)
Scope of Service & Important Information
Nature and Scope of the AdviceWe can will only provide you with financial advice from a wide range of New Zealand based and overseas providers for General Insurance products which are: AMP, Vero, Delta, Star Insurance, Insurance Underwriters NZ, Southern Cross (Travel policies only), Allianz (Travel policies only), AIG New Zealand, ANDO, ARGIS, Chubb, Classic Cover, Dual, Event Cover, IUAA, Lumley Insurance, MECON, NM, NZI, Protecsure, Proteus, QBE, Rosser, Sage Partners, Zurich
If you require assistance with any financial product in which we do not specialize, we can refer you to a specialist upon your verbal request. Please note that we do not receive any referral fee for this service.
Commissions and Fees Relevant fees and commissions from product or platform providers are paid to WPL, which has an agreement with the providers or related parties to distribute their financial products. WPL then on-pays the fees and commissions received to Insurance Services whilst retaining between 3% and 25%.
For services we provide to you based on the scope agreed, commissions may be paid by the product provider which may include an upfront, ongoing/trail or renewal commission of a percentage of the value of your insurance premium, depending on the specific financial provider and type of financial product.
Upfront commission paid by the providers ranges from 5% -35% of the annual premium depending on the provider and type of product. This commission is also paid at each renewal. The provider may pay upfront commission for any changes to your policy during the period of cover. We may charge a Broker fee of up to 5% of the annual premium.
In addition to the Broker fee above, we may also charge you an upfront fee and at each review fee for the service we provide which we will agree with you in advance. Typically, these fees will be from $45 to $75, depending on the work to do, or on an hourly rate of $150 per hour.
If we arrange insurance for you and you, cancel it partway through the insurance period, we will keep all of that fee/commission from any refund due to you by the provider. We may charge a fee for making adjustments to your insurance during the insurance period. Sometimes other fees are charged that do not relate to my financial advice such as credit card fees, interested on Premium Funding.
Conflicts of Interest and other IncentivesWe are paid a salary by Insurance Services. Insurance Services is a shareholder of WPL. WPL may also pay Insurance Services rebates on a periodic basis. We may receive subsidised professional development training from financial providers. WPL and Insurance Services may receive payments from product suppliers and financial platform providers for the amount of business we place with them. WPL may receive funding from suppliers to market and contribute at periodic conferences.
To ensure WPL advisers prioritise the client's interests above their own, we follow an advice process that ensures our recommendations are made based on the client's goals and circumstances. We am regulated by the FMA and am subject to a WPL quality assurance process for compliance purposes. Duties InformationWe give advice on behalf of WPL and we have duties under the Financial Markets Conduct Act 2013 relating to the way that we give advice.
We are required to:• give priority to your interests by taking all reasonable steps to make sure our advice isn’t materially influenced by our own interests; • exercise care, diligence and skill in providing you with advice;• meet standards of competence, knowledge and skill as set by the Code of Professional Conduct for Financial Advice Services. These are designed to make sure that we have the expertise needed to provide you with advice.• meet standards of ethical behaviour, conduct and client care set by the Code of Professional Conduct for Financial Advice Services. These are designed to make sure we treat you as we should and give you suitable advice.
This is only a summary of the duties that we have. More information is available by contacting us, or by visiting the FMA website here: https://www.fma.govt.nz/
Complaints ProcessOur Internal Complaints Process that can be found on our website. If you are not satisfied with the financial advice service received by a WPL adviser, you can make a complaint to that financial adviser through the contact details they have provided to you.
