Contract uncertainty
Q. Recent missives from some insurers state that quotations must comply with contract certainty. I am a provincial broker, so what should I be doing?
Many firms have been struggling with contract certainty but it will cause changes. Although not in the rules issued by the Financial Services Authority, there is a code of practice and checklist that has been agreed by the Association of British Insurers, the British Insurance Brokers' Association and Institute of Insurance Brokers, and the FSA will apply rules if the code of practice is not successful.
Contract certainty means that the wording and all terms must be agreed between the client and
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