General Terms and Conditions

  1. Loyal Insurance Brokers B.V. ("Loyal") is a private company with limited liability, incorporated under Dutch law, with its registered office in Groningen, The Netherlands, and registered in the Chamber of Commerce of Groningen under no. 63487594.
  2. These general terms and conditions apply to all assignments accepted by Loyal, any subsequent assignments and all other work.
  3. All assignments shall be considered to be granted only to Loyal and not to any person connected to Loyal. That also applies if it is the (tacit) intent of the parties that an assignment shall be executed by a certain person connected to Loyal. The effect of articles 7:404 and 7:407 paragraph 2 of the Dutch Civil Code ("DCC") is excluded. These general terms and conditions shall interpret a "connected person" as any current or former direct or indirect employee, (hired) employee, consultant, manager and/or shareholder of Loyal.
  4. Without prejudice to the stipulations in article 3, these general terms and conditions are also stipulated for all connected persons involved in the execution of the assignment on behalf of Loyal.
  5. Loyal processes data of the client and/or the client's insurance programmes, including name and address details, policy details and personal details required to take out insurance and all other services provided by Loyal. This information is stored in one or more databases.
  6. Due to current legislation (including the Money Laundering and Terrorist Financing Prevention Act) Loyal is obliged to establish the identity of clients and report unusual transactions to the authorities. By granting Loyal an assignment, the client confirms to be aware of this and to grant his permission if required.
  7. Loyal is remunerated with a fee, respectively commission or a brokerage fee, charged over the premium. Other remuneration elements can be a claim adjustment fee, recovery compensation, interest proceeds on balances and additional compensation from insurers for services rendered to insurers. Loyal shall also charge policy and administration expenses, depending on the amount of the premium and/or the commission.
  8. Unless agreed to otherwise, the agreed terms within which Loyal shall execute the assignments shall never be considered final deadlines.
  9. The execution of the assignment is only on behalf of the client. Third parties cannot derive any rights from the (contents of the) executed work.
  10. If the client provides any contents of the work that Loyal executed for him to third parties, the client is obliged versus Loyal (without prejudice to the stipulations in article 9) to inform that third party that these general terms and conditions apply to the executed work. If a third party uses the contents of that work in any manner, that third party is bound by these general terms and conditions.
  11. Except where this is legally impossible, any liability of Loyal is limited to the amount paid out in the case concerned under the applicable liability insurance that Loyal has taken out, increased by the amount of the excess that is not charged to the insurer according to the insurance conditions. If and to the extent that this insurance does not pay out, for whatever reason, any liability is limited to EUR 250,000.-, or, if the total fee that Loyal charged for the assignment concerned is higher, to the amount of that fee with a maximum amount of EUR 500,000.-. Loyal is never liable for trading loss, consequential or indirect loss (including loss of turnover and/or loss of profits).
  12. Without prejudice to the stipulations in article 6:89 DCC, the right to damage compensation shall expire in any case one year after the event causing the direct or indirect loss for which Loyal is liable.
  13. Loyal is entitled to engage third parties for the execution of its work. Loyal shall select those third parties with due care. Loyal is not liable for any acts or negligence by third parties. The client has authorized Loyal to accept any limitation of liability from third parties on behalf of the client. Loyal excludes, also on behalf of the Foundation Client Funds Loyal Insurance Brokers (Stichting Beheer Derdengelden Loyal Insurance Brokers) , any liability resulting from, or in any manner connected to, the insolvency of or any other noncompliance with its obligations by any insurer, bank, financial institution or other third party.
  14. In the execution of the assignment Loyal shall depend on the information provided by the client, including information about (alterations in) the business operations, operating activities or legal form, takeovers, purchases and sales, current insurance elsewhere and suchlike. The client guarantees the correctness and completeness of the information provided. Loyal is not liable for the consequences if the client provides incomplete or incorrect information.
  15. If Loyal takes over any insurance from another broker, Loyal shall only be liable (taking into account the other stipulations in these general terms and conditions) for that insurance from the time that Loyal has had a reasonable period of time to review the status of that insurance and deliver its advice.
  16. Loyal is not liable for any loss incurred by the client due to a wrongful calculation or estimate of the premium and legal levies that apply to the insurance.
  17. The relationship between the client and Loyal is governed exclusively by Dutch law, with the exception of the rules of international private law. The court in Groningen is exclusively competent to hear any conflict between the client and Loyal in the first instance.
  18. These general terms and conditions are also drawn up in Dutch. If there is any difference between the English and the Dutch text, the Dutch text shall be binding.

These general terms and conditions have been filed at the Chamber of Commerce under number 63487594.

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AFM 12043501
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KvK 63487594
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