Welcome to Lynch BestQuote, Barbados’ first insurance aggregation and marketing website.
Lynch Insurance Brokers Ltd., includes its Partners and Subsidiaries (herein “Lynch,” “Lynch BestQuote”, “BestQuote,” “we,” “us,” and “our”). This Terms of Business outlines the terms and conditions for the access and use of the Lynch BestQuote website (the “Site”), the BestQuotebb.com domain and our insurance services (the “Services”) by you the Client/User (herein “you”, “client” and/or ‘user’). Any user is one who uses the Site and accesses the Services, and in so doing must accept the terms and conditions of this Terms of Business agreement. If you do not agree with these Terms of Business, do not use this site.
These terms of business set out the terms under which LYNCH INSURANCE BROKERS LIMITED through its online insurance aggregation and online quotation platform, LYNCH BESTQUOTE, will provide insurance services via this platform to you. LYNCH INSURANCE BROKERS LTD. Provides other risk and advisory services which do not form part of these Terms of Business and are undertaken as a separate service offering and Terms of Engagement. Please ensure that you read through this document carefully. If you require further clarification regarding any matter we will be happy to answer your queries. These terms shall apply only to services provided to you through Lynch BestQuote and will remain in force until further notice.
Lynch Insurance Brokers Ltd. is an independent insurance broker and risk advisor offering a wide range of risk and insurance services to our clients. Lynch Insurance Brokers Ltd. is a registered insurance broker in Barbados and is regulated by the Financial Services Commission. Lynch BestQuote is a trading name of Lynch Insurance Brokers Ltd. and relates to our online insurance aggregation and quotation service which is provided as is.
Lynch aims at all times to treat its clients fairly. Lynch will not deliberately put itself in a position where its interests, or duty to another party, prevents it from discharging its duty to you. Lynch maintains internal procedure and controls to identify and manage any potential conflicts so that at all times your interests are reasonably protected.
RESTRICTIONS ON THE USE OF LYNCH BESTQUOTE
Material from this site may not be copied, reproduced, distributed, republished, uploaded, posted, or transmitted in any way without the prior written consent of Lynch BestQuote. Neither title nor intellectual property rights are transferred to you by use of or access to this site; rather, all rights, title and interest in and to all aspects of the site remain the property of Lynch BestQuote. Material on this site is provided for lawful purposes only.
RESTRICTION OF LIABILITY
Under no circumstances shall Lynch BestQuote, or its affiliates, subsidiaries, parent or related companies be liable for any damages whatsoever (including, but not limited to direct, incidental, consequential, indirect or punitive damages), harm, or injury that relate to, arise out of, or result from the use of, or access to, or the inability to use, any of the materials of this site, or are caused by any failure of performance, error, omission, interruption, defect, delay in operational transmission, computer virus or line failure. The material on this site could include technical inaccuracies or typographical errors. The materials on this site are provided “as is” and without warranties of any kind, express or implied. To the fullest extent permissible by applicable laws, Lynch BestQuote disclaims liability for negligence and disclaims all representations and warranties, express or implied, including but not limited to implied warranties of merchantability, fitness for a particular purpose, or non-infringement. Lynch BestQuote does not warrant that the functions contained in the material be uninterrupted or error-free, that the contents will be correct, accurate or reliable, or that this site or the server that makes it available are free of viruses or other harmful components. You (and not BestQuote) assume the entire cost of all necessary servicing, repair or correction.
This agreement shall be governed in accordance with the laws of Barbados. Except as described otherwise, all materials in this site are made available only to provide information about BestQuote, which controls and operates this site from Lynch Insurance Brokers Ltd., Sky Mall, Haggatt Hall, St. Michael, Barbados, West Indies and makes no representation that these materials are appropriate or available for use in other locations. If you use this site from other locations, you are responsible for compliance with the applicable local laws.
Any logos, and all other intellectual property used herein are owned by Lynch BestQuote and/or its affiliates, subsidiaries, parent or related companies. The use or misuse of these trademarks or any content of this site, except as provided above, is strictly prohibited. Copyright 2014 Lynch BestQuote. All rights reserved.
