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- Risk Management
- Claims Management
- Logans Brokers Pledge
- » Financial Services Guide (FSG)
- Insurance Code of Practice
- The Role of an Insurance Broker
- Developing an Insurance Program
- Important Notice for Online Quotes
Financial Services Guide (FSG)
A Guide to our Relationship with You and Others
The Financial Services covered by this Financial Services Guide are provided by:--
Logan Livestock Insurance Agency Pty Ltd
21 Parraween Street
Cremorne NSW 2090
Ph: 02 9909 1499, Fax: 02 9909 8057
Our ABN number is 81 001 826 204 and our Australian Financial Service Licence number is 238959
This guide contains important information about:
- the services we offer you;
- how we and our associates are paid;
- any potential conflict of interest we may have;
- our internal and external dispute resolution procedures and how you can access them.
This is an important document. Please read it carefully and keep it in a safe place.
If you are a retail client and we agree to give you personal advice we will provide you with a Statement of Advice. This will contain our advice, the basis of our advice, and information on any remuneration, associations or other interests which might reasonably have influenced us in giving our advice. However, due to the nature of livestock insurance unless you ask for personal advice then all advice will be general advice only.
If you are a retail client and we arrange an insurance policy for you, or if we recommend you buy a particular insurance policy, we will give you a Product Disclosure Statement when required. It is prepared by the issuer in conjunction with the insurer/underwriter and is designed to give you important information about the policy.
A person will be a retail client for livestock insurance if they meet the following two tests:-
The person is an individual
The product is provided for use in connection with a small business. A small business is a business with less than 20 employees (unless a manufacturer, in which case with less than 100 employees).
Is a horse wholly or predominately used for personal, domestic, or household purposes by the insured, a relative of the insured, any person who resides with the insured and ordinarily used for that purpose.
NB. This description is a summary of The Corporations Act Section 761G (5)
Logan Livestock Insurance Agency Pty Ltd (Logans) had its beginnings in the early 1960’s when Mr Bob Logan commenced operations as an Insurance Agent and then General Insurance Broker. In the ensuing years he developed a specialisation and reputation in livestock insurance which was to become what is now known as Logan Livestock Insurance Agency Pty Ltd.
Logans are widely respected in Australia and around the world for their expertise in Livestock Insurance and in particular, equine insurance. Logans were a foundation member of The National Insurance Brokers Association of Australia and is a registered insurance broker with ASIC. As part of this registration process Logans carries Professional Indemnity insurance and any authorised representatives are covered under this policy for present and past work carried out for Logans.
Logans continues to provide proficiency and excellence in the service of their clients as would be expected from a family run company with a 40 year track record.
Should you have any queries or problems you can deal directly with a principal, Richard Logan.
About Livestock Insurance
Livestock insurance is a unique class of insurance. For example, if you own a car you can lock it up in a garage and it is relatively safe. An animal however, can think and act for itself. No matter how well housed, whether in a stall, yard or paddock, it can cause its own injury and death. Specialists in livestock insurance are aware and understand the unique risks involved. It is important therefore to deal with specialists in livestock when insuring livestock.
A standard livestock policy covers against death, humane destruction and theft. This type of policy can be extended under certain circumstances to include other risks such as total and permanent infertility, first season congenital infertility, overseas transits or specialist stud packages. Other types of policies available include stallion loss of income, unborn foal, mare barrenness and equestrian covers that may include liability, vet fees, personal accident and tack.
The Logans website, www.logans.com.au, has more of information on livestock insurance.
A guide to our relationship with you and others
What kinds of financial services are we authorised to provide and what kinds of Financial Product/s do those services relate to?
We are able to provide financial product advice (personal and general) and deal in general insurance. Our specialisation is livestock, including horses.
There are a wide range of insurance policies we can arrange.
These include, but are not limited to, the following insurance policies for retail clients:
- Equestrian Package incorporating mortality, legal liability, Veterinary Fees and tack
- Unborn foal insurance
- Fertility insurance
We are authorised to provide you with general and personal advice, and dealing as to the suitability of these general risk insurance policies to meet your particular needs.
