IMPORTANT INFORMATION TO KNOW ABOUT COVER YOURS LIMITED
Licensing Information
Cover Yours Ltd Limited (FSP769531) holds a licence issued by the Financial Markets Authority to provide financial advice. The following advisers are authorised under that licence to provide financial advice.
MARC HAMILTON (FSP306046)
KITTY FITTON (FSP1006840)
Cover Your Limited’s registration and licence can be found on the Financial Service Providers Register here https://fsp-register.companiesoffice.govt.nz just search using our Financial Service Provider (FSP) number FSP769531.
Licensed Financial Advice Providers, including Cover Yours Limited have standard conditions to their licence and we have no specific conditions, limitations or restrictions on the advice that may be given.
Nature And Scope Of Our Financial Advice
Cover Yours Limited provides advice about life & health insurance and fire & general insurance. Our financial advisers provide financial advice in relation to these financial advice products.
We only provide financial advice about product from certain providers:
Life insurance:
AIA
Asteron Life
Chubb Life
Fidelity Life
Partners Life
nib
Resolution Life
Health insurance:
AIA
Accuro/UniMed
nib
Partners Life
Southern Cross
nib/Orbit
Fire & general insurance:
AON – Stylecover
Fees or Expenses
Cover Yours Limited may charge a fee, expenses or other amount for the financial advice provided to clients. Any fees are agreed in advance with the client. Most Fees are offset by commissions received upon placing an agreed policy. A fee may be applied in the event of a cancelation of a life or health insurance policy within two years of inception.
Any fee that will be charged and the circumstances in which it will be charged will be advised at the beginning of the advice process in writing.
Conflicts of Interest
Cover Yours Limited and our financial advisers receive commissions from the providers on whose products we give financial advice. If you decide to take out insurance, the provider will pay a commission to Cover Yours Limited and to your financial adviser. The amount of commission is based on the amount of the insurance premium.
Product providers may offer gifts, such as merchandise, training, support, conference attendance and travel. These are not taken as incentives or in return for meeting sales targets.
With any financial advice provided Cover Yours Limited’s advisers prioritise your interests above their own. We have a comprehensive framework of policies and procedures to follow and an advice process that ensures any recommendations made are on the basis of your goals and circumstances. Our financial advisers undergo an annual compliance review and receive training on Cover Yours policies and procedures including managing conflicts of interest. We maintain and monitor registers of conflicts of interests, and the gifts and incentives we receive.
Complaints and Dispute Resolution
If you are not satisfied with the service you have received from Cover Yours Limited please contact us. We have an internal complaints process and undertake to investigate your concerns promptly and fairly.
Please contact your adviser directly in the first instance and you may contact us to make a complaint by telephone or in writing and preferably by email at support@coveryours.co.nz.
We will attempt to address your complaint with your adviser in the first instance. We will let you know when we have received your complaint and aim to respond to your complaint within 10 business days.
If you feel your complaint has not been resolved to your satisfaction, then you should contact the independent dispute resolution provider, Financial Services Complaints Ltd (FSCL) (https://www.fscl.org.nz/).
This service will cost you nothing and you can contact them at
Financial Services Complaints Ltd (FSCL)
Level 4, 101 Lambton Quay
Wellington 6011
0800 347 257
You also have the right to address your complaint to the Financial Markets Authority (FMA). Details of the FMA complaints process are available on the FMA website at https://www.fma.govt.nz. The FMA can also be contacted at: Level 2, 1 Grey Street, PO Box 1179, Wellington 6140 or by phone 04 472 9830.
Our Duties To You
Cover Yours Limited, and anyone who gives financial advice on our behalf, has duties under the Financial Markets Conduct Act 2013 relating to the way that we give advice.
We are required to:
- Give priority to your interests by taking all reasonable steps to make sure our advice isn’t materially influenced by our own interests.
- Exercise care, diligence, and skill in providing you with advice.