As your insurance broker we may provide the following services (the “Services”) as part of our online platform Lynch BestQuote:
Insurance marketing, placement and premium finance
• Seek quotes from a potential insurer or insurers
• Negotiate the optimal terms and pricing on your behalf
• Provide you with options to make an informed decision on your insurance program
• Seek to bind coverage when you have authorized us to do
• If we think you may be interested in premium finance, we may also obtain and provide you with a premium finance quotation
• Send confirmation of coverage
• Follow up with the insurer as necessary to prepare or obtain policies and/or endorsements
• At your request, issue or arrange certificates or confirmation of insurance(s)
• Prepare or review premium adjustments
• Invoice you for premiums, our fees and charges, and applicable taxes and levies
• Remit collected premiums to insurers in accordance with their requirements
QUOTATIONS AND BINDING OF COVER
Lynch BestQuote is an online insurance platform that aggregates quotations from Insurers. Lynch BestQuote is not an insurance company.
Our service provides an initial quotation indication.
Then additional underwriting data is gathered from you for presentation to Insurers for their consideration and final quotations.
Although we seek to turnaround quotations in at least 2 hours the Insurer has a maximum 2 working day lag to effective date in which to review the underwriting details, apply any additional discounts and/or alter Terms and Pricing.
All quotations received from Insurers and provided to you are valid for 7 days.
The provision of an online quotation via our online platform does not imply or constitute that insurance cover will be provided or bound by any Insurer. The provision of cover is subject to final review and acceptance by the Insurer and may require the submission of a proposal form, application form, or provision of additional information as may be requested by the quoting Insurer.
Lynch BestQuote does not make any representation or guarantee that your proposal/application will be accepted by any Insurer.
Terms and pricing of quotations on our online platform may be subject to change.
A schedule of final quotations will be provided to you for your review and agreement to bind once the Insurers have completed their review of the underwriting information.
On binding instruction you will be provided a 7 day cover note and premium invoice.
Certificates will be provided on payment of at least half of the policy premium.
Policy document will be provided to you within 30 days of inception of cover once payment of at least half of the policy premium has been received.
A full copy of the insurers’ policy wording, terms and conditions is available upon request.
MAKING A CLAIM
Lynch BestQuote does not administer or negotiate claims as part of our online service. All Insurers that we work with have an accident assistance service in event of a motor claim and will facilitate on scene response, claim data collection through to settlement of your claim.
Our customer service representatives are available via phone and online to assist in directing you to the correct Insurer claims personnel should you require.
Should you have a contentious claim with the insurer we offer a claims advocacy service through Lynch Insurance Brokers Ltd. which may be subject to additional fees.
Most insurance policies have strict requirements about what the insured should do if they have a claim or if they know about something that might lead to a claim in the future. You should familiarize yourself with all such requirements in your policy contract and ensure you strictly comply with them. In particular you should ensure you familiarize and comply with the timing requirements in the policy for the notification and submission of claims including the notification of any incident that could give rise to a claim. Lynch will not be held responsible for your non-compliance with these reporting requirements.
Unless otherwise agreed, any claims related services that Lynch provides will cease if Lynch’s appointment is terminated or if Lynch is not retained in relation to the renewal or replacement of a policy. Claims Services subsequent to termination will be at additional charge.
DEDUCTIBLES IN EVENT OF A CLAIM
You are responsible for any deductible/excess charges incurred as a result of claims under the policy contract. These may be required to be settled up front in order for your insurer to process the claims. Lynch is neither liable for these expenses nor is obligated to settle such on your behalf.
YOUR OBLIGATIONS TO US AND TO YOUR INSURERS
Important Notice: Disclosure of information
In order to be able to arrange insurance to meet your requirements, you must:
a) act at all times with utmost good faith towards your insurers and us;
b) disclose to insurers before the policy is placed, and before the policy is renewed, extended, varied or reinstated, and at any other time when providing information to the insurer, all information, facts or circumstances which are, or ought to be, known to you and which are material to the risk or which are relevant to the insurer’s decision whether to accept the risk of the insurance and, if so, on what terms; and
c) ensure that when completing and signing any proposal form, or otherwise confirming information to insurers, the information provided is complete, accurate and provided within an agreed timescale.
d) disclose to insurers all pertinent facts relating to any claim or incident that could give rise to a claim.
You acknowledge that this duty is not limited to answering specific questions that may be asked by us or the insurer, and further that the duty of disclosure arises again if you wish to make changes to your policy or when the policy is renewed or extended. The duty of disclosure relates to the presentation of all pertinent facts relating to any claims or incident that could give rise to a claim.
