Travel Insurance

TERMS OF BUSINESS

WHO ARE WE?

Mascarenhas Insurance and Finance Limited trading as Masbro Insurance Brokers are an independent insurance intermediary. We are located at;

Suite 1A, Tisa House, 143 Main Street
And/ or
241 Main Street.
Registered in Gibraltar, Company Registration number 9930

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WHAT PRODUCTS CAN WE OFFER YOU?

We offer products from a wide range of insurers, including but not limited to Motor, Household, Travel, Professional Indemnity, Cyber & DLT, Commercial Insurance, Directors’ and Officers’. Please ask us for a full list of insurers and products that we can offer.

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WHICH SERVICE WILL WE PROVIDE YOU WITH?

We will discuss with you all your insurance requirements and we may ask some questions in order to have a full understanding of what you require. We will provide you with all terms we have received from all relevant insurers. We will explain and provide all information in order for you to decide whether to accept the insurance cover available, however as your insurance intermediary, we will not provide advice nor make any recommendations. You, as the client, will need to make your own choice and confirm how you wish to proceed.

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YOUR RESPONSIBILITIES

Proposal Forms/Statement of Facts: For certain classes of insurance, you may be required to complete a proposal form/statement of fact. We will provide you with guidance should you have any queries, however we are not able to complete this form for you.

Disclosure of Information: It is your responsibility to provide us with all information that is material to your insurance requirements to enable us to provide you with appropriate cover. Failure to disclose such information allows insurers to cancel from inception. The duty of disclosure applies equally at renewal of your policies.

Your policy: You are responsible to review insurance details provided to confirm they accurately reflect the cover, conditions and limits that you require. If there are any discrepancies, please let us know immediately.

Claims: You are responsible for notifying any claim or potential circumstances that may give rise to a claim. Please familiarise yourself with the coverage conditions relating to claims. In presenting a claim, it is also your responsibility to disclose all facts which are material to the relevant claim.

Change in circumstances: It is your responsibility to advise us as soon as possible of any changes that may affect the cover provided under your insurance policy – i.e criminal convictions, etc.

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PAYMENT DETAILS

Payment of premium: Failure to provide payment in the indicated timeframe, which is dependent on the type of policy, may lead to insurers cancelling your policy from its inception. If this occurs you will not have been protected by the insurance policy and any claim submitted will be rejected.

Our Remuneration: Our remuneration will either be a fee or brokerage, which is a percentage of the insurance premium paid by you and allowed to us by the insurer. Where we propose to charge a fee for our services, we will notify you and have it agreed before commencing any chargeable work.

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WHO REGULATES US?

We are regulated and authorised by the Gibraltar Financial Services Commission. Our permission number is 5254 and our permitted authorised activities are;

– VI(a) General Insurance Intermediary
– VI(b) Life Assurance Intermediary
– IV Investment Advisor

Should you wish to verify this, please visit the GFSC’s website at www.fsc.gi or by contacting the GFSC on +350 20040283

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COMPLAINTS

Masbro Insurance want to ensure that all our clients receive the best possible service however should you have any cause for complaint please raise this matter in the first instance with your account handler. Alternatively, please contact complaints@masbro.gi. We will then acknowledge your complaint within seven business days of receipt and will advise you of the person dealing with it.

In the event that you are not satisfied with the way your complaint has been handled, you may wish to refer this to the office of Fair Trading at Suite 975 Europort, Gibraltar.

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MONEY LAUNDERING AND PROCEEDS OF CRIME

To comply with money laundering regulations, there are times when we may ask clients to confirm or reconfirm their identity. We may need to do this at the time you become a client or have been one for some time. Where we deem necessary this information will be shared with regulators or law enforcement bodies, please understand we are prohibited from disclosing to you any report we may make based on knowledge or suspicion of money laundering.

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DATA PROTECTION POLICY

Please see our Privacy Notice for more information on how we handle your data.

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INSURANCE DISTRIBUTION DIRECTIVE (IDD)

Masbro Insurance Brokers, as insurance intermediaries comply with the Insurance Distributive Directive (IDD).

IDD was introduced in 2018 and its purpose is to make sure all firms in the insurance industry act honestly, fairly and professionally in the client’s best interest. IDD aims to enhance consumer protection when buying insurance.

In accordance with IDD Masbro Insurance Brokers must comply with the below;

1) We must act honestly, fairly and professionally with complete transparency
2) We must communicate in a manner that is fair, clear and not misleading
3) Where possible, we must provide alternative quotes in order to provide you with fair market comparisons and to support competition by creating a level playing field.

Should you believe that we have not behaved as per the above or should you have any queries or concerns, please contact the compliance department.