We try very hard to identify exactly what you have paid for. Typically the amount debited from your card will be made of the following and we detail this on the Confirmation of Cover policy document:
No. We are an underwriting agency and the actual contract of insurance is between you and the insurance company detailed on your certificate of insurance.
We do not suffer any financial loss when you have a claim. This is the insurance company's responsibility. MORIS.co.uk only administer your policy to ensure that at any one time the details of your policy reflects the information you have provided to us. The insurance company receive the majority of The Premium we only receive a percentage by way of "commission".
The Admin Fee is our own additional charge to your policy. This is a flat charge that everyone pays so we can ensure we have enough to cover our costs servicing your needs such as policy queries by phone or email, handling your claims, and amendments to your policy.
This is simply to cover the costs of our time. It is a small fee, but when we follow your instructions to make amendments it takes our time doing so. Our Fees are very modest and unfortunately as much as we would love to do everything for free we also have our costs to cover when you instruct us to make a change. These changes take our time and this is what you are paying for.
• Changes to your policy: £19.95
• Cancellation Fee: £15.00
With Track Day policies there is a separate level of fees for changes to Dates / Circuits. These changes can be made online at a lesser cost. For example:
• Date Change: £5.95 if completed online on the My Dates page, otherwise if we have to do this for you it is £19.95
• Circuit Change: £9.95 if completed online at the My Dates page, otherwise if we have to do this for you it is £19.95
It may be that the sum insured has reduced on your policy and you are perfectly entitled to a return of part of The Premium from the insurance company. However, as the middleman in all this we have to put aside our time and the costs of staffing to ensure your policy has been updated with your instructions. We don't believe we can reasonably be expected to do this for free. Sometimes it happens that the proportion of any return premium is less than the Admin Fee, so you still end up having to pay something – but you are paying for us to update the details of your policy. Again, the two costs are completely separate. The same logic may apply in the event of a cancellation.
The Admin Fee we charge is NOT part of The Premium. They are two completely different costs to you. When making an amendment to your policy we have to cover our costs as the middleman ensuring the contract details between you and the insurance company are correct. Our fees are very modest compared with many organisations so we hope our approach may be appreciated.