Terms and Conditions

Terms and Conditions

 

These Terms and Conditions apply to services provided by Exance Services Ltd, including those provided under its trading styles Checkmate and Compariqo (“we”, “us”, or “our”), to commercial clients such as builders, developers, and construction professionals.

 

This document is structured in three parts:

 

  1.  General Terms and Conditions (applying to all services and clients)

     

  2.  Overview of Products and Services Provided

     

  3.  Product-Specific Terms and Conditions

     

 

Part 1: General Terms and Conditions

 

 

1.1 Definitions

 

1.1.1 Client refers to any party entering into a service or supply agreement with Exance Services Ltd.

 

1.1.2 Project refers to the construction or development for which our services are procured.

 

1.1.3 Fees include any charges payable for services rendered by Exance Services Ltd.

 

1.1.4 Premium refers to the amount payable to an insurer for an insurance product (distinct from fees).

 

 

1.2 Engagement

 

1.2.1 Our engagement is confirmed upon acceptance of a formal quotation, written confirmation, or commencement of services.

 

1.2.2 We reserve the right to decline service where there is unacceptable risk, non-compliance, or a breach of previous agreements.

 

 

1.3 Payment Terms

 

1.3.1 Payment terms are specified in our invoices or fee agreements.

 

1.3.2 Once services commence, all fees are non-refundable regardless of outcome or policy issuance.

 

1.3.3 Where premiums are involved (e.g., for insurance products), partial refunds may be possible, depending on the stage of development and subject to insurer terms. Premium refunds are not guaranteed and are separate from Exance’s retained fees.

 
 

 

1.4 Confidentiality

 

1.4.1 All commercially sensitive information shared with us will be treated as confidential, except where disclosure is legally required.

 

 

1.5 Complaints

 

1.5.1 Insurance-related complaints may fall under the jurisdiction of the Financial Ombudsman Service (FOS) depending on the product.

 

1.5.2 Non-insurance products such as PCCs and Surety Bonds are not FOS-eligible and follow our internal complaints process.

 

 

1.6 Use of Non-UK (Non-Admitted) Insurers

 

1.6.1 Due to the characteristics of certain developments such as complexity, value, or non-standard design, some risks may fall outside the appetite of UK-based, FCA-regulated insurers. In these cases, we may facilitate introductions to insurers domiciled outside the United Kingdom (“non-admitted insurers”).

 
 

1.6.2 These insurers are not regulated by the UK Financial Conduct Authority (FCA) and their products are not protected by the Financial Services Compensation Scheme (FSCS). However, they are typically authorised and regulated in their own jurisdiction, and should not be considered unregulated entities.

 
 

1.6.3 Where such an insurer is proposed, it is the responsibility of the client to review the insurer’s suitability and to determine whether they are satisfied with the proposed arrangement. We do not provide regulatory or financial advice and make no representations as to the standing or oversight of the insurer.

 
 

 

1.7 Non-Regulated Products

 

1.7.1 Some of our services (e.g., Surety Bonds and PCCs) are not regulated by the FCA and do not fall under the FSCS or FOS. Clients should review the terms carefully before proceeding.

 
 

 

1.8 Premium Handling and Risk Transfer

 

1.8.1 Exance Services Ltd does not have permission to hold client money.

 

1.8.2 Where we are involved in the facilitation of insurance products and premium is payable, we operate under formal risk transfer arrangements with the insurers we work with. This means that any premium paid to us is treated as having been paid to the insurer, and we act as the insurer’s agent for the purposes of receiving that payment. Accordingly:

 
 
 

1.8.2.1 Clients do not benefit from statutory trust or segregation of funds rules that apply to client money accounts.

 

1.8.2.2 Once paid to us, the premium is considered the insurer’s money, and our responsibility is to forward it in accordance with our agreement with the insurer.

 

1.8.2.3 Clients should ensure that they have made payment via a traceable method and retain evidence of transfer.

 

1.8.2.4 These arrangements are in place to ensure compliance with regulatory requirements while facilitating the prompt and efficient administration of cover.

