37 Dickson Street,  Lambton NSW 2299 · Tel 02 4952 1777 · Email reception@hann.com.au

Financial Services Guide

AFSL 237564

At Hann Insurance Brokers Pty Limited, we intend to make you feel totally at ease with the services we offer. In doing so we are providing you with this easy-to-understand Financial Services Guide. It is designed to answer your frequently asked questions. If you’d like more information or clarification, please don’t hesitate to contact us.

The Australian Securities and Investments Commission (ASIC) requires us to provide retail clients with a Financial Services Guide, before we provide any advisory services.

Our Financial Services Guide is designed to assist you in deciding whether or not to use any of the services offered in the Guide. It contains information about remuneration paid in relation to the services offered and what to do if you have a complaint about our services.

Should you proceed to deal with us you may also be provided with other documentation including Statements of Advice, Product Disclosure Documents or other regulated documents.

A Statement of Advice comprehensively details important information about the recommendations we are making to you in relation to the provision of Financial Services.

Where we are recommending a particular financial product, you may also receive a Product Disclosure Statement.

A Product Disclosure Statement contains important information about the financial products being recommended.

Before you commit to accepting any recommendations made to you, you should have been provided with a Statement of Advice and/or a Product Disclosure Statement. There are some circumstances in which these documents do not need to be provided.

If you have not been provided with these documents, and think that they should have been provided, please contact us on (02) 4952 1777 and we shall endeavour to provide them to you.

Who are we?

Hann Insurance Brokers Pty Limited is an Australian Financial Services Licensee under the Corporations Act. We are authorised to arrange and advise on a range of general insurance products.

We are a well-known and long established general insurance broker with a reputation for professionalism and a commitment to understanding our client’s insurance needs, concerns and issues.

Hann Insurance Brokers Pty Limited commenced trading in 1975 when Bob Hann, who already had some 19 years insurance experience, including Branch and State Manager positions, opened an office with his wife Pat.  The company was incorporated in 1976, providing specialist insurance services primarily to the transport industry.

Over the years, our portfolio has expanded to embrace most commercial risks and we provide Risk Management advice with an intensive claims support.

The growth of our business has also seen an increase in our qualified staff and our team currently totals eight senior people.

We Subscribe to the NIBA Code of Conduct. The Code provides that brokers:

-           Act in the best interests of the client

-           Provide advice and guidance to enable clients to make informed decisions on risk and insurance protection

-           Provide full and accurate information for effective underwriting

-           Respect the client’s confidentiality in relation to all records and information

-           Ensure the validity and accuracy of all documentation

-           Make available all relevant documentation, policies and certificates, endorsements and premium                    calculations as may be required

-           Be professional efficient and responsive in all dealings

-           In the event of a claim, take every step necessary to ensure prompt and fair settlement

-           Work towards maintaining and enhancing the reputation of NIBA and its members

-           Act in the spirit of the code and encourage others to do likewise

A copy of the code can be found at

https://www.niba.com.au/codeofpractice/index.cfm


Frequently Asked Questions

In this section key information is provided in answer to the following questions. If you’d like more information or clarification, please don’t hesitate to contact us.
Before you get our advice

Q. Who is responsible for the advice I receive?

A. Hann Insurance Brokers Pty Limited will be responsible for the advice provided to you by our representatives.

Our representatives are all competent, experienced professionals, are salaried employees of Hann Insurance Brokers Pty Limited and do not receive any commission.  We will always work with you to obtain cover appropriate for your needs and circumstances.

Q. What financial services are available to me?

Hann Insurance Brokers Pty Limited can arrange for the issue, variation and cancellation of general insurance such as your home contents insurance or motor vehicle insurance.

Essentially, this means that you can contact us for advice on or assistance with:

- New business insurance – You should contact us to obtain insurance cover for a risk, property or asset that is not currently insured.

- Renewals – We can ensure continuity of insurance cover or arrange temporary cover.

- Endorsements or Variations – If your circumstances change, we can assist you to review the adequacy of your cover or vary your insurance.

