Terms of Business
Travers & Co. Insurances Ltd, 7 Upper Main Street, Arklow, Co. Wicklow. Y14 KT63.
Telephone 0402 – 32204 / Fax 0402 – 31203 Email email@example.com Website www.travers.ie
REGULATED AND AUTHORISED STATUS
These terms of business set out the basis on which Travers & Co. Insurances Ltd will provide business services to you as a client of the firm. They also contain details of our regulatory and statutory obligations and the respective duties of both the firm and you in relation to such services. Travers & Co. Insurances Ltd t/a Travers & Co. Insurances, Travers & Co. Financial is regulated by the Central Bank of Ireland. This firm is also a member of Brokers Ireland.
Travers & Co. Insurances Ltd is regulated by the Central Bank of Ireland as an Insurance/Reinsurance Intermediary – Insurance/reinsurance intermediary under the European Communities (Insurance Mediation) Regulations, 2005 (as amended).
Investment Business Firm – Investment Business Firm under Section 10 of the Investment Intermediaries Act, 1995 (as amended).
Investment Product Intermediary – Financial Service Providers holding appointments from IIA product producers, including intermediaries that may issue appointments, appearing in the register maintained under Section 31 of the Investment Intermediaries Act (as amended)
Copies of our various authorisations, listed above, are available upon request or can be viewed on www.centralbank.ie
Our firm is subject to and complies with the Handbook of Prudential requirements for Investment Intermediaries, Consumer Protection Code, Minimum Competency Code and the Fitness and Probity standards as laid down by the Central Bank of Ireland. These codes offer protection to our clients and all of the Codes can be found on www.centralbank.ie.
Travers & Co. Insurances Ltd provides advice and assistance in the arrangement and placing of General Insurance (Motor, Property, Liability, Marine etc.) Life and Pensions, Health Insurance, Savings and Investments. In addition we provide insurance related risk management advice and assistance in claims negotiation and settlement. We will offer advice on a fair analysis basis in relation to all classes of insurance policies with the exception of Health Insurance which is offered on a limited analysis of the market with Irish Life Health dac. This means we will research the market place and providers and recommend the best product to suit your own needs. We will identify and select suitable Insurers/Product Producers and on receipt of your instructions we will transmit orders on your behalf to one or more Insurers/Product Producers (a list of which is available on request). This firm does not have any “tied” relationships with any institution which would compromise our ability to offer you product advice and choice.
REMUNERATION AND FEES
Travers & Co. Insurances Ltd is remunerated by a professional service fee for the initial work, activity and time spent in the seeking and arrangement of the best terms, advice, product and Insurer/Product Producer for your specific needs. A professional service fee is also charged for the activity involved in the renewal of the policy and also any alterations that take place during and at termination of a policy. A scale of our Standard Professional service fees are noted below.
Scale of Standard Professional Service Fees
Type Initial Arrangement / Renewal Fee Alteration / Cancellation Fee
Personal Insurances Up to a max of 50% of Insurer/ Up to a max of 50% of Insurer/
Product Producer quoted terms Product Producer quoted terms
(Minimum €49) (Minimum €40)
Commercial Insurances Up to a max of 50% of Insurer/ Up to a max of 50% of Insurer/
Product Producer quoted terms Product Producer quoted terms
(Minimum €75) (Minimum €40)
Financial Services Directors & Consultants – €190 per hour,
Account Executives – €130 per hour,
Support Staff – €75 per hour.
We reserve the right to amend these fees should the complexity of the product require a higher fee. We will confirm and agree this fee with you prior to any increased charge being applied. A fee of €25 may be charged for driving experience letters, and all duplicate documentation both for existing and past clients. Please note an administration fee may apply to policies payable by direct debit and some Insurers/Product Producers may collect our professional service fee on policies payable by direct debit. The firm also reserves the right to charge fees of up to 2.5% on card payments. Any bank fees charged on unpaid cheques together with currency transfer differences/shortfalls will be charged back to the client and are payable in full together with any other outstanding balances. The firm will obtain written agreement from the consumer before deducting an administration fee or other charge from a rebate due to a consumer. All fees and charges applied by Travers & Co. Insurances Ltd will be declared on our renewal notices/invoices/credit notes and/or in other correspondence issued to clients. All such fees and charges are non-refundable. Any Third Party fees or charges that apply in connection with your policy will be included in the total amount charged and are non-refundable. Travers & Co. Insurances Ltd will, if necessary, exercise its legal rights to receive any payment of fees due to it from clients.
