Residentsline Remuneration

We are remunerated in a number of ways for the services we provide. This remuneration ranges from the fees you pay us, the commission that providers of insurance (i.e. your insurance company) pays to us, and any amounts we may receive from any premium finance provider we work with. From time to time we may also receive remuneration for passing introductions to other professional firms. We have accepted work transfer arrangements with each of our
delegated authority Insurers. We receive remuneration for these work transfer services.

We have arrangements with AVIVA Insurance Company and Brit Syndicate 2987 at Lloyd’s, whereby we share in the profit from a particular deal with them. In doing so we have in place systems and controls to ensure this does not conflict with the best interests of our customers or potential customers.
We do not have any remuneration schemes (i.e. bonus payments) for our staff based on sales performance to ensure that this does not conflict with the best interests of customers or potential customers.

Principally the remuneration we receive or agree to deduct from insurance premiums will be deemed payable to us when you pay us the insurance premium, or part thereof, or when we pay the relevant product provider (i.e. the insurance company with whom we have arranged your contract of insurance).
Remuneration paid to us will be provided as soon as reasonably practicable after the conclusion of the insurance contract or on the date your premium is received, whichever is the latter, to pass to all Leaseholders.

Distributors

When we arrange a policy for/via a Property Managing Agent we may provide a remuneration for the work transfer roles that they may complete on our behalf. We will annually review the services provided to ensure the premium offered provides Fair Value. When we arrange a policy for/via an Insurance Broker we may provide a commission for the work that they provide on your behalf. The work that is completed as a Distributor will be provided to us via
a distribution form annually detailing what services they provided – which we will review to ensure the premium offered provides Fair Value.

Remuneration paid to Distributors will be provided as soon as reasonably practicable after the conclusion of the insurance contract or on the date your premium is received, whichever is the latter, to pass to all Leaseholders. If you are a Distributor, you must:

• Promptly disclose accurate and full details, including the nature and amount of your remuneration to your clients, which include Leaseholders as now defined as Stakeholders of a Flats Insurance policy by the FCA.
• Ensure that any remuneration you receive from us is proportionate to the time, costs and the services you provide to your clients, which include Leaseholders as now defined as Stakeholders in a Flats Insurance policy by the FCA.

If you are a Policyholder and we provide any commission to you, you shall:

• Promptly disclose accurate and full details, including the nature and amount of your commission to your clients, which include Leaseholders as now defined as Stakeholders of a Flats Insurance policy by the FCA.
• Ensure that any commission you receive from us is proportionate to the time, costs and the services you provide to your clients, which include Leaseholders as now defined as Stakeholders in a Flats Insurance policy by the FCA.

If you are a Distributor or a Policyholder, we will not accept any liability or responsibility for any commission disclosure obligations that you have.

If we are asked by a Policyholder or Leaseholder for any of the documents that a Policy or Stakeholder is entitled to, which have not
been provided as soon as reasonably practicable, we reserve the right to provide them directly. We will notify you of this beforehand.

Leaseholders Pack

If you purchase a Flats Insurance policy from Residentsline with effect from 31/12/2023 we are required to provide the information shown in the bullet points below. This information will be provided in our Leaseholder Packs. We will pass the Leaseholder Pack, to the Customer, Property Managing Agent or Insurance Broker, whomever is our contact.

It is the Customer, Property Managing Agent or Insurance Broker’s responsibility to ensure that the Customer and/or Leaseholders receive a copy of the Leaseholder Pack. The Leaseholders Pack is required to be passed to the Customer or Leaseholders as soon as reasonably practicable after conclusion
of the contract and upon any subsequent renewal, and will include:

• Summary of Cover
• Pricing Information
• Remuneration Information
• Placing and shopping around information
• Conflicts of Interest

Our Standard Fees and Charges

We may make the following standard charges to cover the administration of your insurance, this fee forms in part, our remuneration, but principally our processes are structured so that our fees do not adversely affect customers and prevent or mitigate customer detriment, even where low price products are involved:

Our non-refundable Administration Fees are as follows:

Occasionally we may charge different fees on non-standard products.

Your account manager will advise you of these at the point of quote or when they issue your renewal paperwork.

We do not charge fees for mid-term adjustments and/or premium changes, whether for additional or return premium.

We will charge an additional fee for claims support which you request, where you no longer arrange your insurance policy with Residentsline.

We will charge a rate of £100 per hour for any work carried out. We will notify you separately when this may be applicable and in advance of any fee charging.

Other ancillary policies, for example, Management Liability, Lift Insurance, Home Assistance, Roads and Gated Estates Insurance, where not incepted at the same time as a flats insurance policy are charged at £30.00 or otherwise agreed.