HOMEINSURANCE

Hello ALL YOU

NEED TO KNOW: OUR HOMEINSURANCE

WELCOME TO PAYMENTSHIELD HOME INSURANCEPaymentshield is excited to introduce you to our new and improved Home Insurance.

We know it’s important your clients get the best product for their needs, which is why our 5 Star Defaqto rated Home Insurance product is underwritten by a panel of the UK’s leading insurers, all subscribing to one common policy wording.

Let’s get started. Simply visit www.paymentshield.co.uk to begin.

SOMETHING YOU NEED TO KNOWDirectly Authorised advisers should have an FCA recognised controller agree to the terms of business. If you’re an Appointed Representative the terms of business must be accepted by your Network. Please contact your Network if you’re unsure whether you have access to any Paymentshield products.

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KEY BENEFITSGIVING YOU MORE CHOICE

PREMIUM FLEX Premium Flex lets you adapt the premium price for your price sensitive clients, by adjusting the commission level. For example, if you had 10 clients per month and three definitely convert, that leaves seven which are a maybe or a no. Using Premium Flex you can tailor the price to help covert some of the price sensitive maybes.

ENHANCED QUOTE RESULTS SCREENOur results screen will now return a range of quotes for your client. You’ll see a list of prices from multiple insurers, and we’ll even point out the best price on on both Home Insurance and Home Insurance Plus.

RE-BROKE FACILITYAt renewal, if a cheaper premium can be provided by another one of our panel of insurers and your client has provided their consent, then Paymentshield may transfer their policy to the new insurer.

CHOICE OF COMMISSION OPTIONS Every adviser is different and your commission needs will vary, therefore, we have a range of commission options to best suit you. (If you are an Appointed Representative, please discuss your commission options with your Network or Principal).

COMMISSION BUYOUT If you’re looking to quickly inject cash into your business to help it grow, then CBO could be a useful option. This allows you to sell the future commissions from your existing portfolio of Paymentshield policies and receive a cash lump sum. You can continue to sell new policies and build up your commission stream again. When the time comes for you to consider retirement, we also have a Retirement Buy Out option for you to consider.

INTRODUCE A CLIENTThere may be times when you aren’t able to provide advice or quote for general insurance, but you could still earn a commission and make sure your client is in safe hands, by using our Introducer facility. We’ll do all the hard work so your client gets a product that suits their needs.

The three definite cases per month would earn you

£3,386 per year1

Convert four Premium Flex cases and you could earn an extra £2,709

per year2

DIAGRAM FOR ILLUSTRATION PURPOSES ONLY.1Based on a monthly B&C premium of £28.50 and a commission rate of 27.5% paid on an Annual Indemnity Commission basis. 2Based on a monthly B&C premium of £28.50 and a commission rate of 16.5%, paid on an Annual Indemnity Commission basis. (Both figures include IPT and Policy Admin Fee).

You now have seven cases out of 10,

instead of three. Earning you a total of

£6,095 per year.1&2

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DLOGINGetting a quote is quick and easy. Simply log on to paymentshieldadvisers.co.uk. If you need to activate your account either click on ‘Need to activate your Account’ from the home page or visit paymentshield.co.uk/activate.

1.START QUOTESelect ‘Home Insurance’ then ‘New Quote’.

2.

QUOTEEnter all the client information then click ‘Get Quotes’.

3.THE SEARCH BEGINSWe will search our panel of insurers and provide you with our best price for your client’s chosen cover options.

4.

REMORTGAGE SPECIAL OFFERWe’re offering all remortgage clients three months free cover across all of our products.

We’ll be applying the discount to every part of the policy, inlcuding optional extras and even admin fees.

Accidental damage prices, which instantly show the price changes

Best ‘chosen’ price and best ‘alternative’ price will be highlighted.

NEED HELP?Our helpful Broker Support Team are on hand to guide you through any queries and concerns. Simply call 0345 0615 100.

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CHOOSEWe’ll automatically show you the cost of our alternative cover option for comparison purposes. You’re then able to tailor their quote by choosing a preferred payment frequency and method along with any optional extras. You can also use Premium Flex to tailor the price to one the customer is happy to pay.

5.SUBMIT QUOTEClick ‘Apply’ and then provide the remaining information we need to set up the policy i.e. address and payment details before submitting the application online.

6.Email the client’s chosen quote

Selections for payment choices, excess and optional extras

TYPE OF COVER HOME INSURANCE STANDARD HOME INSURANCE EXTRA

Buildings Home Insurance Up to £400,000 Up to £600,000

Contents Home Insurance Up to £50,000 Up to £75,000

Valuables single article limit £2,000

Maximum valuables limit £15,000

Contents single article limit £5,000

Maximum single article limit £15,000

Wedding, religious and birthday gifts £2,500 increase in contents one month before and after the event

No claims discount Up to a maximum of 5 years

Excess £100 default excess

£250 for EOW

Accidental damage (included in Buildings and/or Contents covers) Glass, sanitary wear and ceramic hobs

Add optional Accidental Damage full cover for an additional premium

Specified Personal Possessions (optional) Up to £250 for spectacles unless specified

Unspecified Personal Possessions (optional) Choose £1,500, £2,000, £2,500, £5,000, £10,000 or £15,000

Maximum Personal Possessions limit (specified and unspecified) £15,000

Lock replacement (buildings) Up to £750

Money in the home and away from home Up to £250

Alternative accommodation/loss of rent 15% of building sum insured £10,000 contents

Home Emergency assistance (optional) £500 (+£100 overnight accommodation)

Legal Expenses (optional) Up to £50,000

Cooling off period 30 days

Tenants Contents Up to £50,000 Up to £75,000

Loss of oil £1,500COM

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*Tenants can now chose how much Contents Insurance they need from four levels of cover. Tenants Contents Insurance will include up to 30% of their contents sum insured for valuables. Customers will also have the option of selecting additional Personal Possessions cover of up to 30% of their contents sum insured.

