) to act as an Insurance Intermediary. We are authorised to provide distribution services across the EU/EEA member states by virtue of our passporting rights.

Insurance Services 

As an Independent Insurance Intermediary and Distributor, we do not have any direct or indirect holding or voting rights in any Manufacturer, insurance undertaking or a parent undertaking of such insurance undertaking, nor do any such parties have any form of direct or indirect holding in us.

As an Independent Insurance Intermediary, we offer a wide range of products from a carefully selected panel of leading insurers. We receive commission direct from the insurance company for the majority of policies placed with them. The only remuneration that we receive from clients is an administration (brokerage) fee which varies according to the individual circumstances of the insurance arranged for you.

  • a) Demands and Needs Statement 

Before providing you with quotations, we establish an understanding of your insurance requirements. On the basis of the information you provided to us, your demands and needs would be assessed and are shown to you in a separate document. Please inform us if you do not agree with the Demands and Needs Statement.

  • b) Fair analysis 

We provide you with quotations for a selection of insurance policies following an impartial and comprehensive analysis of the market by assessing a sufficient range of products to ensure that your demands and needs may be suitably met.

As your proposed insurance broker on this policy, we are licenced to provide advice in relation to the insurance policies sold. Our advice as independent insurance brokers, is based on fair and personal analysis, and is being given in the Demands and Needs document , as applicable.

For your guidance, please note that when we are not making a personal recommendation on the choice of product and therefore no advice is being given, this shall be stated in the Demands and Needs document , as applicable.

Please also note that in case of certain large risks and professional clients, a separate Demands and Needs Assessment and Statement will not be provided and the Demands and Needs Document will not be available.

Quotations 

We shall provide you with the insurance quotes relating to the insurance covers, as requested. The quote shall be based on the information provided to us. Premium including taxes and fees may be settled via bank transfer. Quotations are valid for a period of 30 days from date of this quote. Kindly contact us if you would like to go ahead with any of the quotes provided. The premium is subject to review by the underwriter, during the term of the policy.

We strongly recommend that you go through all the policy information documents before making your final decision. We are very happy to answer any queries you may have as well as set up a meeting with you to go through them together, to assist you in making your final decision.

Language 

All verbal and written communications from us in respect of your insurance arrangements will be in English, unless your objection to such is received by us in writing.

The methods of communication used shall be via phone conversations, electronic mail, postal mail, or any other form of communication as necessary. In the event that an insurance policy is taken up, we will contact you on an annual basis to report on the renewal of your annual insurance policy. Furthermore, we seek to act honestly, fairly and professionally in accordance with your best interests, avoiding situations of conflict of interest.

Cancellation 

You may cancel the insurance at any time by contacting us by email, ‘phone or in person. Depending on the type of insurance, and the insurance company providing the cover, you may need to return to us the original policy documentation. Details of cancellation procedures are shown in your policy wording.

We reserve the right to apply a small administration charge where appropriate.

Disclosure of Information 

As your appointed insurance broker, enrolled in the MFSA brokers list, we strive to give a fair analysis.

As part of our insurance brokerage service, we approach various underwriters in order to provide you with the requested insurance cover, including various terms and conditions. The quotations provided are based on the information provided to us by yourself, following an assessment of your demands and needs in this regard. Underwriter(s) quoting or insuring this insurance policy are noted in the policy documentation provided. At your request, we are able to approach other insurance companies to obtain alternative quotes for you to ensure that you have the optimum cover to satisfy your needs. You are also required to inform us immediately of any material changes which may affect your insurance cover. If you have any queries, please do not hesitate to contact us.

You should continue to advise us of any changes to the information you have already provided during the policy term and at renewal, to ensure that your insurance needs are met, and that the basis of the policy remains correct at all times.

The Insurance Product Information Document (IPID) or Summary of Cover shall be enclosed with quote, summarising the relevant information about the insurance policy. If these are not available, please always refer to the Policy Wording. Such documentation includes any warranties or endorsements that apply to the policy. The applicable law is that specified in the policy document.

Kindly note that insurers must be presented with a fair and complete statement of the nature of any risk submitted to them and all circumstances material to the insurance must be disclosed. Failure to make full disclosure of relevant facts, both before the contract of insurance commences and throughout the duration of the contract, may prejudice your position with Underwriters. This means that a policy may be cancelled, claims may not be paid, and you may encounter difficulty in trying to purchase insurance elsewhere.

