We have pleasure in setting out below a description of the services that we provide and our policy regarding remuneration services.
In return for the remuneration that we receive, we aim to provide the following services. This list is not exhaustive and may vary depending upon individual circumstances:
In some instances we may use the services of another broker to place your insurance, where it is more advantageous to access a particular insurer through it. We will normally be allowed commission by that sub-broker as a percentage of the premium charged to you, in the same way as we would be by an insurer on a direct basis. If, in addition, a fee is charged by that broker it will be disclosed to you at the time that the insurance is placed. We will disclose to you the name of any such sub-broker that we use in the placement of your insurances in the insurance documentation that is issued to you.
Lycetts is remunerated either by a fee, commission or a combination of both, with commercial clients having the right to request details. In the case of a fee, we will have agreed this with you prior to placing your business.
Commission is calculated as a percentage of the insurance premium that you pay and is allowed to us by the insurer with whom the insurance contract is placed. If we need to make an additional administrative charge, this will be agreed with you at the time.
If we are remunerated solely by a fee, then you will pay the premium net of the commission normally allowed to us by the insurer, or any other parties involved in the placement of the insurance policy. The fee may include the cost of any subsequent policy amendments, or alternatively there may be provision for additional charges to be made as appropriate.
If you ask us to arrange payment by instalments through a finance provider we will receive remuneration from that provider for arranging the transaction. If you pay the premium by credit card an administrative fee will be charged to you.
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