We are also remunerated by commission received from the Insurer/Product Producer for the work involved in placing an order and finalising the product with them on your behalf. Where premium finance loans and/or some Insurer direct debits are arranged for a client we may earn additional commission of up to 4% of the financed amount. Commission paid by Insurers/Product Producers may from time to time include contingent or override commission based on volume and/or profitability. Some product producers do not pay a commission. Details of commission arrangements are available on request.
Travers & Co. Insurances Ltd operates a policy of strict Credit Control and premiums must be paid in full prior to or on the renewal/inception date of the insurance policy, unless otherwise agreed in writing.
All quotations provided will have a validity date stipulated on the written quotation. Quotations for insurance are indicative only. The final premium can only be confirmed upon receipt and acceptance by Insurers/Product Producers of proposal forms and relevant documentation.
PAYMENT DEFAULT AND POLICY CANCELLATION
Cancellation by Travers & Co. Insurances Ltd
Travers & Co. Insurances Ltd. reserves the right, notwithstanding delivery of policy document or receipt of same by the insured, to cancel the policy of insurance and obtain a credit from the Insurer/Product Producer, apply same in the reduction of the amount due by the insured in the event of the following:
- Non-payment of a policy premium, in whole or in part, due at inception, renewal or following a mid-term alteration.
- Non-payment of Professional service fee, in whole or in part, due at inception, renewal or following a mid-term
- Default of a payment of a direct debit premium.
- Default of a payment in respect of a Premium Finance agreement.
- Your bank returns a cheque due to insufficient funds or for any other reason.
- Non-receipt of required documentation.
- Non-disclosure of relevant information.
- Insurer enforced cancellation.
- Failure to comply with policy conditions imposed by insurers.
If you have a loan with a premium finance provider and if there is a return of premium calculated by the Insurer, this will be offset against the outstanding premium due and any balance will be refunded provided that no incident giving rise to a claim has occurred in the current period of insurance. In this case you will be entitled to a proportionate return of the premium for the un-expired period of insurance unless the policy is on a minimum and deposit basis, and if this is the case, no return will be allowed and this would be noted on your policy schedule. If you cancel during the first year (outside of the Cooling Off period) short term rates apply, please see policy terms and conditions. In the case of cancellation of motor insurance you must return the Certificate of Insurance and Windscreen Insurance Disc to Travers & Co. Insurances Ltd. The firm will exercise its legal rights to obtain any monies owed following policy cancellation from clients.
Cancellation by Insurers
Insurers normally reserve the right to cancel policies at any time by giving appropriate notice to your last known address. Please refer to your policy terms and conditions. Your Insurer may cancel your policy in certain circumstances. These conditions are clearly outlined on all policy documents, which you should read and take note of. Please note in the event of default payments, Insurers/ Product Producers:
- Reserve the right to instigate cancellation proceedings.
- Reserve the right to withdraw Benefits or Cover.
Cancellation by You
You can cancel your policy in writing at any time, in accordance with the terms and conditions set out in your policy document and provided no incident has arisen that could give rise to a claim. Cancellations must be given in writing to our office. Should you cancel your policy outside the applicable cooling off period, short term rates or minimum and deposit premiums may apply. A notice of cancellation given in respect of a distance contract that relates to the issue of a motor vehicle insurance policy is not properly given unless the relevant Certificate of Insurance and Windscreen Insurance Disc have been surrendered to Travers & Co. Insurances Ltd.
