These Terms of Business set out the basis upon which B. Portwood & Company Ltd agrees to act for you.
Get in TouchB. Portwood & Company Ltd is an independent insurance intermediary authorised and regulated by the Financial Conduct Authority (FCA). Our Financial Services Register number is 300694. You can check at register.fca.org.uk or by contacting the FCA on 0300 500 8082.
We have access to a wide range of insurers. In some cases, we may use a selected panel of insurers or finance providers. We may offer instalment facilities via approved premium finance providers. For consumer customers, we may provide information only (non-advised sales) unless explicitly agreed otherwise. We generally act as your agent when sourcing and arranging cover.
We reserve the right to charge fees for arranging and administering your insurance. We typically receive commission from insurers and finance providers.
| Service | Fee |
|---|---|
| Arranging new policies | £50.00 minimum |
| Mid-term adjustments | £25.00 |
| Cancellations (mid/short term) | £50.00 |
| Renewals | £50.00 |
| Document fee (postal) | £10.00 |
| Duplicate certificate | £15.00 |
| Premium finance interest | Up to 10% |
You must take reasonable care to provide complete and accurate information at all times. Failure to do so may result in:
We will contact you before renewal with terms or notification. Where policies are paid via continuous monthly instalments, cover may renew automatically unless you instruct otherwise. You must ensure premiums are paid on time.
You have the right to cancel within 14 days of policy inception for most personal policies. We do not issue refunds of less than £50.00.
All incidents must be reported as soon as possible. If you receive correspondence relating to a claim, forward it immediately to us or your insurer without responding.
We may handle client money in accordance with FCA rules. Client funds are held in designated accounts separate from our own funds in line with regulatory requirements. Where risk transfer applies, insurers remain responsible for premiums and claims.
For commercial clients, we will assess your needs and provide recommendations where appropriate. This will be supported by a Demands and Needs Statement. In some cases, we may act on a non-advised basis — this will always be made clear.
| Service | Fee |
|---|---|
| Arranging new policies | £100 or 10% of premium |
| Mid-term adjustments | £50.00 |
| Cancellations | £100.00 |
| Renewals | £100 or 10% |
| Document fee | £10.00 |
| Duplicate certificate | £15.00 |
| Premium finance interest | Up to 10% |
You must disclose all material facts that could influence an insurer's decision. Failure to do so may result in claims being reduced or declined, policy avoidance, or additional terms applied.
All personal data will be handled in accordance with UK GDPR. Data will only be shared with relevant parties such as insurers, finance providers, and regulators. Full details are available in our Privacy Policy.
Either party may terminate this agreement with 14 days' written notice. Any outstanding fees or transactions remain payable.
We do not guarantee the solvency of insurers. We are covered by the Financial Services Compensation Scheme (FSCS): 90% of claim (no upper limit) for most insurances; 100% for compulsory insurance. More info: fscs.org.uk
If you wish to make a complaint, please contact: info@portwood.co.uk | 01388 607105 | 145 Newgate Street, Bishop Auckland, DL14 7EN
We aim to resolve complaints within 3 business days. If unresolved, we will acknowledge within 5 working days and provide a final response within 8 weeks. You may refer to the Financial Ombudsman Service (FOS): financial-ombudsman.org.uk
These Terms are governed by the laws of England and Wales.
We operate in compliance with the Bribery Act 2010 and all applicable sanctions legislation.