When a WPL adviser receives a complaint, they are obliged to consider it following the WPL complaints process:This includes:Letting you know how they intend to resolve it the complaint. The WPL adviser may contact you to obtain further information about your complaint.Aiming to resolve complaints within 10 working days of receiving them. If that is not possible, the Wealthpoint adviser will contact you within that time to let you know they need more time to consider your complaint.Contacting you by phone or email to let you know whether the adviser can resolve your complaint and how they propose to do so. If your complaint cannot be resolved, or you aren’t satisfied with the way proposed to do so, you can contact IFSO. IFSO provides a free, independent dispute resolution service that may help investigate or resolve your complaint, if your complaint has not been resolved to your satisfaction. You can contact IFSO by emailing info@ifso.nz or by calling 0800 888 202, you can also write to them at: Insurance & Financial Services Ombudsman Scheme PO Box 10-845, Wellington 6143, NEW ZEALAND Privacy InformationThis statement relates to the personal information that you provide now and in the future, and to personal information about you that may be collected from other people or organisations. The personal information collected about you will be held by the adviser business and WPL to identify services and products that may be suitable for your needs. My adviser business and WPL can access this information to assist to provide financial services to you, to administer and service any products you have, to identify other services or products available that may be suitable to your needs, to provide quality control services and to manage complaints, and to meet legal and regulatory obligations. My adviser business, WPL,and relevant product providers may collect personal information about you directly from you and indirectly from other people or organisations, including relevant product providers, lenders, insurers, credit reporting agencies, identity verification and compliance service providers, publicly available registers, and any other person authorised by you or permitted or required by law. I may disclose your personal information to other relevant product providers (including but not limited to AMP, Vero, Delta, Star Insurance, Insurance Underwriters NZ, Southern Cross (Travel policies only), Allianz (Travel policies only), AIG New Zealand, ANDO, ARGIS, Chubb, Classic Cover, Dual, Event Cover, IUAA, Lumley Insurance, MECON, NM, NZI, Protecsure, Proteus, QBE, Rosser, Sage Partners, Zurich etc to enable them to assist me to provide financial services to you and their privacy policies can be found on their respective websites. Lending providers may do credit checks and gather other information about you from credit reporting agencies and other relevant sources. Personal information may also be collected or used for identity verification, fraud prevention, anti-money laundering and countering financing of terrorism compliance, product underwriting, administration, audit, and complaint management purposes. You have the right to ask to see and request correction of any personal information my adviser business, product provider and/or WPL holds about you. My adviser business and WPL hold information about you securely. If you transfer to another adviser business or I sell my client register, I will transfer the information I hold to the new adviser business or Adviser. Your personal information may be disclosed to auditors. Your personal information may be disclosed to regulators when required under law. Terms Of Engagement1. Agreement1.1 You have appointed Wealth Point Ltd (WPL) (“we, us”) as your broker in accordance with the terms of this agreement. By allowing us to continue to act as your broker you agree to be bound by the terms of this agreement. 1.2 WPL is a wholly owned subsidiary of WPL Limited. 1.3 This agreement sets out the terms and conditions (“the terms”) on which we will provide all services to you, unless we agree otherwise in writing. 1.4 Any financial advice provided by a WPL adviser is provided under WPL financial advice provider licence. 1.5 As your insurance broker we act as your representative regarding arranging insurance on your behalf. In addition, if requested, we may make recommendations and provide you with our opinion regarding potential insurers based on your requirements however the final choice of insurer will remain your responsibility.1.6 These terms apply until they are varied by agreement in writing between us, or until our appointment is cancelled. We may vary the services we provide you from time to time, on providing notice to you.1.7 These terms are in addition to any other terms we may agree from time to time. In the event of any inconsistency between these terms and such additional terms, the additional terms will prevail over these terms.1.8 You will be taken to have accepted the terms of this agreement by continuing to instruct us unless we otherwise agreed in writing.2. Services2.1 We are members of:(a) Steadfast NZ Limited (Steadfast), which provides us with technology platforms, management, marketing, professional, technical and buying benefits and services support.2.2 Our services under this agreement are limited to the provision of insurance broking and financial advice in relation to general insurance. Under no circumstances do we or will we act as an insurer. Nor do we provide safety inspections, valuations or advice on every potential hazard or threat to your business. 2.3 We cannot guarantee that all risks to your assets, person or business will be covered by any insurance we arrange on your behalf. You should carefully read all policies and other documentation we issue so you understand what is or is not covered.2.4 WPL advisers will make recommendations regarding insurers based on your requirements however the final choice of insurer will remain your responsibility. 