RECOGNISE AND UNDERSTAND THE RISK OF NON-PAYMENT. TRUST FIRST RAM TO DELIVER.
Please read this document carefully. It forms the basis of the contract between us and you, our client. By agreeing to do business with us, you agree to do so based on the terms in this document. This document replaces any previous versions provided to you.
Definitions
‘Our’, ‘Ourselves’, ‘us’, ‘we’ means First Ram Limited.
‘You’, ‘Your’ means our client or prospective client.
References to ‘you’ and ‘your’ includes your subsidiaries and co-ventures to whom we may assume a responsibility through our provision of services.
1. Regulation
First Ram Limited is incorporated in England and Wales (registration number 5908007) with its registered office at Grimston Grange Offices, Grimston Park, Tadcaster, North Yorkshire, LS24 9BX. First Ram is a trading name of First Ram Limited. First Ram Limited is authorised and regulated by the Financial Conduct Authority FRN 456953. You can check the validity of our registration by visiting the FCA’s website www.fca.org.uk/register or by contacting the FCA on 0800 111 6768.
2. Law and Jurisdiction
This Agreement and any non-contractual obligations arising in connection with it shall be governed in accordance with English law, and any disputes arising subject exclusively to the jurisdiction of the English courts.
3. Complaints
If you wish to register a complaint please contact us in any of the following ways:
- In writing, to Sally Tagg, First Ram Limited, GrimstonGrange Offices, Grimston Park, Tadcaster, North Yorkshire, LS24 9BX
- By phone on 01937 835 933
- Or by email on sallytagg@firstram.co.uk
We will acknowledge your complaint promptly in writing, and aim to investigate and respond to your complaint within 8 weeks. If you are unsatisfied with the outcome, you may be eligible to refer it to the Financial Ombudsman Service (FOS). We will provide you with details in our response of how you can contact the FOS.
We are covered by the Financial Services Compensation Scheme (FSCS). You may be entitled to compensation from the scheme if we cannot meet our obligations. Further information about compensation scheme arrangements is available from the FSCS, at www.fscs.org.uk.
4. Data Protection
We are registered with the Information Commissioners Office (ICO) and undertake to comply with data protection laws. Our privacy notice is available on our website www.firstram.co.uk and explains how we use and look after your personal data, who we share it with, and what data protection rights you have. By accepting this agreement, you also agree to undertake to comply with data protection laws.
5. Confidentiality
We agree to keep all information received from you confidential and to use it solely for the purpose of providing our service, except you authorise us to:-
a. disclose such information to insurers for the purpose of obtaining quotations, placing insurance on your behalf, and all other insurance services.
b. discloseinformation with our own insurers and professional advisors or where we are required by law to disclose such confidential information.
If any part of these Terms of Business is or becomes unenforceable then that part shall be deemed to be removed and shall not in anyway affect the legality, validity or enforceability of the remaining Terms of Business.
6. Third Party Rights
These Terms of Business are intended to agree the rights only on you and us. The provisions of the Contracts (Rights of Third Parties) Act 1999 are excluded.
7. Money Laundering/Proceeds of Crime
In the event we suspect criminal offences such as money laundering, we must report this to the National Crime Agency confidentially.
8. Bribery and Corruption
Each party shall comply with the laws and regulations relating to bribery and corruption, including but not limited to the Bribery Act 2010.
9. Sanctions
Trade sanctions may restrict the ability of First Ram Limited or your Insurers from providing insurance cover, services, and payments. We expect you to comply with sanctions legislation, and you must fully disclose any exposure you become aware of.
10. Our services
After assessing your needs, we will usually recommend an insurance policy and/or credit risk management solution for you. You will then need to decide how to proceed and upon receipt of your instructions, we will arrange insurance to meet your needs.
We will help you with your ongoing credit insurance needs including handling claims on your behalf.
We will tell you if we cannot place all or some of your insurance needs.
If you have direct interaction with insurers, without our involvement, we shall not be responsible for the outcome and consequences of those interactions.
11. The Capacity in which we act
We usually act as your agent. However in certain circumstances we may act for and owe duties of care to other parties and we would advise you if this scenario arises.