- Claims – We can assist and advise you in the initial management of your claim and liaise with the insurer on your behalf.

The financial product advice we provide to you may either be general, which is non specific, or personal in that it will consider your personal needs and circumstances. We try to always provide personal financial product advice to our retail clients, but if we can’t we’ll draw this to your attention.

Depending on your needs and requirements, we can provide different levels of service, for example from general advice on a particular product to personal advice that considers your personal circumstances and objectives.

In order to be able to provide you with recommendations that are appropriate to your personal needs and circumstances, we’ll need you to provide us current information about your situation, your objectives and other relevant matters. We’ll also need you to fully disclose information about the risks to be insured.

In the event that you are unable or unwilling to do this, or if we don’t obtain the required information, we may not be able to help you because we will not be able to make appropriate recommendations. Even if we do advise you, it is important that you carefully review the appropriateness of our advice before acting on our recommendation. We will clearly warn you if we consider that we do not possess the information we require to provide you with advice.

It is important that you understand your obligation to provide the insurer with all the information they require to make an informed decision about the risk, asset or property you want to insure. To assist them to assess the risk and the appropriate premium, the law requires you to disclose all the information you know, or should know, that is relevant to the insurer’s decision whether to provide cover or determine the terms of cover.  For example, you should disclose your history of losses or claims.

Your failure to disclose relevant information may void your cover or prejudice any claim so it is important that you are as open and honest as possible.

This duty extends to notifying your insurer of any significant changes that occur during the period of your insurance. We consider it critically important that your insurance is adequate and accurately reflects your circumstances.

Remember that in the event of a claim, if your insurance is inadequate to cover the loss, you may be required to bear a proportion of the loss or claim.

You should also ensure that the insurer is aware of everyone who has an interest in the property or asset to be insured so that their interests are protected.

If you have any questions about your duty of disclosure you should ask us to assist.

Q. How will I pay for the services? What commission/ fee do you get, and how is it calculated?

A. We have an open, honest fee structure and are committed to ensuring that you know the cost of any recommendation we may provide to you.

For example, when we place insurance for you, we obtain from your insurer a percentage of the premium you pay.  This is generally in the range of between 0% and 27%. We may also charge a broker fee, which will vary depending upon the services rendered. The specific amount of the commission and fee will be disclosed in the Statement of Advice, where applicable or on request.

The commission rate does not represent our profit margin as it also reimburses us for our administrative and other expenses we incur in providing our services.

We may or may not receive a profit share commission from Zurich Australian Insurance Limited and/or QBE Insurance (Australia) Limited.  Such profit commission is calculated by the insurer after deducting all relevant claims for the period, including an allowance for claims yet to be reported.

We may also receive non monetary benefits from insurers such as golf days, lunches, dinners and the like.

Q: Do we have any relationships or associations with the insurers who issue the insurance policies or any other material relationships?

A. Hann Insurance Brokers Pty Limited is a shareholder of Steadfast Group Limited (Steadfast). Steadfast has exclusive arrangements with some, but not all insurers under which Steadfast will receive between 0.5% - 2% commission for each product arranged by us with those insurers. These payments are used to operate Steadfast.

Depending on the operating costs of Steadfast (including the costs of member services provided by Steadfast to us and other Steadfast shareholders) and the amount of total business we place with the participating insurers in any financial year, we may receive  a proportion of that commission at the end each financial year.

As a shareholder of Steadfast we have access to member services including model operating and compliance tools, procedures, manuals and training, legal, technical, banking and recruitment advice and assistance, group insurance arrangements, product comparison and placement support, claims support and group purchasing arrangements. These member services are either funded by Steadfast, subsidised by Steadfast or available exclusively to shareholders for a fee.

You can obtain a copy of the Steadfast Group FSG at www.steadfast.com.au.

We can also assist you to obtain finance to enable you to pay your premium(s) by instalments. We can arrange premium funding on your behalf or refer you to a premium funder. Please be aware that premium funders do charge you interest for the service. You should also understand that we may receive a benefit from the funder for arranging the finance.  The commissions we receive from premium funders range between zero and two percent and we will provide you with further information about such remuneration, on request.

