Terms and Conditions for our Fee-for-Advice Service

Version 1.0  |  Singapore 7 May 2026

This page constitutes the terms and conditions governing the provision of fee for insurance advisory services (“Fee-for-Advice Service”) obtained from Havend Pte Ltd (“Havend”).

Important Notice

  • The services provided under this engagement are advisory and analytical in nature only. This is for clients who are seeking an independent opinion, without intending to purchase any insurance products. 
  • The Client must engage a licensed financial adviser or intermediary for all insurance transactions. 
  • No advice provided by Havend constitutes a recommendation to purchase any specific insurance product.  
  • Fees are payable to Havend, and Havend receives no remuneration from any insurer or intermediary. 

1. Nature and Scope of "Fee-for-Advice Service"

1.1  What We Do 

Havend will provide fee-based insurance advisory services under this engagement. This offering is referred to as “Fee-for-Advice Service”. Our role is to act as an independent and objective resource to help our clients better understand, evaluate, and manage their insurance risks. Our services are analytical and consultative in nature. 

The scope of the service to be provided will be agreed between Havend and each client, and may include all or part of the following: 

  • Insurance needs analysis — identifying and prioritising the client’s insurance needs  
  • Coverage gap analysis — comparing existing policies against the client’s needs, objectives, risk profile and resources 
  • Policy review — examining existing insurance policies for adequacy, exclusions, anomalies, and redundancies 
  • Market benchmarking — providing reference to coverage structures and terms commonly available in the market, without naming or recommending specific products or insurers 
  • Insurance restructuring – opining on optimal structures, limits, deductibles and coverage combinations appropriate to the client’s needs, objectives, risk profile and resources  
  • CPF-related – opining on the CPF-related queries and/or optimisation of the usage of CPF or CPF schemes  

 

1.2  What We Do Not Do 

The following activities fall outside the scope of this engagement and will not be performed by Havend within the agreed scope: 

  • Soliciting, negotiating, or placing insurance contracts with any insurer or reinsurer 
  • Acting as the client’s broker, agent, or representative in any insurance transaction 
  • Recommending or endorsing specific named insurance products or specific insurers 
  • Approaching insurers or intermediaries on the client’s behalf 
  • Receiving any commission, fee, or remuneration from any insurer, broker, or intermediary in connection with this engagement 
  • Providing legal advice on the interpretation or enforceability of insurance policies 
  • Providing actuarial services or formal risk quantification 
  • Signing, executing, or countersigning any insurance document on the client’s behalf 

2. Client’s Responsibilities for Implementation

The client acknowledges and agrees that: 

  1. All decisions regarding the purchase, renewal, variation, or cancellation of any insurance policy remain solely with the client. 
  2. The client must engage a licensed insurance broker or financial adviser (as appropriate) for the solicitation, negotiation, and placement of any insurance contract.  
  3. Havend’s reports, analyses, and recommendations (whether in written form or otherwise) which are provided to the client pursuant to this engagement do not constitute a solicitation or recommendation to transact in any specific insurance product. 

3. Fees and Payment

3.1  Fee Basis 

Under this engagement, fees are charged solely by Havend to the client. Havend does not receive, and is contractually prohibited from accepting, any commission, referral fee, rebate, or other remuneration from any insurer, reinsurer, broker, or intermediary in connection with this engagement. 

3.2  Fee Structure 

Havend will not commence work under the engagement until the applicable fees have been communicated and agreed to by the client. Acceptance by the client may be provided by email or other written means. There is deemed acceptance by the client of the quoted fees if the client proceeds to attend scheduled appointments with Havend for the purposes of the engagement.  

The fees quoted are based on the scope of work and requirements by Havend at the time of the quotation. If the client’s requirements change, expand or differ materially from those originally presented, Havend reserves the right to revise the applicable fees accordingly.  

Circumstances that may give rise to a fee variation include but are not limited to:  

  1. A material increase in the volume, complexity or number of policies to be reviewed.  
  2. Delays caused by the client that extend the engagement timeline beyond the period originally anticipated.  
  3. Information or documentation provided by the client is materially incomplete or inaccurate, requiring additional time or work to rectify.  
  4. Any other circumstance that results in a material change to the effort, time or resources required to complete the engagement.  

 

Where a fee variation is required, Havend will notify the client as soon as reasonably practicable, setting out the nature of the change and the revised fee. If parties are unable to agree on the revised fee, either party may elect to terminate the engagement in accordance with these terms and fees for work completed to that point shall remain payable.  

