INTRODUCTION 

The contract of insurance is arranged by MB Insurance Group Pty Ltd (NZBN 9429053784308) (MB) acting under a binding authority as agent for the Insurer, certain underwriters at Lloyd’s. MB does not act as your agent.

MB is authorised to transact Prestige Motor Vehicle Insurance on behalf of the Insurer on the terms fully detailed in the agreement between MB and the insurer.

The Broker is the broker of record for clients on whose behalf it introduces insurance business to MB. The Broker holds all licences, registrations and authorisations required to advise on and deal in insurance products relevant to the insurance products distributed by MB and will immediately notify MB if any such licence, registration or authorisation is varied, suspended, restricted or cancelled.  

AGREEMENT  

1. Relationship 

The Broker acts as agent for its clients and is not an agent of MB, the insurer, or any related entity. Nothing in these Terms and Conditions creates any form of binder, agency, employment, joint venture, partnership or trust between the Broker and MB. 

The Broker must not provide, or purport to provide, any financial services on behalf of MB or the insurer and has no authority to bind MB or the insurer, alter policy terms, make representations on behalf of MB or the insurer, waive any requirement, or otherwise act as agent of MB except where expressly authorised in writing. 

The Broker is responsible for the acts and omissions of its authorised representatives, agents, employees, contractors and referrers in connection with business placed with MB. 

The Broker acknowledges that MB must act in accordance with its binding authority arrangements, underwriting rules, risk appetite and regulatory obligations to insurers.

2. Governing Law  

This Agreement shall be governed by and construed in accordance with New Zealand law. MB and The Broker agree that the Courts of New Zealand shall have jurisdiction to determine disputes arising out of this Agreement.  

3. Interim Cover  

MB is authorised to issue interim contracts on behalf of the Insurer for a period of thirty (30) days. The Broker must forward the relevant documentation to MB prior to the expiry of this period. 

4. Acceptance 

All business will be transacted on an offer and acceptance basis, ie. MB is under no obligation to agree to insure a proposed risk, regardless of whether a quotation has been provided or interim cover has been granted in respect of that risk.  

The Broker must accept the offer for the contract of insurance in writing prior to or on the inception date and provide MB with all completed proposal forms (where applicable) and closing instructions received from the insured within 14 days from the inception date of the contract of insurance, unless written instructions have been provided by MB advising of an alternative timeframe. 

MB retains absolute discretion, subject to applicable law and its authority from insurers, in relation to the acceptance, renewal, variation, cancellation and administration of risks. 

5. Hold Covered 

MB may hold covered in limited circumstances upon written request and at the sole discretion of MB.  

6. Closing Instructions 

MB will issue interim contracts (cover notes), policies, certificates of insurance and such other documentation as The Broker requests as soon as is reasonably practicable after receipt of written instruction from The Broker.  

7. Notices  

Any notice, consent or other communication that any party may be required or may wish to give to any other party under this Agreement shall be in writing and may be given by:  

(a) being delivered electronically to the recipient party; or 

(b) being sent by pre-paid ordinary mail to the mailing address of the recipient party; 

and that notice shall be deemed to have been given:  

(c) if sent electronically, 24 hours from the time of sending; or 

(d) if sent by pre-paid ordinary mail, on the date being three (3) business days after the date of posting. 

All notices must be addressed as shown below:  

Postal: MB Insurance Group Pty Limited

PO Box Q1233, QVB Post Office NSW 1230 Australia 

Email: motor@mbinsurance.co.nz

8. Dispute Resolution  

The parties must attempt in good faith to resolve any dispute between them in connection with this Agreement by negotiation.  

If any dispute cannot be resolved by negotiations between the parties within ten (10) days or such further period as the parties agree is appropriate, then within the following ten (10) days, the parties must seek to agree on procedural rules and timetable for resolving the dispute through mediation by a mediator agreed upon by the parties, or if the parties cannot agree, a mediator appointed by the New Zealand Dispute Resolution Centre or any body which replaces it. A party may not commence Court proceedings or arbitration (other than an urgent interlocutory application) relating to any dispute arising from this Agreement unless that party has complied with this clause.  

9. Goods and Services Tax  

Where one party makes a taxable supply to the other party pursuant to this Agreement, the other party shall pay the first party an amount equal to the GST on that taxable supply. 

