Terms of Business

By asking us to quote for, or arrange or handle your insurance you accept and agree to these Terms of Business. If you are unsure of any part of these Terms of Business please contact us by phone: 0161 968 2030

or email: [email protected]

or in writing to the address detailed below.

Who Regulates Us?

TBO Services t/a The Insurance Octopus is authorised and regulated by the Financial Conduct Authority. Our FCA register number is 498555.
Our permitted business is advising on and arranging deals on investments, assisting in the administration and performance of a contract of insurance, dealing and making arrangements for non investment insurance, credit broking, debt administration and making arrangements with a view to transactions in investments.

You can check this on the FCA’s Register by visiting their Website https://register.fca.org.uk and typing in our Firm’s Reference Number (FRN) 498555 or calling the FCA Consumer Contact Centre on 0800 111 6768 quoting our FRN 498555

What To Do If You Have A Complaint

First speak to us – we make every effort to maintain high standards, to act fairly and reasonably at all times but if we let you down we will try to put things right immediately. If we are unable to do so, we will accept complaints by:

By Phone: 0161 968 2030
Email: [email protected]
Letter: Contact the Compliance and Training Manager at 2nd Floor, Marsland House, Marsland Road, Sale, Cheshire M33 3AQ.
We will then use our formal complaints procedure, a copy which is available upon request and investigate your complaint.

If we are still unable to resolve your complaint you may be eligible to use the Financial Ombudsman Service (FOS) to help you (Financial Ombudsman Service, Exchange Tower, London E14 9SR, www.financial-ombudsman.org.uk, Customer Helpline 0800 023 4567). This is in addition to your legal rights.

Eligibility Defined: a private individual, a micro enterprise (a business which employs fewer than 10 people and has an annual turnover or annual balance sheet not exceeding €2 million), a charity with an annual income of less than £1 million or a trustee of a trust which has a net asset value of less than £1 million when the complaint is made.

Are we covered by the financial services compensation scheme?

We are covered by the FSCS. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim.

Further information about compensation scheme arrangements is available from the FSCS www.fscs.org.uk.

About Us

We are an independent insurance broker registered in England No. 06489013. The Insurance Octopus is a trading name of TBO Services Limited. We are also authorised and regulated by the Financial Conduct Authority (FCA) for general insurance. Our registration number is 498555. You can check this on the FCA register at www.fca.gov.uk/register or phone the FCA on 0800 111 6768

Our Service

We are an independent intermediary providing access to several commercial products which will be identified on our correspondence. We do not give advice and you will be informed of this at the outset. We ask questions to narrow down the selection of policies and supply details of them it will then be your decision on how to proceed.

We sell certain products on a net rated basis on these cases we charge a fee instead of commission. If applicable, you will be advised of our charge at the time of purchase.

We may sometimes act as agent of the insurer, we will confirm if this is the case prior to completing the transaction when applicable.

What policies do we offer?

All of our commercial policies are offered from a wide range of insurers please contact us for a current list of the insurers we use. If we propose using another intermediary to help place your business, we will confirm this to you in good time before any arrangements are finalised. Where we use another intermediary, payment will be passed on to them rather than directly to the insurer. Usually when sourcing and placing your business with the selected insurer we will act as your agent, we will also act as your agent in the event of a claim. In cases where we do not we will inform you in good time before any arrangements are finalised.


As an independent insurance intermediary TBO Services Limited has no direct, or indirect, holding in any insurer and no insurer has any direct or indirect holding in TBO Services Limited

Quotations/New Businesses/ Renewals – Your Duty of Fair Presentation

You have a Duty of Fair Presentation, which means you must inform your insurers of any material circumstances about your business both accurately and in good faith. A material circumstance is any information which may affect the insurer’s view of your risk. On receipt of the new information, we will notify underwriters and take steps to amend your cover to accommodate any changes. It is your responsibility as policyholder to ensure that all material circumstances are declared to insurers both prior to cover commencing and throughout the policy period. If you are in any doubt as to what constitutes a material circumstance you must contact us immediately. Alternatively, please consult our website for further information at https://insuranceoctopus.co.uk/duty-of-fair-presentation.


Payments accepted by credit or debit card and by instalments. Some of our insurers may provide a Direct Debit facility, where not available we are able to offer an option through a Third Party Finance Provider. Details of instalments will be discussed and will be supplied in writing if requested. Where a loan is arranged through a finance company you are liable for the whole loan even if your policy is cancelled. You should not stop your monthly payments without first speaking to us. Default on your loan could result in your policy being cancelled and leave you still liable for the outstanding loan. We must point out that any finance agreements that default will incur a charge for each default. You will be advised of the amount of the fee in the paperwork as issued by the loan provider when you first set up your Direct Debit. If you wish to discuss any of the above then please telephone us.

Insurance Documents

We may hold on to your insurance documents until we are paid in full or are in receipt of outstanding documentation. Any documents you are required to have by law will be issued.

Payment for our services in addition to insurer’s charges

We will provide details of the premium including any fees, taxes and charges separately from the premium before your insurance arrangements are concluded. They could include:

  • New Business and Renewals
  • Mid-term adjustments
  • Cancellations
  • Duplicate documents

Looking after your money – Insurer Premiums

We have risk transfer in place with most of our insurers, where we collect payment on behalf of the insurer it means that when we receive your premium, it is deemed to be received by the insurer. In some cases we will also handle the refunds due to clients when issued by insurers. Your premium is held in an FCA approved bank account. In all other cases we either use the insurer’s payment systems or a designated client account. As an added protection, we will only take our commission when we pay the insurer. We are entitled to any interest earned on these accounts. These terms of business constitute your acceptance of this. We are able to disclose commissions earned when requested. We also receive commission from a Third Party Finance Provider details of which are available upon request.