All fees are subject to prevailing Goods and Services Tax (GST) where applicable. Fees are payable within 30 days of invoice unless otherwise agreed in writing. 

3.3 Waiver of Fee 

If the client engages Havend as a licensed financial adviser for the implementation of any insurance contract within reasonable time during or after the engagement, Havend may at its discretion waive the fee payable by the client under this engagement.  

4. Confidentiality and Data

  1. Each party agrees to keep confidential all non-public information received from the other party in connection with this engagement. 
  2. Havend will use information provided by the client (“Client information”) solely for the purpose of providing the services described in this agreement. 
  3. Havend will not disclose Client information to any insurer, broker, or third party without the client’s prior written consent, except where required by law or regulatory authority. 
  4. The client consents to Havend retaining engagement records in accordance with applicable data protection laws, including the Personal Data Protection Act 2012 (Singapore). 
  5. The client acknowledges and agrees to be bound by the terms of Havend’s privacy policy (which may be found on https://www.havend.com/privacy-policy) as may be amended, supplemented and/or substituted by Havend from time to time.  
  6. The client undertakes to indemnify Havend and at all times after keep Havend (and its officers, employees and agents) indemnified against any and all losses, damages, actions, proceedings, claims, costs, demands and liabilities (including full legal costs on a solicitor and client basis) which may be suffered or incurred arising from any action or omission by you that causes Havend to be in breach of the Personal Data Protection Act 2012. 

5. Limitation of Liability and Disclaimers

5.1  Nature of Advice 

Advice and analysis provided by Havend is based on information provided by the client and on market information available at the time of the engagement. Havend does not warrant that its analysis is complete or that the information relied upon is current at any future date. 

5.2  No Guarantee of Outcome 

Havend does not guarantee any particular coverage outcome, claims outcome, or premium level. Market conditions, insurer underwriting decisions, and policy terms are beyond Havend’s control. 

5.3  Limitation of Liability 

To the maximum extent permitted by law, Havend’s aggregate liability to the client for any claim arising out of or in connection with this engagement shall not exceed the total fees paid by the client to Havend in the twelve (12) months preceding the event giving rise to the claim. Havend shall not be liable for any indirect, consequential, or special losses. 

5.4  Regulatory Compliance 

Nothing in Havend’s reports or recommendations (whether in writing or otherwise) shall be construed as legal, tax, actuarial, or regulatory advice. The client should seek independent counsel where required. 

6. Term and Termination

  1. This engagement commences on the date of signing and continues for an initial term of three (3) months or the date on which provision of the services have been completed by Havend (whichever is earlier), unless terminated earlier or extended by mutual agreement. 
  2. Either party may terminate this engagement by providing 30 days written notice to the other party. 
  3. Upon termination, fees for services rendered up to the date of termination shall remain payable. 

7. General Provisions

7.1  Governing Law 

This agreement is governed by and construed in accordance with the laws of Singapore. 

7.2 Dispute Resolution:  

Any dispute arising from this agreement shall first be referred to mediation before the Singapore Mediation Centre. If unresolved, disputes shall be subject to the exclusive jurisdiction of the Singapore courts. 

7.3 Entire Agreement  

This document constitutes the entire agreement between the parties with respect to the subject matter herein and supersedes all prior discussions and agreements. 

7.4 Amendments 

Havend may amend these terms and conditions from time to time by publishing an updated version on its website at www.havend.com (“Website”). The date on which the updated terms will take effect will be stated on the Website.  

Continued engagement with Havend following the effective date of any amendment will constitute the client’s acceptance of the updated terms. Where an amendment materially affects the client’s rights or obligations, Havend will use reasonable endeavours to notify the client directly in writing at least 14 days prior to the effective date of such amendment. If the client does not accept any amended terms, the client must notify Havend in writing prior to the effective date. In such circumstances, either party may elect to terminate the engagement in accordance with these terms and conditions, and fees for work completed to the date of termination shall be payable.  

Notwithstanding the above, any amendment to fees applicable to a current engagement shall be subject to the prior written agreement of both parties in accordance with Clause 3.3, and shall not take effect solely by virtue of publication on the Website. 

7.5 Severability 

If any provision of this agreement is held to be unenforceable, the remaining provisions shall continue in full force and effect.