Remuneration
Our remuneration at OVERFIFTIES Ltd is not our profit. It covers our operational expenses, including salaries, rent, taxes, and the provision of all services on your behalf. We earn remuneration through various means.
Unless otherwise specified, we are remunerated by commission from the insurer when you enter into a Policy that we arrange. This commission is a percentage of your insurance premium, excluding government charges, levies, and taxes. Different insurers may offer varying commission rates, and in some cases, we may receive more than one type of commission. The rate of commission can depend on the type of insurance, coverage provided, and the arrangement of the transaction. If we operate a binder on behalf of an insurer, we may receive a higher commission for that business.
When arranging and servicing insurance overseas, our overseas representatives may also receive remuneration from insurers following normal market practices.
In addition to commissions, we may charge you a fee for our services. Any fees will be discussed and agreed upon before we undertake those services, and the fee schedule will be considered part of these Terms.
In some cases, fees may be included within the total amount charged for the policy.
We do not receive commissions or other remuneration from insurers based on the volume or profitability of insurance placed across a portfolio with that insurer over a specific period.
Furthermore, we may:
- Pay a fee to a party who referred you to us, using the commission received from insurers or the fees you pay us.
- Earn a fee if we refer you to another party for work performed on your behalf.
- Earn interest on funds held in our insurance broking client account.
- Receive non-financial benefits from insurers, such as training grants, conference fees, equipment, social functions, gifts, and gratuities.
We reserve the right to:
- Deduct any outstanding sums you owe us for our services from any money we receive or hold on your behalf.
- Charge an administration fee for issuing replacement policies, certificates, or copies as requested by you or other parties.
We also retain all remuneration we have earned in full, even if a Policy is cancelled before its expiration without replacement. In such cases, we refund the returned premium we receive from insurers, less any cancellation or administrative fees imposed by the insurer. We do not refund any portion of the commission, brokerage, or fee we have received. Please note that our remuneration is not contingent upon the entry into a Policy.
Extent of our liability
If you qualify as a “consumer” under the Fair Trading Act 1986 and Consumer Guarantees Act 1993, nothing in these Terms excludes, restricts, or modifies our liability under these acts, including the application of any provision, the exercise of any right or remedy, or the imposition of any liability.
We do not provide any representation or warranty regarding the solvency or ability of any insurer to pay claims. Our recommendations for insurers are based on a rating of at least A- from Standard & Poor’s, or B+ from A M Best, unless there are no available insurers of such rating or other special circumstances apply. In such cases, we will inform you of the situation and provide options for insurers with lower ratings, if any.
We will keep you informed of an insurer’s financial strength rating as required by the Insurance (Prudential Supervision) Act 2010, or, if applicable, an insurer’s exemption from the rating requirement.
While we strive to provide you with accurate and up-to-date information, we cannot be held responsible for the accuracy or reliability of information received from insurance companies, reinsurers, or other parties that we subsequently forward to you.
If your insurances were arranged by another party before our appointment:
- We will not be liable for any payments made in relation to those insurances prior to our appointment, including premiums and claims.
- Within 60 days of our appointment or as soon as practicable after receiving the relevant documents, we will review the insurance policies and discuss any relevant issues we identify with you.
- We will not be responsible for the adequacy or appropriateness of those insurances for your needs until our review is complete and any recommended changes are implemented.
We will not be held responsible for the actions of any insurer or their ability or willingness to pay claims, return premiums, or fulfil their financial or legal obligations.
The maximum aggregate liability of OVERFIFTIES Ltd and Folio.Insure Ltd and any of our related companies arising out of or in connection with these Terms will be limited to NZ$ 1,000,000.00.
We will not be liable for any indirect, special, or consequential loss, or any loss of business, loss of profit, or loss of data, regardless of how it arises.