Terms of Business


In these terms “we” refers to Albany Insurance Services Limited and/or Albany Insurance Canterbury Limited

We are a registered financial service provider under the Financial Markets Authority (FMA).

We are members of Insurance Brokers Association of New Zealand (IBANZ), a professional body representing the interests of member insurance brokers. We subscribe to the IBANZ Code of Professional Conduct, which can be found on their website. We are also members of the NZbrokers Group, which is a collaborative group of New Zealand owned and operated professional insurance brokers. We and Our clients benefit from

the size and capability of the national group while retaining independence and local focus. Membership of NZbrokers provides Us with access to an extensive range of insurance broker services and efficiencies, improved policy coverage, and national capabilities. More information about NZbrokers is available on their website.

This document sets out the terms under which We provide services to You, as well as the co-operation and responsibilities required from You. These terms apply until they are varied by mutual agreement, or until Our appointment is cancelled by You. We may vary the services We offer You from time to time by written notice to You.


  1. Definitions and Interpretations
  2. Insurance Broking and Financial Services
  3. Claims Service
  4. Your Co-Operation
  5. Remuneration
  6. Payment of Premiums/Cancellation
  7. Complaints Procedure
  8. Privacy Statement
  9. Limitation of Liability
  10. Renewal and Termination
  11. General

1.  Definitions and Interpretation


In these Terms, unless the context otherwise requires:
1.1.1 “Services” means services that we provide to you under these Terms;
1.1.2 “Personal Information” means personal information about you, including details of your assets, liabilities, income, credit history, amounts required to repay under any existing financial arrangements you may have;


In these Terms, unless the context otherwise requires:
1.2.1  Terms defined above have the defined meaning throughout these Terms, including the background;
1.2.2  The singular includes the plural and vice versa;
1.2.3  References to a person include an individual, company, corporation, partnership, firm, joint venture, association, trust, unincorporated body of persons, governmental or other regulatory body, authority or entity, in each case whether or not having a separate legal identity;
1.2.4  Headings and the table of contents are for convenience only and will not affect the interpretation of these Terms;
1.2.5  Reference to clauses are to clauses of these Terms;
1.2.6  References to these Terms are to these Terms as amended, novated, supplemented, varied or replaced from time to time;
1.2.7  All references to legislation are references to New Zealand legislation in force and include any subordinate legislation, by-law, regulation, order, statutory instrument or determination made under it, any re-enactment of, or amendment to, that legislation and all legislation passed in substitution for that legislation;
1.2.7  References to, or obligations in this Agreement which require, payment of money will be a reference to, or deemed to be an obligation requiring, payment of money in immediately available cleared funds;
1.2.8  Any covenant not to do anything will also constitute an obligation not to suffer, permit, cause or assist any other person to do that thing; and
1.2.9  The term includes or including (or similar) is deemed to be followed by the words without limitation.

2. Insurance Broking & Financial Services


We will negotiate with insurers on Your behalf and will keep You informed of any significant developments.


We are independent of insurers, and are not bound to use any particular insurer.  We will advise You of those with whom We propose placing Your insurance and will also advise You of any change of insurers after the insurance has been placed.  Unless You advise Us to the contrary, each insurer with whom We place Your insurance will be deemed acceptable to You.


We may enter into an agreement with an insurer to arrange insurance and settle claims on its behalf. We will inform You when We act for an insurer and not for You.


You understand that We will use all reasonable precautions in choosing an insurance company(ies) and will advise You of their claims paying rating where required under the Insurance (Prudential Supervision) Act 2010.  You understand that We cannot guarantee the financial status of any insurance company and We do not accept any liability due to the failure of any insurance company.


As soon as practicable after placing insurance on Your behalf, We will provide You with evidence of that placement.


We will do Our best to ensure that policies and endorsements are issued by Your insurers promptly, and will pass each correctly completed and signed document on to You within 30 days of receiving it.


Before passing insurers documents on to You, We will check them to ensure that they meet requirements and conform with the negotiated terms and scope of cover.


We take no responsibility for the adequacy or accuracy of policies arranged for You by any other broker or direct insurer.  If required by You, We will review these policies and will advise You of the outcome and make such recommendations, as We consider necessary.


