Overview of the product oversight and governance process
Product oversight and governance refers to the systems and controls that the manufacturing firmshaveinplacetodesign,approve,marketandmanageproductsthroughtheirlifecycle.
Good product governance and oversight result in products that meet the needs, objectives, interestsandcharacteristicsofthetargetmarkets,beingsoldthroughappropriatedistribution channels, delivering appropriate customer outcomes and providing products that provide fair valuetothosecustomers.
Irwellfullysupportsthisaim.
Information for distributors
Irwellwillprovide:
- PolicySummaries/IPID
- PolicyWordings
- UnderwritingManual(BindingAgentsonly)
Full details of the coverage and limits applicable to this product can be found in the policy wording.
Retail brokers and wholesale brokers (non-advised)
It has beenagreed thatthis productwillbe distributed bytheBinding Agentona non-advised basistoretailandwholesaleagentsthatareFCAauthorised,establishedintheUnitedKingdom, andhavebeenthroughtheannualduediligenceprocessthattheBindingAgenthasadvisedas beinginplace.Sub-delegatingisnotallowedunlessspecificallyauthorisedbyIrwell.
Asuitableassessmentofthecustomer’sdemandsandneedsmustbemadebeforeeachsaleby theagentindirectcontactwiththeinsured.
Product Information
Irwell’sStandaloneLiabilitypolicyprovidesarangeofcoversincluding:
- EmployersLiability
- PublicLiability
- ProductsLiability
Irwell’sStandaloneLiabilitypolicyissubjecttoanumberofconditionsandrestrictions:
- Thepolicylimitsare:
o £10,000,000(EmployersLiability)
o £1m,£2m.£5mor£10m(PublicandProductsLiability)
- Access
- ChangeofRiskorInterest
- Compliance
- ConductandControlofClaims
- Contracts(RightsofThirdParties)Act1999
- CrossLiability
- DataProtection
- InspectionandAudit
- LawandJurisdiction
- OtherInsurance
- PremiumAdjustment
- ReasonablePrecautions
- Sanctions
- SurveyRequirements
Irwell’s Standalone Liability policy is also subject to the following exclusions, excesses and limitations:
- Asbestos
- BiologicalorChemicalMaterials
- ConfiscationandRequisition
- CommunicableDisease
- CyberRisks
- IndustriesGradualSeepage,PollutionandContamination
- Insolvency
- MaterialChangeofInsuredRisks
- NorthAmericaDomiciledandJurisdiction
- OffshoreInstallations
- OtherInsurance
- PunitiveandExemplaryDamages
- RadioactiveContamination
- Terrorism
- War
PleasespeakwithyourBindingAgentforfurtherinformationontheproductrange.
Identified Target Market
The identified target market for this product is detailed below. The customer's agent is responsibleforensuringthattheproductmeetsthedemandsandneedsofeachcustomer,andit is possible that there are customers outside of this target market whose demands and needs maybemetbythisproduct.
Equally, some customers inside the target market may have risk factors that mean other productsavailablearemoresuitable.
- FreeholdersandLeaseholdersofMultiOccupancyProperty
Customers for whom the product is not suitable because it would not provide fair value:
- Freeholders and Leaseholders of Multi Occupancy Property without employees and withoutexposuretothird-partyliabilities
- FreeholdersandLeaseholdersofMultiOccupancyPropertythatarebasedoutsideofthe UK.
- Freeholders and Leaseholders who are not required or expected to purchase the insurancewithintheiragreement.
Third Parties
AllclaimswillbehandledbythefollowingThird-PartyAdministrator:
DWFClaimsManagementandAdjusting
RedcliffQuay
120RedcliffStreet
Bristol
BS16HU
Email:irwell@dwfclaims.com
Tel:03448923937
Exit Charges
Irwell does not charge any fee if a customer cancels their policy, a pro-rata refund of the unexpiredpremiumisprovidedsubjecttonoknownlossesorclaims.
