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We will act on your behalf as a general insurance broker. At the start of our engagement,
we will often require you to sign a Letter of Appointment. This particularly applies where
you previously have had an alternative broker act for you.



As your insurance broker, we will provide the following services, these can be enhanced
or modified by agreement.

Pre-placement services 

  • Review and help you identify your insurance needs and assess your risks. 

  • Provide advice on risk mitigation and management strategies. 

  • Develop and prepare a proposal (an underwriting submission) to submit to potential insurers. 


Insurance placement and premium financing 

  • Seek insurance quotes (for more information on how we will seek quotes see
    “Approaching the Market”). 

  • Negotiate policy coverage and policy terms with any existing insurers and with
    alternative insurers. 

  • Bind and place the insurance coverages where you have authorised us to do so
    (except in urgent circumstances where unless you instruct otherwise, we may choose
    to bind insurance on your behalf if we consider that is in your best interests). 

  • Confirm placement and renewal of the insurances to you (and any other interested party). 

  • Calculate, invoice, and collect the premiums. 

  • Prepare policy wordings and obtain signed policies from insurers. 

  • Adjust premiums on prior year policies. 

  • Obtain and provide a quotation for premium funding. 


Post-placement services 

  • Prepare and manage claims if an insured event occurs. 

  • Advocate on your behalf during the claims process. 

  • Facilitate and arrange policy changes and/or cancellations during the policy period when required.



We will seek quotes from the general insurance market before making a recommendation. We have arrangements with a wide range of national and international insurers and underwriters, which helps us find the right insurance product for you.


In return for the services we provide, we will receive a commission usually between 5% and 20% of the premium paid (excluding relevant taxes and levies) which is paid to us by the insurer and sometimes a fee, payable by you, the amount of any fee will always be disclosed to you on our invoices.



If a cover is cancelled before the expiry of the period of insurance, we reserve the right to refund to you only the net return premium we receive from the insurer and not refund any part of the brokerage and/or broker fee we receive for arranging the cover. A broker fee may be charged to process the cancellation.



You are required to pay the insurance premiums to Woods Insurance Brokers within the time set out on our invoice.

We can arrange Premium funding which enable you to pay your premiums by installments. Premium funders do charge interest. We may also receive a commission based on a percentage of the premium from the premium funder.



When making a recommendation, we will not take into consideration your personal objectives, financial situation or needs. Before taking any action, you should consider whether the advice we have provided is appropriate to you having regard to these circumstances. Ideally, you should also obtain and read the relevant product disclosure statements before deciding.



Unless we agree otherwise, our appointment is for as long as you decide. Our appointment as your broker may be cancelled by you in writing at any time, but preferably by giving us 30 days’ notice. 

We also provide you with a Financial Services Guide (FSG). This document contains important information about our relationship with you such as: 

  • our status as a licensed financial services provider. 

  • disclosure obligations on your part and ours. 

  • potential conflicts of interest that we have in our dealings with insurers
    and other service providers. 

  • professional indemnity insurance arrangements. 

  • internal and external complaints resolution procedures. 

  • details of our privacy policy. 


We will notify you of any changes to terms of trade or services provided.

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