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Protection Products...

• Accident, Sickness and Unemployment
• Life Insurance
• Buildings Insurance

Accident, Sickness and Unemployment

Why take cover?

For most a mortgage will represent the largest financial commitment that we are likely to make. Whilst most lenders will offer a sympathetic ear when borrowers are experiencing problems, this will not pay the bills. Involuntary Unemployment, Sickness, or an Accident, can cause major financial hardship.

You can also no longer rely on the Government. Since October 1995 new mortgage borrowers receive no state help for the first nine months of unemployment or disability. The Government themselves estimate that 70% of mortgage borrowers will never get support due to savings, income, or a working spouse or partner.

The Ocean Mortgages Mortgage Payment Protection Plan is a valuable product providing protection at the time you need it most. This policy could help you to protect your mortgage payments and mortgage related insurance premiums for up to 12 months if you become involuntarily unemployed or suffer from an accident or sickness.

How does the policy work?

Provided that you are eligible, cover is available as follows: Single Premium Accident, Sickness & Involuntary Unemployment (ASU); for new mortgages, re-mortgages and further advances only.

• You may select cover from 2, 3, 4 or 5 years. Please Note: Should the premium become part of the mortgage it will attract interest over the length of the mortgage.
• You decide the amount of benefit you require to cover your mortgage and related Insurance costs subject to the minimum and maximum limits.
• The plan pays out a fixed monthly benefit for up to 12 months on any individual claim if an accident, sickness or involuntary unemployment prevents you from working (subject to the terms and conditions of your cover).

How much does the cover cost?

The cost is £5.95 per £100 of monthly benefit, times the number of months cover is initially taken over. For example: £400 monthly benefit with 36 months cover would equal a premium of £856.80 (£400 x 36 x 5.95%) payable on completion of your new mortgage.

Please Note: If you arrange for the premium to be deducted from your mortgage it will attract interest throughout the period of the loan.

Once cover is in force Underwriters will not change your premium. The premium paid is for the period of cover purchased between 24 and 60 months as laid out in your certificate of insurance (Policy Document).

The premiums include Insurance Premium Tax at the current rate.

How do I apply?

Tick the payment protection box on the mortgage enquiry form. Your dedicated mortgage adviser will then discuss the payment protection details with you, before you decide to accept it.

How much cover can I arrange?

Monthly benefit can cover:

• Your mortgage repayment.
• Your buildings insurance premium.

The minimum monthly benefit is £100 and the maximum is £2,000. You cannot cover any other monthly commitments under the plan, other than those mortgage-related costs mentioned on this page and enquiry form.

How will I know when my cover starts?

On acceptance of your application by Underwriters you will receive an individual certificate of insurance (also known as a Policy Document) from the plan administrators MMS showing your cover start date.

Can I transfer my cover to a new mortgage?

Yes. You can transfer this cover to a new mortgage simply by contacting Ocean Mortgages who will instruct the plan administrators, MMS to make the necessary changes for you. MMS will inform you of any relevant documentation that they might then need. Please note that only the remainder of the existing cover may be transferred.

What do I do in the event of a claim?

You should contact the plan administrators: MMS at the following address: Claims Department, Marketing & Management Services Ltd, Melbourne House, Melbourne Street, Farsley, Pudsey, West Yorkshire LS28 5BT or by telephone on 0113 255 8611 to request a claim form. Please be ready to provide your full name, address and postcode, and certificate number as shown on your certificate (also known as a Policy Document).

Upon receipt of the claim form and covering letter please read the guidelines in full and complete the form fully and accurately. Once completed please return it to MMS, with all of the necessary accompanying documentation at the address above as soon as possible so that your claim can be assessed.

What if I have a query relating to the sale, content or administration of the cover?

In the event of a query relating to the sale or content of the cover please call Ocean Mortgages on 0870 608 5000. For administrative queries please contact the plan administrators MMS on 0113 255 8611.

Who regulates the sale and administration of this cover?

Ocean Mortgages is a trading style of Ocean Finance and Mortgages Limited, who are regulated by the Financial Services Authority (FSA). Marketing & Management Services Ltd (MMS Ltd) are also regulated by the FSA.

Your Commitment

You are not committed to taking on this insurance protection until you have completed the relevant application form. This will be sent to you by your Ocean Mortgage Adviser. Please read the 'Policy Summary' before you decide to apply.

Who is eligible?

UK residents who are:

• in full-time permanent employment, self-employed or on renewable contracts and working for more than 16 hours per week,
• party to the mortgage,
• not off work due to ill health at the point of application and inception of cover. Please note exclusion 4 (page 7) relating to pre-existing medical conditions,
• over 18 and under 65 at expiry. All cover and claims payments cease on attaining age 65,
• unaware of any impending unemployment or potential failure of the self-employed person's business,
• able to sign the declaration without any reservation or qualification.