Due to the nature of livestock insurance initially we will provide you with general advice only – this is where we provide advice on an insurance product which is not based on our consideration of your personal needs. If you are a retail client, we will also provide you with a Statement of Advice confirming our advice along with other relevant information on it.
The other services we can provide are:
- personal advice services - If we provide any personal advice we will need to undertake a needs analysis so we can provide you with the appropriate advice; and
- dealing services – this is the service of arranging insurance policies, whether on your behalf or the insurer’s. In doing so we can provide factual information about insurance policies such as the nature of insurance policies, the coverage of an insurance policy, options available under an insurance policy and the premium payable.
We will reach an agreement with you as to when this service is to be provided and what the scope and cost of our advice will be.
Who do we act for?
As an insurance broker we normally act for you. We may enter into an agreement with an insurer to arrange insurance policies on their behalf and not on your behalf. If we are given a binding authority from the insurer, this means we can enter into insurance policies on their behalf. We will inform you when we act for the insurer and not for you.
Do we have any relationships or associations with product issuers which might reasonably influence us?
Other than the agency relationships noted above, we do not have any association or relationship with a product issuer which might reasonably influence us in providing our services.
What information do we maintain about you and how can you access it?
We maintain a record of your personal profile. This record contains information about insurance policies that we have arranged for you. The record may also contain details of your objectives, financial situation and needs, collected for the purpose of giving you advice. We also maintain records of any recommendations made to you.
If you wish to access your file, please ask us.
How can you give us instructions?
You need to give us instructions by telephone, in writing by letter, fax, or e-mail or by another method agreed by us. We will tell you what is possible when you contact us. Do not assume we have received or acted on your instructions until you have received our written confirmation.
How will you pay for the services provided?
We may be remunerated in a number of ways which varies according to the service you require and our arrangements with the relevant insurer.
Payment by the Insurer
Unless we tell you otherwise, we are remunerated by commission from the relevant insurer whenever you enter into an insurance policy arranged by us (including variations).
The commission is a percentage of the insurer’s base premium (i.e. premium excluding any government charges, taxes, fees or levies). The rate ranges between 0 and 20% (depending on the policy). The commission rate does not represent our profit margin as it also reimburses us for administrative and other expenses we incur in providing our services. Some of these expenses include wages, training, workers compensation and professional indemnity insurance, computer hardware and software, rent, electricity, marketing, underwriter research, costs associated with legislative compliance, attending to claims and performing the distribution functions of the insurer such as printing and policy issue. In some circumstances we may receive a profit commission from the insurer based on the profitability of all policies spread over a number of years.
Fees Paid by You
We may charge you:
- an administration fee in addition to commission when you enter into an insurance policy;
- a flat fee for arranging an insurance policy or a fee based upon the time we spend advising you;
- an annual management fee.
You will be informed of the nature and amount of any fee in excess of $110 including GST prior to us performing the service for you.
Other remuneration information
In addition to the above we may receive commission from a premium funder if we arrange this service on your behalf. The commission we receive is usually calculated as a percentage of the premium and the rates are in the range between 0% and 2%.
Our staff receive an annual salary that may include bonuses based on performance criteria. Where a third party has referred you to us, we may share part of our commission or fees with them or pay them an agreed referral fee.
Where we provide personal advice to you as a retail client, we will tell you the remuneration that we and our associates are to be paid for providing the advice in the Statement of Advice.
If there is a refund of premium as a result of the cancellation or adjustment of the policy, we reserve the right to retain our remuneration.
If you need further explanation please ask us.
Other Key Factors Affecting the Premium You Pay:
- The age of the animal
- The sex of the animal
- The type and breed of the animal
- The usual location of the animal
- The period of cover
- A minimum premium of $150 (plus government charges, taxes, fees and/or levies) applies
What should I do if I have a complaint against Logans?
Should you have a complaint about the insurer then details of their compliant resolution processes are located in the Policy , or if you are a retail client, in the Product Disclosure Statement.
If you have any further questions about the financial services that we offer, please contact Richard Logan on phone number 02 9909 1499.
Please retain this document for your reference and any future dealings with Logan Livestock Insurance Agency Pty Ltd.