FirstUnited Insurance Brokers Limited
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Frequently Asked Questions

What is an insurance broker?
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An insurance broker's main role is to help you identify the risks that you or your business may be exposed to and recommend insurance solutions that may protect you against these risks. 

With your agreement, your broker will then discuss your requirements with individual insurers in the market and search for the insurance cover that best fits your need and budget. 

With your broker's advice, the programme with the best fit is then selected by you and your broker confirms coverage with insurers. Cover Notes evidencing insurance are issued and checked with the insurers' policies when these are received by the broker. 

Mid-term adjustments or policy interpretations are handled with your broker who is also available to assist you when your policies fall due for renewal or in the event of a claim covered by the policy. 








Why use an insurance broker?
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In personal and business matters correct insurance is vital. Wrong or inadequate protection can lead to disastrous consequences for individuals, families or businesses. 

The right advice makes all the difference and prevents costly mistakes. Insurance brokers are specialist insurance protection advisors. They are independent, have an in-depth working knowledge of the insurance market, and are able to provide professional objective advice on identifying risk and in recommending cost-effective solutions to manage risk. 

An insurance broker is an independent professional advisor who acts for you.








Is it cheaper to go directly to an insurer?
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The way insurance premiums are calculated also includes a standard rate to cater for distribution costs. Furthermore, not all policies are the same and to obtain an accurate assessment of the best cover and prices in the market you would need to speak to a number of different insurers and then use a professional to analyse the differences between these policies. 

Therefore whether you buy from your broker or direct from an insurer, the price of the insurance policy is generally no different. However good value is not defined by cheapest price and a poor insurance policy may leave you un-protected when you need it most and then without the assistance of a professional insurance specialist working for you!








Why should you appoint FirstUnited as your insurance broker?
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By definition, good quality insurance protection, however comprehensive, depends on detailed knowledge of your personal circumstances. For commercial business this requires an even greater level of knowledge on the  entire business operation and previous trading and insurance record. 

FirstUnited has built special relationships with  local and overseas insurance providers. We place strong emphasis on our ability to respond quickly to the ever-changing needs of our customers. Our personnel ... with their experience, integrity, dedication and positive attitude to service, are the most valuable assets we offer. 

We provide the expert link between you and your insurer. We are independent. We represent you. We constantly work for you and in your best interests.  

We are confident that FirstUnited is in a position to deliver a competitive edge that will be transmitted by providing you with competitive insurance premiums and quality protection that we believe will go a long way to build a long term lasting relationship with you.








What does an insurance broker appointment form normally contain?
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Signing an insurance brokers appointment form generally confirms that you have appointed a firm to act as your insurance broker within the scope of the Insurance Distribution Act (Chapter 487 of the laws of Malta) and that you have agreed to accept their standard terms and conditions of business.

To view a FirstUnited Broker Appointment and Consent Form, please click here.








How are insurance brokers remunerated?
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Our role is based on the terms of our appointment. As the client’s insurance broker we have a duty of care to the client which is defined in the Insurance Distribution Act (Chapter 487 of the laws of Malta). 

Our remuneration for work conducted as insurance brokers and handled under custom or under written appointment is provided free of charge to the client. We do however receive commissions from your insurers on your business placed with them. 

For work conducted as insurance managers or as insurance consultants or as claims collection agents our role is dependent on the terms of reference agreed with our client or business partner. For these services we agree a fee with our clients based on the terms of reference. This fee is dependent on the work  agreed and we would be pleased to discuss both the extent of work needed and the level of fees at your convenience.








What fee based services do FirstUnited provide?
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With the responsibilities being placed on individuals and business by new legislation and with insurers introducing new coverage restriction or higher excesses the need for these fee based services is on the increase.

FirstUnited endeavors to provide service where these gaps are developing and you are requested to contact us if you require our assistance in the risk management services outlined below:

1. Health and Safety Consulting and Auditing;
2. Certification of insurance coverage of sub contractors and/or principals;
3. Fire, boiler and machinery inspections and surveys;
4. Claims management services including below deductible or uninsured loss services;
5. Condominium Association Services








What is Risk Management?
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Notwithstanding the best insurance protection, prevention is undoubtedly better then cure. We therefore strongly suggest that our clients adopt risk management measures to reduce their risks and in many situations these investments will in fact save money. 

Depending on the measures taken, savings in insurance premiums could be made but more importantly the very risk itself could be avoided or minimised. Risk management is therefore about taking precautions to reduce the risk of loss or of its severity or frequency. 

These measures might include fitting smoke alarms or sprinkler systems, extra security on windows and doors, a Health & Safety or a Contingency Plan or other safety or quality initiatives. It is obvious that safer working practices within the factory or more staff training in safety, practice fire drills and/or evacuation procedures will reduce risk factors. 

There are financial risk management techniques as well for larger businesses which help lower insurance risk exposures and costs. 








What are FirstUnited's office hours?
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From 1 October up to 15 June:

08:00 - 13:15

14:00 - 17:00

From 16 June to 30 September:

08:00 - 13:15 (Mon to Thur)

14:00 - 17:00 (Mon to Thur)

08:00 - 14:00 (Friday)

From 1 August to 31 August:

08:00 - 14:00

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