The following information is applicable to all clients
Your Duty of Disclosure
Before you enter into a contract of general insurance with an Insurer, you have a duty, under the Insurance Contracts Act 1984, to disclose to the Insurer every matter that you know, or could reasonably be expected to know, is relevant to the Insurer’s decision whether to accept the risk of the insurance, and, if so, on what terms.
You have the same duty to disclose those matters to the Insurer before you renew, extend, vary or reinstate a contract of general insurance.
Your duty, however, does not require disclosure of matter:
- that diminishes the risk to be undertaken by the Insurer;
- that is of common knowledge;
- that your Insurer knows, or in the ordinary course of his business, ought to know;
- as to which compliance with your duty is waived by the Insurer.
If you fail to comply with your duty of disclosure, the insurer may be entitled to reduce his liability under the contract in respect of a claim or may cancel the contract.
If your non-disclosure is fraudulent, the Insurer may also have the option of avoiding the contract from its beginning.
Unless we agree otherwise with you, in arranging cover for you, Apollo Risk Services and Mills Insurance Solutions will be remunerated by a commission payment from the insurer and/or a broker fee.
Please refer to our Financial Services Guide and adviser profile which provides further information on remuneration.
Where we have used an electronic data interface (Sunrise) to process your policy, we receive an additional commission amount of between 1% and 2% for utilising this system. This amount is included in the commission paid to us by the insurers and is not an additional charge to you.
If we arrange premium funding for you, we may be paid a commission by the premium funding company. We may also charge a fee for our services (or both). The commission that we receive is typically calculated as a percentage of your insurance premium (including government fees and charges).
Our commission rates for premium funding range between of 0% and 3% of the funded premium. Apollo Risk Services also receives 1% of the funded premium as an overrider from the premium funding company.
Any interest that may accrue on any premium paid by you and held in the Apollo Risk Services Trust Account shall be solely for the benefit of Apollo Risk Services.
Other Relationships and/or Benefits
Apollo Risk Services is a member of IBNA Limited, a national insurance marketing group. IBNA has negotiated with some insurers to distribute insurance products exclusively through IBNA licensees. IBNA will receive an overrider commission of 1% of base premium from all underwriters based on participating products. Apollo may receive 0.6% of any such overrider.
From time to time, we may receive certain training allowances and ‘hospitality benefits’ (such as tickets to sporting events, movies, meals and hampers). The receipt of these benefits is not based upon the volume of business placed with the provider but more of an ad hoc reward based on our relationships with certain insurers. The maximum value of these during the year is unable to be determined. However, the details of such benefits, so far received, are able to be viewed on our soft dollar benefits register upon your request.
Insurance Brokers Code of Practice
We subscribe to the Insurance Brokers Code of Practice
Finanical Ombudsman Service
Apollo Risk Services is a member of FOS (member 26453)
General Advice Warning
The advice on this website is General Advice and has been prepared without taking into account your objectives, financial situation or needs.
Before acting on any advice, please consider its appropriateness for your circumstances and review our disclosure documents.
Product Disclosoure Statements from insurers are available on request