We will draw Your attention to Our statutory and/or regulatory obligations applicable to any insurance that We arrange for You on Your local and overseas (if any) assets and operations.


Once premiums and related statutory charges have been paid to Us, We will arrange for their timely disbursement to insurers and the appropriate authorities.


We will hold review meetings with You as and when required.  At those meetings We will report on matters relating to the insurance programme and will gather information regarding any changes in Your business that could affect Your insurance.


We will automatically renew all annual renewable policies arranged for You by Us on Your behalf unless You advise Us not to. Short term contracts of insurance will expire at 4pm of the expiry date of the policy.

3.  Claims Service


We are committed to achieving the best outcome for You from every claim on policies arranged or reviewed by Us during Our appointment.  We will:
      3.1.1  Assist You with the preparation of claims.
      3.1.2  Act as Your advocate in negotiations with insurers       or their legal advisors.
      3.1.3  Regularly review and pro-actively manage Your       claims.
      3.1.4  Provide You with records and analysis of claims as       required.


If You terminate Our appointment We will not continue to provide services in relation to any notified claims or circumstances.

4.  Your Co-operation


To perform the Services efficiently, We will need Your co-operation, particularly the timely provision of information.


We will rely on You to advise Us of any change in Your business that might affect Your insurance programme.  This may include acquisitions, disposals, mergers, sale of principal assets, or material changes to business operations.


While We will assist You with the completion of proposals and other forms of application for insurance, We cannot accept responsibility for the accuracy of their contents, nor can We sign the insurance proposals on Your behalf.


After receiving Your insurance documents from Us, You should read and check them, then advise Us promptly of any discrepancies or anything that does not meet Your expectations.


All declarations and proposals that we provide to You are based on information that You provide to Us or from client files that We hold.  You must immediately advise Us of any information which is not correct or which may be misleading. We shall not be liable in respect of any incorrect or inaccurate information.


While We may prepare underwriting information on Your behalf, the legal obligation to disclose all material facts rests with You.  You must tell the insurer, before each policy starts and renews, about anything a prudent insurer would want to take into account when deciding whether to insure You, and if so, on what terms.  Please provide this information to Us.  If You do not provide Us with full information, We cannot properly advise You and You could breach Your duty of disclosure.


Should a circumstance or event occur which could result in making an insurance claim, You should advise Us of the details as soon as possible.  Failure to advise such actual or potential claims, may prejudice Your rights under an insurance policy.

5.  Remuneration


Unless agreed otherwise, We will be paid commission by the insurer when You enter into an insurance contract that We arrange (this includes renewals and policy alterations). The rates of remuneration may vary between Insurers and types of insurance premiums.


We may also receive a broker service commission from the insurer for services or benefits We provide to them in connection with the policies We arrange for You and other clients.


We may also charge You a fee to supplement the commission amount or a fee to replace the commission amount. These fees will be disclosed and reviewed annually or earlier if the extent of service required by Us is affected by changing circumstances.


Our remuneration may include investment income earned from premium payments before they are forwarded to the insurer.  This is permitted by the Insurance Intermediaries Act 1994.


If We arrange a loan for You to pay the premium, We may earn remuneration or dividends for doing so.


We sometimes pay a fee to a party who has referred You to Us.  We pay this fee out of the remuneration received from insurers and fees You pay Us.

6.  Payment of Premiums and Cancellations


The premium and any fee should be paid to Us in full.


We do not provide any credit and the full amount is due to Us immediately upon receipt of Our invoice.  We are required to pay Your insurer within a specific time frame.  If We are unable to do so because We have not received the premium from You, We are required by the Insurance Intermediaries Act 1994 to advise the insurer of this in writing within 7 days.  The Insurer may then issue a notice of cancellation of the policy in accordance with the policy terms because of the non payment.  Although the time frame varies from policy to policy, the insurer usually allows 30 days for the premium to be paid before the policy comes to an end.


If an insurance policy is cancelled before expiry by You, We will pay to You any premium refunded by the insurer, less any outstanding remuneration and/or fee You owe Us. We may retain any remuneration already received on downward premium adjustments or for a policy cancellation.

