Law and regulations on selling insurance?

[Replacemyscreen]

We are a UK business that specialize in LCD screen replacement for a range of products (Laptops, Smartphones, iPods, ect). As a added service we'd like to offer our customers an insurance policy.

1. A customer droppers their iPhone 4 and cracks their screen.
2. We repair their screen and post it back to them
3. We email the customer about an insurance offer (either monthly or one off payment)
4. If the customer drops their iPhone 4 again there will be no cost for the repair.

So what would we need to do to be legally be able to offer this service? We don't want to offer a policy for lost or stolen items only for accidental damage.

Am not sure what other information to include so please feel free to ask any questions

Thanks in advance.

 

[Cromulent]

Insurance is a VERY regulated area.

The regulator for the insurance sector is the Financial Services Authority so you should check out their website. I also recommend you get a lawyer because you will break the law in one way or another if you fail to do so.

 

[terryashraf]

Trading terms and conditions will inevitably in your line of work be of significance.

I originally trained as a barrister and have cross qualified as a commercial solicitor too. Much of my current work does involve disputes and how to prevent them in the context of t&c's. You can send me a private message if you wish to discuss without obligation of course.

One aspect that strikes me immediately is in what circumstances your policy will not replace screens / provide cover / void cover (which is why I say t&c's are important).

T. Ashraf
commercial solicitor

 

[Billmccallum]

see http://www.abi.org.uk/ code of practice