We remind you that any failure to disclose all material information to the insurer whether intentionally or by error, could result in the impairment or voiding of coverage. Information will be material if it would influence an insurer to accept a risk and if so on what terms and at what premium. Similarly, a failure to set adequate sums insured for specific locations, or types of loss, or for the policy as a whole can prejudice coverage. If you are in doubt about whether information is material, and whether you have a duty to disclose it, or are not sure that the sums insured are adequate, it is very important that you disclose it to Lynch as non-disclosure might lead to your policy cover being voided.
You shall be solely responsible for the accuracy and completeness of all information that you furnish to us and/or insurers, and you shall sign any required application, compliance, or proposal forms for insurance. We shall not be responsible to verify the accuracy or completeness of any information that you provide and we shall be entitled to rely on that information.
We shall have no liability for any errors, deficiencies or omissions in any Services provided to you, including the placement of insurance on your behalf, that are based on inaccurate or incomplete information provided to us. You understand that the failure to provide all necessary information to an insurer, whether intentional or in error, could result in the impairment or voiding of coverage, or delay in claims settlement.
We may communicate with you by electronic means, including sending renewal notices and policy documentation.
You agree to make available all Know Your Customer information reasonably required by law to assist Lynch in complying with any applicable Anti-Money Laundering legislation, guidelines or otherwise. You hold Lynch harmless for your non-disclosure of such information. Lynch will only disclose such information to the pertinent authorities as required by law, and otherwise keep your information confidential per our standard Confidentiality Agreement within this Terms of Business.
Records: You agree promptly to check all documentation supplied to you by us or insurers to ensure there are no mistakes or misunderstandings. You will advise your usual Lynch contact or the insurer immediately of any errors or anything you believe is not in accordance with your instructions or specifications.
You are responsible for maintaining copies of your insurance policies, and any amendments to them, in a safe place for as long as it is possible for a claim to be made under them. New documentation may not be issued every year. Obtaining a replacement policy may be subject to a one off fee.
REMUNERATION & APPLICABLE CHARGES
Lynch BestQuote facilitates its placement and invoicing process through Lynch Insurance Brokers Ltd. and is remunerated by a commission for the work and time spent in seeking the most suitable terms, product and product producer for your specific needs. The rate of commission varies from insurer to insurer and class of insurance business underwritten. On average commission rates may be between 10-15% of the premium charged. As part of our code of conduct and commitment to transparency we will disclose commission revenue earned on your business at your request.
We reserve the right to retain in full all remuneration deemed earned even where an insurance policy is amended, terminated or otherwise cancelled. Our remuneration is not conditional on the placement of an insurance policy being made, and we reserve the right to be remunerated for the work we have undertaken.
Insurers may charge an administration fee for the reissue of policies or endorsements misplaced by you. Lynch is not liable for these fees and any charge must be settled by you.
If any adjustments are made to your insurance during the policy period, mid-term or at year end, we will be entitled to receive commission/brokerage on the increased premium. We may retain any commission/ brokerage already received on downward premium adjustments or in the case of policy cancellation or avoidance.
Payments by you
Our invoices for the premiums due to insurers, our commission and any premium taxes, stamp duties, and other charges due to us or a third party are due immediately on receipt of our invoice, unless you have advised us that you wish to arrange premium financing through us. While it is not our usual practice to pay any amount due from our clients to a third party (for example, premiums due to your insurers) before receiving it, if we choose to do so, you must immediately reimburse us on request.
Lynch BestQuote will accept payments in cash, by cheque or by debit card at our Lynch Insurance Brokers Ltd. office at Sky Mall, Haggatt Hall, St. Michael, Barbados. Alternately payments can be made via any Surepay kiosk or online via CIBC FirstCaribbean or Scotiabank.
Premiums are due on or before renewal date or inception date of the policy or before any policy changes which result in an additional charge. It is your responsibility to ensure that your payment has reached us and that your policy has been incepted/renewed/amended. If we do not receive your renewal payment on or before your renewal date, your policy will lapse and no cover will be in place.
