Purpose of this Agreement
The purpose of this Agreement is to determine the professional relationship and the services that Central Insurance Brokers Limited, also referred to as ‘Central’, ‘We’, ‘Us’ and ‘Our’, will provide to you as the Client, unless such relationship or services are already covered by a separate arrangement and/or agreement, in which case such arrangement and/or agreement shall prevail. However, this agreement shall prevail concerning any circumstances, which are not covered by such other arrangement and/or agreement.

Your instructions to seek quotations, bind coverage and/or your payment whichever occurs first, related to your insurance placement will be deemed to be your agreement to be bound by the provisions of this Agreement. You are advised to read this Agreement carefully and to discuss with Us should anything requires clarification.

This Agreement also sets out some of Our regulatory and statutory responsibilities.

Services Provided
We will provide insurance broking services and/or other ancillary or related services (“the Services”) with
reasonable care and skill. In providing any insurance broking element of the Services, We will:

  1. Explain the main features of products and the Services We are offering to you;
  2. Discuss with you your insurance requirements and the scope and limits of cover to be sought;
  3. Provide you with information about any risk quoted to enable you decide whether the cover proposed meets your requirements, before it is bound;
  4. Place your insurance only when you instruct Us to, and We will advise you if We are unable to complete the placement; and Provide you with assistance in the event of any claims.
  5. We do not offer or provide advice in relation to tax, accounting, regulatory, legal or other specialist matters (including in relation to sanctions) and you should take separate advice as you consider necessary regarding such matters.

During the course of the placement of your insurance, We will endeavour to keep you informed of the progress of Our negotiations and identify any inability to obtain the coverage sought by you. We will use reasonable endeavours to implement your insurance programme, subject to available insurers, before the intended date of inception, renewal or extension of cover (whichever is appropriate). Although We will check the contract documents We send you, you are solely responsible for reviewing your contract to ensure that it accurately reflects the cover, conditions, limits and other terms that you require and that it is in accordance with your instructions.

Our Remuneration
Our remuneration for the services We provide you will be either brokerage, which is a percentage of the insurance premium paid by you and allowed to Us by the insurer with whom your insurance contract is placed, or a fee as agreed with you. If appropriate, and with your consent, We may receive a fee and brokerage. Brokerage and fees are ordinarily earned for the period of the contract at inception, and unless otherwise agreed with you, We will retain all fees and brokerage in respect of the full period of the contract in relation to contracts placed by Us including in circumstances where your insurance contract has been terminated and your insurers have returned prorated net premium. Consistent with long-established market practice, We will deduct Our brokerage and other commissions from the premium once received.

Your Responsibilities

For certain classes of insurance you may be required to complete a proposal form or similar document. We will provide guidance but We are not able to complete the document for you.

Our objective is to obtain the best product we can identify in order to meet your insurance needs. In order to make our business relationship work, you must provide complete and accurate information and instructions in a timely manner, so that We can assist you fully. Please bear in mind that you are under a duty to make full, true and correct disclosure of all material facts and fully respond to any requests for information made by insurers. A factor or circumstance is material if it would influence the judgment of a prudent insurer in determining premium and whether or not they would underwrite the risk. Therefore, all information which is material to your coverage requirements or which might influence insurers in deciding to provide cover, finalising the terms to apply and/or the cost of cover must be disclosed. Failure to make full disclosure of material facts may allow insurers to avoid liability for a particular claim or to void the contract. This duty of disclosure applies equally during the period of your insurance contracts, at renewal of your contracts and on taking out new insurance contracts. You are also legally obliged to take reasonable care not to make any misrepresentation to the insurer. We will not be responsible for any consequences which may arise from any delayed, inaccurate or incomplete information, or any misrepresentation made by you. We are under no obligation to investigate or verify the accuracy or completeness of any information or data provided by you and no liability shall arise for any errors or deficiencies in the Services arising out of or based on any such
inaccurate or incomplete information or data.

You must advise Us as soon as reasonably practicable of any changes in your circumstances that may affect the services to be provided by Us or the cover provided under your insurance contract.

Failure to report a claim in a proper and timely manner may jeopardise coverage of the claim. In addition, you should retain copies of all insurance contracts and coverage documents as well as claims reporting instructions, as you may need to report claims after the termination of a contract, perhaps long after its expiry date. It is important, therefore, that you keep your contract documents in a safe place.

Data Protection and Confidentiality
Where this section uses a term which is defined in the General Data Protection Regulation (Regulation (EU) 2016/679) (“Regulation”), then the definition set out in the Regulation shall apply.
We will at all times treat all personal information, or “Personal Data”, we hold about you as private and confidential and protect it in the same way we would protect our own Personal Data and use that information in ways contemplated in this Agreement in order to perform our obligations under this Agreement. For the avoidance of doubt, where you have not appointed us as your insurance broker, but in contemplation of such a possible appointment you pass to us information which is proprietary and/or confidential to you, the provisions of this section shall apply as regards such information.
i. We will not disclose any Personal Data we hold about you to others without your prior consent except:
ii. to the extent we are required to do so by law or where requested or required to do so by a regulator; to the extent we are required to do so by law or where requested or required to do so by a regulator
iii. to insurers, suppliers, surveyors, loss adjusters, IT service providers, administrative support service providers, and other like persons to the extent necessary to provide our services to you in a timely manner;
iv. to loss assessors, lawyers, employee benefits management systems providers, and other like persons to the extent necessary to enable such third party to provide information or
Services you have requested to comply with applicable laws, prevent and detect fraud, and cooperate with regulators where appropriate, as outlined in our privacy notice.

Anti-Money Laundering & Combating Funding of Terrorism (‘AML/CFT’)
To comply with AML/CFT regulations, We are obliged to request clients to confirm (or reconfirm) their identity and obtain documentation to verify such identity. We may need to do this at the time you become a client or have been one for some time or for example, when checking details on proposal forms and remitting claims payments. This information may be shared where We are requested to do so or where We deem necessary to ensure compliance with regulatory or law enforcement bodies. Please note that We are prohibited from disclosing to you any report We may make based on knowledge or suspicion of AML/CFT, including the fact that such a report has been made.

Governing Law
This Agreement, which sets out the terms of Our relationship with you, unless otherwise specifically agreed and/or advised in writing, will be governed by and construed in accordance with Maltese Law and any dispute arising under it shall be subject to the exclusive jurisdiction of the Maltese courts.