Account Opening Details

In order for us to be able to establish a business relationship with your Company it is necessary (due to regulatory procedures) that you read and agree to the Responsibilities and Procedures as set out below.  We also require you to complete and submit to us our "Accounting Opening Form". 

Responsibilities and Procedures

Cover Notes

Our cover notes are in memorandum form and set out:

• Terms of the insurance which have arranged on your behalf.

• The insurers with whom it has been placed.

• If the cover notes show "slip policy", no policy will be issued unless specifically required  by you.

• The material information given to insurers at the time of placing, where appropriate.

To safeguard your position it is vitally important for you to check the cover note immediately it is received to satisfy yourself that it is entirely in accordance with your understanding and instructions.  Anything at variance with your understanding should be advised to us immediately. 

The cover note will show our cover note reference and it will assist us if you quote this on all subsequent correspondence.

Debit Notes

Where applicable debit notes will be mailed to you.  All debit notes will show the premium due to insurers less your commission if applicable and any taxes allowed by underwriters.  Any changes to the placement after issuance of our cover note will, of course, be confirmed to you and followed up by issuance of a cover note and/or addendum and debit or credit note.

Statement of Account

Statements of account will be sent to you containing items which are outstanding at the statement date.

Insurers apply strict terms of credit and in many instances premium warranties.  In such circumstances we will advise you of underwriters warranty terms and ask for urgent settlement of the applicable premium.  Please note that non-compliance with a warranty would invalidate coverage.

We request that you check our debit and credit notes and statements of account as soon as they are received and to notify us immediately of any queries you may have.  These should not prevent you from remitting the amount due on a particular statement.  Any minor errors will be adjusted in a subsequent statement.

Terms of Credit

Insurers look for settlement within a prescribed period and therefore we expect to receive premiums due within thirty days from inception of the relevant policy.

Failure to meet premium payment terms may result in cancellation of the policy for "non payment of premium".
 

Settlement of Accounts and Banking Arrangements

Your Remittances

Remittance should be made by wire transfer direct to our fiduciary account.  For further details please e-mail accounts@craven.co.uk

Our Remittances

The Account Opening Form asks for details of your bank account to enable us to make remittances to you as appropriate.

Claims

You may be submitting to us details of claims made against Underwriters and they should be notified without delay.  We will approach Underwriters for their agreement to settle but we must emphasise that you should not remit payment to your client until we have confirmed Underwriters agreement.  This will be confirmed by fax or letter followed by a claims credit note.

Claims will normally be remitted to you in full on receipt of funds from Underwriters, or alternatively, the balance collected and payable at a month end will be credited to your account and offset against premiums due to us.

Claims may not be deducted from your account unless the prior written agreement of Craven and Partners Limited has been given.

To obtain a copy of the Account Opening Form please go to "Contact Us" and email such a request.  The form will be sent by email attachment or post.  It is possible to complete our online "Account Opening Form" in order to speed up the process, but a signed hard copy of the completed form may be required.