Terms of Business
The terms of business (TOB) is a general statement of our business practices.
1. Introduction
Expat Insurance Private Limited (EIPL) is a direct insurance broker licensed by the Monetary Authority of Singapore to provide insurance broking services to Individuals and Companies.
We are a leading independent broker that serves the needs of the expatriate and multinational community in Singapore. We advise on all types of general insurance products for individuals and corporations.
We are not tied to any insurance companies. This document supersedes any terms of business agreement previously supplied by us.
In this document, “we”, “us” and “our” means Expat Insurance Pte Ltd.
2. Our Services
We are committed to acting in your best interests in our provision of insurance products and consultancy services.
3. Advisory Services and Placement
We will discuss your insurance requirements and needs which include but are not limited to the scope of cover, benefit limits and cost. Upon your agreement to the recommendations, whether written or oral, we will proceed to satisfy your insurance needs. Any inability to fulfil your instructions will be brought to your immediate attention. Our advice and recommendations are based on your full and accurate material disclosure of all information relevant to the insurance required.
In the course of placing your insurance, we will keep you informed of the progress, including any alternatives available. We will negotiate with the insurers whom we consider to have preferred terms and conditions that best meet your individual needs.
4. Market Security
We will assess the financial soundness of the proposed insurers using public information, including the assessment of recognized rating agencies. We will not act on the behalf of any insurer, nor will we guarantee the solvency of the insurer used for your requirements. Therefore, the selection of a suitable insurer rests with you.
Any insurer recommended by us will not solely be based on the scope of cover or cost. We will take into consideration a variety of factors which includes but not limited to financial soundness, expertise, claims turnaround and underwriting flexibility.
5. Servicing and Claims
You will receive policy documents and endorsements to your policy as soon as reasonably practical. You are responsible to review and confirm the accuracy of the insurance cover. You should bring to our immediate attention any discrepancies.
Unless and otherwise agreed, claims will be sent directly to the respective Insurers to expedite settlement. We will intervene to reach a resolution should there be any dispute on the claims between the Insurer and you.
Where claims are to be dealt through us, we will collect the necessary documentation, submit to the Insurer on your behalf, represent you in the claims resolution and arrange to collect the settlement payment which will be sent to you promptly.
6. Duty of Disclosure
You are responsible for disclosing all information that is material to your insurance program. The Duty of Disclosure requires you to disclose any matter which may influence the decision of the Insurer to accept the risk and if so, on what terms.
Failure to disclose material facts may render the Insurer to void or cancel the policy and we will not be responsible for such consequences as a result of your delay or failure to abide.
Should you have any concerns regarding the Duty of Disclosure, please discuss with us.
7. Application Forms
For certain classes of insurance, you may need to complete an application form, questionnaire, health declaration or similar document. We can provide guidance but we cannot complete the document for you or on your behalf.
8. Personal Data Protection Act
The Personal Data Protection Act (2012) set out the baseline standards for the collection, use, disclosure and care of personal data. It recognizes both the rights of individuals to protect their personal data, including rights of access and correction, and the needs of organizations to collect, use or disclose personal data for legitimate and reasonable purposes. EIPL observes this legislation and commits to protect all the information provided by you for the purpose of insurance application/ renewal or related financial services.
By providing us your personal information you confirm that the information is your personal data and where it is not your personal data, that you have the consent of the owner of such personal data to provide such information. You also understand and give your consent to;
- Permit EIPL to collect, use and/or disclose your personal data to Insurers, and their representatives and agents, for the purpose of issuance and administration of your insurance policy(ies) and/or account(s) with them, including the processing of your personal data for underwriting purposes, payment of premiums and/or claims purposes, and for statistical, compliance, audit and regulatory purposes;
- Permit Insurers and their representatives, agents and group of companies (in Singapore and/or elsewhere) to collect, use, disclose and/or process your personal data for the purpose of issuance and administration of your insurance policy(ies) or such other policy(ies) and/or accounts(s) with them, including but not limited to the processing of your’ personal data for underwriting purposes, payments of premiums and/or claims purposes, and for statistical, compliance, audit and regulatory purposes; and
- Permit Insurers and their representatives and agents to disclose your personal data to its group of companies, agents, servants, affiliates, subsidiaries, third party service providers, suppliers and/or reinsurers, whether located in Singapore and/or elsewhere or to EIPL for the purposes as described above.
9. Premium Payment
For individual insurance, premium must be paid at the commencement of the policy, “Cash before cover”.
For corporate insurance, the Insurer must receive the premium within 30 days from the date of commencement/ renewal.
Your settlement of all premiums due in accordance to the date of payment specified in our debit note or other relevant payment documents will ensure that the insurance cover is incepted or remains inforce, in particular, where payment is a condition or warranty of cover. We are neither responsible nor obliged to pay premiums to the Insurer on your behalf prior to receiving payment from you.
10. Our Remuneration
Our remuneration for the services rendered is by brokerage, which is a percentage paid by the placing Insurer from the premiums paid by you,
We are fully entitled to the brokerage once the insurance is placed for the period of the contract and reserve the right to retain our full remuneration where a policy is terminated or amended during the period of insurance or mid-term withdrawal of our appointment.
We may, at times, use other parties for the provision of their products and services for you and may earn or share commission, fee and/or interest.
11. 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.
We reserve the right to charge a $50 administration fee for each and every returned premium transaction processed by our office.
12. Refunds
Refunds will be made by bank transfer to your Singapore bank or cheque, in the original policy currency and sent by post. Payment of refunds can only be made once Expat Insurance has received the funds from the Insurer (which can take up to 2 months). We will release the funds as soon as we receive them. However, no refund to return if the net after deducting brokerage clawback/administrative fee falls $30 and below being our threshold limit.
13. Conflict of Interest
In circumstances where a conflict of interest is unavoidable, we will explain our position and act in the best interest of all parties. If the conflict is practically unsolvable, we may withdraw unless you wish for us to continue acting on your behalf in writing.
14. Termination of Services
Our services may be terminated by either party upon the giving of one (1) month notice in writing.
15. Complaints
Should you have any cause for complaint or feedback, please raise the issue with your account handler in the first instance. Alternatively, you may escalate to our Compliance Officer at https://expatinsurance.com.sg/contact-us. If a complaint requires more time (more than 3 working days) for investigation, we will acknowledge your complaint and advise you accordingly.
16. Rights of Third Parties
A person who is not a Party has no right under the Contracts (Rights of Third Parties) of Singapore to enforce any terms of the contract unless expressly agreed in writing.
17. Choice of Law
This Agreement shall be governed and construed in accordance with the laws of Singapore.