 

 

Part 2: Overview of Products and Services

 

We provide the following services to builders, self-builders, developers, and construction professionals:

 

  1. 10- or 12-Year Latent Defects Insurance (Structural Warranty)

     

  2. Insurance Backed Guarantees (IBGs)

     

  3. Surety Bonds

     

  4. Building Control Quote Facilitation

     

  5. Professional Consultant’s Certificates (PCCs)

     

 

Part 3: Product-Specific Terms and Conditions

 

 

Section 1: 10- or 12-Year Latent Defects Insurance

 

 

1.1 Overview

 

Structural warranty for new or converted properties for 10 or 12 years from completion.

 

 

1.2 Client Obligations

 

Clients must:

 

  • Join the Exance scheme and accept our Membership Terms and Conditions

     

  • Agree to and comply with our Consumer Code

     

  • Submit:

     

    • Full set of construction drawings and specifications

       

    • Site address and number of units

       

    • Description of build (new, conversion, or mixed)

       

    • Type (residential, social housing, commercial)

       

    • Stage of works (pre-build, part-complete, completed)

       

    • Sum insured (reinstatement value)

       

    • Developer/builder experience (minimum 10 years)

       

    • Disclosure of high-risk features (e.g., basements, flat roofs)

       

  • At completion, submit:

     

    • Building Control Completion Certificate

       

    • Electrical and gas safety certificates (where applicable)

       

    • Guarantees for elements like glazing, flat roofs, basements

       

  • Disclose all material facts, including any past or ongoing claims, disputes, or known issues that may influence the insurer’s decision to accept or rate the risk.

     

  • Failure to disclose a material fact may result in withdrawal of terms or voiding of cover, even retrospectively.

     

 

1.3 Conditions of Cover and Issuance of Certificate

 

  • Technical audit reports must be completed and passed.

     

  • On project completion, we reassess the developer’s financial standing.

     

  • If financial condition deteriorated, additional conditions may be imposed:

     

    • Cross-company or personal guarantees

       

    • Collateral

       

  • If conditions not met, cover may be declined by the insurer.

     

  • Final approval rests solely with the insurer.

     

  • As part of our service under this product and in line with our Consumer Code, we carry out a number of technical audits and site inspections, including a final inspection before completion. These surveys help ensure the development meets acceptable standards. If, during the build or at final inspection, issues arise that require further investigation, we may need to arrange additional surveys. Where these are necessary due to site conditions, defects, or construction issues, the cost of any additional visits will be chargeable to the client. We will always confirm this in advance.

     
     
     
     

 

1.4 Fees and Premium

 

Fees payable to Exance are non-refundable once services commence and include:

 

  • Technical audits and site surveys

     

  • Underwriting and risk assessment

     

  • Scheme administration

     

  • Consumer Code and CTSI participation

     

  • Membership fees under Structural Warranty Scheme

     

  • Premiums are payable to the insurer and may be partially refundable at their discretion.

     

  • Please also refer to Section 6 (Cooling off period and refunds).

     

 

Section 2: Insurance Backed Guarantees (IBGs)

 

 

2.1 Overview

 

Protects property owners when a contractor’s own guarantee fails due to insolvency.

 

 

2.2 Requirements

 

  • Submit full work specifications

     

  • Provide a valid contractor guarantee

     

 

2.3 Limitations

 

  • Does not replace a structural warranty

     

  • Subject to insurer acceptance

     

 

2.4 Fees and Refunds

 

  • Fees non-refundable once work begins

     

  • Premiums subject to insurer terms

     

 

Section 3: Surety Bonds

 

 

3.1 Overview

 

Includes performance, road, sewer, advance payment, and related bonds. Not protected by FSCS or FOS.

 

 

3.2 Client Requirements

 

  • Complete bond application

     

  • Submit financial information, typically last three years audited accounts and latest set of management accounts

     

  • Submit development information, plans (where applicable)

     

  • Submit required bond wording

     

 

3.3 Subjectivities and Bond Issuance Conditions

 

Subject to underwriting approval, including:

 

  • Signed indemnities and Contract to Pay

     

  • Confirmation of no claims

     

  • Personal guarantees or collateral if needed

     

  • Surety’s final wording approval

     

 

3.4 Financial Strength and Disclaimers

 

Some sureties may be unrated or offshore. Exance does not guarantee their financial standing.

 

 

3.5 Fees and Refunds

 

  • Non-refundable once issued

     

  • Pre-issuance refunds at surety’s discretion

     

  • Exance’s fees are always retained

     

 

Section 4: Building Control Quote Facilitation

 

 

4.1 Overview

 

We assist in obtaining quotes from Approved Inspectors, now called Registered Building Control Approvers (RBCA’s).

