Terms of Business

TERMS OF BUSINESS

CONTACT DETAILS
Travers & Co. Insurances Ltd, 7 Upper Main Street, Arklow, Co. Wicklow. Telephone 0402 – 32204,
Fax 0402 – 31203. Email info@traversinsurances.ie  Website www.traversinsurances.ie

AUTHORISED STATUS
Travers & Co. Insurances Ltd is regulated by the Financial Regulator. This firm does not have any “tied” relationships with any institution that would compromise our ability to offer you independent advice and choice. This firm is also a member of the Irish Brokers Association (IBA). Travers & Co. Insurances Ltd is regulated to act as a Mortgage Intermediary by the office of the Director of consumer affairs under the “Consumer Credit Act” 1995.

SERVICES
Travers & Co. Insurances Ltd is authorised to provide the following services: Offer advice in relation to all classes of Non-Life Insurance (Motor, Property, Liability, Marine etc.) and also in relation to Life Assurance products (Life Assurance Policies, Pensions, Savings and Investment Life Assurance Policies and Mortgages). Receive and transmit orders on your behalf for a product(s) to one or more of the product producers with whom the firm holds an agency appointment letter.

REMUNERATION POLICY
Travers & Co. Insurances Ltd is remunerated by the way of commission payments received from Product Producers and/or charges billed directly to the client. Commission paid by Product Producers may from time to time include contingent or override commission based on volume and/or profitability. Travers & Co. Insurances Ltd may apply an administration charge of €130 per hour and pro-rata for the provision of advice regarding Life, Pensions, Mortgages and non-Life Insurance advice. Fees are charged on a time spent and disbursements basis. Our current basic hourly rate is €190 for Directors and Consultants and €75 for support staff. In determining the rate and any additional charges, factors such as specialist skills, complexity, risk and urgency will be taken into account. The rate of fees charged is consistent with the industry average. If we arrange a product for you with a Product Producer with whom the firm holds an agency appointment the hourly charge may be offset against commission payable to the Product Producer. Travers & Co. Insurances Ltd operates a policy of full disclosure on charges for professional services as require by the Insurance Act 2000, the amount of the administration charge if applicable will be clearly shown on the invoice. Scale of Administration Fees Personal Insurances 15% maximum subject to minimum €38, Commercial Insurances maximum 15%. Mid-term additional premiums on all policies 15% maximum subject to minimum €25. The firm will obtain written agreement from the consumer before deducting an administration fee or other charge from a rebate due to a consumer. Insurance Premium Finance business maximum over rider of 3%. Mortgage business maximum 1% administration fee of loan amount. This covers sourcing the product, research, admin costs, claims assistance and
Handling, advice of product placement, risk management and consultancy.

HANDLING CLIENT(S) MONEY
Travers & Co. Insurances Ltd will accept payments in cash and by cheque in respect of all classes of Insurance in the circumstances permitted under Section 25G of the Investment Intermediaries Act, 1995. Travers & Co. Insurances Ltd is not authorised to accept cash negotiable instruments in any other circumstances. In the event that a client fails to pay within the credit terms agreed when cover is incepted, the Firm will advise the Product Producer involved and cover will be cancelled.

MONEY LAUNDERING
Travers & Co. Insurances Ltd reserves the right to request any facts about a client which it reasonably believes it needs to know in order to comply with the Anti-Money Laundering provisions of the Criminal Justice Act, 1994.    RECEIPTS Travers & Co. Insurances Ltd shall issue a receipt for each non-negotiable or negotiable instrument or payment received. This is required pursuant to Section 30 of the Investment Intermediaries Act 1995.They are issued with your protection in mind and should be stored safely.

CONFLICT OF INTEREST AND COMPLAINTS
It is the policy of the firm to avoid any conflict of interest when providing business services to its clients. However, where an unavoidable conflict may arise we will advise you of this in writing before providing any business service. If you have not been advised of any such conflict you may assume that none arises. This firm has a written procedure in place for the effective consideration and handling of complaints. We ask that you make any complaint against our firm relating to investment business services provided by us in writing. We will acknowledge your complaint within 14 days and we will fully investigate it. On completion of our investigation, we will provide you with a written report of the outcome. In the event that you are still dissatisfied with our handling of, or response to, your complaint, you are entitled to refer the matter to the Financial Services Ombudsman. A full copy of our complaints procedure is available on request.

CONSUMER PROTECTION
Investor Compensation Company Ltd. (ICCL) This firm is a member of the investor compensation scheme established under the Investor Compensation Act, 1998. This legislation provides for the establishment of a compensation scheme and to the payment, in certain circumstances, of compensation to clients of firms covered by the Act. However, you should be aware that a right to compensation will only arise where money or investment instruments held by this firm on your behalf cannot be returned either for the time being or for the foreseeable future and where the client falls within the definition of eligible investor as contained in that Act. In the event that a right to compensation is established, the amount payable is lesser or 90% of your loss which is recognised as being eligible for the compensation of EUR20,000". In addition to the compensation available under the "Investor Compensation Act, 1998", Travers & Co. Insurances Ltd is bonded through its membership of IBA for €250,000 with a maximum limit of €100,000 per client.

PAYMENT DEFAULT
If a client defaults on payment, including direct debit defaults, the following procedure applies: (1) A letter/invoice will be issued to the client from Travers & Co. Insurances Ltd/Insurance Company/Finance House as appropriate stating that payment is outstanding and instructing the client to pay the premium amount in full within the specified timeframe in order to hold cover. (2) If payment is not received in full within the specified period the insurance company / Finance House may cancel the policy. If a policy is cancelled the insurance company or Travers & Co. Insurances Ltd will issue a letter to the client indicating that the policy is cancelled and that they are no longer on cover.