12. How we make our selection
We will advise you how widely we have searched the underwriting market available to us. We will provide you with a list of insurers approached. The final choice of insurer always remains with you.
13. Security of Insurers
We use rating agencies to check the financial security of all insurers prior to providing you with a quote. However, we are unable to guarantee the solvency of any insurer.
14. Disclosure of Information
You agree to provide us with accurate and complete information in a timely manner that will enable us to fulfil our obligations as set out in these terms and conditions, and to promptly notify us or insurers of all claims in accordance with the policy terms and conditions.
Your insurance is based on the information provided to the Insurer. You must present the risk fairly, and inform us of anything which might influence an insurer’s acceptance of the risk, premium or terms. If you are not sure whether something should be disclosed, you should disclose it.
You must conduct a ‘reasonable’ search before providing us with information, including all senior managers in your business, or anyone who has particular knowledge about the risk.
The penalty for deliberately or recklessly failing to disclose information can result in Insurers avoiding the policy altogether (repudiating claims, and asking for previous claims settlements to be repaid).
15. Our remuneration
Our income is generated by Insurer commission (calculated as a percentage of the annual premium), fees, or a combination of both. We will tell you how we are paid for arranging your policies in the quotation, new business or renewal documentation we provide. Our fees are non-refundable in the event of policy cancellation.
16. Payment
If you do not pay your premiums or fees by the due date on the invoices, your policy or service may be cancelled.
17. Client Money
We confirm we are an Insurance Intermediary that does not hold client money.
18. Documentation
We will issue policy documentation to you as soon as reasonably possible. You must comply with the terms and conditions of your policy. If you fail to comply with terms, it could result in your policy being null and void.
19. Cancellation
In the event of cancellation, Insurers may return a proportionate amount of the premium. You may be charged an administration fee to cancel. Our commission and/or fees will be non-refundable. In some circumstances, policies are arrangedon a ‘minimum and deposit premium’ basis, and the premium paid is treated as a non-refundable deposit. In this case, you would not be entitled to any return premium.
If you do not pay your premium or fee by the due date, your policy or service may be cancelled.
20. Providing instructions
We endeavour to act in accordance with your reasonable instructions as soon as practically possible. Our office hours are Monday to Friday 9am to 5pm, except statutory bank holidays. There may be a delay in effecting instructions outside of office hours.
21. Claims
We do not accept liability for any unpaid claim amounts if an insurer becomes insolvent or delays settlement.
Claims related services will only be provided up to the time this agreement ends, unless specifically agreed otherwise in writing.
22. Period and termination
These Terms of Business apply from the date you receive the agreement and shall continue until completion of the services or until replaced by new terms of business.
Either party may terminate the agreement by giving the other not less than 90 days notice in writing. We will still be entitled to the remuneration referenced in clause 14.
Either party may terminate immediately in writing if the other party:-
- Commits a material breach of the ‘duty of disclosure’ requirements
- Becomes insolvent or bankrupt, or goes into liquidation, enters a voluntary arrangement with their creditors, becomes subject to an administration order or has a receiver appointed over their assets.
First Ram Limited reserves the right to terminate this agreement where it believes performance could be a breach of economic or trade sanctions.
In the event that you fail to perform any of you robligations in this Agreement, we reserve the right to suspend the provision of services to you.
23. General
You agree that any claim brought by you against us pursuant to these terms of business shall only be brought against First Ram Limited, and not against any of its employees, directors or officers.
These terms of business will not prevent First Ram Limited from acting for other clients who may be competitors of yours; however, in the event that we identify a conflict of interest in providing any of the services to you we will notify you immediately and where applicable agree how we can continue to provide our services.
We shall not be liable in any way for failure to perform, or delay in performing our obligations under these terms of business if the failure or delay is due to causes outside our reasonable control, ‘Force Majeure’; however, we have taken reasonable steps to ensure business continuity in the event of such event.
We shall retain title, copyright, patents and other intellectual property rights to all First Ram Limited developed computer models or programmes.
First Ram Limited have a zero tolerate approach to harassment or sexual harassment of staff. Any criminal acts will be reported to the police.
Terms of business version 7, effective 1st November 2025