Swiss Prime International Genva Ltd.

General Terms and Conditions of Business

1. Purpose and legal status of the Company

Broker company Swiss Prime International Geneva Ltd. – hereinafter referred to as SPIGE. – is a limited company with registered offices in Geneva Switzerland (CHE-388.811.223). The purpose of the company is, among other things, the provision of services as a broker in the insurance sector. An order for clients of SPIGE shall be based on a Broker’s Mandate signed by all the parties involved.

2. Obligation to inform clients (pursuant to Art. 45 VAG)

The consultant shall identify himself to the client. To this end he shall furnish the client with a business card showing the consultant’s name.

The consultant shall inform the client about whether the insurance cover offered for contract originates from one or more insurance companies, and the name of the insurance company in question.

Prior to the conclusion of the contract, the consultant shall furnish the client with the General Terms and Conditions of Insurance, supplementary conditions and special conditions to the relevant application.

SPIGE confirms that it is able to offer products from the following insurance companies:

SPIGE is neither economically not legally affiliated to the above insurance companies. According to VAG, SPIGE is considered an independent insurance intermediary.

3. Liability

Should compensation claims arise from the activities of the insurance broker, SPIGE shall be liable for same (professional indemnity insurance in accordance with VAG). The liability shall be limited to deliberate acts and acts of gross negligence. SPIGE shall not be liable for losses arising from lost profit. Where an entitlement to performance is asserted, this shall only be accepted when the client has met all obligations to cooperate in good time. Should the client’s documents or details be incomplete or deficient, and should this lead directly or indirectly to a loss, SPIGE shall not be liable for same. Compensation claims shall become time barred 6 months from the date on which the loss becomes known. When the contractual relationship between the client and SPIGE comes to an end (e.g. through termination of the broker’s mandate), the liability claim vis-a-vis SPIGE shall also end.

For events in which the insurance company is not liable for the error, negligence or incorrect information arising from the brokerage activity of SPIGE, SPIGE has concluded a professional indemnity insurance policy (pursuant to Art. 45 VAG) for a sum of CHF 5’000’000 with Allianz Suisse. Liability claims are to be addressed to:  Swiss Prime International Geneva AG, Mr. Lukas Egger, Avenue Louis-Casaï 18, CH-1209 Geneva,

Tel: 079 203 57 23, E-Mail: info@swiss-prime.ch, Web: www.swiss-prime.ch

4. Data protection / Confidentiality (pursuant to Art. 45 VAG)

Client details entrusted to SPIGE in the context of insurance consultancy shall be used by SPIGE exclusively for consulting purposes, for the processing of offers and applications and for the drawing up of reports, analyses and comparisons. Therefore, this data shall only be processed or stored to the extent required for the processing and fulfilment of the contractual relationship between the client, the insurance company, SPIGE and SPIGE, and stipulated as mandatory by law. The parties involved in the consultancy work are the insurance companies, SPIGE, and their employees. Employees of SPIGE are subject to a confidentiality obligation. The client’s details shall be stored for the period stipulated as mandatory by the contract and statutory provisions. The data can be processed by telephone, by fax, by mail, through platforms of the company or in CRM. The data shall be stored in paper form and electronically

5. Compensation

Fee

For agreed services, or for services rendered in his interests, the client shall owe SPIGE fees and ancillary costs in descending order in accordance with:

1. Individually agreed fees
2. Price list of SPIGE
3. On the basis of time and effort, at an hourly rate of CHF 250 incl. VAT where not covered by the reimbursement from third parties
4. Without deduction, i.e. SPIGE collects the reimbursement from third parties for the services provided without the client having the right to receipt of the reimbursement from third parties.

