Disclosure statement
The formal information we're required to give you, in plain English. Ask us any time if you'd like the full detail.
Our licence
CIS Brokers Ltd (FSP713752), trading as Coromandel Insurance Services, holds a full Financial Advice Provider licence issued by the Financial Markets Authority. There are no special conditions on the licence.
What we advise on
We give financial advice on general insurance: business and commercial property, business interruption, body corporate and strata, liability, commercial and private motor and fleets, marine and boat, aviation, rural, house and contents, travel, contract works, trade credit and more. We don't advise on life, health or medical insurance or mortgages; for those we refer you to Coromandel Insurance Services Limited, which holds its own financial advice provider licence, and its adviser David Enright.
Providers we can access
AIG, Allianz, Ando, Berkshire Hathaway, Chubb, Certain Underwriters at Lloyd's, DUAL, IAG (NZI and Lumley), QBE, Vero, Zurich and a wide range of specialist New Zealand and overseas markets, accessed through our membership of the Steadfast Group.
How we're paid
In most cases we are paid by brokerage: a percentage of the insurer's premium, which the insurer deducts from what you pay and passes to us. You don't pay it on top. That brokerage is our payment for arranging and managing your insurance, reviewing it with you each year, handling changes during the year, and our time managing your claims. We earn nothing extra when you claim.
What we are not paid on. A good part of your bill isn't premium at all. We receive nothing on the Fire and Emergency levy, the Natural Hazards Commission levy (formerly EQC) or GST. Those go straight to FENZ, the Natural Hazards Commission and Inland Revenue, and the insurer simply collects them.
A worked example. Here is how a typical house policy might break down. The figures are illustrative and the brokerage rate varies by insurer and class of cover, but the shape is the same for every policy.
| Part of your bill | Amount | Who it goes to | Our brokerage |
|---|---|---|---|
| Insurer's company premium (fire, storm, theft and so on) | $1,400.00 | Insurer | 24%, so $336 |
| Insurer's natural disaster premium | $600.00 | Insurer | 9%, so $54 |
| Fire and Emergency levy (a set charge per property) | $107.40 | Fire and Emergency NZ | Nil |
| Natural Hazards Commission levy | $480.00 | Natural Hazards Commission | Nil |
| GST | $388.11 | Inland Revenue | Nil |
| You pay | $2,975.51 | $390, about 13 cents in the dollar |
So on a house premium of just under $3,000, $390 comes to us for the year's work, and about a third of your bill is levies and tax that nobody earns brokerage on. The brokerage rate is lower on the natural disaster part of the premium than on the company premium, and both rates vary by insurer. We'll show you the actual brokerage on your own policy whenever you ask.
Other things to know. For some work we may charge a fee instead of, or as well as, brokerage, and we agree that with you first. If you cancel cover part way through the year we may keep some or all of the brokerage or fee. If you pay by instalments through premium funding, the funding company pays us a commission on the amount funded, which we disclose before you decide. We keep a register of conflicts of interest, gifts and incentives, and if we ever see a conflict, real or perceived, we'll raise it with you.
Our duties to you
Under the Financial Markets Conduct Act 2013 we must give priority to your interests, exercise care, diligence and skill, and meet the competence and conduct standards set by the Code of Professional Conduct for Financial Advice Services. More information is available from us or at fma.govt.nz.
Your advisers
John Grant (FSP680051), phone 021 351 922. Dave Enright (FSP683131), phone 021 778 805. Jennie Gillibrand (FSP1010404), phone 07 280 4581. All can be reached through the office on 07 868 7301.
If you're not happy, tell us
We want to know if you're not satisfied with our service or advice, so we can put it right. Write to our complaints officer, John Lister, at [email protected] or CIS Brokers Limited, 452 Pollen Street, Thames 3500, or lodge a formal complaint online.
When you complain, we'll acknowledge it within five working days, investigate it properly, keep a record, keep you up to date, and respond within 30 working days.