7.   Complaints Procedure


If You have a problem, concern or complaint about any part of the Services, please tell Us so the problem can be remedied.  If You prefer or we cannot agree how to resolve the matter to Your satisfaction, You may formalise Your complaint by writing to Our Complaints Officer. Your complaint will be acknowledged in writing and We will endeavour to resolve the matter within 20 working days.


In the event that We still cannot agree how to resolve the matter, You can register your complaint with The Insurance & Financial Services Ombudsman Scheme Inc, to whom We subscribe. There is no cost to You for this service and You may write to them at PO Box 10-845, Wellington 6143 or telephone them on 0800 888 202.

8.   Privacy Statement


We are committed to protecting Your privacy.  We use your Personal Information for the following purposes:

8.1.1 To advise about and assist with Your insurance needs;

8.1.2  To contact you in relation to renewals;

8.1.3  To respond to any queries that you may have;

8.1.4  To conduct credit and identity checks;

8.1.5  In connection with the entry, administration and enforcement of any of these Terms;

8.1.6  In connection with the provision of Services;

8.1.7  To contact you in relation to other services that we or our associated companies provide that may be of interest to you; and

8.1.8  For any other purpose which you may authorise from time to time.


You agree that We may  provide Your Personal Information to the companies whom We recommend or whom You choose to deal with (and their representatives) in connection with any of the purposes set out in clause 8.1.  We do not trade, rent or sell Your information.


You can check the Personal Information We hold about You at any time

9.   Limitation of Liability


Both your and our aggregate liability for breach of contract, negligence, breach of statutory duty or other claim arising out of or in connection with any of the Services will be limited as follows to the extent permitted at law:

9.1.1  In respect of personal injury or death caused by a party’s negligence, no limit shall apply;

9.1.2  In respect of any fraudulent acts (including theft or conversion) or wilful default by a party, no limit shall apply;

9.1.3  In respect of other claims, the total aggregate liability of a party shall be limited to the sum of $2,000,000; and

9.1.4  Subject to clauses 9.1.1 and 9.1.2 above, in respect of the following losses: loss of revenue; loss of opportunity; loss of reputation; loss of profits; loss of anticipated savings; increased costs of doing business; or any other indirect or consequential loss, neither party will have liability in any circumstances.

10. Renewal and Termination


Prior to the renewal of Your insurance policies, We will discuss with You any changes in the Services as may be appropriate for the ensuing year.


Our obligation to provide Services to You will end when Our appointment is cancelled.  You can cancel Our appointment by notice in writing to Us.  You may however, want to enter into a separate claim servicing agreement with Us. Under such an agreement, We will continue to provide service for nominated claims that arose before Our appointment was cancelled.


Upon notice of cancellation of Our appointment We will:

10.3.1  Immediately withdraw from all negotiations in progress at that time, including but not limited to renewal negotiations for any insurance falling due within the period of notice;

10.3.2  Take no further action in relation to any current or ongoing claim for which We are acting on Your behalf, unless We have agreed to a separate claim servicing agreement.

10.3.3  We will keep all information about Your business confidential, and except where necessary for the purpose of providing Services, will not disclose it to any third party without Your consent.  This undertaking does not apply to information which is already public knowledge.

11. General


Our rights, powers and remedies under these Terms will not be adversely affected if We delay or omit to enforce our rights, powers and remedies, or We grant you any indulgence.


We may charge, assign or otherwise transfer all or any of our rights, title, interests and obligations under these Terms to any person at any time.


You must not assign, transfer, charge or otherwise part with any of your rights and liabilities under these Terms.


If any of these Terms are illegal, unenforceable or not binding, the other terms shall be unaffected.


These Terms comprise the entire agreement and supersede any and all previous communications, negotiations, arrangements and agreements, whether written or oral, between you and us in respect of the matters that are the subject of these Terms.


You acknowledge that you do not rely on any representations or warranties which have not been specifically set out in these Terms.


The provision of our Services and these Terms are governed by the laws of New Zealand and you agree to submit to the non-exclusive jurisdiction of the New Zealand courts.

Get in touch:
Telephone Auckland:
09 415 8211
Telephone Christchurch:
027 600 0598