 
When you get our advice

Q. Will the advice I receive be appropriate for me and my circumstances?

A. To properly consider your insurance needs and objectives, and to deliver recommendations which are designed to satisfy your requirements, we will need to obtain from you key facts as to your business and personal circumstances, such as your financial needs and requirements.

Of course, you have the right not to share this information with us. In this case, we may not be able to advise you, or, if we do, we are required to warn you of the possible consequences.

To determine the appropriateness of the advice provided to you, you should read the warnings carefully as the scope of the advice provided to you will be limited as a consequence of you exercising your right not to disclose all the information sought by us.

We will explain any significant risks associated with recommended solutions, as well as the risks associated with not acting on the recommended solutions. If we don’t, you should ask us to explain the risks to you. Our Statement of Advice and/or a Product Disclosure Statement will contain important information in this regard.

Q. What information is maintained in my file, and can I examine it?

A. We will maintain a record of your personal profile, including details of your insurance objectives and needs and any other information relating to your specific financial situation. We will also maintain records of any recommendations we make.

As professional advisers, we are committed to ensuring the privacy and security of your personal information in accordance with the principles of the Privacy Amendment (Enhancing Privacy Protection) Act 2012.

You have a general right to examine the relevant contents of your file and you should have been provided with our privacy statement, which details our approach to privacy.

Should you wish to examine your file please ask us and we will make all necessary arrangements. Further details on our information handling policy can be obtained by contacting our Privacy Officer, Rhett Hann on phone : 02  4952 1777, or put your request in writing and send it to us at: P.O. Box 227 Lambton NSW 2299 or  Fax 02 4952 1997 

 

Q. What can you do if you are not happy with the insurance policy provided?

A. Our commitment to providing you with considered advice should ensure that our recommendations are appropriate for your circumstances. However, if you are not satisfied, please note that the legislation regulating advice given in relation to retail products allows for a 14 day cooling off period.

This means that if you are not happy with the product, you have 14 days from the time you have received the policy to withdraw from the contract at no cost to you.

If this is the case, please ensure that you inform us of your decision immediately to assist us in appropriately notifying the insurer.

Q. What to do if you need to cancel your policy?

A. If you wish to cancel your policy, your request must be written and counter signed by all co-insured persons.

Q. If you cancel, what refunds do you receive?

A. In most cases you will be entitled to a full pro-rata premium refund (this may vary dependant upon the type of cover provided, noting that some insurance premiums are quoted as “Deposit &/or Minimum”). Unless agreed previously, our professional brokerage fees will not be refunded upon any cancellation but we will always fully refund commissions, except the commission (if any) on a Claims Experience Discount.

Compensation Arrangements

Hann Insurance Brokers Pty Limited has professional indemnity insurance arrangements in place to meet its obligations as the holder of an AFSL. Our insurance arrangements cover claims relating to the services and products it offers and the conduct of current and former staff (where we are responsible for the conduct of the staff member at the time of the relevant conduct.)

If you have any complaints

Q. Who can I talk to if I have a complaint about the advisory services?

A. If you are not satisfied with our services provided, you should take the following steps:

1.        Contact us and tell us about your complaint.

2.        If your complaint is not satisfactorily resolved within three days, please telephone us on 0249521777, or put your complaint in writing and send it to us at: PO Box 227 Lambton NSW 2299

 Fax 02 4952 1997       
 

We will endeavour to resolve your complaint quickly and fairly.

If you still don’t receive a satisfactory outcome, Hann Insurance Brokers Pty Limited is a member of the Financial Ombudsman Service. (FOS)

If your complaint cannot be resolved to your satisfaction by us you have the right to refer the matter to FOS. FOS can be contacted at GPO Box 3 ,Melbourne VIC 3001 on 1300 367 287 Fax 0396136399 , Email info@fos.org.au or website www.fos.org.au