- Meet standards of competence, knowledge and skill set by the Code of Professional Conduct for Financial Advice Services (these are designed to make sure that we have the expertise needed to provide you with advice) and;
- Meet standards of ethical behaviour, conduct and client care set by the Code of Professional Conduct for Financial Advice Services (these are designed to make sure we treat you as we ought to and give you suitable advice).
This is only a summary of the duties that we have. More information is available by visiting the Financial Markets Authority website at https://www.fma.govt.nz.
Contact Us
Cover Yours Limited (FSP769531) is the Financial Advice Provider.
You can contact us by phone or email at:
0800 COVER YOURS (0800 268 379) or support@coveryours.co.nz
Mailing Address:
PO Box 1667
Paraparaumu Beach
Kapiti 5032
| INFORMATION ABOUT YOUR ADVISER – MARC HAMILTON |
This information forms part of our Disclosure to you and is provided along with our Engagement Agreement.
| Marc Hamilton – Financial Adviser FSP 306046 |
Marc Hamilton is a Financial Adviser and is giving advice on behalf of Cover Yours who are the Financial Advice Provider Licence holder FSP 769531
Marc Hamilton does not have a previous history of bankruptcy, insolvency, criminal convictions or disciplinary action nor is under any current investigation or disciplinary action.
| Commission Remuneration |
Our Engagement Agreement explains that if we put insurance in place through the advice I provide to you that Cover Yours Limited will be paid commission by the insurance provider/s that we agree with you to use.
The insurers pay upfront Initial Commission based on the amount of the Annual Premium you pay (API). For example, if you paid a monthly premium of $100 the API would be $1,200 being 12 x $100. This is paid when the policy gets issued.
The Ongoing Commission is also based on the API you pay each year and is paid monthly for as long as your policy stays in force. Ongoing commission is paid to help meet the costs of ongoing service provided to you in regard to your insurance e.g. helping with claims and making sure your insurance is still suitable for your needs.
The Initial Commission rate range will normally be determined for two factors:
- The total amount of the insurance sold for an insurer over an ongoing 12 month period
- The percentage of the insurance that stays in force and/or the rating of the quality of the service
If insurance is cancelled for any reason within the first 12 month the full commission is paid back to the insurer. Between 12 and 24 months 50% of the commission paid is taken back by the insurer.
The table below outline the commission rates that may apply.
| Insurer | Products | Commission Rate Range-Initial | Commission Rate – Ongoing |
| AIA | Life Cover, Permanent Disability, Trauma. Level Life, Permanent Disability, Trauma Income Protection, options Level Income Protection, option Medical Insurance | 220% of API 180% of API 200% of API 160% of API 130% of API | 7.5% of API 3% of API 7.5% of API 3% of API 7.5% of API |
| AMP | Personal and Business Cover Level Personal and Business Cover | 200% of API 20% of API | 6% of API 20% of API |
| Chubb | Personal and Business Cover | 220% of API | 7.5% of API |
| Fidelity | Personal and Business Cover | 230% of API | 7.5% of API |
| Partners Life | Personal and Business Cover Medical Cover | 200% of API 100% of API | 7.5% of API 5% of API |
| Asteron | Personal and Business Cover | 200% of API | 5% of API yr 1- 4 10% of API yr 4+ |
| Accuro/Unimed | smartcare/smartcare + Specialist/specialists + Optional Benefits Parent Boost Visa | 30% of API 30% of API 15% of API 20% of API | 15% of API 15% of API 8% ofAPI 20% of API |
| nib/Orbit | International Student policy, Experience NZ policy, Working Holiday policy Parent Boost Visa | 17% of API 17% of API 17% of API 12% of API | 17% of API 17% of API 17% of API 12% of API |
| NIB | Medical Insurance Personal and Business Cover | 35% of API 140% of API | 25% of API 25% of API |
| Southern Cross | Medical Insurance | 25% of API | $150.15 member |
| Stylecover (AON) | Fire and General Insurance | N/A | 15% of premium |
| Conflict of Interests |
Replacement Business
If a change in insurance company occurs, then a new business commission may be paid. We will only switch clients to a different insurance company if it is in the client’s best interest and after we have fully explained the potential benefits and downsides to switching.