6. Reimbursement from third parties

The client is aware of the fact and accepts that, within the framework of its activities as a broker, or on the occasion of the completion of orders, SPIGE receives or could receive reimbursement (e.g. commission, broker’s fee, etc.) from third parties, in particular from insurance companies. Should SPIGE receive reimbursements of this kind which, pursuant to current case law or pursuant to applicable statutory stipulations, it is obliged to pass on to the client, the client expressly agrees to SPIGE’s receiving this reimbursement in addition for its activities for the client. By furnishing his signature on the broker’s mandate, the client expressly declares that he waives the hand-over of this reimbursement.  Unless otherwise agreed, the settlement pursuant to 5d shall apply. Should the client subsequently wish for an alternative form of settlement, the client shall forgo as described a retroactive hand-over of the reimbursement from third parties. In the addendum to the General Terms and Conditions of Business, the client received a list with the approximate rates of compensation of the insurance companies. This is for the purpose of information and transparency. With this list, the client is aware of the reimbursement which he is foregoing.

7. Services

SPIGE shall look after and advise the client in insurance matters. This shall include, in particular, the supervision of all existing insurance agreements, the monitoring of the insurance requirements and the insurance portfolio, periodic examination of the premium offers on the insurance market, the obtaining of offers from various insurance companies, renewal and conclusion of insurance policies and support in the case of the occurrence of an insured event.

For farther-reaching contract work, a consultancy fee shall be charged by mutual agreement.

8. Client details / Verification of legitimation

The client undertakes, when accepting an insurance assignment, to pass on all personal and factual information truthfully to SPIGE. In particular, the correctness of client statements in health matters is essential. The concealment of facts or illnesses can lead to a breach of the duty of disclosure. The consequence would be the insurance company providing no performance or only reduced performance in the case of the occurrence of the insured event, and withdrawing immediately from the contract. SPIGE undertakes to diligently examine the legitimation of the client and the authorized agents. Losses arising from the failure to recognize failings in the legitimation and forgeries or deception shall be borne by the client, provided SPIGE has applied due diligence.

9. Transmission errors

Losses arising from the use of post, telefax, telephone, e-mail and other types of transmission or transport, such as loss, delay, misunderstandings, mutilation or duplication, shall be borne by the client, provided SPIGE has applied due diligence.

10. Client’s duty to cooperate

The client undertakes to observe his duty to cooperate. In the case of an alteration of the material risks (e.g. location, activity, insurance sum, etc.) the client undertakes to notify SPIGE immediately. The same shall apply for new material risks. Should the client determine errors in an insurance policy, SPI GEis to be notified immediately.

Should losses arise from the client’s omission, SPIGE shall not be liable.

11. Copyright

The evaluation documents and concepts submitted to the client by SPIGE are subject to copyright, protecting the non-material and material interests of the copyright holder in his intellectual property.

12. Miscellaneous

Amendments to the General Terms and Conditions of Business shall be valid only when they exist in written form and have been signed by SPIGE.

13. Applicable law and court of jurisdiction

SPIGE retains the right to amend the General Terms and Conditions of Business at any time and adapt same to the statutory stipulations. In the event of disputes between the client and SPIGE, Swiss law shall apply. Court of jurisdiction shall be the business address of SPIGE.

14. Compensation by Third Parties

Industry Clause in % of Net Premium Normal Rate
Property Insurance: 7.5 to 15% of Net Premium (Normal Rate: 15%)
Liability Insurance: 7.5 to 15% of Net Premium (Normal Rate: 15%)
Legal Expenses Insurance: 15% of Net Premium (Normal Rate: 15%)
Motor Vehicle Liability Insurance: 4 to 10%
Motor Vehicle Comprehensive Insurance: 7 to 15%
Motor Vehicle Collision Insurance: 7 to 12%
Motor Vehicle Accident Insurance: 7 to 15%
Accident Insurance: 3 to 7% of Net Premium (Normal Rate: 5%)
Accident Supplementary Insurance: 15 to 17.5% of Net Premium (Normal Rate: 15%)
Daily Sickness Benefits Insurance: 7.5 to 10% of Net Premium (Normal Rate: 7.5%)
Group Life Insurance: 0.5 to 1.8% of Net Premium (Normal Rate: 1%)