In the event that more than one Insurer provides a quote for the same Insured it is essential that the most favourable terms, from the Insured’s point of view, is quoted (along with all other quotes) to the Insured even if such quotes allow less brokerage or other remuneration to PSC.
Remuneration includes the possibility of profit commission or other remuneration payable to PSC including arising from its use of Lineslips or Binding Authorities.
When giving advice to the Client it is essential that all such advice is based on what is in the best interests of the Insured and not PSC. However PSC is entitled to require a minimum amount of remuneration to place and manage any account, including the management of claims, and can request further remuneration provided this is undertaken at the time of quoting and is agreed in writing by the Client who must have all the necessary information in order to make an informed decision.
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