Self-employed individuals and those on renewable contracts have the same benefits as employees, but have separate qualifying criteria. Please see below for details.

When will my benefit payments start, and for how long will you pay me?

• If you are unable to work due to an accident, sickness, or as a result of Involuntary Unemployment, for a period in excess of 30 days, benefits will be paid direct to you, with the first months benefit payment becoming due as at the 31st qualifying day of a claim period. If you are off work for less than 30 days no benefits will be paid.
• Claims will continue to be met, during the term of cover, at full calendar monthly intervals until you return to work, or have received the maximum number of 12 monthly benefits payable in respect of any one period of disability, or any one period of Involuntary Unemployment. For part months at the end of a claim the plan will pay 1/30th of the monthly benefit for each eligible day.
• Claims for the same condition or unemployment which are not separated by a period of at least three months full-time permanent work will be considered one period of claim.
• Once a full duration (12 months) disability claim has been paid for a particular condition there must be a period of at least three months full-time permanent work before a further claim for that condition can be admitted.
• Once a full duration (12 months) Involuntary Unemployment claim has been paid there must be at least three months full-time permanent work before a further Involuntary Unemployment claim is admitted.
• The first qualifying day of a claim for disability is the date on which you see a Doctor, whether it be your own General Practitioner or a Doctor at a hospital, and are certified by them as being totally unfit to carry out your normal employment or occupation. You must continue to be certified as above throughout the period of your claim.

Involuntary Unemployment for employees:

• Involuntary Unemployment is any unemployment forced upon an individual by a third party and not a route they have taken themselves.
• Payment of benefits will only be made where an employee has become Involuntarily Unemployed, and is in continuous receipt of Jobseeker's Allowance.
• The first qualifying day of a claim for Involuntary Unemployment is the first day for which the claimant is actually paid Jobseeker's Allowance. Claimants must be continuously registered with the Employment Service Jobcentre, and in receipt of Jobseeker's Allowance throughout the entire period of claim.

Involuntary Unemployment for the self-employed:

• A self-employed person is any person, working alone or in conjunction with others, in their own business on a self-employed basis, as declared to the Inland Revenue.
• Benefit is payable on the total cessation of the self-employed person's business as notified to the Inland Revenue and confirmed by their Qualified Accountant and as a result of financial insolvency of the business arising or occurring after the inception of the policy.
• The self-employed also have to be registered through the Employment Service Jobcentre and be receiving the appropriate National Insurance Contribution Credits. The first qualifying day of a claim for Involuntary Unemployment for the self-employed is the first day for which the claimant is actually paid the above credits. Claimants must be continuously registered with the Employment Service Jobcentre, and be in receipt of credits throughout the entire period of claim.

Involuntary Unemployment for contract workers:

• Involuntary Unemployment is any unemployment forced upon an individual by a third party and not a route they have taken themselves.
• Benefits will be payable when at the point of claim you fall into any of the following categories:
• Where you have been on an annual contract that has been renewed at least once.
• Where you are on a renewable contract and have been with the same employer for more than 2 years.
• Where you have been with the same employer on a short term contract for more than 6 months that has been renewed at least twice. In this event we would pay benefit for the balance of your contract term if terminated early.
• The first qualifying day of a claim for Involuntary Unemployment for contract workers is the first day for which the claimant is actually paid Jobseeker's Allowance. Claimants must be continuously registered with the Employment Service Jobcentre, and be in receipt of Jobseeker's Allowance throughout the entire period of claim.

Applicable to the employed, self-employed and contract workers:

• If you are not sure what your position might be you should seek clarification from the Employment Service Jobcentre.

What is not covered? (Exclusions)

Accident, sickness or unemployment claims due to or arising from any of the following will not be covered:

1. Attempted suicide, alcohol/drug use unless under the specific direction of a registered medical practitioner for any condition other than drug addiction.
2. The normal course of pregnancy.
3. War, riot, or civil commotion, or military or naval service outside Europe.
4. Pre-existing medical conditions. If you have a sickness, disease, condition, or injury from which you have suffered or for which you have consulted or been treated by a registered medical practitioner in the 12 months prior to the commencement of the insurance, then that particular condition, or any claim attributable to it is excluded, until you have been clear of it for a continuous 24 month period prior to the commencement of claim.
5. Mental or nervous disorders, or conditions of a psychoneurotic origin, unless diagnosed by and under the continuing care of a Consultant Psychiatrist.
6. When you are not registered for work with the Employment Service Jobcentre or when unemployment is known to be impending at the time of commencement of the insurance.
7. When unemployment is voluntary or of a normal seasonal nature.
8. When in the case of self-employed persons; the Involuntary Unemployment is not as a result of the total cessation of your business, as confirmed to the Inland Revenue and confirmed by a Qualified Accountant, due solely to the financial insolvency of your business arising or occurring since inception.
9. Where you were self-employed and you are not in receipt of National Insurance Contribution Credits.
10. Where you were an employee or contract worker and are not in receipt of Jobseeker's Allowance.
11. If registered on a training scheme, unless you can prove that you are continuously and actively seeking work.


