Terms of Engagement

Your Insurance Needs

From the date you proceed with a policy from Placement Services Pty Ltd we will assume responsibility for the following until terminated by either party by written notification.

• Data Gathering
• Locate a market
• Assess market responses
• Create a market comparison for clients
• Recommend a market
• Bind cover
• Send out renewal documentation

How We Seek Quotes

Before making a recommendation on the cover required, as outlined above in ‘Scope of our Engagement’ we will go to the broader general insurance market to obtain quotes. This will enable us to ultimately source a solution that meets your requirements

t is important to note that in the instance of specialist or niche insurance requests we may have access to a limited number of insurers and underwriters.

Payment Terms

When making payment for a policy organised by us you may make payment using one of the following methods. Before choosing a payment method it is important to note the following:

• We will invoice you for the premium, statutory charges (e.g., stamp duty, fire services levy, etc.) and any fees we charge for arranging your insurances.
• You need to make sure the client pays you and you pay us within 14 days
• If you do not pay the premium on time, the insurer may cancel the contract of insurance and your client may not be insured. The insurer may also charge a short-term penalty premium for the time on risk.

Your Policies

Once we have arranged cover for you it is important to note the following

Prior to renewal we will contact you, at least 14 days prior, to re-assess your needs. If we are unable to get in contact with you, we will automatically arrange for cover to be held by the insurer where possible, but this should not be assumed

If you no longer require cover it is important to contact us in writing. At this point, we will cancel the policy and notify the insurer. Please note the cancellation needs to be issued by an authorised person.

If is cancelled before the expiry of the period of insurance, we reserve the right to refund to you only the net return premium we receive from the insurer and not refund any part of the broker fee we receive for arranging the cover. A broker fee may also be charged to process the cancellation

Our Remuneration

As your broker we require payment for the services that we provide you. This payment is made up of the following:

Commission: The amount of commission paid by the insurer varies depending on the market and the risk. We will work on a commission basis where we will take 50% of the commission payable by the insurer. Or a fee for service basis if the account is NET of commission.

Fee: The fee charged is dependent on the complexity of the account and the amount of time and effort required to service and support your risk portfolio. Any fees charged are outlined as a separate line item on the invoice. We may also charge an administration fee for our services in addition to commission payable if the account is Gross of commission.