Any communication received in this format is only dealt with between 9.00am and 5.30pm Monday to Friday.

Right to cancel (cooling off period)

If the policy does not meet your requirements you may have the right to cancel within 14 days of receiving your insurance documents we will inform you at the time if you qualify. The refund given will take into account our setting up fee and the Insurers reasonable charge for your time on cover you will be advised at the time if you qualify.

Cancellation of Policy – Ending Your Relationship With Us

You should always phone us before any decision to cancel is made. In the event of cancellation, charges for our services will apply; further information is available upon request. In addition we do not refund the commission paid to us for arranging the policy. The terms of your policy may allow insurers to retain the premium in full or to charge short period premiums. Please refer to your policy wording or phone us for clarification. No refunds are given on Legal Expenses or Personal Accident cover or where a claim has or is likely to occur. We will require your cancellation request in writing and a charge will apply – see above for details.


You should advise your Insurer immediately in the event of a claim against your policy. Details of how to make a claim are set out on your Insurance Schedule and within your policy documentation. Should you have any problems, please contact us on 0161 968 2060

Law & Jurisdiction

Insurance is only available to residents of the United Kingdom, Isle of Man and the Channel Islands other than for certain overseas policies. Any disputes will be subject to English Law and the courts of England & Wales will have exclusive jurisdiction.

Personal Data

Your data is held in compliance with the EC Directive. Specifically we will use information that you give us to

  1. Pass your information to our insurance providers for the purposes of obtaining an insurance quotation/ policy
  2. Inform you of developments and special offers from TBO Services Ltd companies
  3. Pass your information to carefully selected partners to make offers to you. In the case of email/ sms communication this will only happen if you have given your consent to do so

You have the right to opt out at anytime and this can be done by contacting our Customer Services Department by phone to 0161 968 2030 or email to [email protected]
We cannot be held responsible for any incorrect data held in the event of non-disclosure. Under the Data protection Act 1998, you have the right of access to your personal records held on files. This may incur a charge of a maximum amount of £10.00 we will tell you this figure, if you ask for a copy of your information. Full details of our privacy policy can be found on our website.

Notification of changes, alterations and renewals

Amendments to policies may be arranged upon receipt of full details and on return of the certificate of insurance (if applicable). Cover is subject to acceptance by insurers and payment of any additional premium required inclusive of Insurance Premium Tax (IPT).
Renewals are invited on the basis that there have been no changes in the risk other those specifically notified to us or your insurers.

Insurer Security

We will only place cover with insurers who satisfy certain minimum criteria assessed by the rating agencies and/our own assessment, or for whom you have given us specific approval to use. Whilst the information upon which we rely is obtained from sources considered to be reliable, and we use all reasonable endeavours to review that information in order to protect your interests, predictability of solvency cannot be, and is not, guaranteed by us. The financial standing of any insurer can, of course, change after the insurance contract has incepted. We do not under any circumstances guarantee the solvency of or the ongoing ability of any insurer to meet their contractual obligations.

Transferred Business

When we are appointed to service insurance policies other than at their inception or renewal and which were originally arranged via another party, we shall not be liable during the current insurance period for any loss arising from any errors or omissions or gaps in your insurance cover or advice not supplied by us. Should you have any concerns in respect of a policy, which has been transferred to us, or if you require an immediate review of your insurance arrangements, you must notify us immediately. Otherwise we shall review your insurance arrangements and advise accordingly as each policy falls due for renewal.

Rights of Third Parties

Unless otherwise agreed between us in writing no provision of this Terms of Business is enforceable under the Contracts (Rights of Third parties) Act 1999 by any person other than you or us.

Bribery and Corruption

We have no tolerance for bribery and corruption and this policy extends throughout the company for all of its dealings and transactions in all countries in which we operate. Our anti bribery policy is updated in line with the changes in law, changes n our business and our reputation demands. All employees are required to comply with this policy.

  • promising or giving of an advantage, financial or otherwise, to another person to bring about an improper performance or to reward such improper performance.
  • requesting, agreeing to receive or accepting of an advantage, financial or otherwise to act improperly.
  • bribe a foreign public official to do or reward them for doing something improper.

Additionally, where applicable, a firm will prevent bribery being committed on its behalf by its employees and third parties.


Both parties shall pay due regard to, and co-operate in respect of the observance of, any applicable international economic, financial or trade sanctions legislation.

Our Liability to you

Unless we have otherwise agreed with you in writing, we shall treat your instructions to us to place or renew your insurance cover as acceptance of the limitation of our liability to you and to any other person with an interest in your insurance cover, as follows:

  • Except in respect of any claim:-
  • resulting from our fraudulent act; or
  • resulting from a breach by us of the FCA’s rules or Principles of Business; or
  • in relation to any liability for death or personal injury resulting from our negligence; or
  • in relation to any other liability which cannot lawfully be excluded or limited

Our liability to you (whether in control, tort (including, without limitation, negligence) or otherwise) shall be limited to £5,000,000 in respect of any and all insurance mediation activities undertaken by us on your behalf over any 12-month period.

This Agreement contains all obligations owed by us to you. Our liability shall be strictly limited to direct liability in contract. We expressly exclude any liability for indirect or consequential loss howsoever arising and any and all liability in tort save in relation to liability for our negligent acts causing personal injury or death or other liability expressly reserved by statute.

Policy Dated: 10th January 2018