Gifts from Suppliers
Occasionally we will receive gifts from suppliers at Christmas and other times of the year. We are also given the opportunity to attend product launches, networking days, etc. these are attended based on their educational merit. We will not accept these if they are an incentive to sell more of that insurer’s product.
INFORMATION ABOUT YOUR ADVISER – KITTY FITTON |
This information forms part of our Disclosure to you and is provided along with our Engagement Agreement.
Kitty Fitton – Financial Adviser FSP 1006840 |
Kitty Fitton is a Financial Adviser and is giving advice on behalf of Cover Yours Limited who are the Financial Advice Provider Licence holder FSP 769531.
Kitty Fitton does not have a previous history of bankruptcy, insolvency, criminal convictions or disciplinary action nor is under any current investigation or disciplinary action.
Commission Remuneration |
Our Engagement Agreement explains that if we put insurance in place through the advice I provide to you that Cover Yours Limited will be paid commission by the insurance provider/s that we agree with you to use.
The insurers pay upfront Initial Commission based on the amount of the Annual Premium you pay (API). For example, if you paid a monthly premium of $100 the API would be $1,200 being 12 x $100. This is paid when the policy gets issued.
The Ongoing Commission is also based on the API you pay each year and is paid for as long as your policy stays in force. Ongoing commission is paid to help meet the costs of ongoing service provided to you regarding your insurance e.g. helping with claims and making sure your insurance is still suitable for your needs.
The Initial Commission rate range will normally be determined for two factors:
- The total amount of the insurance sold for an insurer over an ongoing 12 month period
- The percentage of the insurance that stays in force and/or the rating of the quality of the service
If insurance is cancelled for any reason within the first 12 month the full commission is paid back to the insurer. Between 12 and 24 months 50% of the commission paid is taken back by the insurer.
The table below outline the commission rates that may apply.
Insurer | Products | Commission Rate Range-Initial | Commission Rate – Ongoing |
AIA | Life Cover, Permanent Disability, Trauma. Level Life, Permanent Disability, Trauma Income Protection, options Level Income Protection, option Medical Insurance | 220% of API 180% of API 200% of API 160% of API 130% of API | 7.5% of API 3% of API 7.5% of API 3% of API 7.5% of API |
Asteron | Personal and Business Cover | 200% of API | 5% of API yr 1- 4 10% of API yr 4+ |
Chubb | Personal and Business Cover | 220% of API | 7.5 of API |
Fidelity | Personal and Business Cover | 230% | 7.5% of API |
Partners Life | Personal and Business Cover | 200% of API | 7.5% of API |
Accuro | smartcare/smartcare + Specialist/specialists + Optional Benefits | 30% of API 30% of API 15% of API | 15% of API 15% of API 8% of API |
AMP | Personal and Business Cover Level Personal and Business Cover | 200% of API 20% of API | 6% of API 20% of API |
Partners Life | Medical Insurance | 100% of API | 5% of API |
NIB | Medical Insurance Personal and Business Cover | 35% of API 140% of API | 25% of API 25% of API |
Southern Cross | Medical Insurance | 25% of API | $150.15 member |
Conflict of Interest |
Replacement Business
If a change in insurance company occurs, then a new business commission may be paid. We will only switch clients to a different insurance company if it is in the client’s best interest and after we have fully explained the potential benefits and downsides to switching.
Gifts from Suppliers
Occasionally we will receive gifts from suppliers at Christmas and other times of the year. We are also given the opportunity to attend product launches, networking days, etc. these are attended based on their educational merit. We will not accept these if they are an incentive to sell more of that insurer’s product.
