Terms of Business Document
This Terms of Business document sets out the general terms under which Oliver Murphy Insurance Brokers Ltd. t/a Coverme.ie herein, thereafter known as Coverme in this document, will provide services to you. This also details the regulatory and statutory obligations and respective duties of both the Company and you in relation to such services. Please read the Terms of Business carefully and if you require any assistance or have any query whatsoever, please contact a member of staff for clarification.
Coverme of 50 The Quay, Gladstone House, Waterford specialise in the provision of Life Assurance and General Insurance services to consumers and is regulated by the Central Bank of Ireland. Our regulator number is 1853.
Coverme is regulated by the Central Bank Of Ireland under the Investment Intermediaries Act, 1995, as amended to provide the investment instruments insurance policies, tracker bonds and PRSA’s. We are also authorised as a deposit broker and registered as an insurance intermediary under the European Communities (Insurance Mediation) Regulations, 2005, as amended. The Central bank of Ireland holds registers of regulated firms. You may contact the Central Bank on 1890 777777 or alternatively visit their website on www.centralbank.ie to verify our credentials.” Coverme is a member of Brokers Ireland and BLD a broker network.
Coverme is subject to and complies with the Consumer Protection Code, Minimum Competency Code and the Fitness and Probity Standards. These Codes offer protection to consumers and can be found on the Central Bank of Ireland website www.centralbank.ie
Coverme offer advice on a fair analysis basis in relation to all classes of life assurance products (Term Cover, Serious Illness and Permanent Health Insurance, Pensions & Savings) and General Insurance (Motor, Home, Fleet, Business, PI, Property, Travel, etc). We transmit orders on client’s behalf to any of the insurance undertakings or product producers from whom the Company hold letters of appointment. We are also authorised to provide broad based advice on the whole marketplace. A list of all entities which we hold an agency with are contained on the end of this document. We are also authorised as a deposit broker with PTSB& a premium finance agency holder of Premium Credit Ireland and Close Brothers – note we do not in any way guarantee the financial strength of any assurers or insurers we deal with as this is deemed the role of the specific Regulator in charge. The customer should satisfy themselves on the financial strength of the provider recommended.
- Coverme is remunerated by commission and payments from product producers on completion of business, details of which are available on request. Summary details of these payments will be included where appropriate in a product information document. You may choose to pay in full for this service by means of a fee.
- Our fee is €250 per hour for advisor fees and €85 per hour for support staff.
- Additional fees may be payable for complex cases or to reflect value, a requirement for specialist skills or urgency and you will be notified in writing in advance of any work being completed.
- Where pension and investment business is conducted, we may charge a percentage of funds under management as a fee for ongoing advice and administration. You will be notified in writing of this fee.
- This company may also be paid performance related commission due to profitability, persistency and volume, details of these arrangements are available on request.
RENUMERATION POLICY –NON LIFE BUSINESS
- The Company is remunerated by a combination of commission received from Product Producers to whom orders are transmitted. For non-life business an administration charge may apply and will be disclosed, these charges cover – Sourcing of product, administration costs, risk management, advice and claims handling assistance. We advise that there is no VAT charge on any insurance transaction.
- On commercial business this charge may represent up to 30% of all premiums depending on the complexity, structuring and maintenance cost of the arrangement.
- Note on private insurance policies i.e. motor, van, household and travel the brokerage fee will represent up to €100.00 unless otherwise indicated brokerage fees contribute to our compliance and regulatory cost.
- Any change in excess of amounts stated will be notified in writing.
- Note for business conducted with some insurers a higher fee will be applied and disclosed.
- In the event of cancellation of a policy we do not return any brokerage fee that has been paid as we deem them to be non refundable and earned
- Please note that in the event of a cancellation or direct debit default, a residual balance may exist, in this situation, should Coverme be left with a debt associated with your loan, we reserve the right to pursue you for the balance owed to the Company.
- In the event of policy cancellation our procedure is as follows – On the mid- term cancellation of any private car, van, household or travel policy a cancellation fee of up to €50 will apply (this includes policies been paid by monthly direct debit or Premium finance) – this will be deducted from any rebate provided by insurers and the rebate will be issued to you in a timely fashion less cancellation fee and Administration charge as per the Consumer Protection Code within 5 business days once notified by insurers to us.
- In the case of commercial products for business insurance the cancellation fee may be higher than €50 however this will be disclosed to you in advance.
- Note our charges for policy adjustments/movements are as follows – all policy amendments up to €50 – direct debit default charge where you the customer pay us the funds to pay the provider a fee of up to €20 may apply. Charges higher than this will be notified to you.
- We are also remunerated by finance companies for our assistance in the arrangement and administration of insurance premium finance, the maximum commission payable is 3% of the premium financed.
- Please note credit debit and laser card charges apply and will be disclosed to you the client, at point of purchase; charges vary accordance to providers’ rates prevalent at the time.
- Note this Company may also receive from some companies’ performance related payments due to but not limited to profitability with the company and volume. Details of these arrangements are available on request.
- Note if your policy is financed by Premium Creditor or Close Brothers and cancelled, any rebate premium less cancellation charge will be off set against the loan balance either directly with Premium Credit or Close Brothers through this office or offset against a rolling arrangement with the finance house concerned .Please note that Coverme may apply an hourly rate fee in addition to broker fees for particularly complex accounts and/or where court attendance may be required.