2.5We will perform our services with reasonable care, diligence and skill, based on the needs that you have expressly advised us of together with the information you have provided.2.6 We may provide you with assistance in placing and servicing overseas insurance, or the management of overseas risk and may engage the services of a third party consultant to assist us with the provision of such services.2.7 We make no representation or warranty concerning the solvency or ability of any insurer to pay claims. In New Zealand, insurers are required to comply with the provisions of the Insurance (Prudential Supervision) Act 2010 Financial Strength Rating. We will inform you of such ratings and the rating scale. 2.8 WPL advisers will negotiate with insurers on your behalf and will use our best endeavours to ensure that policies and endorsements for insurance we place on your behalf are issued by your insurers promptly and correctly. These documents detail the precise terms and conditions relating to the insurance we have arranged for you and the information contained in them is important. You should carefully read these documents to confirm they meet your requirements, storing these documents safely.2.9 Upon our receipt of premiums and related statutory charges from you, we will arrange for their timely disbursement to the relevant insurers. 3. Remuneration3.1 WPL advisers will be remunerated by commission from the insurer your policy is placed with (this includes renewals and some variations). WPL advisers may also charge you a fee for implementing any advice. 3.2 The commission we receive is a percentage of the premium payable by you (excluding government charges, levies and taxes). Some insurers may pay us more than others. The rate of commission can vary according to the type of insurance and cover provided and the way the transaction is arranged. 3.3 If you wish WPL advisers to provide services in addition to those already agreed, you may be charged an additional fee. Such additional fees will be agreed with you prior to those services being provided. 3.4 We may pay a referral fee to any party who has referred you to us. This will be paid out of the commission received by us from the insurer and any fee you pay us. We may also receive a referral fee if we refer you to another party that performs additional services for you.3.5 If we, on instruction, arrange premium funding for you, we may earn a commission from the premium funder. This is usually calculated as a percentage of the amount funded. The details of your premium funding arrangement will be set out in your separate agreement with the premium funder.3.6 We reserve the right to set off any outstanding sums that you owe us in connection to any policy of insurance, from any money we receive on your behalf in relation to that insurance. 3.7 We reserve the right to make an administration charge for issuing replacement policies, certificates, copy policies or certificates requested by other parties.3.8 In the event of a policy being cancelled mid-term, and not replaced by another policy, we will refund the returned premium we receive from any insurer subject to any cancellation or administrative fee imposed by that insurer. In these circumstances we do not refund any proportion of any commission, brokerage or fee we have received.4. Your Responsibilities4.1 In respect of the services we provide under this agreement, you are responsible as follows:(a) Your policy documents contain the terms and conditions of your insurance cover and impose obligations on you. You should carefully read and understand this information ensuring the insurance cover satisfies your needs and that you understand your obligations. If you have not received or have misplaced your policy document please ask us for another one. (b) Before taking out an insurance policy and at the time of renewing any policy, you must provide us with accurate, complete and timely information, including all information which may be material to an insurer's assessment of any risk for which you have asked us to arrange insurance cover. This includes any material or relevant change of circumstance during the term of your policy and on renewal. We are not responsible for checking the accuracy or completeness of any information you provide to us or any insurer. We will not be responsible for any consequence resulting from a failure by you to disclose all material facts to an insurer (including, without limitation, the possibility of your insurance policies being rendered void or limited).(c) You must advise the WPL adviser, as soon as practicable, on becoming aware of any event or circumstance that may give rise to you making a claim under your insurance policy(ies). Failure to advise an insurer of such an event or circumstance could prejudice your rights under your insurance policy. If you fail to disclose or misrepresent any relevant information, this could invalidate your policy and mean that any claims under your policy may not be paid to you. We will advise you if you need to complete a claim form or produce documentation to support your claim. (d) After receiving your insurance documents from your WPL adviser, you must check them and advise your WPL adviser promptly of anything that does not meet your requirements. Any errors should be notified to your WPL adviser immediately.(e) You must pay the premium(s) any statutory charges, government levies (including the EQC and Fire and Emergency levies), taxes, GST and fees) as detailed in our invoice(s), unless premium funding has been arranged, in which case you will have a separate arrangement to pay with the premium funder. (f) It is your obligation to ensure you pay premiums and other relevant charges on time. Your insurer has the right to cancel your policy if premiums are not paid on time and you will not be insured. The insurer may also charge a short-term premium for the time they have insured the risk. You may be charged interest and/or fines and penalties for late payment of any government or statutory charges as previously referred to.