Here are some of the Questions that you may ask.
Frequently Asked Questions
1. Why choose Transwest Insurance Brokers?
Trans-West Insurance Brokers has been in business for over 40 years. We understand the general insurance market and the exposures business owners face on a day to day basis. With our experience and long standing relationships with the best Insurance policies in Australia we help you get the best solution for you. We take the time to understand your business and find the best solution for you.
2. From when does this FSG apply?
FSG Version 2022 12 23 remains valid unless a further FSG is issued to replace it. We may give you a supplementary FSG or other documents relating to our services or any products, they will not replace this FSG however you should read them carefully.
3. How can I instruct you?
We are able to receive your instructions by post, phone or email on the contact number or details provided on the site.
4. Who is responsible for the financial services provided?
Trans-West Insurance Brokers (NSW) Pty Ltd holds a current Australian Financial Services Licensee No: 230142 and is authorised to advise in general insurance products to wholesale and/or retail clients.
5. What kinds of financial services are you authorised to provide to me and what kinds of financial product/s do those services relate to?
Trans-West Insurance Brokers (NSW) Pty Ltd is authorised to issue, advise and deal in General Insurance Products on behalf of our clients. We will do this for you as your broker unless we tell you otherwise.
6. Will I receive tailored advice?
Trans-West Insurance Brokers (NSW) Pty Ltd is authorised to provide you with general advice only and not with tailored advice. General Advice does not take into account your personal needs and financial circumstances at the time, therefore you will need to consider whether this advice suits your requirements prior to acting upon it.
7. What information do you maintain in my file and can I examine my file?
Trans-West Insurance Brokers (NSW) Pty Ltd have and adhere to a privacy policy, which will ensure the privacy and security of your personal information. A copy of our privacy policy is available on request. A copy is also available on our website, www.transwest.com.au If you wish to look at your file please ask us. We will make arrangements for you to do so.
8. How will I pay for the services provided?
For each insurance product the insurer will charge a premium that includes any relevant taxes, charges and levies. We often receive a payment based on a percentage of this premium (excluding relevant taxes, charges and levies) called commission, which is paid to us by the insurers. However, in some cases we will also charge you a fee. These will all be shown on the invoice that we send you. You can choose to pay by any of the payment methods set out in the invoice. You are required to pay us within the time set out on the invoice.
If there is a refund or reduction of your premium as a result of a cancellation or alteration to a policy, or based on a term of your policy (such as a premium adjustment provision), we will retain any fee we have charged you. We will also retain commission depending on our arrangements with the insurer, or charge you a cancellation fee equal to the reduction in our commission.
When you pay us your premium it will be banked into our trust account. We retain the commission from the premium you pay us and remit the balance to the insurer in accordance with our arrangements with the insurer. We will earn interest on the premium while it is in our trust account, or we may invest the premium and earn a return. We will retain any interest or return on investment earned on the premium.
9. How are any commissions, fees or other benefits calculated for providing the financial services?
For placing your insurance we usually receive a commission paid by the insurer, as a percentage of the premium you pay. This is the standard way insurance brokers are remunerated and, depending on the type of insurance, our rates of commission typically range from 0% to 30%, before any government fees or charges. We may also charge a broker service fee, which varies according to the level of
services rendered.
Our commission will be calculated based on the following formula:
X = Y% x P
In this formula:
X = our commission
Y% = the percentage commission paid to us by the insurer. Our commission varies between 0% and 30% dependent upon the class of insurance and the insurance company.
P = the amount you pay for any insurance policy (less any government fees or charges included in that amount).
Our employees that will assist you with your insurance needs will be paid a market salary.
10. Do you have any relationships or associations with the insurers who issue the insurance policies or any other material relationships?
Trans-West Insurance Brokers (NSW) Pty Ltd is a Steadfast Group Limited (Steadfast) Network Broker and brokerage company and/or principals/directors hold shares in Steadfast. As a Steadfast Network Broker we have access to services including model operating and compliance tools, procedures, manuals and training, legal, technical, HR, contractual liability advice and assistance, group insurance arrangements, product comparison and placement support, claims support, group purchasing arrangements and broker support services. These services are either funded by Steadfast, subsidised by Steadfast or available exclusively to Steadfast Network Brokers for a fee. Steadfast has arrangements with some insurers and premium funders (Partners) under which the Partners may pay Steadfast commission of between 0.5 – 1.5% for each product arranged by us with those Partners, or alternatively a fee to access strategic and technological support and the Steadfast Broker Network. Steadfast is also a shareholder of some Partners. We may receive a proportion of any commission paid to Steadfast by its Partners at the end of each financial year (or other agreed period). You can obtain a copy of Steadfast’s FSG at www.steadfast.com.au If we arrange premium funding for you, we may be paid a commission by the premium funder. We may also charge you a fee (or both). The commission that we are paid by the premium funder is usually calculated as a percentage of your insurance premium (including government fees or charges). If you instruct us to arrange or issue a product, this is when we become entitled to the commission.
Our commission rates for premium funding are in the range of 0% to 4% of funded premium. When we arrange premium funding for you, you can ask us what commission rates we are paid for that funding arrangement compared to the other arrangements that were available to you.
11. What should I do if I have a complaint?
For our latest complaints procedure, please click here.
12. What arrangements do you have in place to compensate clients for losses?
Trans-West Insurance Brokers (NSW) Pty Ltd has a professional indemnity insurance policy (PI policy) in place. The PI policy covers us and our employees for claims made against us and our employees by clients as a result of the conduct of us or our employees in the provision of financial services.
