Terms of Business

This Agreement is between you and Peoples Insurance Brokers Pte Ltd (“Peoples”), a company registered in Singapore with UEN 200603686D.

Peoples is a licensed insurance broker and an exempt Financial Adviser regulated by the Monetary Authority of Singapore (“MAS”) able to represent you for your life and non-life insurance needs.  You can check our licensing status on the MAS website here: https://eservices.mas.gov.sg/fid 

At Peoples, we are committed to provide you with professional advice and effective, innovative solutions for the management and protection of your insurance risks.  

The purpose of this Agreement is to clearly establish the basis of our relationship with you and the services we provide in relation to your insurance needs. We will outline our responsibilities in acting as your broker.  We are entering a two-way partnership and, as a valued client, we also require your commitment to enable Peoples to achieve our desired service levels.  

This Agreement is between you and Peoples Insurance Brokers Pte Ltd (“Peoples”). Once you have instructed us to act, you are considered to have accepted the terms of this agreement.

Our services

As your insurance broker, we will: 

• act in your best interests at all times 
• exercise due skill, care and diligence when advising the most suited policy
• provide advice and guidance to enable you to make informed decisions
• be open and transparent with you at all times
• provide full and accurate information to insurers on your behalf
• be professional, efficient and responsive in all dealings with you
• make available all relevant documents, policies, certificates, endorsements received from insurer(s)
• respect your confidentiality in relation to all records and information, including our obligations in relation to your personal data or information in accordance with the Singapore’s Personal Data Protection Act 2012 (the “PDPA”). By providing your personal data, you give your consent to Peoples to collect, use and/or disclose your personal data to insurers, their servants, affiliates, subsidiaries, third party service providers, suppliers and/or reinsurers whether located in Singapore or elsewhere for the purpose of your insurance proposal or contracts

As part of corporate efficiency, we have adopted cloud-based solutions in our processes which means that your personal information will be transferred to our affiliates, related corporations and service providers, among others, located overseas. We have taken steps to ensure that personal information transferred overseas continues to receive a standard of protection at least comparable to that under the PDPA.

Selection and solvency of insurers

Any insurer recommended by us will not solely be based on the scope of cover or cost.  We will consider a variety of factors which include but not limited to financial soundness, expertise, claims turnaround and underwriting flexibility. 

We will assess the financial soundness of the proposed insurers using our best knowledge and public information, including the assessment of recognized rating agencies where available.  We are however not able to guarantee the solvency of the insurer. The selection of a suitable insurer will be decided by you.

Where we are unable to meet your requirements, we will advise you.

Claims

Peoples will take every step necessary to ensure prompt and fair settlement of all valid claims. 

We will notify your claims (or potential claims) promptly to the insurer when notified to us.  We will actively pursue the insurer to update you on the status of your claim.

Where claims are dealt through us, we will collect the necessary documentation to submit to the insurer on your behalf and represent you in the claims resolution and arrange to collect the settlement payment to be sent to you promptly.

Our requirements of you

As we collaborate to provide the best outcome in managing your insurance risk, we ask you to:

• make full disclosure to us of all material facts in relation to your insurance proposal.  If you do not fully disclose material facts, the insurer(s) may void the insurance contract
• promptly respond to requests for additional information
• review the insurance contract to ensure it accurately reflects the cover, conditions, limits and other terms you require
• pay premium monies due when due and payable.  The insurer(s) will stipulate special premium payment terms which, if not met, may also affect the validity of the insurance contract.  We are not obligated to settle the premium by the payment date(s) to insurer(s) on your behalf until we have received cleared funds from you by the relevant due date
• submit any declarations where required within the due date 
• lodge fully completed claim forms to us
• provide notification of receipt of any salvage / recoveries, etc.

Refunds

Payment of premium refunds can only be made when Peoples has received the refunds from the Insurer.  We will release the funds as soon as we receive them.  

We will notify you if you wish to offset the premium refunds you are entitled to with any of your outstanding premiums.

Condition of Average and Underinsurance

The condition of average, also known as the average clause or pro rata condition of average, is an insurance term that limits the amount an insured can receive in a claim if the policy undervalues the sum insured.

Many insurance policies include a “Condition of Average”. The Condition of Average will reduce the payout for any valid claim in direct proportion to the extent of the underinsurance. Therefore, it is essential to ensure that the amount stated in your policy accurately reflects the full value at risk, in line with the indemnity basis outlined in the policy.

Selecting and Assessing the Financial Stability of Insurers

We will select and arrange insurance policies with insurers that are deemed financially stable or with those for which you have requested specifically with written approvals. Although we use reputable rating agencies, monitor and review publicly available information about insurers, we are unable and do no guarantee the solvency of any insurer(s).

Additional Charges

The Insurer reserves the right to charge you for certain administrative services, including but not limited to:

• Re-printing of invoice;
• Re-issuance and printing of insurance policy contracts & endorsements;
• Re-printing of medical cards, etc.

We reserve the right to charge a $50 administration fee for each and every returned premium transaction processed by our office.

We are unable to:

• offer formal advice in relation to tax, accounting, regulatory or legal matters
• guarantee or warrant the solvency of any insurer
• meet our service levels without your support 
• be responsible for any exposure arising from inaccurate information submitted by you or your agent to us or the insurer

Termination

Through the dedicated support of our team at Peoples, we will continue to service you as have been agreed for delivery until terminated by either party giving 30 days’ written notice.

Third Party Rights

Other than where it is contemplated elsewhere in this Agreement, a person who is not a party to this Agreement shall not have any rights under or in connection with it.

Complaints

We strive to do everything to ensure you receive the best possible service. Should you have a complaint or feedback, please raise with your account manager first.  If it is not resolved to your satisfaction, you may direct your complaint or feedback to our Chief Executive Officer.

We will acknowledge and give you our response to your complaint in writing within 5 working days. If our investigation takes longer, we will provide you with a written response within 20 working days of the acknowledgement.

Jurisdiction and Choice of Law

This Agreement and any dispute or claim arising out of or in connection with this subject matter shall be governed and construed in accordance with the laws of Singapore.

We both irrevocably agree that the courts of Singapore shall have exclusive jurisdiction to settle any dispute or claim that arises out of or in connection with this Agreement or its subject matter.