NWC INSURANCE - FINANCIAL SERVICES GUIDE
This Financial Services Guide describes the services we provide and explains our relationship with the insurers of the products we deal in. It explains how we are remunerated for our services, our professional indemnity insurance and how we handle any complaints you may have.
NWC Insurance Pty Ltd is an Australian financial services licence holder. Our Australian financial services licence number is 451450. We are authorised to advise and deal in the full spectrum of general insurance products. We are required to meet high standards for staff training, organisational competence, management expertise, financial control and compliance disciplines.
WHO DO WE ACT FOR?
As an insurance broker we normally act for you. We may enter into an agreement with an insurer to arrange insurance policies on their behalf and not your behalf. If we are a given a written binding authority from an insurer, this means we can arrange specialised insurance policies we consider appropriate to your general insurance requirements. We will inform you when we also act for the insurer and not only you. Other than the agency relationships mentioned we are not influenced by any product issuers as to the selection of insurance covers offered to you.
We offer a range of services to assist you in protecting your assets. These include:
- Arranging and renewing Insurance contracts on your behalf
- Arranging Premium Funding (if required)
- Assisting with insurance claims
We can advise and arrange all General Insurance Products on your behalf including: Boat Insurance, Business Insurance, Caravan Insurance, Construction Insurance, Farm insurance, Home and Contents Insurance, Liability Insurance, Marine Transit Insurance, Motor Vehicle Insurance, Professional Risk Insurance, Warranty Insurance, Workers’ Compensation.
HOW ARE WE PAID
We receive a commission from the insurer when we arrange your insurance. The amount is calculated as a percentage of the premium (excluding taxes and statutory charges) and is included in the premium quoted to you. At the end of the financial year, we may receive a profit share commission from insurers, depending on the performance and profitability of the portfolio, we place with the insurer(s).
In respect of a policy cancellation we reserve the right to retain our remuneration earned prior to the cancellation if you elect to cancel your policy before the expiry date.
NWC Insurance is a member of IBNA Limited. IBNA is a national marketing group that provides us with access to a range of resources and develops products and services for our clients. IBNA receives between 0% and 1.0% commission from certain insurers and premium funding companies. This income is used to operate IBNA and any surplus funds may be paid to us as a rebate.
We may charge you an administration fee in addition to any commission when you enter into an insurance policy and/or a flat fee for arranging an insurance policy or a fee based upon the time we spend advising you, and/or an annual management fee. You will be informed of the nature and amount of any fee involved at the time of providing the service or advice for you.
You can ask us for further details of the remuneration that we receive. If you are interested in this information, you must ask us for it within a reasonable timeframe after receiving this FSG. You must ask us before we provide any financial services to you, such as placing your insurance.
WHO WE PAY
Our employees are paid by salary and includes superannuation benefits. The amount of salary varies according to the employee’s position within NWC Insurance. Bonuses or incentives may be payable depending upon a number of factors including performance and the achievement of company goals. NWC Insurance will pay an Authorised Representative an amount based on the level of commission received by NWC Insurance for insurance arranged on your behalf. Alternatively, the Authorised Representative may charge a fee based on the nature of services provided.
If you were referred to us, we may pay the person who referred you a commission which is a percentage of the premium received by us for placing your insurance. If you would like further details of these remunerations you must ask us for it within a reasonable timeframe after receiving this FSG. You must ask us before we provide any financial services to you, such as placing your insurance.
OUR PROFESSIONAL INDEMNITY INSURANCE
We have professional indemnity insurance in place which covers us for any errors or mistakes relating to our insurance services. This insurance meets the requirements of the Corporations Act and covers the services provided by us and our employees after they cease working with us provided we notify the insurer of the claim when it arises and this is done within the relevant policy period.
WHAT TO DO IF YOU HAVE A COMPLAINT
If you wish to complain about our services, contact our Complaints Officer on 1300400707. We will acknowledge receipt of your complaint within 3 working days, and attempt to resolve it within 15 days.
We are a member of the Financial Ombudsman Service, an external dispute resolution scheme. If you are unsatisfied with the manner in which we handle your complaint, you are entitled to take your complaint to them. Their contact details are on their website at www.fos.org.au. You can access this scheme for free.
HOW WE PROTECT YOUR PRIVACY
We are committed to protecting your privacy. We use the information you provide to advise about and assist with your insurance needs. We only provide your information to the insurance companies with whom you choose to deal (and their representatives). We do not trade, rent or sell your information.
HOW YOU CAN CONTACT US
We can be contacted at:
NWC Insurance Pty Ltd (ABN: 93166630511) (AFS Licence No:451450)
3/26 Premier Circuit, Warana QLD 4575
Fax: 07 5406 7799
This FSG was prepared on the 1st February 2017. NWC Financial Services Guide Version: NWCFSG0615V2