- You agree that both Workmanship, Work In Progress, Guarantee Insurance and Deposit Payment Insurance known as the Insurance Product will be provided, freely to all of your Customers that have been provided with your written Workmanship Guarantee in respect of the Contract / Works that you have agreed to do for them.
- You understand that you are not permitted to collect insurance premiums in respect of any part of the Policy, nor can you make an additional charge to the Customer in respect of the insurance.
- Purchase of the Insurance Product, under this scheme must be done using the Sun Union TraderQuote online system prior to Contract / Works commencing.
- The Sun Union Insurance Product is designed for Trader / Contractors in the General Building industry. The maximum total contract value covered by the scheme is £100,000 unless otherwise agreed by Insurers.
- For contracts where the total contract value is greater than the limits set by the insurer the system will refer the quotation to the Insurer. The limit is £100,000 for all contract types.
- Contracts in excess of £100,000 in value are subject to a technical audit. The technical audit fee shall be your responsibility and will be arranged by the insurer.
- Sun Union will provide your Customer with the Insurance product on the basis that your company is solvent.
- You agree to inform in writing both Sun Union and the Trader Directory, or Trade Scheme Operator of which you are a member; of any significant changes to your business. This includes any change of the Director(s) of the company, any change of the Partner(s) of the business, any change of the legal entity of your business, any change in the trading name of your business, changes to the terms of your written guarantee, any change of your trading address or any change of your business bank account details.
- Sun Union will provide your Customer with the Insurance Product on the basis that you remain a member of the Trader Directory or Trade Scheme Operator that is a Sun union approved Introducer of the Insurance Product.
- You agree to abide by the Sun Union TraderQuote Scheme Terms, Conditions and the Consumer Code.
- Sun Union reserves the right to refuse any new application or re-registration from you.
- You agree that Sun union or the Insurer may periodically carry out financial vetting/credit checks on your business and subsequently may require you to provide additional information to remain eligible to use the Sun Union TraderQuote scheme.
- You agree that Sun Union or the Insurer may suspend your membership of its scheme should any negative financial information on your business come to light, or should you fail to use the scheme properly and in conjunction with the Terms of Business.
- In the case of the Scheme membership suspension, Sun Union and the insurer agree to re-activate your membership of The Scheme at our discretion as and when you are able to provide satisfactory evidence to resolve our queries. Sun Union and the Insurer reserve the right to cancel your membership of The Scheme, should you fail to answer our query satisfactorily.
- Sun Union will provide the Insurance Product on payment of the appropriate Insurance Premium.
- You agree to make Payment of the relevant Insurance Premium via the online system prior to the Contract / Works commencing. You agree to use your allocated membership Registration Number on all communication to Sun Union.
Your Written Workmanship Guarantee
- Sun Union will provide the Insurance Product on the basis that you provide each of your Customers with a written Workmanship Guarantee in respect of the Contract / Works.
- You will be asked to select, for every Contract / Works you register, a term for which the Insurance Product will run. You agree that the written Workmanship Guarantee you issue to your Customers shall have the same term (in years) as the term of the Workmanship Guarantee Insurance.
- You agree that the terms of your standard written Workmanship Guarantee will be compliant with the Consumer Code.
The Trader Guarantee Disclaimer
- You agree to the Sun Union Trader Members Guarantee Disclaimer. This document is supplied separately and is also part of the Trader Members registration process that has to be agreed to in order for you to become a member of the Sun Union TraderQuote Scheme.
The Financial Conduct Authority (FCA)
- Sun Union is authorised and regulated by the Financial Conduct Authority.
- Since the 14th of January 2005, the FSA / FCA has regulated general insurance activity within the UK. Both Workmanship Guarantee Insurance and Deposit Payment Insurance fall within the Current FCA’s remit. The provision of these insurance products must be compliant with all FCA rules.
- FCA regulations dictate that the provision of Insurance Products can only be carried out by an FCA regulated firm (such as Sun Union). Upon your agreement to the Terms and Conditions herein you will be providing your Customers with the Insurance Product free of charge, thus avoiding carrying out regulated activity. This is only the case where your business is not gaining any financial benefits from the provision of insurance. Under the said circumstances the FCA considers that you are not carrying out regulated activity by way of business.
- As you are not authorised by the FCA, you must not discuss any aspect of the insurance with your customers. For informational purposes, you may provide your Customers with up to date materials which have been provided to you by Sun Union. If your customers have any queries relating to the insurance cover, you should direct them to contact Sun Union directly on 01424 400701
- If you agree and become a registered member of the Sun Union TraderQuote Scheme, the Insurance Product must be provided consistently to all of your Customers at whose property you have agreed to undertake Contract / Works.
- The Terms and Conditions of this Trader Members Agreement must be strictly adhered to.
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