DUTY OF DISCLOSURE
Please ensure that all material facts have been disclosed. A material fact is any information which may alter the judgement of an Insurer/Product Producer in assessing risk. It is your responsibility to provide complete and accurate information for Insurers/Product Producers. Where a proposal form/statement of fact/claim form is completed by you and/or is completed on your behalf, the accuracy of all answers, statements and/or information will be your sole responsibility. This duty of disclosure applies when you take out your insurance policy, throughout the life of that policy, when you renew your policy, when you submit any claim and to any situations in which you are required under the terms of the policy to provide information to Insurers/Product Producers. Any material change that occurs after the arrangement of any policy must be disclosed to Insurers/Product Producers. Failure to disclose all material facts/information or to notify of all material changes may result in a) the policy cover being cancelled and/or being declared void from inception, b) in claims not being paid, c) encountering difficulty when trying to purchase insurance elsewhere and d) in relation to property insurance, failure to secure property insurance cover could lead to a breach of the terms and conditions attaching to any loan secured on that property. Insurers/Product Producers now share all claims information on the “Insurance Link database”. If you are unsure as to what constitutes material facts/information or whether you should disclose something, please disclose anyway.
CONFLICT OF INTEREST
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 in place a written procedure for the handling of complaints (copy available upon request). This procedure ensures that all complaints are recorded and acknowledged within 5 business days. All complaints are fully investigated and the complainant updated at intervals of not greater than 20 business days. We will attempt to investigate and resolve a complaint within 40 business days. All complaints should be directed in writing to The Complaints Officer, Travers & Co. Insurances Ltd., 7 Upper Main Street, Arklow, Co. Wicklow. In the event that a client remains dissatisfied with the handling of and/or response to a complaint they may refer the matter to the Financial Services Ombudsman’s Bureau, the Pensions Ombudsman or the Central Bank of Ireland.
Investor Compensation Company Ltd. (ICCL)
Travers & Co. Insurances Ltd 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.
Brokers Ireland Compensation Fund Ltd
Travers & Co. Insurances Ltd is also a member of the IBA Compensation Fund. Subject to the rules of the scheme the liabilities of its member firms up to a maximum of €100,000 per client (€250,000 in the aggregate) may be discharged by the Fund on its behalf if the member firm is unable to do so, where the above detailed ICCL (established by law) has failed to adequately compensate any client of the member.
FINANCIAL INTEGRITY OF PRODUCT PRODUCERS
While this firm endeavours to recommend the most appropriate policy and insurer for your insurance requirements, we do not and cannot guarantee the solvency or continuing solvency of any Insurer/Product Producer used and clients should note that the financial position of an Insurer/Product Producer could change after policy cover has been arranged. We deny any liability in the event of the Insurer becoming insolvent.
We may record all telephone calls for regulatory, training, verification and quality assurance purposes.
Travers & Co. Insurances Ltd is a Data Controller as defined in the Data Protection Act 1988 and 2003. We collect your personal details in order to provide the highest standard of service to you. We take great care with the information provided; taking steps to keep it secure and to ensure it is only used for legitimate purposes. To fulfil these objectives we may share information with other affiliated professionals. It will be necessary for us to disclose confidential information to Insurers/Product Producers and other parties where such information may be material to the risk being covered or Loan sought. The information and other data provided to our office may be used to advise you of products and services we may offer from time to time. You have the right at any time to request a copy of any ‘personal data ‘within the meaning of the Data Protection Act 1988(as amended or re-enacted from time to time) that our office holds about you and to have any inaccuracies in that information corrected. Please tick the box below if you do not wish to be contacted or receive information on products and services available from Travers & Co. Insurances Ltd and return this ticked document
LIMITATION OF LIABILITY
It is an express term of all of our contracts that the maximum Liability of Travers & Co. Insurances Ltd to its customers or any third parties shall not exceed €5million in respect of each and every claim.
It is an express term of this agreement that Travers & Co. Insurances Ltd will under no circumstances accept credit card charge backs on payments received from customers.
GOVERNING LAW AND LANGUAGE
The laws of Ireland form the basis for establishing relations between you and Travers & Co. Insurances Ltd. Any disputes in relation to these Terms of Business shall be subject to the exclusive jurisdiction of the Courts of Ireland. If any provision of these disclaimers and exclusions shall be unlawful, void or for any reason unenforceable then that provision shall be deemed severable and shall not affect the validity and enforceability of the remaining provisions. All contracts, terms, conditions and communications relating to any policies you may enter with this firm will be in English. Please note that any business transacted from the 11/10/2017 will be deemed an acceptance of this Terms of Business unless altered in writing and consented to in this manner by both parties hereto.