 

 

4.2 Scope

 

  • We facilitate introductions only

     

  • We do not provide Building Control services

     

  • Clients contract directly with the inspector

     

 

4.3 Disclaimer

 

  • We are not liable for performance of third parties

     

  • Clients must carry out their own due diligence

     

  • Quotes are subject to final provider acceptance

     

  • We are not responsible for price changes, withdrawals, or refusals

     

  • Any additional cost is the client’s responsibility

     

 

Section 5: Professional Consultants Certificates (PCC’s)

 

 

5.1 Overview

 

PCCs are issued by Exance under our PI cover, not an insurance product.

 

 

5.2 Nature of Product

 

  • Not insurance

     

  • Not covered by FSCS or FOS

     

 

5.3 Client Responsibilities

 

  • Provide details of the development, its stage of construction and reinstatement value

     

  • Submit full drawings/specs

     

  • Allow site inspections

     

  • Provide Building Control completion certificate

     

  • Address any identified issues raised during our technical review and/or inspection(s)

     

 

5.4 Issuance Conditions

 

  • May be withheld or qualified with exclusions

     

  • No certificate if non-compliance is significant

     

 

5.5 Fees and Refunds

 

  • Full fee payable at instruction

     

  • 100% of fee retained once work starts

     

 

5.6 Liability

 

  • Limited to the lower of our PI cover or the sum specified on the certificate

     

  • Cover is issued for a period of six years

     

  • Liability under the Professional Consultant’s Certificate extends only to the original purchaser of the property and their mortgage lender. However, the benefit of the certificate may be transferred to a subsequent purchaser and their lender, provided that:

     
     

    • Notification of the change in ownership is made to us in writing, and

       

    • We confirm acceptance of the transfer in writing, and

       

    • The transfer occurs within six years from the original certificate date.

       

  • We reserve the right to decline or impose conditions on any requested transfer, particularly where circumstances have materially changed or where the integrity of the structure has been compromised post-issue.

     

  • We are not liable for hidden defects, post-issue changes, or cosmetic issues

     

  • Our certificate does not imply contract compliance unless reviewed by us

     

 

Section 6: Cooling-Off Rights and Refund Policy

 

 

6.1 Cooling-Off Rights

 

a)

Commercial Clients (e.g., Developers, Builders, Construction Professionals)

 

For commercial clients, including developers, builders, and construction professionals, statutory cancellation rights under the Financial Conduct Authority’s Insurance: Conduct of Business Sourcebook (ICOBS 7.1) do not apply. As such, no automatic cooling-off period is provided unless otherwise stated in writing as part of a specific engagement.

 
 

b)

Consumer Clients (Individuals Acting Outside the Course of Business)

 
 

Where our services or products are purchased by consumers—defined as individuals acting wholly or mainly for purposes unrelated to their trade, business, craft, or profession—a 14-day cooling-off period will apply. This period begins on the date of payment or formal agreement to proceed, whichever is later. If a consumer wishes to cancel within this 14-day period, any entitlement to a refund will be assessed in line with the Refund Policy in Section 6.2. Where services have already commenced, this may result in only a partial refund or no refund at all, depending on the extent of work completed and associated costs already incurred. All cancellation requests must be made in writing and received by us within the 14-day window.

 
 
 
 
 

 

6.2 Refund Policy

 

The following principles apply to refund requests, whether made by commercial clients or consumers:

 

  • Fees retained by Exance for administrative, underwriting, or inspection-related services are non-refundable once work has commenced. This includes time spent reviewing submissions, coordinating technical audits, or liaising with third parties.

     
     

  • Insurance premiums may be refundable in part, but only in accordance with the terms and conditions set by the insurer. Exance does not guarantee premium refunds and acts only as a facilitator.

     
     

  • For policies involving staged or part payments, any refund will be calculated on a pro-rata basis, subject to deductions for services already rendered and any disclosed administrative fees.

     

  • No refund will be provided where a claim has been made or the policy has been relied upon in any way.

     

  • All refunds (where applicable) are subject to approval and must be requested in writing.

     

These provisions ensure that while we aim to be fair and commercially reasonable, Exance is not exposed to financial or regulatory risk where services have already been delivered or obligations to third parties have been triggered.