Disclosure Statement

Advice that we provide

• PIC Insurance Brokers Limited (PIC) (FSP39341) holds a licence issued by the Financial Markets Authority to provide a financial advice service. This licence covers financial advice on fire & general and life & health insurances. PIC is not an insurer.
• I am a Fire & General Insurance qualified financial adviser giving advice on behalf of PIC. You can check that I am a registered financial adviser by searching my name on the Financial Service Providers Register.
• In providing you with financial advice, I will consider all your fire & general insurance needs, taking into account your existing policies and any additional or limited scope that we agree between us. Please see the list of the insurers we work with here.
• There are certain scope limitations we may agree to from time to time. If we agree that:
  • I will only provide quotes based on your existing policies, I will not be able to undertake a full review of your insurance needs. This may result in gaps or incomplete coverage.
  • I will provide quotes within a shortened timeframe, I will generally focus on obtaining quotes from a single or smaller set of insurers as these can usually be accessed more quickly. This may mean that better options are available but not considered.
• If you would like to also discuss your other insurance needs, such as life & health insurances, I can refer you to an appropriate financial adviser within PIC.
• We do not provide:
  • financial advice in relation to any other financial products, including on premium funding loans from Stockade Premium Funding Limited (Stockade); or
  • valuation or tax advice relating to your insurance.
• We have developed a set of preferential policy options which offer a quality level of cover at competitive prices for:
  • home, contents and vehicle insurances, jointly insured through NZI and Vero; and
  • marine insurances, insured through Berkshire Hathaway Specialty Insurance.

For these insurances, we will only obtain quotes for these policy options unless you meet certain criteria that mean that these options are not suitable for you or you ask us to provide you with options from other insurers.

Fees, commissions & conflicts of interest

• PIC generally charges a fee for placing and managing fire & general policies. You will be advised of the amount of any fee when we provide you with an invoice.
• If you take out a policy, PIC will receive commission from the insurance company. The commission will generally be up to 28.5% of the annual insurer premium for your policy. In rare circumstances, the commission may be higher, for example, where due to the nature of your insurance needs we’ve had to organise the policy through another broker. You will be advised of the commission when we provide you with an invoice.
• As a salaried financial adviser, I do not receive commission for any insurance that you take out following my advice. From time to time, I may receive non-monetary benefits (such as gifts, meals or entertainment) from insurers and other third parties in recognition of our relationships and the overall business provided to them.
• We take reasonable steps to appropriately manage situations where there may be a conflict of interest. If I become aware of any situation not disclosed where a conflict could arise, I will disclose it to you. To ensure I manage conflicts, I follow an advice process which ensures that the recommendations I make are based on your individual goals and circumstances. I also complete training about how to manage conflicts of interest and gifts.
• If you want to pay your annual premium by instalments over the course of the year, you may be offered a premium funding loan through Stockade which is a related company of PIC’s. The terms of this loan will be in a separate loan agreement with Stockade.

My duties as an adviser

In providing you with financial advice, I have to comply with certain duties under the Financial Markets Conduct Act 2013. A summary of these duties can be found at pic.co.nz/disclosure

Complaints process and dispute resolution

Our goal is to provide you with the highest levels of quality service and support at all times. However, if you do have a complaint or encounter a problem, please let us know as soon as you can. More detail about how to make a complaint and how our internal complaints and dispute resolution processes work can be found at pic.co.nz/complaints