Scale of fees
SCALE OF REMUNERATION & 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, any alterations that take place during and at termination of a policy.
A scale of our Standard Professional service fees are noted below.
Personal Insurances – up to a max of 50% of Insurer quoted terms subject to minimum €49
Commercial Insurances – up to a max of 50% of Insurer quoted terms subject to minimum €75
Alteration/Cancellation Fee – up to a max of 50% of Insurer quoted terms subject to minimum €40
Compliance Fee – €10 applied on every personal and commercial insurance renewal
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 our behalf for direct debit policies. We do not charge for payments made by credit/debit cards. 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. A compliance fee is applied on policy renewals to cover the additional administrative costs incurred in providing all the necessary compliance documentation in order to comply with regulatory requirements.
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. Where it is not possible to provide the exact amount, we will provide you the method of calculation of the fee. 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 may earn our remuneration on the basis of fee, commission and any other type of remuneration, including a non-monetary benefit or on the basis of a combination of these methods. A non-monetary benefit will only be accepted if it enhances the quality of the service to our clients. 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. Where an override commission is received, this will be disclosed to you in general terms. Travers & Co. Insurances Ltd. have profitability arrangements with some product producers that enable the company to offer preferential rates for some classes of business. Some product producers do not pay a commission.
A summary of the details of all arrangements for any fee, commission other reward or remuneration paid or provided to us which have been agreed with Insurers/Product Producers is available on our website – www.travers.ie. Travers & Co. Insurances Ltd. is committed to always ensuring that remuneration does not impair compliance with our duty to act in your best interests and to offer the most suitable product to meet your needs and requirements.
Travers & Co. Insurances Ltd. trading as Travers Financial Services, Travers Insurances is regulated by the Central Bank of Ireland.