TO ALL PROSPECTIVE PURCHASERS
First Time buyers to the company, must make themselves known in the Main Office, prior to the commencement of the Sale, with this form completed
It would be of assistance to the Market Staff, if previous buyers could also complete this form to be given to the Clerk or Auctioneer at the time of purchase
Luckpenny - Policy Summary
This policy summary does not contain the full terms and conditions of the insurance policy, which can be found in the policy document. A copy of the policy document is available on request.
The insurance policy is underwritten by The National Farmers Union Mutual Limited (NFU Mutual).
If you are the Policyholder you must, under Financial Conduct Authority Regulations, provide a copy of the Policy Summary to all purchasers of your animals who have been provided with Luckpenny insurance. We may need to disclose the Sale Schedule details to the purchasers. Copies of the Policy Summary can be obtained from your Local Agent.
Questions and answers about the policy
What are the key features of the policy?
Key Features Limit
Pay market value of an animal for death or slaughter on humane grounds during the period of insurance following an accident or illness, including the pregnancy and parturition risk for females.
Cover applies for 3 months from 'fall of hammer' on the date of the sale, shown in the policy schedule, at which the animal was purchased. Death or slaughter on humane grounds must occur within this period.
Sum insured (This is the price paid for the animal)
What are the key exclusions or limitations of the policy?
Key exclusions or limitations
The maximum amount payable for any one animal insured under a Luckpenny policy is £150,000.
Claims involving any injury sustained or illness or disease first appearing before the start of cover will be excluded.
Slaughter for economic reasons or because the animal is incapable of performing the function for which it is kept is excluded.
Slaughter under statute or the rules of an eradication scheme is excluded.
Theft, straying and mysterious disappearance are not covered.
Claim payments will be reduced by the value of semen or ova in store for AI or ET.
The relevant Breed Society will be notified if a claim payment is made.
Geographical Limits
Please refer to the policy. If you would like a copy policy document please contact your local NFU Mutual office (or the office that issued the policy, if you know it).
United Kingdom, the Channel Islands, the Isle of Man and the Republic of Ireland. No cover can be offered for purchase(s) outside of the geographical limits.
Can I change my mind?
This insurance has been arranged for the benefit of the purchasers of animals sold by or on behalf of the policyholder. In agreeing to do this the policyholder has accepted the policy including its terms and conditions, and may not cancel.
How can I contact NFU Mutual to make a claim?
To report an incident that may give rise to a claim on your policy, please contact your insurance advisor.
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Complaints
We strive to provide our customers with the highest level of service and would like to know if you are not satisfied with any aspect of this. If you are unhappy with the service you receive, please tell us straight away as we would like the chance to put things right. You can do this by calling your local agent, or the call centre which issued this policy, or in writing. You can also use our website www.nfumutual.co.uk/complaints to find out more information or to make a complaint.
If you remain unhappy with the outcome you may be able to refer your complaint to the Financial Ombudsman Service. For more information visit www.financialombudsman.org.uk or call 0800 023 4567 or 0300 123 9123 Please always quote your policy number as it will enable your complaint to be dealt with promptly.
Am I entitled to compensation?
We are covered by the Financial Services Compensation Scheme (FSCS), which means that you may be entitled to compensation from the Scheme if we cannot meet our obligations. This depends on the type of policy you have and the circumstances of the claim. You can find out more at www.fscs.org.uk or by calling 0800 678 1100.
Information in addition to your Policy Summary
The Law
You and NFU Mutual are entitled to choose the law applicable to the insurance policy. NFU Mutual proposes to choose English Law as the law applicable to the insurance policy. The contract and the relationship between NFU Mutual and you shall be governed by, and interpreted in accordance with, English Law. The contract shall be subject to the non-exclusive jurisdiction of the English Courts.
Statutory Status
You can check our statutory status on the Financial Services Register. You can access the Financial Services Register from the Financial Conduct Authority (FCA) website www.fca.org.uk or by calling the FCA on 0800 111 6768. Our Financial Services Register number is 117664.
Language
The contract and other documents are drawn up in the English language. We will communicate with you in English throughout the duration of the policy.
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Claims Handling Process
If anything happens that may give rise to a claim,
1. if you are the policyholder, you must tell us as soon as possible, giving your name and policy number.
If a claim is being made against you:
• do not respond to any writ, letter, claim or other documentation
• send any writ, letter, claim or other documentation to us without delay
• do not admit, repudiate or negotiate any claim.
2. if you are the purchaser of an animal insured you must immediately:
i) obtain veterinary assistance
ii) inform NFU Mutual, by contacting your local NFU Mutual office (or the office that issued the policy, if you know it), quoting a) the date and place of purchase
b) the vendors name (and policy number, if you know it)
c) the lot number.
We will not pay a claim unless either the policyholder or purchaser,
1. Tells NFUM or the police immediately (or in any event within seven days) if the loss is caused by a criminal act, riot, or malicious persons.
2. Supplies, at the policyholder’s own expense, details of the claim in writing. This includes any supporting information or evidence that we require.
3. Does not admit, deny, negotiate, or settle any claim without our prior consent.
4. Informs NFUM at least 24 hours before disposing of any carcase (other than disposal following death by anthrax or slaughter under any official scheme rules relating to the eradication of a specific disease).
Duplicate Policy
If you require a duplicate policy or schedule, please contact your local NFU Mutual office (or the office that issued the policy, if you know it).
NFU Mutual is The National Farmers Union Mutual Limited (No. 111982). Registered in England. Registered Office: Tiddington Road, Stratford upon Avon, Warwickshire, CV37 7BJ. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. A member of the Association of British Insurers. For security and training purposes, telephone calls may be recorded and monitored. www.nfumutual.co.uk
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