Terms of Engagement

Thank you for considering South Coast Insurance Services to provide general insurance broking services to you.

This document outlines the basis on which we will provide our services to you. You should also consider our Financial Services Guide, which can be found here.

LAST UPDATED: 25 February 2024

These Terms of Engagement contain important information, including but not limited to, our regulatory and statutory obligations and the duties of Websters, and you, in relation to the services.

You should retain this document as you may wish to refer to it again at a future date. If there is anything you do not understand or accept, please contact us.

By instructing us, you are agreeing to and accepting these Terms of Engagement.

Defined Terms

In this document there are some defined terms, which are:

means Morgan Road Investments Pty Ltd ABN 71 649 644 039 trading as South Coast Insurance Services, who are Corporate Authorised Representatives of Webster Hyde Heath Insurance Brokers Pty Ltd ABN 87 109 457 945 AFSL 277842.

means the person(s)/business/entity to whom this Terms of Engagement has been provided or any other person(s)/business/entity that intend to rely upon the information herein.

‘Our Team’
means the South Coast Insurance Services staff.

Your Content Goes Here

Our Services
As your insurance broker, we will provide the following services:

Pre-placement Services

  • Help you identify and assess your risks and develop a proposal to submit to a potential insurer/insurers
  • Providing advice on risk mitigation and management strategies

Insurance Placement and Premium Financing

  • Seek insurance quotes (for more information on how we will seek quotes see “Approaching the Market”)
  • Negotiate policy coverage and policy renewal annually or as otherwise agreed with you
  • Seek to bind coverage where you have authorised us to do so (except in urgent circumstances where unless you instruct otherwise, we may choose to bind insurance on your behalf if we consider that is in your best interests)
  • Obtain and provide a quotation for premium funding

Post-Placement Services

  • Prepare and manage claims if an insured event occurs
  • Advocate on your behalf during the claims process
  • Facilitate policy changes and/or cancellations as per your instructions

Approaching the Market
We have arrangements with a limited number of insurers and underwriters. When providing you with our recommendation we will only recommend products from these insurers and will not seek quotes from the broader general insurance market.

In return for the services we provide, we will receive a commission usually between 5 and 27 per cent of the premium paid (excluding relevant taxes, charges and levies) which is paid to us by the insurer and a fee, payable by you.

Policy Cancellation
If a cover is cancelled before the expiry of the period of insurance, we reserve the right to refund to you only the net return premium we receive from the insurer and not refund any part of the brokerage and/or broker fee we receive for arranging the cover. A broker fee may be charged to process the cancellation.

Payment Terms
You are required to pay outstanding premiums to South Coast Insurance Services within the time set out on our invoice.

Our Advice to You
When making a recommendation, we will not take into consideration your personal objectives, financial situation or needs. Before taking any action, you should consider whether the advice we have provided is appropriate to you having regard to your individual circumstances. Clients should obtain and read the relevant Product Disclosure Statement(s) before making a decision.

Period of Engagement
Unless we agree otherwise, our appointment is ongoing. This appointment may be cancelled by you, or us, with 30 days written notice from either party.

We also provide you with a Financial Services Guide (FSG). This document contains important information about our relationship with you such as

  • Our status as a licensed Financial Services Provider
  • Disclosure obligations on your part and ours
  • Potential conflicts of interest that we have in our dealings with insurers and other service providers
  • Professional Indemnity insurance arrangements
  • Internal and external complaints resolution procedures
  • Details of our privacy policy

Insurance Brokers Code of Practice

Websters is a subscriber to the National Insurance Brokers of Australia (NIBA) Code of Practice. The Code sets out standards of conduct for all Members of NIBA.

The Code is independently monitored and enforced by a Code Compliance Committee, the Insurance Brokers Code Compliance Committee (IBCCC). The Code provides additional safeguards for clients that are not set out in the law. In some areas, the Code sets higher standards than those required by law. No part of the Code limits, or is intended to limit, a client’s rights under the law. You can obtain a copy of the Code here.

Any Questions, and Thank You
Thank you for allowing us to assist with your insurance needs, we appreciate it.

If you have any further questions about these Terms of Engagement or the financial services we provide, please contact us.

Please retain this document for your reference and any future dealings with us.