(g) We will comply with our obligations under the Health and Safety at Work Act and expect you to assist us in doing so, ensuring, as reasonably practicable, that the safety of our advisers are not put at risk when they may visit.(h) We have no obligation to fund any premium, taxes or fees (if applicable) on your behalf and we will have no responsibility for any loss you may suffer as a result of insurers cancelling your policy or taking action as a result of late payment.Please contact us immediately if you are unable to make any premium payment.(i) We hold file material and correspondence regarding the services provided to you for at least 7 years, after which we may destroy your file without notice. It may be possible that you need to make a claim against a policy after this period. You remain responsible for your paperwork and correspondence and should keep your policy documents in a safe place.5. Conflicts of Interest5.1 Should a situation arise where a potential conflict of interest could arise, either between ourselves, one of our clients, or one of our service or product providers and the services we provide to you, we will contact you and work together with you to find a suitable solution.5.2 We are a member of Steadfast. Steadfast has arrangements with insurers and premium funders, under which Steadfast receives a professional services fee for each insurance policy arranged by us with those insurers or funded through premium funders. These payments are used to operate Steadfast. 6. Your information6.1 We will hold any personal information that you provide to us in accordance with the Privacy Act 2020. Any such information that we request from you will be used pursuant to the provision of the services. 6.2 It may be necessary for us to pass your information on to insurers and other product or service providers which may provide us with additional support in connection with our provision of the services.6.3 Unless you instruct us not to do so, we may also contact you in connection with other products or services that we feel may be of interest or benefit to you.6.4 You have the right to access and correct any of your personal information that we hold. Such information is held by us at WPL Limited, 308 Parnell Road, Auckland.7. Electronic communications7.1 We may correspond with you by electronic means unless you instruct us not to. We are not response for any risks associated with electronic communication, including loss of data.8. Complaints and Disputes8.1 WPL and our advisers are members of the Insurance & Financial Services Ombudsman Scheme, an independent dispute resolution service. 9. Termination9.1 Either party can terminate this agreement by providing the other party one month’s written notice of termination.Upon such termination notice being issued or received by us, at the end of the notice period we will cease providing you services and will:(a) withdraw from any negotiations in progress, including, without limitation, any claims or policy renewals;(b) pay any premiums we have received from you, but have not yet been disbursed, to your insurer unless agreed by the insurer in writing; andupon request, deliver to you copies of relevant correspondence we have had with your insurer in respect of any current claim.9.2 If a contract of insurance is cancelled before the expiry of the period of insurance, we may refund the net premium we receive from your insurers(s). In no circumstances will we refund our fees, commissions or brokerage charged when the policy was arranged.9.3 This agreement may be terminated with immediate effect by either party in the event of:(a) Insolvency of the other party; or(b) In respect of breach of any regulatory requirements, laws or rules.9.4 We may terminate this agreement with immediate effect on dishonest or fraudulent acts or omissions committed by you, or behaviour that, in our opinion, is unreasonable or threatening.9.5 We will not cancel your contract of insurance without your written instruction. Some insurance contracts contain a non-cancellation clause or cancellation penalties which, for the avoidance of doubt, you will be responsible for paying.9.6 We will keep all information you provide us about your business confidential and only disclose it in the normal course of negotiating, arranging and administering your insurance and, except where disclosure is required by law or where the information is already in the public domain.9.7 You consent to being entered into our marketing database and, for the purposes of the Unsolicited Electronic Messages Act 2007, you expressly consent to receiving email communications from us with regard to our business or the insurance industry. You may revoke such consent at any time, and we will remove you from our marketing database.9.8 Any failure by us to enforce any right or obligation under these terms, will not in any way limit or waive our right to subsequently enforce such right or obligation.9.9 If any part of these terms becomes invalid or unenforceable for any reason whatsoever, the remaining terms will continue to apply subject to any modifications as is necessary to continue to give them effect.9.10 We accept no liability for instructions received until we acknowledge receipt and acceptance of the instructions to you in writing.9.11 No cover or action by us shall be deemed to be taken or given until confirmed by us in writing.9.12 We shall be entitled to rely on all written instructions without further enquiry, including email instructions.9.13 Termination of this agreement will not, unless otherwise provided, affect the provisions relating to limitation of liability and confidentiality contained in this agreement.10. Jurisdiction10.1 This Agreement is governed by New Zealand law and the New Zealand courts have exclusive jurisdiction.
