Laferla Customer Terms of Business

Version 1.0 | Published 11th December 2024

1. Introduction

These Terms of Business (the “Terms”) govern the relationship between the Laferla Group (“Laferla,” “we,” “our,” or “us”) and you, our customer (“you” or “your”). By engaging with our services, you agree to be bound by these Terms.

2. About Laferla

The Laferla Group includes:

  1. Laferla Insurance Agency Limited; Company Nr C14529; Registered at 204A, Vincenti Buildings, Old Bakery Street, Valletta VLT1453, Malta;

  2. Laferla Holdings Limited; Company Nr C11059; Registered at 25/20, Vincenti Buildings, Strait Street, Valletta VLT1432, Malta;

  3. Laferla Services Limited; Company Nr C79815; Registered at 25/20, Vincenti Buildings, Strait Street, Valletta VLT1432, Malta;

  4. Laferla Digital OÜ, Company Number 16525710; Registered in Tallinn, Estonia; and

  5. Any other company which may in future be established with the same direct or indirect control, forming part of the Laferla Group.

Laferla Insurance Agency Limited is a company registered in Malta under company number C14529, with its registered office at 204A, Vincenti Buildings, Old Bakery Street, Valletta. We operate as an insurance agent authorized by the Malta Financial Services Authority (MFSA).

3. Scope of Services, Remuneration and Compensation

Laferla provides:

Insurance Intermediation:

  1. Acting as an agent to place insurance business with multiple insurers.

  2. Underwriting, acceptance, management and renewal of policies.

  3. Managing, handling and paying insurance claims.

  4. Facilitated Services: Third-party services such as embedded finance and other services that you may sign up to and access through our platforms, with external service providers.

Laferla may generate income from Commissions on Insurance Transactions, Commissions on Facilitated Services, Annual Insurance Account Fees, Policy Administration Fees, Claim Administration Fees, Payment Processing Fees, Onboarding Fees, General Administration Fees, Late Payment Interest, Late Payment Fees, Physical Document Fees, and other ad hoc fees that may be agreed with you from time to time for specific customised services that you may request.

Laferla may also pay compensation in the form of referral fees, commissions, bonuses or other similar incentives to insurance intermediaries, business introducers and affiliates as a one-time or ongoing compensation, for the introduction and/or placement of business.

4. Customer Responsibilities

You are responsible for:

Accuracy of Information:

  1. Providing accurate and complete information during applications, renewals, claims, or while accessing facilitated services.

  2. Promptly notifying us of any changes that may affect your policies or services.

Adherence to Terms:

  1. Complying with the terms of your insurance policy or agreements with third-party providers.

Payment Obligations:

  1. Ensuring timely payment of premiums, fees, and charges for both insurance and facilitated services.

Demands and Needs Assessments:

  1. Where applicable, Laferla will provide you with a statement informing you of the Demands and Needs that a product was designed to satisfy.

  2. It is your responsibility to assess whether your Demands and Needs match the information provided in this statement.

  3. If your Demands and Needs do not match the information provided, you are advised to seek assistance from Laferla’s team.

  4. By providing your Demands and Needs, Laferla’s team may assess your circumstances and indicate whether there is a more suitable product, or if no products are available which satisfy your Demands and Needs.

Failure to comply with these responsibilities may result in denial of coverage, policy cancellation, or suspension of services.

5. No Advice

Laferla’s marketing material, Platforms, and communication may contain expressions of opinion, information, and material about our product range and services; however, none of this information amounts to or should be considered to amount to advice.

Laferla does not offer any services on an advisory basis.

6. Payment Terms

1. Insurance Premiums:

  1. Premiums must be paid in full by the due date specified in your policy schedule and/or invoice.

  2. Insurance policies are offered on an annual basis unless otherwise specified (example in the case of short-term products such as single-trip travel insurance, or long-term products such as life insurance products).

  3. Laferla may offer an option to take out annual insurance contracts on a monthly, quarterly or half-yearly payment basis. In this case, your choice of payment terms does not affect the duration of the insurance contract and the full amount of premiums, duty and fees for the entire duration of the contract shall still be payable by you.

  4. Failure to pay premiums may result in policy termination or suspension of coverage.

  5. At the moment of payment default, Laferla may charge you additional fees including a Late Payment Fee and other relevant fees. These charges are payable without credit, and shall immediately be included together with all balances due on your Account as “Overdue Balances”.

  6. Laferla reserves the right to charge interest at 10% per annum, or at an amount specified by Maltese law, whichever is the highest, for Overdue Balances. Interest shall accrue on a daily basis.

