Terms of Business

This Terms of Business Agreement ("TOBA") sets out the terms under which Orbio ("we", "us", "our", "Orbio") provides insurance intermediary services to you ("you", "your"). By purchasing insurance through us or instructing us to act on your behalf, you agree to these terms.

1. About Orbio

Orbio is a trading name of Volt Risk Solutions Limited (Firm Reference No 826827). We are an Appointed Representative of Independent Broking Solutions Limited (FCA Firm Reference No. 312026) who are a Broker at Lloyd's and authorised and regulated by the Financial Conduct Authority.

Volt Risk Solutions Limited trading as Orbio is a company registered in England and Wales under company registration number 11628278.

Our Registered Address is: 5 Churchwell Avenue, Easthorpe, Colchester, Essex, England, CO5 9HN

To check our FCA registration visit: www.fca.org.uk/register

2. FCA Regulatory Requirements

As an insurance intermediary, FCA regulations require us to:

  • Conduct our business with integrity, skill, care, and diligence, and treat clients fairly.
  • Provide information that is clear, fair, and not misleading.
  • Act with due care and diligence and avoid conflicts of interest.
  • Meet requirements for handling client money.
  • Maintain appropriate systems and controls.
  • Keep an up-to-date list of insurers we select from and provide this on request.

3. Insurer Security

We carefully select insurers and monitor their financial stability using publicly available information and recognised rating agencies. While we take every reasonable step to assess insurer security:

  • We do not guarantee the solvency of any insurer.
  • If an insurer becomes insolvent, you may not be able to collect claims.
  • If you have particular concerns about an insurer's security, we will discuss these with you.

4. Your Responsibilities

You play an important role in making sure your insurance works as intended. Please:

  • Provide accurate and complete information when arranging, renewing, or amending insurance.
  • Notify us promptly of any material changes.
  • Check your policy documents and report any errors immediately.

Duty of Disclosure (Insurance Act 2015)

As a commercial insured, you must disclose every material fact you know, or ought to know, after reasonable search:

  • Before cover is placed
  • At renewal
  • Whenever the policy is altered during its duration

What is a material fact?

A fact is material if it could influence the insurer's decision to accept the risk or apply terms/pricing. Failure to disclose may result in:

  • Policy being void from inception
  • Different terms being applied
  • Claims being reduced or refused

5. Claims

Your insurance policy contains a claims procedure, which tells you what steps to take if you wish to make a claim.

  • Notify any claim or circumstance as soon as possible.
  • Provide full and accurate information within any required timeframe.
  • We will provide assistance with claim submission and reimbursement.

However, we do not accept liability if the insurer is insolvent or delays payment.

6. Documentation

  • You will receive confirmation of cover, policy schedule, and policy wording.
  • Electronic copies are valid unless you specifically request a hard copy.
  • Check all documents and report errors immediately.

7. Payment

Your insurance cover starts once your premium is paid in full. If you select monthly Direct Debit via our approved third-party provider:

  • The first month's premium is collected immediately.
  • Subsequent payments are collected automatically each month.
  • Cover continues while payments are successfully collected; failed payments may result in suspension or cancellation.
  • Please ensure sufficient funds are available, as Orbio does not manage Direct Debit collection directly.

8. Handling of Client Money

We do not hold client money. All premiums you pay are paid into an FCA-approved statutory trust account and are remitted directly to your insurer.

This arrangement is a regulatory safeguard designed to ensure your premiums are kept entirely separate from our own funds and protected at all times.

9. Our Remuneration

Our remuneration for the services we provide is a commission fee, calculated as a percentage of the insurance premium you pay and allowed by the insurer with whom the insurance is placed.

Fees are earned for the full policy period, and we are entitled to retain all fees relating to policies we place on your behalf.

At your request, we will disclose the amount of our commission, including any estimate of contingent commission we may receive in respect of your business.

10. Policy Renewals

  • Policies may be renewed automatically or by your confirmation.
  • We will notify you of renewal terms, premium changes, or amendments.
  • You remain responsible for ensuring your information is accurate at renewal.

11. Cancellation & Cooling-Off

Cooling-Off Period (Statutory Consumer Right)

You have the right to cancel your policy within 14 days of inception.

  • If you exercise this right, you will receive a full refund of premiums paid.

After Cooling-Off / Policy Cancellation

  • If you choose to cancel your policy after the cooling-off period, any refund will be calculated on a pro-rata basis, minus a £20 policy cancellation fee.

Important: If a claim has already been made under your policy, any refund is generally not available. Some insurers may offer a reduced refund for unused portions of the policy, but this depends entirely on your policy wording and the insurer's terms.

How to Cancel

To cancel your policy please notify us:

In writing: Volt Risk Solutions Limited, 150 Minories, London, EC3N 1LS

Email: hello@orbioinsurance.com

Cover will end on receipt of your cancellation notice, subject to insurer terms.

12. Termination of This Agreement

Either party may terminate this agreement by providing 30 days' written notice. Either party may also terminate immediately for:

  • Material breach of the agreement
  • Insolvency
  • Fraudulent or unethical conduct

Termination does not affect fees/commission already earned nor cancel existing insurance policies. Provisions such as data protection remain in effect after termination.

13. Use of Electronic Communications

We will send communications, policy documents, schedules, and notices electronically, unless you request paper copies.

14. Limitations of Liability

  • We arrange and administer insurance but are not the insurer.
  • We are not liable for insurer insolvency or losses from the insured risk.
  • Liability for claims arising from our services is limited to the fees or commission received.
  • We are not liable for indirect or consequential losses.

15. Complaints

We take all complaints seriously. In the first instance, please contact Jonathan Sprules, Director at Independent Broking Solutions Limited.

In writing: 150 Minories, London, EC3N 1LS

Email: Complaints@ibsbroking.com

We will acknowledge your complaint within 5 working days.

Lloyd's Complaints (if applicable)

One Lime Street, London, EC3M 7HA

Tel: +44 (0)20 7327 5693

Email: complaints@Lloyds.com

Financial Ombudsman Service

Exchange Tower, Harbour Exchange, London, E14 9SR

Tel: 0800 023 4567

Website: www.fos.org.uk

16. Compensation

Orbio is covered by the Financial Services Compensation Scheme (FSCS). Compensation may be available if we or your insurer cannot meet obligations.

Full details can be found at: www.fscs.org.uk

Tel: 0800 678 1100

17. Data Protection / Privacy Notice

We process your personal data in line with UK GDPR & Data Protection Act 2018:

  • Personal data collected: Name, address, email, telephone numbers
  • Purpose: Manage your insurance contract, deal with insurers, claims, regulators, fraud prevention
  • Retention: Until no further liability exists; quotations retained 15 months or until next renewal
  • Sharing: With insurers, claims handlers, regulators, or law enforcement as necessary

18. Governing Law & Jurisdiction

This TOBA will be construed in accordance with the laws of England and Wales, and all disputes, claims or proceedings between the parties relating to the validity, construction or performance of this TOBA will be subject to the exclusive jurisdiction of the courts of England and Wales.

Orbio is a trading name of Volt Risk Solutions Limited (Financial Services reference number 826827), an appointed representative of Independent Broking Solutions Limited who are a Broker at Lloyd's and authorised and regulated by the Financial Conduct Authority (Financial Services reference number 312026).

Volt Risk Solutions Limited is a company registered in England and Wales under company registration number 11628278 and whose registered address is 5 Churchwell Avenue, Easthorpe, Colchester, Essex, England, CO5 9HN.