Terms of Engagement
Who we act for
As your appointed Insurance Broker, our primary duty is to act on your behalf and in your best interests. In the course of providing our services, we may perform certain administrative functions for insurers, such as placing cover or lodging claims electronically. However, we will never act for an insurer or any other party in a way that conflicts with our duty to you as our client.
Our Services
As your insurance broker, we are committed to providing a comprehensive range of services, including:
Pre-Placement Services- Assist in identifying and assessing your insurable risks
- Prepare and present insurance submissions to suitable insurers
- Provide guidance on risk mitigation and management strategies
- Approach the insurance market to obtain competitive quotes (refer to "Approaching the Market" for further details)
- Negotiate policy terms, conditions, and renewal options in line with your service agreement
- Arrange cover on your instruction, or-unless advised otherwise-in urgent situations where it is in your best interest
- Provide premium financing options or alternative payment arrangements
- Assist with the preparation, lodgement, and management of claims
- Represent your interests throughout the claims process
- Action policy amendments, endorsements, or cancellations in accordance with your directions
Approaching the market
In order to provide you with the most appropriate insurance solution, we will approach a broad range of insurers and underwriters within the general insurance market. Our established relationships with various providers enable us to compare options and recommend coverage that aligns with your specific needs.
For certain specialist products-such as Personal Accident insurance-we may only have arrangements with a limited panel of insurers. In these cases, our recommendation will be based solely on the options available through those providers, and we will not approach the wider market.
Remuneration
We usually receive commission for handling these policies, typically ranging from 0% to 26.5% of the base premium (excluding statutory charges and levies), which is paid to us by the insurer. In addition, we will usually charge an administration fee which will be clearly shown on the invoice. We do not receive contingent or volume-based remuneration, such as profit-sharing or preferential payments (e.g. overrider commissions), from any insurer.
Policy Cancellation
If a policy is cancelled before its expiry date, any refund will be limited to the net return premium provided by the insurer. Please note that brokerage and broker fees charged for arranging the policy are generally non-refundable. A broker fee may also apply to cover the administration costs associated with processing the cancellation.
Payment Terms
All premiums are payable to Blackburn (Insurance Brokers) Pty Ltd by the due date specified on your invoice. Timely payment is essential to ensure that your coverage remains in force.
Important Information – General Advice Warning
Please note that any advice we provide is General Advice only. It does not take into account your individual objectives, financial situation or needs. Before acting on any advice, you should assess whether it is appropriate for you and consider the relevant Product Disclosure Statement (PDS) to make an informed decision.
You will also receive a Financial Services Guide (FSG), which outlines key information including:
- Our role as a licensed financial services provider
- Disclosure obligations (ours and yours)
- Potential conflicts of interest
- Details of our professional indemnity insurance
- How we handle complaints, both internally and externally
- Our commitment to your privacy under our Privacy Policy