For contract workers, in addition to the exclusions above:


12. Where you were not employed by the same employer for at least 2 years or on an annual contract which was renewed at least once, or
13. Where you were on a short term contract unless you have been employed by the same employer for more than 6 months and the contract has been renewed at least twice where you would receive benefits for the balance of the contract term if terminated early.

What is the duration of my cover and how / when does my cover end?

Cover is for a fixed term, 2, 3, 4 or 5 years, as selected by you at application.

All cover under this policy will end and all monthly benefits will stop:

• At 65 or when you reach Government retirement age.
• On completion or early settlement of your loan agreement unless otherwise agreed by Underwriters.
• At the end of the term as laid out in your certificate of insurance (Policy Document).

Cancellation period

On receipt of your application, the plan administrators; Marketing & Management Services Ltd. (MMS) will send you a personalised certificate of insurance. Please read this in detail. Should you have any questions please contact MMS on 01132 558 611.

Should you no longer feel that the cover is appropriate to you it is imperative that you return the certificate to MMS at Melbourne House, Melbourne Street, Farsley, Pudsey, West Yorkshire LS28 5BT, with a covering letter expressing your wish to cancel your cover.

If you do this within 30 days of receiving the certificate from MMS you will receive a full refund of any premium(s) paid.

If you wish to cancel at any time after the 30 day cooling off period, return your certificate to OCEAN MORTGAGES with a covering letter expressing your wish to cancel your cover. You will receive a pro-rata refund based on 75% of your premium for any whole months of cover remaining.

NB. No cancellation will be permitted if a claim has been paid on your cover.

Claims

All claims enquiries including notice of a new claim should be addressed to: Claims Department, Marketing & Management Services Ltd., Melbourne House, Melbourne Street, Farsley, Pudsey, West Yorkshire LS28 5BT, or by telephone on 01132 558 611.

Complaints

It is always our intention to provide a first class standard of service. However, if you have any cause for complaint you should;

1. Decide what your complaint relates to.
2. a) If your complaint relates to some aspect of the sale of your policy please contact OCEAN MORTGAGES at Atlantic House, Centurion Park, Wilnecote, Tamworth, Staffordshire. B77 5PN or by telephone on 0870 608 5000. You will then be given full details of the appropriate complaints procedure.
   
   b) If your complaint relates to any aspect of administration or claim, please contact Marketing & Management Services Ltd. at Melbourne House, Melbourne Street, Farsley, Pudsey, West Yorkshire LS28 5BT, or by telephone on 01132 558 611.You will be provided with a copy of the full complaints procedure on acceptance of your application.
3. In any event you may subsequently refer your complaint to the Financial Ombudsman Service at Financial Ombudsman Service, South Quay Plaza II, 183 Marsh Wall, London E14 9SR.

The parties are free to choose the law applicable to this insurance contract. Unless specifically agreed to the contrary this insurance shall be subject to English law.

Compensation

In the unlikely event that Insurers are unable to meet their liabilities under your cover you may be entitled to compensation from the Financial Services Compensation Scheme (FSCS). This depends on the circumstances of the claim. In the event of a valid claim then the first £2,000 of your claim or policy is covered in full, plus 90% of the balance.

Should you wish to find out further information about this scheme please contact the FSCS as follows: By Post; Financial Services Compensation Scheme, 7th floor Lloyds Chambers, Portsoken Street, London E1 8BN or by Phone on 020 7892 7300 or by Fax on 020 7892 7301.

Life Insurance

You may wish to review your current life insurance cover levels in line with your new mortgage commitment. Ocean Mortgages do not make recommendation or give advice on life insurance products, however we can introduce you to a company who may be able to offer you a new, suitable life insurance policy.

If you wish us to do so please tell your Ocean Mortgage Advisor who will pass on the relevant contact details. Any introduction made will be under no-obligation.

Buildings Insurance

It is a requirement of all mortgage lenders that the borrower (you) maintains sufficient buildings insurance cover whilst you have a mortgage to them (the lender) secured on your property. You may well already have satisfactory buildings insurance in place. However, if you wish we can introduce you to a company that may be able to offer you a suitable buildings and / or contents insurance policy to meet your needs. Please ask your Ocean Mortgage Advisor, who will then pass on your details.