If you require assistance with any financial product in which we do not specialize, we can refer you to a specialist upon your verbal request. Please note that we do not receive any referral fee for this service.
Commissions and Fees Relevant fees and commissions from product or platform providers are paid to WPL, which has an agreement with the providers or related parties to distribute their financial products. WPL then on-pays the fees and commissions received to Insurance Services whilst retaining between 3% and 25%.
For services we provide to you based on the scope agreed, commissions may be paid by the product provider which may include an upfront, ongoing/trail or renewal commission of a percentage of the value of your insurance premium, depending on the specific financial provider and type of financial product.
Upfront commission paid by the providers ranges from 5% -35% of the annual premium depending on the provider and type of product. This commission is also paid at each renewal. The provider may pay upfront commission for any changes to your policy during the period of cover. We may charge a Broker fee of up to 5% of the annual premium.
In addition to the Broker fee above, we may also charge you an upfront fee and at each review fee for the service we provide which we will agree with you in advance. Typically, these fees will be from $45 to $75, depending on the work to do, or on an hourly rate of $150 per hour.
If we arrange insurance for you and you, cancel it partway through the insurance period, we will keep all of that fee/commission from any refund due to you by the provider. We may charge a fee for making adjustments to your insurance during the insurance period. Sometimes other fees are charged that do not relate to my financial advice such as credit card fees, interested on Premium Funding.
Conflicts of Interest and other IncentivesWe are paid a salary by Insurance Services. Insurance Services is a shareholder of WPL. WPL may also pay Insurance Services rebates on a periodic basis. We may receive subsidised professional development training from financial providers. WPL and Insurance Services may receive payments from product suppliers and financial platform providers for the amount of business we place with them. WPL may receive funding from suppliers to market and contribute at periodic conferences.
To ensure WPL advisers prioritise the client's interests above their own, we follow an advice process that ensures our recommendations are made based on the client's goals and circumstances. We am regulated by the FMA and am subject to a WPL quality assurance process for compliance purposes. Duties InformationWe give advice on behalf of WPL and we have duties under the Financial Markets Conduct Act 2013 relating to the way that we give advice.
We are required to:• give priority to your interests by taking all reasonable steps to make sure our advice isn’t materially influenced by our own interests; • exercise care, diligence and skill in providing you with advice;• meet standards of competence, knowledge and skill as set by the Code of Professional Conduct for Financial Advice Services. These are designed to make sure that we have the expertise needed to provide you with advice.• meet standards of ethical behaviour, conduct and client care set by the Code of Professional Conduct for Financial Advice Services. These are designed to make sure we treat you as we should and give you suitable advice.
This is only a summary of the duties that we have. More information is available by contacting us, or by visiting the FMA website here: https://www.fma.govt.nz/
Complaints ProcessOur Internal Complaints Process that can be found on our website. If you are not satisfied with the financial advice service received by a WPL adviser, you can make a complaint to that financial adviser through the contact details they have provided to you.