Where the Client Fails to Pay or Defaults
Cancellation proceedings will be instigated by Insurers and Lynch in the event of the following:
• Your non-payment of the premium due at inception, renewal or following an alteration
• Your bank returns your cheque due to insufficient funds or any other reason
• Direct Debit default
• Non-disclosure of relevant information
• Provision of incorrect or inaccurate information
• Non return of necessary documentation within the required timeframe
Insurers may withdraw cover on default of any payments due under any products arranged for your benefit. Details of these provisions will be included in your policy/product terms and conditions. If you have a finance facilities attached to your premium, the rebate from the product provider will be added to your loan account and then the outstanding balance or refund will be determined.
Lynch BestQuote will take such steps as may be necessary to recover any monies due to us including the instigation of legal proceedings, the appointment of a receiver and all other rights available to us.
Should there be a default on a cheque or a direct debit payment Lynch will charge up to BDS$50 fee for recovery of the defaulted payment.
In accordance with international best practice and compliance with Financial Services Commission guidelines all premiums paid by you are segregated from Lynch operating funds in a client premium account. Premiums are paid to the insurers the Thursday following payment receipt unless we are specifically instructed in writing otherwise by the insurer, or yourself, or to meet Premium Payment Conditions deadlines.
Where you wish to Cancel your Policy
If you wish to cancel your policy, you must send written instructions to Lynch BestQuote, Sky Mall, Haggatt Hall, St. Michael, Barbados or via e-mail firstname.lastname@example.org. For Private Motor Insurance, you must return your Insurance Certificate before your policy can be cancelled. If you cancel during the first year of insurance (outside the cooling off period) short term rates apply in accordance with the terms and conditions of your insurance policy.
DISCLAIMERS; EXTENT OF LIABILITY
Lynch as an independent broker/advisor does not speak for any insurer, is not bound to utilize any particular insurer and is not authorized to make binding commitments on behalf of any insurer. We shall not be responsible for the solvency of any insurer or its ability or willingness to pay claims, return premiums or meet its other financial obligations.
We do not guarantee or make any representation or warranty that insurance can be placed on terms acceptable to you.
We will not be responsible for the adequacy or effectiveness of any insurance programmes or policies implemented by a non-Lynch broker, nor any of their acts or omissions, in particular if such occurred prior to our engagement.
If we directly cause any loss or damage, we will be liable only to the extent and in the proportion (which may be nil) that our conduct or the conduct of someone whom we are responsible for (rather than the conduct of another party) caused the loss or damage.
LIMITATION OF LIABILITY
In no event shall either party to these Terms be liable for any indirect, special, consequential or punitive damages or for any lost profits arising out of or relating to any Services provided by Lynch and/or its related companies and associated entities and their representatives (including but not limited to its / their employees, agents, consultants and authorized representatives).
The aggregate liability of Lynch and the Relevant Persons combined, arising out of or relating to the provision of Services or any additional services, shall not exceed five million dollars (BDS$5,000,000). This provision applies to the fullest extent permitted by applicable law for all events giving rise to any liability on the part of Lynch and/or the Relevant Persons, whether arising in contract, tort (including negligence), equity, statute, or on any other basis, but does not apply to any liability arising as a result of fraud by Lynch and/or the Relevant Persons.
TERM AND TERMINATION
Either you or we may terminate our appointment upon written notice to the other, in which case where we receive commission/brokerage all commission/brokerage received by us will be retained.
In all cases. Any obligation we have to provide Services to you will cease upon the effective date of termination, unless otherwise agreed in writing. If requested, we will assist you in arranging a smooth transition process, subject to receipt of all amounts due to us from you (or as the case may be, from your insurers). We will be entitled to be fairly remunerated for any pre-insurance marketing work for which we have not received any remuneration, along with any handover costs.
DATA & INTELLECTUAL PROPERTY
We shall retain all ownership, title, copyright and other intellectual property rights in all materials developed, designed or created by us before or during the Terms, including insurance program design, insurance summary documents, claims data, presentations, written advice, systems, methodologies, software, knowhow and working papers. We will also retain all ownership, title, copyright and other intellectual property rights in all reports, written advice or other materials provided by us to you.
Lynch BestQuote collects your personal details in order to provide the highest standard of service to you. We take great care with the information provided taking steps to keep it secure and to ensure it is only used for legitimate purposes. We may need to collect sensitive personal information relating to you or anyone to be named on your policy or residing in your household to process your application. It is your responsibility to ensure that you have obtained the permission of that person to allow us to process their sensitive personal data as part of your application and to explain our Data Protection policy to them.