CONFLICT OF INTEREST
It is the policy of Coverme to avoid a conflict of interest when providing services to clients. Where an unavoidable conflict arises we will advise you of this in writing before providing any business services. If you have not been made aware of any such conflict you may assume that none arises.
Coverme will accept payments in cash, cheque, Premium Finance and by credit/debit card in respect of all classes of insurance in the circumstances permitted under Section 25G of the Investment Intermediaries Act, 1995. Coverme is not authorised to accept cash or negotiable instruments in any other circumstances. Premiums are due on / or before renewal / inception date. Under the Central Bank legislation very strict rules apply in the payment of premiums to Insurance companies. We will not be able to pay premiums to insurers which have not been received from clients. Therefore, to avoid policy cancellation, premiums must be paid strictly within the credit terms, if agreed, otherwise immediately prior to cover incepting.
PREMIUM DISCREPANCIES AND ERRORS
Occasionally Insurers will indicate a premium and when the policy/endorsement is issued will charge a slightly different premium. When this occurs and the difference is €15 or less, we will not charge this to you, neither will we refund any amount less than €15. When providing quotations human error does occasionally occur and where this happens we reserve the right to alter any premium, either before or after inception of cover, indicated or quoted to you. If you are unhappy with the revised quote we will obtain a refund for you.
The Company has a written procedure in place for the effective consideration and handling of complaints. Any complaints should be addressed in writing to the Managing Director, Oliver Murphy Insurance Brokers Ltd T/a Coverme. Each complaint will be acknowledged by us within 5 working days of receipt, updates will be advised in intervals of not more than 20 working days ,we will endeavour to resolve the complaint within 40 business days and findings will be furnished to you within 5 working days of completion of the investigation. In the event that you are not entirely satisfied with the firms handling of and response to your complaint, contact may be made with Brokers Ireland, 87 Merrion Sq, Dublin 2 and ultimately you have the right to complain to the Financial Services Ombudsman. Should your complaint relate to a difficulty originating from a service issue with your Insurer, you may be directed to deal with their complaints department.
Please contact us on 051 841766 if you have any concerns about your personal data.
INVESTOR COMPENSATION SCHEME
We are members of the Investor Compensation Scheme established under Section 38 of the Investor Compensation Act 1998. The Act provides that compensation shall be paid to eligible investors (as defined in the Act) to the extent of 90% of an investor’s net loss or €20,000, whichever is the lesser and is recognised as being eligible for compensation. We are also members of the Irish Brokers Association (IBA) Compensation Fund. Subject to the rules of the scheme the liabilities of its members firms up to a maximum of €100,000 per client (or €250,000 in aggregate) may be discharged by the fund on its behalf if the member firm is unable to do so, where the above detailed Investor Compensation Scheme has failed to adequately compensate any client of the member. Further details are available on request. The Company maintains Professional Indemnity Insurance also for your protection.
FAILURE TO PAY OR DEFAULT
We reserve the right to instigate cancellation proceeding in the event of the following:
- Your non-payment of the premium due at inception, renewal or following a midterm adjustment.
- Your bank returns your cheque due to insufficient funds or any other reason.
- Non disclosure of relevant information or material fact or a default in your premium finance agreement.
- Insurer imposed cancellation.
Your insurer may cancel your policy in certain circumstances. These conditions are clearly outlined on all policy documents. When your policy ends or is cancelled, we will send you any documentation and information that you are entitled to ,once any outstanding financial balances are cleared.We will automatically advise you of any payments outstanding on your policy and the consequences of failure to pay premiums. Note where premiums are on finance and defaults occur the finance company may retain the right to instruct insurers to cancel all cover .Please ensure to check your finance documentation for all applicable terms and conditions.
An outline of the action and remedies which the relevant product producers may take in the event of default by a client is included in the product producer’s policy document which you are encouraged to read in full.
DUTY OF DISCLOSURE TO INSURERS AND DUTY OF UTMOST GOOD FAITH
It is your responsibility to provide complete and accurate information to Insurers when you take out your Insurance Policy, throughout the life of that policy and when you renew your insurance. It is important that you ensure all statements made on proposal forms, statement of facts, claim forms and other documents are to your knowledge accurate, this includes any information provided to any member of staff in person or over the telephone. Failure or delays in disclosing any material information to your Insurers could invalidate your insurance cover and could mean that all of part of a claim may not be paid and could have serious consequences going forward when procuring insurance protection in the future. The misrepresentation of a material fact voids a policy.
The list of insurance undertakings and product producers from which letters of appointments are held can be provided on request.
Please note : Any instruction from you to alter or amend your policy or account by email / sms or post, will not be in force, actioned or changed until the office confirms the change to you in writing / by email or phone. Note cover cannot be backdated. All alterations are subject to insurers’ acceptance.
Signed: Oliver Murphy
Coverme, Gladstone House, 50 The Quay, Waterford.
Phone: 051-841766 Email: firstname.lastname@example.org
Please note this Terms of Business supercedes with immediate effect any others that we may have previously issued to you.
Client Acknowledgement: Terms of Business – I acknowledge and confirm that I have been provided with a copy of the terms of business for Coverme and that I have read through and understand and accept these terms. I also accept that Coverme may in the event of cancellation or alteration of a policy deduct a fee as disclosed in the section “Remuneration Policy”. I also understand and accept that brokerage fees are deemed earned and non refundable .I understand and accept that the company will disclose the deduction to me in writing.
Signed: ________________________ Date: ________________________
Please note in the absence of a signed Terms of Business, it is understood and agreed the terms and conditions are implied.