When a WPL adviser receives a complaint, they are obliged to consider it following the WPL complaints process:This includes:Letting you know how they intend to resolve it the complaint. The WPL adviser may contact you to obtain further information about your complaint.Aiming to resolve complaints within 10 working days of receiving them. If that is not possible, the Wealthpoint adviser will contact you within that time to let you know they need more time to consider your complaint.Contacting you by phone or email to let you know whether the adviser can resolve your complaint and how they propose to do so. If your complaint cannot be resolved, or you aren’t satisfied with the way proposed to do so, you can contact IFSO. IFSO provides a free, independent dispute resolution service that may help investigate or resolve your complaint, if your complaint has not been resolved to your satisfaction. You can contact IFSO by emailing info@ifso.nz or by calling 0800 888 202, you can also write to them at: Insurance & Financial Services Ombudsman Scheme PO Box 10-845, Wellington 6143, NEW ZEALAND Privacy InformationThis statement relates to the personal information that you provide now and in the future, and to personal information about you that may be collected from other people or organisations. The personal information collected about you will be held by the adviser business and WPL to identify services and products that may be suitable for your needs. My adviser business and WPL can access this information to assist to provide financial services to you, to administer and service any products you have, to identify other services or products available that may be suitable to your needs, to provide quality control services and to manage complaints, and to meet legal and regulatory obligations. My adviser business, WPL,and relevant product providers may collect personal information about you directly from you and indirectly from other people or organisations, including relevant product providers, lenders, insurers, credit reporting agencies, identity verification and compliance service providers, publicly available registers, and any other person authorised by you or permitted or required by law. I may disclose your personal information to other relevant product providers (including but not limited to AMP, Vero, Delta, Star Insurance, Insurance Underwriters NZ, Southern Cross (Travel policies only), Allianz (Travel policies only), AIG New Zealand, ANDO, ARGIS, Chubb, Classic Cover, Dual, Event Cover, IUAA, Lumley Insurance, MECON, NM, NZI, Protecsure, Proteus, QBE, Rosser, Sage Partners, Zurich etc to enable them to assist me to provide financial services to you and their privacy policies can be found on their respective websites. Lending providers may do credit checks and gather other information about you from credit reporting agencies and other relevant sources. Personal information may also be collected or used for identity verification, fraud prevention, anti-money laundering and countering financing of terrorism compliance, product underwriting, administration, audit, and complaint management purposes. You have the right to ask to see and request correction of any personal information my adviser business, product provider and/or WPL holds about you. My adviser business and WPL hold information about you securely. If you transfer to another adviser business or I sell my client register, I will transfer the information I hold to the new adviser business or Adviser. Your personal information may be disclosed to auditors. Your personal information may be disclosed to regulators when required under law. Terms Of Engagement1. Agreement1.1 You have appointed Wealth Point Ltd (WPL) (“we, us”) as your broker in accordance with the terms of this agreement. By allowing us to continue to act as your broker you agree to be bound by the terms of this agreement. 1.2 WPL is a wholly owned subsidiary of WPL Limited. 1.3 This agreement sets out the terms and conditions (“the terms”) on which we will provide all services to you, unless we agree otherwise in writing. 1.4 Any financial advice provided by a WPL adviser is provided under WPL financial advice provider licence. 1.5 As your insurance broker we act as your representative regarding arranging insurance on your behalf. In addition, if requested, we may make recommendations and provide you with our opinion regarding potential insurers based on your requirements however the final choice of insurer will remain your responsibility.1.6 These terms apply until they are varied by agreement in writing between us, or until our appointment is cancelled. We may vary the services we provide you from time to time, on providing notice to you.1.7 These terms are in addition to any other terms we may agree from time to time. In the event of any inconsistency between these terms and such additional terms, the additional terms will prevail over these terms.1.8 You will be taken to have accepted the terms of this agreement by continuing to instruct us unless we otherwise agreed in writing.2. Services2.1 We are members of:(a) Steadfast NZ Limited (Steadfast), which provides us with technology platforms, management, marketing, professional, technical and buying benefits and services support.2.2 Our services under this agreement are limited to the provision of insurance broking and financial advice in relation to general insurance. Under no circumstances do we or will we act as an insurer. Nor do we provide safety inspections, valuations or advice on every potential hazard or threat to your business. 2.3 We cannot guarantee that all risks to your assets, person or business will be covered by any insurance we arrange on your behalf. You should carefully read all policies and other documentation we issue so you understand what is or is not covered.2.4 WPL advisers will make recommendations regarding insurers based on your requirements however the final choice of insurer will remain your responsibility. 