Complaints and Compensation
Complaints:
If your complaint is about the way a policy was sold to you
If Your complaint is about the way a policy was sold to You, please contact the insurance intermediarywhosoldthepolicyto You
If your complaint is about your claim
We are committed to providing a high level of service, but if You believe that We have not deliveredtheservice You expectedfrom Us,pleaselet Us knowsothat We canputthingsright.
If You wishtomakeacomplaint,pleasecontact:
TheComplaintsOfficer
IrwellInsuranceCompanyLimited
2CheethamHillRoad
Manchester
M44FB
Email: info@Irwell.co.uk
Telephone: 03448920164
We willcontact You within3daysofreceiving Your complainttoinform You ofwhataction We are taking We will tryto resolve Your complaintwithin4 weeks If itwill take Us longer, We willexplainwhyandlet You knowwhen You canexpect Our finalresponse.
Referring your complaint to the Financial Ombudsman Service
If You arenothappywith Our responseto Your complaint,or You havenotreceivedaresponse within8weeksofthedate We received Your complaint, You maybeeligibletorefer Your case totheFinancialOmbudsmanService.
TheFinancialOmbudsmanServicecanreviewcomplaintsfrom‘eligiblecomplainants,’but Your complaintmustbesubmittedtothemwithin6monthsofreceiving Our finalresponse.
Furtherinformationcanbefoundat:
www.financial-ombudsman.org.uk
The Financial Ombudsman Service exists to help resolve complaints when We have not been abletoresolvemattersto Your satisfaction.
Theservicetheyprovideisfreeandimpartial.
You can contact the Financial Ombudsman Service using the following details:
FinancialOmbudsmanService ExchangeTower
HarbourExchangeSquare
London
E149SR
Tel:02079641000
Fax:02079641001
Email:complaint.info@financial-ombudsman.org.uk
Web:www.financial-ombudsman.org.uk
Thiscomplaintsproceduredoesnotaffect Your legalrights.
Financial Services Compensation Scheme
The Insurer is a member of the Financial Services Compensation Scheme (FSCS). You may be entitled to compensation from the scheme if We are unable to meet our liabilities under this insurance.Thisdependsonthetypeofbusinessandthecircumstancesoftheclaim.Suchclaims are protectedfor 90% withoutanyupper limit. For compulsoryclassesofinsurance, the claim will be met in full. Further information about the compensation scheme arrangements is availablefromFSCS.Informationcanbeobtainedonrequest,orbyvisitingtheFSCSwebsiteat www.fscs.org.uk
Product Approval Process
The purpose of this process is to ensure the product puts the needs of the customers first, to ensure they get a product that they can confidently expect to meet their needs at the point of
sale andthroughoutthe life of their policyandprovidesfair value to thecustomer throughout thistime.
Irwellundertakesaproductriskassessmentforeachnewlydevelopedproductandwherethere aresignificantchangestoanexistingproduct.Inaddition,itsproductoversightandgovernance processarefollowedtoensurethatproductsremainsuitableforthetargetmarket.
Numerous factors are considered during this process that consider such aspects as the suitabilityof,andrisksassociatedwith,thedistributionchain,productfeaturesandbenefits,the claimsprocessandthelevelanddetailofcomplaints.
Situations that may conflict to the detriment of the customer.
Irwellhasnotidentifiedanyspecificcircumstancesinrelationtothisproductthatconflictwith the best interests of the customer. Below are outlined some examples of circumstances that couldbeconsideredaconflict:
- Sales incentives that incentivise sales rather than ensuring the most appropriate productsareprovided.
- Claims being handled by underwriters, or oversight of the claims department being providedbyunderwritingmanagers.
- Volumebasedcommissionsforproducingbrokers.
- Actingonthebrokersinstructionsinrespectofthepricetochargeforarisk.
- Netratingtheproductwithnoclearlydocumentedpricingstrategy.
- Leaseholdersnotbeinginvolvedinpolicyselection.
- NonadherencetothelatestFCAMultiOccupancyLeaseholdInsuranceRules
Fair Value Assessment
Based on all of the information available, Irwell has concluded that this product does provide fairvaluetocustomers.
