Statement of Demands and Needs
Your Insurance Requirements
Our regulatory obligations require us to provide you with a document that the Financial Services Authority (FSA) refer to as a Demands & Needs Statement. This document incorporates the required information to demonstrate that we understand your insurance needs and to show how our recommendations suit those needs.
This statement is not intended to replace a quotation. Details of insurer(s), sums insured, policy limits, terms and conditions etc. are provided separately.
If you have any concerns about our understanding of your insurance needs, as shown below, or the suitability of the insurance, please contact us before cover commences.
(1) Your Demands & Needs
Our understanding of your insurance requirements (or demands and needs) in relation to this policy or proposed policy will be based on the information submitted within the 'online' proposal form.
We have not taken account of any relevant existing insurance, covering the same subject matter and risks, in making our recommendation of cover for this proposed new policy.
(2) The basis of cover
The basis of cover we are recommending to satisfy your demands and needs are outlined within the policy documentation provided at the time of quotation.
(3) Our recommendations & reasons for them:
We are recommending a Professional Indemnity policy from our chosen panel of insurers as a product that satisfied your needs because:-
- It is appropriate to satisfy your insurance requirements and
- The specialisation of your operation requires a specialist insurer with knowledge of your industry.
(4) The basis of our marketing:
In providing our recommendation for our 'online policy' which is a product uniquely available from Lonmar, we have only offered you a single policy. For risks that are acceptable to this facility we do not approach any other insurers.