Terms of Engagement

HOME – Terms of Engagement

Your Insurance Needs

From the date you proceed with a policy from Silverback Insurance 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.

It 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 pay us within 14 days.

If you do not pay the premium on time, the insurer may cancel the contract of insurance, and you 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 reassess 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 it 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 fee we receive for arranging the cover. A fee may also be charged to process the cancellation.

Our Remuneration

As your, 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 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.

Support

In all instances, you can contact us via our website www.silverbackinsurance.com.au and complete the online submission for us to review. We will endeavor to be in contact with you in 48 hours from receiving the full submission to discuss the next steps.

Our contact details are:

Phone: 0410 152 835

Email: info@silverbackinsurance.com.au

Your Obligations

It is important that you provide us with complete and accurate information about the risk to be insured; otherwise, the advice we give you may not be appropriate for your needs. In turn, a lack of disclosure may affect the insurer’s decision to provide cover in the instance of a claim.

In addition, you must answer any questions that we and/or the insurer ask you in an honest and truthful manner. If you do not take reasonable care not to make a misrepresentation to the insurer, the insurer may cancel your contract, or deny or reduce the amount the insurer will pay you for a claim, in accordance with the insurer’s rights at law.

If your circumstances change, please tell us so that we can ensure that your insurance continues to be suitable for your needs.