In the case of property insurance please note that we may appoint our own builder or other expert to undertake restitution work on a property.

Other Important Information 

If your quote is issued with Lloyd’s, kindly be aware of certain details and safeguards undertaken in the interest of Policyholders. These are set out with the following provisions, which will be endorsed on and will form part of the Policy:-

  • A. Relationship between correspondent and Lloyd’s:

This document is issued by a correspondent acting as a Coverholder under a Binding Authority with members of Lloyd’s.

  • B. Insurance underwritten with several liability:

A contract of insurance underwritten at Lloyd’s is underwritten with several liability, each member for his own part and not one for another, and if the liability of each member is accepted, solely for his own account.

  • C. Compensation for insolvency: 

In the event of a particular member of Lloyd’s being unable to meet its liabilities arising out of insurance business written in Malta by such member, the Lloyd’s New Central Fund may be made available, at the discretion of the Council of Lloyd’s, for that purpose. In addition, members of Lloyd’s contribute to the Protection and Compensation Fund established in terms of Maltese Law in respect of insurance business written in Malta through Maltese cover holders approved by Lloyd’s. In the eventuality of claims remaining unpaid due to the insolvency of a member of Lloyd’s represented by a Maltese cover holder, limited compensation may be available to the policyholder from that Fund.

  • D. Lloyd’s representative in Malta: 

Lloyd’s representative in Malta is managed from the Lloyds’s Europe Head Office in Brussels.  Any summons, notice or process to be served upon members of Lloyd’s may be served upon Lloyd’s Insurance Company S.A., Bastion Tower, Marsveldplein 5, 1050 Brussels, Belgium, which has authority to accept service, and to enter an appearance on behalf of those members.  These should be addressed to the Lloyds CEO and Regional Director for Europe, Email address Ll***************@****ds.com.

Preventing and Detecting Fraud and Claims History 

If false or inaccurate information is supplied leading to a suspicion that fraud is intended, we are required by law to pass details to fraud protection agencies to prevent fraud and/or money laundering.

How to Claim 

Should you unfortunately suffer a loss covered by your insurance contract, or you wish to check whether a possible claim is covered, please contact us by email on our dedicated claims mailbox at cl*******@************up.com, by phone or in person at our offices. Our contact details are shown above.

It is important that you notify us as soon as possible to enable us to assist you with guidance and practical suggestions to minimise your loss, and to avoid invalidating your insurance policy.

For some classes, such as Travel or Medical Insurance, insurers will require you to contact them directly in respect of claims on their dedicated “hotlines”. Details of claims notification procedures are highlighted in your policy document. If you are unsure of the correct procedure to follow, please contact us.

How to Complain 

We pride ourselves on the service that we provide to our customers but realise that sometimes circumstances may prevent a perfect delivery leading to complaints. We welcome complaints as they provide us with an opportunity to correct errors and to ensure that full customer satisfaction is delivered.

Should you wish to complain about any aspect of our service, please contact our staff who has wide authority to settle problems and will do everything they can to help. This should be your first point of contact. We accept complaint notifications via email, letters, telephone, or in person. In the unlikely event that your complaint is unresolved, please provide the relevant information about the reasons of your dissatisfaction including your policy number, the details of the complaint and any actions you have already taken to our Complaints Manager, Ms Roberta Saglimbene on the following email address: ro*****@************ce.com. Your complaint will be acknowledged upon receipt and we will provide information about the way we will handle your complaint and will give you a response without unnecessary delay, and where possible, not later than fifteen working days. You can rest assured that we will handle your complaint fairly and promptly.

If you are still not happy with the way in which a complaint has been handled, you may also refer your complaint to The Office of the Arbiter for Financial Services, established under the Arbiter for Financial Services Act, N/S in Regional Road, Msida MSD 1920, Malta, Freephone (for local calls): 80072366, Tel: (+356) 21249245, email co************@*sf.mt. You can download a complaint form (available in Maltese and English) from www.financialarbiter.org.mt refer to the page “For Consumers” and proceed to “Submit a Complaint”.

Data Protection 

Data Protection legislation, the General Data Protection Regulations (GDPR) has been enforced in Europe from May 2018. This contains specific requirements for the use and protection of your personal data by us, in the course of arranging and maintaining your insurances.

Please find attached a copy of our “Privacy Notice” setting out how we will use the personal information that you provide to us and your rights under GDPR.

If you require any further information about any aspect of our services, please contact us and we will be pleased to provide you with further clarification.