Disclosure Statement - New Zealand Based Vessels

Please take the time to read this Disclosure Statement as it’s an important document. Once you have done that, please click on the “Read and Accepted” button at the bottom of this page to begin your quote.

Licence status and conditions

Baileys Insurance Ltd holds a financial advice provider licence, issued by the Financial Markets Authority (FMA) to provide financial advice.  

Our Financial Markets Authority Reference Number is:  CAS-57556-C9W6R5 / NTF200332125.  This is currently a transitional licence, with full licences being issued by the FMA prior to March 2023.

Nature and scope of financial advice service

This website is an on line facility to purchase pleasure craft insurance for your recreational vessel.  This does not provide quotations or advice on any other insurance product.  The insurance policy here is underwritten by the marine division of Vero Insurance NZ Ltd.  This facility does not provide any comparisons or quotations on any pleasure craft policies from other Insurers.  The policy available here has been arranged based on our extensive experience in the marine insurance market.  Key features and benefits unique to Baileys Insurance are highlighted in the full quotation provided.  Once the policy is purchased, we provide expert assistance with any claims you may need to make.  We will also offer renewal of the policy to you each subsequent year.

Fees, expenses or other amounts payable

We charge a policy fee to help cover administration costs.  The fee for trailer craft is NIL.  The fee for moored vessels is:

Up to $100,000 sum insured: $50.

Over $100,000 sum insured:  $75.

Any fee charged will be clearly shown on your invoice and is part of the total amount due.

Premium funding 

Premium funding products enable you to pay the insurance premium over the term of your policy by instalments rather than as one amount. Premium funders charge interest and they take a power of attorney over your insurance policy, which means they have the ability to cancel your insurance policy if you fail to pay an instalment.  We own Baileys Premium Funding Ltd, a premium funding company.  Under certain circumstances this company may allow you to fund your premium allowing you to spread the payments over the term of your policy.  Additional charges apply, which will be clearly advised to you if we agree to you using this facility.

Commissions and incentives

Our remuneration is paid by Vero Insurance Ltd, by way of commission. The commission rate is 20% of the Company Premium shown on your invoice. We are also a member of Steadfast NZ Limited (Steadfast). Steadfast supplies technology platforms, management, marketing, professional, technical, and buying benefits and services to support us in providing our financial advice. Steadfast has arrangements with insurance companies under which Steadfast receives a professional services fee of up to 1.5% of the premium paid for each policy arranged by us with those insurers. These payments are used to operate Steadfast. We will receive a proportion of the professional services fee paid to Steadfast, being 35% of that fee. This will be paid to us by Steadfast at the end of each financial year.

We receive no other incentives or inducements.

Complaints 

If you are unhappy with this financial advice service, please contact us immediately so we can put things right.

If you wish to make a complaint, you can contact us as follows: 

How your Complaint will be handled 

We will attempt to resolve any issue of dissatisfaction with you immediately.  We will send you an acknowledgement of your complaint within five working days of your complaint being notified to us.  This letter or email will provide you with our timeline to respond to you and the name of the person who will be managing our response.  We will investigate the circumstances and contact you to try to resolve the complaint to your satisfaction.  It is important that you provide us with all relevant information.   

We will provide you with a written update within 20 working days of receiving your complaint.  If we are unable to provide a full response to you at that point, our letter will explain why we are not yet in a position to do so, and tell you when we will next contact you.  40 working days (maximum) after the receipt of your complaint we will issue a final resolution.  If we need to continue our review past this point, we will explain to you the reason for the delay and the required timeframe to provide a full response. At this point, if you feel that the delay is unsatisfactory, you can redirect your complaint to our external dispute resolution service provider detailed below. 

If we are unable to resolve your complaint 

We expect that our response to you will have addressed the concerns you have raised. If you feel that your concerns have not been appropriately considered, we invite you to submit any further information for consideration.  If we are unable to resolve your complaint despite our best efforts, you can contact our external dispute resolution scheme, who provides a free and independent dispute resolution service.  The contact details for our external dispute resolution service provider are: 

Financial Services Complaints Limited
0800347257

www.fscl.org.nz

Contact details  

Baileys Insurance Limited (FSP721031) is the Financial Advice Provider.  We can be contacted as follows: 

Postal: P O Box 101 101 North Shore, Auckland 0745

Telephone: 09 4448860 or freephone 0800898585

Email:


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