TERMS OF BUSINESS

Gullwing Racing Insurance is a trade name of Florinvest Eindhoven BV and is registered in The Netherlands
at the Chamber of Commerce in Eindhoven under number 17135214. We are authorised and regulated by the Authority Financial Markets (AFM) under number 12009032 as an independent insurance intermediary and we are permitted to arrange general (life) insurance contracts. Registration and compliance is mandatory according to the Financial Services Act (Wft). You can check these details on the AFM Register by accessing their website on www.afm.nl/register.

We trade as Gullwing Racing Insurance, and we have several trading divisions including Gullwing Insurance and
S.E.&A. (Sport, Entertainment & Aviation).

Our address and contact details:

Gullwing Racing Insurance
P.O. Box 1452
NL-5602 BL Eindhoven
The Netherlands
Tel: +31-(0)40-262 48 48
Fax: +31-(0)40-262 42 91
E-mail: info@gullwing.nl
Internet: www.gullwing.nl

STATUS

Florinvest Eindhoven BV and her trading companies are a privately owned insurance intermediary and we have no contractual bindings of any kind with Insurance Companies.

PLACING INSURANCE IN GOOD TIME

Before negotiations with the Underwriter(s) have commenced, we will wish to establish a proper understanding of your requirements for insurance. We will then seek competitive indications or quotations for insurance and seek coverage structures which are, in our opinion, as efficient as possible for the proposed policyholder.

We will take diligent and timely steps to implement your instructions and, subject to available insurance market, place all required insurance before the intended date of inception, renewal or extension of insurance cover, confirming to you prior to such date the coverage which is in place. If any inability to fulfil your instructions becomes clear to us, we will be bringing this to your immediate attention.

CLIENT DOCUMENTATION

Upon completion of the insurance arrangement(s) on your behalf, we will advise you by facsimile, e-mail, letter or other agreed communication medium. We will then forward by mail appropriate documentation to provide you with formal confirmation of the insurance which we have arranged and the amount of premium payable in respect thereof.

1. Cover Note (sometimes referred to as "Schedule of Insurance" or “Policy”)

The Cover Note provides confirmation of (1) the terms of the insurance contract we have arranged and (2) the Underwriter(s) with whom it has been placed. You should check the Cover Note and satisfy yourselves that it is entirely in accordance with your understanding and instructions (your demands and needs). The review of the Cover Note should include checking that use of the Underwriter(s) is acceptable having regard to local taxation as permitted by the relevant regulatory authorities. Anything at variance with your understanding and instructions should be advised to us immediately. For certain types of business, a certificate or policy of insurance issued by or on behalf of the Underwriter(s) may be forwarded in lieu of our Cover Note.

2. Invoice

The Invoice will show the gross premium, any commission or discount to you and the net amount of premium payable to us.

3. Insurance Policy

Where required, we will seek to obtain as soon as practicable the execution by the Underwriter(s) of any insurance policy wording(s) which may be required. Following agreement to such wordings by both the Underwriter(s) and where required yourselves, we will promptly seek to obtain formally signed policy documents incorporating such agreed wordings.

4. Amendments

Any amendment to the insurance contract will be confirmed by issuance of an Addendum to the Cover Note or endorsement to the certificate or policy of insurance, unless such amendments are already reflected within the issued documentation.

CANCELLATION

In the event of a mid-term adjustment that results in a return of premium or of cancellation we will refund any return premium net of our full commission or fees and any charge made by insurers. This also applies to policies where the premium is payable by instalments.

TERMS OF PREMIUM CREDIT

Unless specified otherwise, all premiums are to be paid to us. In order for us to meet the premium payment terms of the underwriter(s), premiums must be settled to us by the payment date(s) specified in our Invoice allowing 10 days for funds to clear. In certain circumstances, the Underwriter(s) will stipulate special premium payment terms or warranties which, if not met, may affect the validity of the insurance contract. We will advise you when these circumstances arise.

METHODS OF PAYMENT

Insurance contract monies should be and normally are settled on an individual Invoice. The Invoice will state when the premium is due for payment. All payments should be made in the same currency in which they have been invoiced to you. If the premium is to be paid in instalments, the Invoice will stipulate when each instalment is due and if there are costs involved. If premiums are not paid in time, it may affect the validity of the insurance contract.

BANK TRANSFER

All payments to us should be made preferably by bank transfer to the account specified on the Invoice and stating our Invoice number. The will enable us to identify upon receipt of the payment to which Underwriter(s) we are to remit funds.

HOW WE HANDLE CLIENT MONEY

Our client bank accounts have been set up so that client money is kept separate from our money. We will retain any interest or exchange gains derived from holding your money.