10. Duties of Broker in Relation to Premiums  

Monies received by The Broker in respect of premiums owed to MB shall be paid by The Broker to MB within a period of sixty (60) days after inception of the cover to which they relate. 

Where a premium remains unpaid after sixty (60) days from the date of inception, then MB may cancel the contract of insurance by giving three (3) business days notice and may charge a premium for the period during which MB provided cover. 

The Broker may deduct commission (refer section 12 for rates of commission) as agreed from time to time from premium before those monies are remitted MB. 

The Broker shall be liable to refund commission in the event of cancellation of any contract of insurance. 

11. Claims  

MB is authorised to manage and settle claims on behalf of the Insurer. All claims must be notified to MB, all documentation in connection with the claim must be forwarded to MB and all negotiations must be conducted with MB.   

12. Commission 

MB will pay The Broker commission as agreed with The Broker from time-to time. 

Commission is to be calculated on base premium and is not payable on the amount of Fire and Emergency Levies or other Statutory charges, Roadside Assistance or Administration Fees. Any charge made by The Broker to the insured by way of a fee must be shown separately in the Broker’s account to the insured. In the event that MB wishes to vary the rates of commission, MB will provide a period of thirty (30) days written notice to The Broker.  

13. Binding Authority  

The Broker must not provide, or purport to provide, any financial services on behalf of MB or the insurer and has no authority to bind MB or the insurer, alter policy terms, make representations on behalf of MB or the insurer, waive any requirement, or otherwise act as agent of MB except where expressly authorised in writing. 

14. Termination and Variation  

These Terms and Conditions may be varied by MB without cause by providing the Broker with thirty (30) days written notice. 

Further, these Terms and Conditions may be terminated without cause by either party by providing sixty (60) days written notice to the other or immediately if a party has its registration suspended, varied or cancelled. 

MB also reserves the right to terminate these Terms and Conditions immediately by providing written notice to the Broker, if the Broker is subject to an insolvency event, breaches a material term or condition or engages in serious misconduct including fraudulent activity. 

As soon as practicable after any termination of these Terms and Conditions and in any event within sixty (60) days, each party must pay all money owed to the other if any, after taking into account any adjustments required and the Broker must return at its own expense all documents including marketing materials supplied by MB

15. Contact with Insured  

MB will not initiate direct contact with the Insured in relation to any contract of insurance arranged by The Broker with MB without The Broker’s consent except in relation to cancellation of the contract of insurance or claims. This clause does not apply where The Broker is in liquidation or MB has ceased to arrange insurance business. 

16. Basis of Agreement  

This Agreement supersedes any previous agreement between the parties and records the procedures and basis for transactions relating to contracts of insurance arranged on behalf of Clients by The Broker with the Insurer through MB.  

MB and The Broker must comply with the Privacy Act 2020.  

The utmost good faith will prevail in all dealings between the parties. 

17. Online Portal  

Definitions: 

(i) System – means MB’s electronic placement system 

(ii) Customer Data – means the information concerning a customer which is inputted into the System by The Broker or its representative for the purpose of applying for and arranging General Insurance. 

The Broker will be required to nominate those of its officers, employees, representatives, agents and authorised representatives it wishes to have access to the System. MB will at its absolute discretion issue usernames and passwords in respect of the nominated representatives that MB has authorised (Authorised User) 

The Broker acknowledges that in using the System it and each Authorised User: 

     (a) Will at all times act on behalf of the customer in using the System 

     (b) Is not a representative of MB 

     (c) Agree to receive electronic communications from MB in respect of business transacted using the System. 

     (d) Understand that contracts of insurance may be entered into using the System 

     (e) Understand that a written proposal form is not required by MB but may be collected from the customer by the Insurance Broker for purposes of verifying Customer Data entered into the System. 

     (f) Has informed any customer of their Duty of Disclosure and has asked the customer all relevant questions proposed by MB in order to comply with the Duty of Disclosure. 

The Insurance Broker will make all reasonable efforts to ensure that all passwords issued to it and any Authorised User are maintained securely and confidentially and are not disclosed to anyone. 

The Insurance Broker will advise MB of any changes to the details of any Authorised User, or if they cease to be employed or cease to be an agent or Authorised Representative or if they no longer require access to the System for any other reason. 

By logging into the System, you agree to these terms and conditions.