We may share with Insurers the information we hold about you and your claims history. Insurers may subscribe to insurance industry databases for fraud prevention purposes. We may also use your information for the purposes of complying with regulatory or legislative requirements, offering renewals, for research/statistical analysis and crime prevention.
The information and other data provided to our office may be used to advise you of products and services we may offer from time to time. When you request a quote from us, you may receive a phone call or text message and/or email in relation to that quote. There may also be requirements to contact you for the purposes of discussing renewal terms of an existing policy with us or any other query directly related to an existing policy with us. We may also use the information to notify you by post, telephone, mobile telephone, e-mail and/or text message about new or existing products or special offers.
You have the option to decline to receive further marketing information from us. If you wish to exercise this opt out option please write to Lynch BestQuote, SkyMall, Haggatt Hall, St. Michael, Barbados or e-mail us at email@example.com or follow any additional opt out instructions that may be received in communications. If you have more than one e-mail address, telephone number, mobile telephone number or address please make sure to notify changes for each e-mail, telephone number, mobile telephone number or address you have registered with us.
Phone calls, both inbound and outbound, may be recorded and monitored for regulatory, training and quality purposes and to verify information and help prevent and detect fraud.
CONFIDENTIALITY AND PRIVACY
We will keep all information about you and your business confidential and, except where necessary for the purpose of providing Services, which includes offering premium finance, we will not disclose it outside the Marsh group of companies or their contractors without your consent. This does not apply to information that is already public knowledge.
We may store information (including personal information) that we receive or hold about you in secure server locations outside of Barbados.
Where we collect personal information from individuals, those individuals have the rights of access to, and to seek correction of, personal information about them. Lynch may wish to contact you, including by email, with goods or services which may be of interest to you, including sending you newsletters and service offerings. If you do not object to this your consent will be assumed.
We may obtain information about you and where you are a company your related entities, from third party sources (such as banks), as is necessary for the purpose of establishing the origin of unidentifiable payments we receive, and such third parties are hereby authorized by you to make such disclosure to us.
We shall not have any liability for any failure or delay in performing any Services because of an event beyond our reasonable control.
We are entitled to retain copies of any documents which in our reasonable judgment we deem necessary for the conduct of our business and in order to comply with our legal obligations.
You will provide reasonable access to any files and documents delivered by Lynch to you (including making copies) in the event that Lynch wish to review them for the purpose of addressing any allegations, claims or actions which may be made against Lynch or where Lynch are legally compelled to disclose documents to third parties.
You consent to us including your name in Lynch’s internal publications, new business reports or tenders.
We reserve the right to amend these terms by giving notice to you.
The laws of Barbados govern these Terms and the Barbados courts have exclusive jurisdiction over any dispute between you and us.
CONFLICT OF INTEREST
It is the policy of Lynch BestQuote to avoid any conflict of interest when providing business services to clients. However, where an unavoidable conflict may arise we will advise you of this in writing before providing any business service. If you have not been advised of any such conflict you may assume that none arises. Lynch BestQuote may be in receipt of soft and or enhanced commissions from insurers with
whom we deal.
Lynch is a Customer Focused company with specific policies, procedures and workflows in place to enhance the delivery of exceptional customer service. As many of our workflows are dependent on insurer response timeframes we work with the insurers to ensure their insurance quotation, documentation and claims handling timeliness meets your needs. However from time to time an issue may arise with our services. Should you wish to register a compliant please contact: The Chief Operating Officer, Lynch Insurance Brokers Ltd., Sky Mall, Haggatt Hall, St. Michael, Barbados. Tel: (246) 426-5062; e-mail: firstname.lastname@example.org . You may be entitled to refer any complaints not resolved to your satisfaction to the Financial Services Commission.
Either of us may terminate this Agreement by written notice at any time but such amendments shall not affect any rights or obligations already accrued by you or Lynch BestQuote. Any such revision to these Terms of Business will be notified to you by publication on our Website. You will be provided with an up to date copy of the Terms of Business at the time of entering into or renewing your policy with Lynch BestQuote.
These Terms of Business and any document expressly referred to in it constitutes the whole agreement between us and supersedes and replaces any previous arrangement, understanding or agreement between us relating to the subject matter of these Terms of Business.