CLAIMS PROCEDURES

Details of claims notifiable to the Underwriter(s) under the terms of the arranged insurance contract must be advised to us without any delay. Where applicable we will provide you with written confirmation of the acceptance of the amount of the claim by the Underwriter(s) before issuing a claim payment to you and remitting monies direct to the appropriate party. You should be aware that we may perform a limited service for the Underwriter(s) in relation to insurers claims advisors (e.g. Surveyors, Adjusters and Lawyers) by relaying instructions; disseminating reports and collecting fees or other disbursements, where we consider this should not create a conflict of interest. If we consider a conflict of interest may arise, we will refrain from performing any (further) service for the Underwriter(s) unless otherwise agreed.

USE OF SUB-AGENTS

Where we consider it to be appropriate and for your benefit, it may be necessary for us to request another more localised or specialist insurance broker or intermediary to act as our sub-agent and assist us in the placement of an insurance contract. For example, many countries require the use of local intermediaries to access local insurance markets. In such cases, we will provide specific instructions to such sub-agents so as to meet your insurance requirements.

CONFIDENTIALITY & SECURITY OF INFORMATION

Any information which you provide to us will not be used or disclosed by us to other parties except in the normal course of negotiating, maintaining or renewing a contract of insurance on your behalf, or for handling any claims there under, unless we have obtained the necessary consent from you or we are required to disclose the information by a court of competent jurisdiction or government or regulatory body having the requisite authority over us, or the information is already in the public domain or has been received by us from a third party not under any duty of confidentiality. We will take appropriate steps to maintain the security of your confidential documents and information which are in our possession.

THE DUTY OF DISCLOSURE

Intermediaries alike are made aware or reminded of the duty of disclosure and the consequences of its breach. The duty of disclosure is a duty to pass on to Underwriters all material information relating to the risk under consideration. "Material" in this context refers to all information which a prudent Underwriter (not necessarily the Underwriter in question) would wish to take into consideration when considering whether or not to accept the risk and, if so, upon what terms and at what price. In the event that there is a breach of the duty of disclosure, the Underwriter(s) may have the right to avoid the insurance contract from its commencement. Under such circumstances, the Underwriter(s) would be entitled to seek recovery of any claims already paid by them under the contract. If you are in any doubt as to the ambit of the duty of disclosure you should have no hesitation in contacting us.

REMUNERATION & OTHER INCOME

Our two principal methods of remuneration for insurance intermediary services are by way of brokerage, being a proportion of the premium paid which is allowed to us by Underwriter(s), and/or an agreed fee basis.

LIABILITY INSURANCE

We hold an adequate liability insurance. This insurance provides, within the limits of the policy, cover in case of claims relating to professional errors. However, our liability is always limited to the amount settled by our Liability Insurer.

COMPLAINTS

It is always our intention to provide a high standard of service at all times. If you should wish to make a complaint, we will do our best to ensure that it is handled fairly and promptly by a senior and independent member of staff. We operate a formal complaints procedure which complies with the Financial Services Act.

Please address your complaint to the Compliance Officer at the above address in writing.

If we are unable to address your complaint to your satisfaction, you may be entitled to refer it to:

Klachteninstituut Financiële Dienstverlening (KiFiD) (Complaints Institute Financial Services)
P.O. Box 93257
2509 AG The Hague
Netherlands
E-mail: info@kifid.nl
Website: www.kifid.nl

We are registered with KiFiD under number 300.005711.
You can also address your complaint in court.

LAW AND JURISDICTION

These terms of business shall be governed by and construed in accordance with Dutch law.

E-mail

We recognise that communicating by e-mail on a "desk-to-desk" basis is a very desirable method of conducting business and that e-mail is fast replacing facsimile as the preferred method of communication. However, if you choose to communicate with us by e-mail, we do have some specific concerns to its use which we would like to share with you:

Integrity & Receipt

There is no certainty of all completeness, accuracy or even the receipt of a message or data file sent by e-mail. As an insurance intermediary, we are concerned that using e-mail as part of a contractual process creates an exposure for our clients and ourselves as their agent or professional advisor (e.g. in such areas as misrepresentation or non-disclosure of information and the offer and acceptance process of insurance contract terms, where corruption of data during transmission or missing data file attachments may not be immediately obvious to the recipient). For important messages, we may ask for a confirmation of receipt and we will acknowledge or respond to those messages that we receive. Hard copies of messages may also be requested or sent where we consider it appropriate.

Confidentiality

By unavoidably having to use third party service providers to "deliver" e-mails, confidentiality is outside of the sender's control.

Appropriateness

Where receipt of a message by a given time/date is critical or the subject matter is of an important nature, such message should be communicated by facsimile or courier to ensure that it is received and can be acted upon. Many contracts of insurance have provisions which require notice in writing in order to ensure compliance, particularly in relation to claims advices. The use of e-mail in such circumstances is clearly inappropriate.

Legality

In the absence of any formal contract setting out the terms of communicating by e-mail, it may be questioned in certain jurisdictions as to whether such communications are or will be legally admissible as evidence in any dispute without considerable supporting evidence as to checks having been made on receipt, security and integrity of the communication.

Viruses

With knowledge of the potential damage which computer viruses can cause, e-mail users should use their best endeavours to ensure that they do not transmit harmful viruses to other parties.