2. Laferla Accounts:

  1. Laferla Insurance Agency Ltd offers you subscription to various types of Accounts (also known as ‘Plans’), from Starter Plans which include no Annual Insurance Account Fee obligation, to other Plans based on an agreed Annual Insurance Account Fee.

  2. All Plans are offered on an annual basis.

  3. Laferla may offer an option to pay for your Plan on a monthly, quarterly or half-yearly payment basis. In this case, your choice of payment terms does not affect the duration of the Plan’s annual contract, and the full amount of dues for the entire duration of the contract shall still be payable by you.

  4. All fees must be paid in full by the due date specified in your Laferla Account Billing Information page.

  5. Failure to pay fees may result in your account being converted to a Starter Plan, which will include loss of benefits associated with your previous Plan.

  6. Laferla reserves the right to charge interest at 10% per annum, or at an amount specified by Maltese law, whichever is the highest, for Overdue Balances. Interest shall accrue on a daily basis.

3. Facilitated Service Fees:

  1. Fees for third-party services will be charged by the service provider as per the terms agreed with the service provider.

  2. Any issues or disputes regarding these fees should be directed to the respective provider.

4. Refunds:

  1. 1. Refunds are subject to the terms and conditions of the specific insurance policy, Laferla service, or facilitated service.

7. Data Collection and Use

Laferla collects and processes data as outlined in our Privacy Policy.

8. Claims Handling

1. Insurance Claims:

  1. We will assist you in lodging and managing claims with insurers. However, the final decision regarding claims approval lies with the insurer concerned.

  2. Supporting documentation must be provided promptly to avoid delays.

  3. You must always adhere to the Terms, Conditions, Exclusions and Limitations outlined in your Insurance Policy and supplementary documentation such as Proposal Forms, Claim Forms and Instructions on How to Claim.

2. Third-Party Service Issues:

  1. Laferla Insurance Agency Ltd offers you subscription to various types of Accounts (also known as ‘Plans’), from Starter Plans which include no Annual Insurance Account Fee obligation, to other Plans based on an agreed Annual Insurance Account Fee.

  2. All Plans are offered on an annual basis.

  3. Laferla may offer an option to pay for your Plan on a monthly, quarterly or half-yearly payment basis. In this case, your choice of payment terms does not affect the duration of the Plan’s annual contract, and the full amount of dues for the entire duration of the contract shall still be payable by you.

  4. All fees must be paid in full by the due date specified in your Laferla Account Billing Information page.

  5. Failure to pay fees may result in your account being converted to a Starter Plan, which will include loss of benefits associated with your previous Plan.

  6. Laferla reserves the right to charge interest at 10% per annum, or at an amount specified by Maltese law, whichever is the highest, for Overdue Balances. Interest shall accrue on a daily basis.

9. Complaints Handling

We are committed to providing exceptional service. If you are dissatisfied, please follow these steps:

1. Raise a Complaint:

  1. Email us at info@laferla.com.mt or contact us via our Portal.

  2. Provide details of your complaint, including relevant documentation.

Resolution:

  1. We will acknowledge your complaint within 5 business days and aim to resolve it within 10 business days.

  2. If unresolved, you may escalate it to the Office of the Arbiter for Financial Services in Malta.

10. Liability

1. Insurance Products:

  1. Laferla acts as an agent for insurers and is not liable for claims decisions or coverage limitations imposed by the insurer.

2. Facilitated Services:

  1. Laferla is not liable for the performance or terms of third-party services accessed through our platform.

3. General Limitation:

  1. Laferla is not responsible for indirect or consequential losses, including loss of profits, data, or goodwill, unless caused by gross negligence or wilful misconduct.

11. Termination of Services

By You:

  1. You may terminate your relationship with Laferla at any time by providing written notice, subject to any ongoing contractual obligations.

By Laferla:

  1. Payments are overdue.

  2. There is a breach of these Terms.

  3. You do not fall, or no longer fall, within Laferla’s Customer Acceptance Criteria.

  4. Required by law or regulatory authorities.

12. Amendments

  1. We reserve the right to amend these Terms to reflect changes in our operations, legal obligations, or business practices.

  2. Updated Terms will be communicated via our Portals and/or by email. Continued use of our services constitutes acceptance of the revised Terms.

13. Governing Law and Jurisdiction

These Terms are governed by the laws of Malta. Any disputes arising from these Terms shall be resolved in the Maltese courts.

14. Contact Information

14. Contact Information

  1. Address: 204A, Vincenti Buildings, Old Bakery Street, Valletta, Malta.

  2. Email: info@laferla.com.mt