2.5We will perform our services with reasonable care, diligence and skill, based on the needs that you have expressly advised us of together with the information you have provided.2.6 We may provide you with assistance in placing and servicing overseas insurance, or the management of overseas risk and may engage the services of a third party consultant to assist us with the provision of such services.2.7 We make no representation or warranty concerning the solvency or ability of any insurer to pay claims. In New Zealand, insurers are required to comply with the provisions of the Insurance (Prudential Supervision) Act 2010 Financial Strength Rating. We will inform you of such ratings and the rating scale. 2.8 WPL advisers will negotiate with insurers on your behalf and will use our best endeavours to ensure that policies and endorsements for insurance we place on your behalf are issued by your insurers promptly and correctly. These documents detail the precise terms and conditions relating to the insurance we have arranged for you and the information contained in them is important. You should carefully read these documents to confirm they meet your requirements, storing these documents safely.2.9 Upon our receipt of premiums and related statutory charges from you, we will arrange for their timely disbursement to the relevant insurers. 3. Remuneration3.1 WPL advisers will be remunerated by commission from the insurer your policy is placed with (this includes renewals and some variations). WPL advisers may also charge you a fee for implementing any advice. 3.2 The commission we receive is a percentage of the premium payable by you (excluding government charges, levies and taxes). Some insurers may pay us more than others. The rate of commission can vary according to the type of insurance and cover provided and the way the transaction is arranged. 3.3 If you wish WPL advisers to provide services in addition to those already agreed, you may be charged an additional fee. Such additional fees will be agreed with you prior to those services being provided. 3.4 We may pay a referral fee to any party who has referred you to us. This will be paid out of the commission received by us from the insurer and any fee you pay us. We may also receive a referral fee if we refer you to another party that performs additional services for you.3.5 If we, on instruction, arrange premium funding for you, we may earn a commission from the premium funder. This is usually calculated as a percentage of the amount funded. The details of your premium funding arrangement will be set out in your separate agreement with the premium funder.3.6 We reserve the right to set off any outstanding sums that you owe us in connection to any policy of insurance, from any money we receive on your behalf in relation to that insurance. 3.7 We reserve the right to make an administration charge for issuing replacement policies, certificates, copy policies or certificates requested by other parties.3.8 In the event of a policy being cancelled mid-term, and not replaced by another policy, we will refund the returned premium we receive from any insurer subject to any cancellation or administrative fee imposed by that insurer. In these circumstances we do not refund any proportion of any commission, brokerage or fee we have received.4. Your Responsibilities4.1 In respect of the services we provide under this agreement, you are responsible as follows:(a) Your policy documents contain the terms and conditions of your insurance cover and impose obligations on you. You should carefully read and understand this information ensuring the insurance cover satisfies your needs and that you understand your obligations. If you have not received or have misplaced your policy document please ask us for another one. (b) Before taking out an insurance policy and at the time of renewing any policy, you must provide us with accurate, complete and timely information, including all information which may be material to an insurer's assessment of any risk for which you have asked us to arrange insurance cover. This includes any material or relevant change of circumstance during the term of your policy and on renewal. We are not responsible for checking the accuracy or completeness of any information you provide to us or any insurer. We will not be responsible for any consequence resulting from a failure by you to disclose all material facts to an insurer (including, without limitation, the possibility of your insurance policies being rendered void or limited).(c) You must advise the WPL adviser, as soon as practicable, on becoming aware of any event or circumstance that may give rise to you making a claim under your insurance policy(ies). Failure to advise an insurer of such an event or circumstance could prejudice your rights under your insurance policy. If you fail to disclose or misrepresent any relevant information, this could invalidate your policy and mean that any claims under your policy may not be paid to you. We will advise you if you need to complete a claim form or produce documentation to support your claim. (d) After receiving your insurance documents from your WPL adviser, you must check them and advise your WPL adviser promptly of anything that does not meet your requirements. Any errors should be notified to your WPL adviser immediately.(e) You must pay the premium(s) any statutory charges, government levies (including the EQC and Fire and Emergency levies), taxes, GST and fees) as detailed in our invoice(s), unless premium funding has been arranged, in which case you will have a separate arrangement to pay with the premium funder. (f) It is your obligation to ensure you pay premiums and other relevant charges on time. Your insurer has the right to cancel your policy if premiums are not paid on time and you will not be insured. The insurer may also charge a short-term premium for the time they have insured the risk. You may be charged interest and/or fines and penalties for late payment of any government or statutory charges as previously referred to.