Common use of Remuneration and fees Clause in Contracts

Remuneration and fees. In most cases we are paid by commission from the insurer but in some circumstances, we may charge you a fee instead of commission or a combination of both. Where we charge a fee, this will not be liable for insurance premium tax or value added tax (insurance is a VAT exempt industry). There may be occasions when an additional fee is sought, for example upon acquisition of another company, any changes to the risk that require significant further advice and placement of additional coverage, the provision of additional risk management services or substantial involvement in any large, difficult or complex claims. We will also make individual client administration charges per policy: See Appendix 1 Our commission and fee(s) are earned on placement of your insurance. If you make a change or cancel your policy mid-term which results in a return premium, we will retain all fees and any commission to cover our administration and advisory services. We will advise you of the amount of any charge before you become liable to paying it. In addition to your fee and/or commission some insurers may make additional payments to us reflecting the size and/or profitability of our account with them and/or in respect of work we undertake on their behalf. You are entitled, at any time, to request information regarding any commission which we may have received as a result of placing your insurance business.