What minimum information must an intermediary provide to a commercial customer when issuing a quotation for a packaged insurance policy?

When issuing a quotation for a packaged insurance policy, the intermediary is obligated to provide sufficient information for the customer to make an informed decision. This requirement aligns with the principles of transparency and customer protection in insurance practices. The objective is to ensure that customers understand the essential features, benefits, and limitations of the insurance offered, enabling them to assess whether the policy meets their needs.

While other factors such as the policy exclusions, full wording, and total cost are significant aspects of an insurance quotation, they do not encompass the broader requirement of providing information that allows the customer to evaluate their options effectively. The focus is on ensuring that the customer is well-informed, which includes but is not limited to details about premium costs and specific policy terms. Thus, the key point is that the intermediary must present enough relevant information so that the commercial customer can weigh their choices and make a knowledgeable decision regarding the insurance policy.