(g) We will comply with our obligations under the Health and Safety at Work Act and expect you to assist us in doing so, ensuring, as reasonably practicable, that the safety of our advisers are not put at risk when they may visit.(h) We have no obligation to fund any premium, taxes or fees (if applicable) on your behalf and we will have no responsibility for any loss you may suffer as a result of insurers cancelling your policy or taking action as a result of late payment.Please contact us immediately if you are unable to make any premium payment.(i) We hold file material and correspondence regarding the services provided to you for at least 7 years, after which we may destroy your file without notice. It may be possible that you need to make a claim against a policy after this period. You remain responsible for your paperwork and correspondence and should keep your policy documents in a safe place.5. Conflicts of Interest5.1 Should a situation arise where a potential conflict of interest could arise, either between ourselves, one of our clients, or one of our service or product providers and the services we provide to you, we will contact you and work together with you to find a suitable solution.5.2 We are a member of Steadfast. Steadfast has arrangements with insurers and premium funders, under which Steadfast receives a professional services fee for each insurance policy arranged by us with those insurers or funded through premium funders. These payments are used to operate Steadfast. 6. Your information6.1 We will hold any personal information that you provide to us in accordance with the Privacy Act 2020. Any such information that we request from you will be used pursuant to the provision of the services. 6.2 It may be necessary for us to pass your information on to insurers and other product or service providers which may provide us with additional support in connection with our provision of the services.6.3 Unless you instruct us not to do so, we may also contact you in connection with other products or services that we feel may be of interest or benefit to you.6.4 You have the right to access and correct any of your personal information that we hold. Such information is held by us at WPL Limited, 308 Parnell Road, Auckland.7. Electronic communications7.1 We may correspond with you by electronic means unless you instruct us not to. We are not response for any risks associated with electronic communication, including loss of data.8. Complaints and Disputes8.1 WPL and our advisers are members of the Insurance & Financial Services Ombudsman Scheme, an independent dispute resolution service. 9. Termination9.1 Either party can terminate this agreement by providing the other party one month’s written notice of termination.Upon such termination notice being issued or received by us, at the end of the notice period we will cease providing you services and will:(a) withdraw from any negotiations in progress, including, without limitation, any claims or policy renewals;(b) pay any premiums we have received from you, but have not yet been disbursed, to your insurer unless agreed by the insurer in writing; andupon request, deliver to you copies of relevant correspondence we have had with your insurer in respect of any current claim.9.2 If a contract of insurance is cancelled before the expiry of the period of insurance, we may refund the net premium we receive from your insurers(s). In no circumstances will we refund our fees, commissions or brokerage charged when the policy was arranged.9.3 This agreement may be terminated with immediate effect by either party in the event of:(a) Insolvency of the other party; or(b) In respect of breach of any regulatory requirements, laws or rules.9.4 We may terminate this agreement with immediate effect on dishonest or fraudulent acts or omissions committed by you, or behaviour that, in our opinion, is unreasonable or threatening.9.5 We will not cancel your contract of insurance without your written instruction. Some insurance contracts contain a non-cancellation clause or cancellation penalties which, for the avoidance of doubt, you will be responsible for paying.9.6 We will keep all information you provide us about your business confidential and only disclose it in the normal course of negotiating, arranging and administering your insurance and, except where disclosure is required by law or where the information is already in the public domain.9.7 You consent to being entered into our marketing database and, for the purposes of the Unsolicited Electronic Messages Act 2007, you expressly consent to receiving email communications from us with regard to our business or the insurance industry. You may revoke such consent at any time, and we will remove you from our marketing database.9.8 Any failure by us to enforce any right or obligation under these terms, will not in any way limit or waive our right to subsequently enforce such right or obligation.9.9 If any part of these terms becomes invalid or unenforceable for any reason whatsoever, the remaining terms will continue to apply subject to any modifications as is necessary to continue to give them effect.9.10 We accept no liability for instructions received until we acknowledge receipt and acceptance of the instructions to you in writing.9.11 No cover or action by us shall be deemed to be taken or given until confirmed by us in writing.9.12 We shall be entitled to rely on all written instructions without further enquiry, including email instructions.9.13 Termination of this agreement will not, unless otherwise provided, affect the provisions relating to limitation of liability and confidentiality contained in this agreement.10. Jurisdiction10.1 This Agreement is governed by New Zealand law and the New Zealand courts have exclusive jurisdiction.