Informed Consent Notice (Retail Products)
Thank you for choosing Coverforce to manage your insurance needs. As part of our legal obligations when providing personal advice on retail insurance products, we are required to obtain your informed consent before receiving commission from the insurer. This ensures you understand how our services are funded.
This informed consent information applies to strata insurance products, where we provide you with or are likely to provide you with personal advice.
The remuneration we receive can comprise of commission, a broking fee or both. This remuneration supports the delivery of insurance broking services tailored to your needs for the above products, including:
- Assessing your risks and recommending suitable insurance solutions
- Preparing submissions and sourcing competitive quotes from quality insurers
- Explaining differences between policy options and answering your insurance questions
- Placing cover as instructed and managing policy documentation
- Handling invoicing, premium adjustments, and policy changes throughout the year
- Reviewing your insurance as your needs evolve or at renewal
- Providing assistance with premium funding if required
- Managing and advocating on your behalf throughout the claims process
Our commission is calculated on the base premium for each policy and typically ranges from 0% to 20% per policy. It is paid once on policy inception and again upon each renewal. If a mid-term change or endorsement results in an additional premium, we may also receive commission on the additional amount at the same rate and this would be received shortly after any update is made. To ensure full transparency, the exact commission we receive for each policy is always itemised on your invoice.
Your informed consent will apply to all future renewals including variations and endorsement of these policies, it will also include new policies placed with any issuer for the product lines mentioned above and is considered ongoing and irrevocable unless altered on agreement by both parties.
We will request new consent if our commission rate or frequency increases, if we alter the way our commission is calculated or if we provide personal advice on retail insurance products not listed above.
You can confirm your consent to this notice to us verbally, in writing as a response to this communication or by completing this document.