TYPE OF COVER HOME INSURANCE HOME INSURANCE PLUS

Buildings Home Insurance Up to £500,000 Up to £1,000,000

Contents Home Insurance Up to £50,000 Up to £75,000

Valuables single article limit £2,500

Maximum valuables limit £15,000 £22,500

Contents single article limit £15,000 £22,500

Maximum single article limit £15,000 £22,500

Wedding, religious and birthday gifts 10% increase in contents one month before and after the event

No claims discount Up to a maximum of 9 years

Excess £250 default excess

£500 for EOW

Accidental damage (included in Buildings and/or Contents covers) Glass, sanitary wear and ceramic hobs. Technology and entertainment equipment under Contents

Add optional Accidental Damage full cover for an additional premium

Specified Personal Possessions (optional) £2,500 single article limit

Unspecified Personal Possessions (optional) Choose £1,500, £2,500, £5,000, £10,000 or £15,000

Maximum Personal Possessions limit (specified and unspecified) £15,000

Lock replacement (buildings) Up to £1,000

Money in the home and away from home Up to £500

Alternative accommodation/loss of rent 20% of building sum insured and 20% contents sum insured

Home Emergency assistance (optional) £1,000 (+£100 overnight accommodation)

Legal Expenses (optional) Up to £100,000

Cooling off period 14 days

Tenants Contents* £20,000, £30,000, £40,000 and £50,000

Loss of oil £2,000WIT

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£22,500

WILL MY CLIENT HAVE A CHOICE OF PAYMENT OPTIONS?Yes, we offer a choice of payment options. Your client can choose to pay annually or monthly.If your client prefers to make annual payments, they can select to pay by Direct Debit, debit or credit card. Credit Card payments are subject to handling charge of 1.5% to cover merchant transaction fees.

If your customer has chosen a monthly payment option, they will also receive a Consumer Credit Agreement outlining the monthly payable amount including the charge for credit.

WILL MY CLIENT BE ELIGIBLE FOR COVER?Our Home Insurance product is underwritten by a panel of insurers, each competing for your client’s business, increasing the geographical and clientele coverage available, as well as driving lower prices.

HOW WILL RENEWAL EFFECT CUSTOMER PRICING?Paymentshield closely monitor customer pricing and do all we can to keep the price your client pays as competitive as possible on renewal. One way in which we achieve this is by introducing a ‘rebroke’ feature. Provided the client has opted in to our re-broke service, we will ask our panel of insurers to offer their best rate should their Home Insurance premium significantly increase at renewal.

WILL MY CLIENT RECEIVE A REFUND IF THEY WISH TO CANCEL?Our Home Insurance product has a 14 day cooling off period during which your client can cancel the policy back to the start date for a full refund, unless they have made a claim during this period. After this period, your client will be offered a pro-rata refund based on the premiums paid unless they have made a claim.

IS THE POLICY SUBJECT TO MID TERM AMENDMENT OR CANCELLATION FEES?We do not charge clients to make changes to their policy mid-term. The only charges currently applicable to the policy are an administration charge and for clients paying by monthly Direct Debit, their payments are subject to a Consumer Credit Agreement so there is an associated charge for credit. If a client wishes to cancel and is paying by monthly Direct Debit, they may be required to settle the balance of the premium on a pro-rata basis for the period of time they have been on cover for. All Charges are stated within the policy documentation.

IF MY CLIENT HAS A CLAIM, WHEN WILL THEIR NO CLAIM DISCOUNT (NCD) BE REDUCED?As our home insurance policies are provided on an annual basis, should your client have a claim their No Claim Discount (NCD) entitlement will be reduced by two years at the next renewal. At the following renewal, provided there are no further claims, the NCD will increase by one year. However, if a client has two claims in a year, their NCD will be reduced to zero.

WHO WILL HANDLE MY CLIENTS’ CLAIMS?The insurer your client chooses will handle the claim from ‘first notification’ through to repair/replacement.

WHAT POLICY DOCUMENTATION WILL MY CLIENT RECEIVE WHEN THEY PURCHASE A POLICY?Your client will receive the Policy Document from Paymentshield together with the following documents:• Policy Certificate - containing the client’s details and chosen cover options• Insurer Schedule - this shows the insurer(s) for

your policy and important contact details• Statement of Fact - details the information you and/or your client have told us

• Statement of Price - showing the annual premium amount for their policy

If your customer has chosen a monthly payment option, they will also receive a Consumer Credit Agreement outlining the monthly payable amount including the charge for credit.

WHAT IS THE PREMIUM FLEX FACILITY?This function is designed to help you convert more business. Allowing you to reduce the premium that you can offer to your more price sensitive clients by reducing the commission you earn.

WHY IS THE STANDARD EXCESS ON NEW BUSINESS SET AT £250?The excess is set at £250 to ensure that the initial price given is competitive with what the client may see elsewhere. This will help the customer more easily compare an initial Paymentshield quote with Home Insurance prices they might find elsewhere.

The client can choose to adjust their excess, between £50-£500 in £50 increments. Therefore, advisers should discuss how much excess their client feels comfortable paying, in the event of a claim.

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Paymentshield and the Shield logo are registered trademarks of Paymentshield Limited (registered number 02728936) which is a company registered in England and Wales at Paymentshield House, Southport Business Park, Wight Moss Way, Southport, PR8 4HQ. Authorised and regulated by the Financial Conduct Authority. Telephone calls to Paymentshield may be recorded for training and quality. © Paymentshield Limited 2016. 00693 (12/16).

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