Terms of Business
TRAVERS & CO. INSURANCES LTD – TERMS OF BUSINESS – EFFECTIVE FROM 1ST SEPTEMBER 2020
By proceeding with your policy through Travers & Co. Insurances Ltd. you agree to the terms as per this Terms of Business document. Please ensure that you have BOTH READ AND UNDERSTOOD these terms and if you have any queries, please contact us.
This Terms of Business document supersedes with immediate effect any others that we have previously issued to you. Your direction to bind cover and/or your payment related to your insurance placement will be deemed your signed, written agreement to be bound by the provisions of this Terms of Business Agreement. If any material changes are made to these terms we will notify you.
Travers & Co. Insurances Limited, 7 Upper Main Street, Arklow, Co. Wicklow. Y14 KT63.
REGULATED AND AUTHORISED STATUS
Travers & Co. Insurances Limited trading as Travers Financial Services, Travers Insurances is regulated by the Central Bank of Ireland as an
- Insurance Intermediary – Insurance intermediary under the European Union (Insurance Distribution) Regulations 2018.
- 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 1995 (as amended)
- Credit Intermediary – Registered as a credit intermediary with the Competition and Consumer Protection Commission.
- Mortgage/Mortgage Credit Intermediary – Mortgage/Mortgage Credit Intermediary authorised under Regulation 30 of the European Union (Consumer Mortgage Credit Agreements) Regulations 2016 on behalf of Brokers Ireland Network Services Limited.
Copies of our regulatory authorisations are available on request or can be viewed at www.centralbank.ie. The Central Bank of Ireland holds registers of regulated firms. You may contact the Central Bank of Ireland on 1890 777 777 or alternatively visit their website at www.centralbank.ie to verify our credentials. Our Central Bank Number is C38101.
CODES OF CONDUCT
Our firm is subject to and complies with various codes of conduct including the Handbook of Prudential requirements for Investment Intermediaries 2014 Consumer Protection Code 2012, Minimum Competency Code 2017 and the Fitness and Probity Standards 2014 as laid down by the Central Bank of Ireland. These codes offer protection to consumers and can be found at www.centralbank.ie
Travers & Co. Insurances Ltd. provides advice and assistance in the arrangement and placing of General Insurance including but not limited to Car, Van, House, Travel, Business, Farm, Motor Tade, Fleet, Haulage, Liability and Financial Services (Life, Pensions, Insurance Based Investment Products and Mortgages). In addition we provide insurance related risk management advice, arrange insurance premium finance, assist with claims processing, negotiation and settlement and review your renewal including a requote on your policy to provide you with the best possible terms. On receipt of your instructions we will transmit orders on your behalf to one or more Insurers/Product Producers. A full list of Insurers/Product Producers and Lending Agencies we deal is available on request.
Fair and Personal Analysis
We will offer advice on a fair and personal analysis basis i.e. providing services on the basis of a sufficiently large number of contracts and product producers available on the market to enable us to make a recommendation, in accordance with professional criteria, regarding which contract would be adequate to meet your needs.
We provide advice on travel insurance on a limited analysis basis (providing services on the basis of a limited number of contracts and product producers available on the market). We provide advice in relation to the following product provider: Blue Insurance Ltd. We also have an exclusive wholesale insurance facility with Travelers offering members of the Irish Tyre Industry Association (ITIA) advice on a limited analysis of the market. In some cases we may be granted authority from an insurance undertaking to conduct tasks on their behalf, for which we will be remunerated. Where we place your business with this insurance undertaking under this authority you will be notified in advance of the placement. This firm does not have any “tied” relationships with any institution which would compromise our ability to offer you product advice and choice.
The Consumer Insurance Contracts Act 2019 sets out clear provisions in relation to the responsibilities of consumers under a contract of insurance including but not limited to the following:
A consumer is under a duty to pay their premium within a reasonable time, or otherwise in accordance with the terms of the contract of insurance.
A consumer may cancel a contract of insurance, by giving notice in writing to the insurer, within 14 days after the date the consumer was informed that the contract is concluded. The insurer cannot impose any costs on the consumer other than the cost of the premium for the period of cover.
A court of competent jurisdiction can reduce the pay-out to the consumer where they are in breach of their duties under the Act, in proportion to the breach involved.
Duty of Disclosure
A consumer is under a duty to 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. If you are unsure as to whether a fact/information is material or not please contact us and we will take the matter up with your insurer.
Any material change that occurs after the arrangement of your policy must be disclosed to Insurers/Product Producers. A material change will be interpreted as being a change that takes the risk outside what was in the reasonable contemplation of the contracting parties when the contract was incepted. 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. If you are unsure as to whether a change is material or not please contact us and we will take the matter up with your insurer.
It is in your best interests that you review, on a regular basis, the products which we have arranged for you. As your circumstances change, your needs will change. You must advise us of those changes and request a review of the relevant policy so that we can ensure that you are provided with up to date advice and products best suited to your needs.
Failure to contact us in relation to changes in your circumstances or failure to request a review, may result in you having insufficient insurance cover and/or inappropriate insurance based investment products. We conduct annual suitability assesments for all of our investment and pension clients and issue annual reports on the performance of your policy.
You should notify Travers & Co. Insurances Ltd. without delay in the event of an incident which may lead to a claim being made. A consumer must notify the insurer of the occurrence of an insured event and/or a claim within a reasonable time, or otherwise in accordance with the terms of the contract of insurance.
You may appoint a loss assessor to act in your interests as a claimant but any such appointment is solely at your own expense. An insurer may appoint a loss adjuster to assist them in the processing of a claim. It is important to note that the loss adjuster acts in the interests of the product provider. An insurer may appoint its own builder or other expert to undertake restitution work on a property or motor vehicle.
The consumer must cooperate with the insurer in an investigation of insured events including responding to reasonable requests for information in an honest and reasonably careful manner. If the consumer becomes aware after a claim is made of information that would either support or prejudice the claim, you are under a duty to disclose it. (The insurer is under the same duty).
An insurer may refuse a claim made by a consumer under a contract of insurance where there is a change in the risk insured, including as described in an “alteration of risk” clause, and the circumstances have so changed that it has effectively changed the risk to one which the insurer has not agreed to cover.
If, in respect of the insurance contract the insurer is not obliged to pay the full claim settlement amount until any repair, replacement or reinstatement work has been completed and specified documents for the work have been furnished to the insurer, the claim settlement deferment amount cannot exceed
- 5% of the claim settlement amount where the claim settlement amount is less than €40,000, or
- 10% of the claim settlement amount where the claim settlement amount is more than €40,000.
If the consumer makes a false or misleading claim in any material respect (and know it to be false or misleading or consciously disregard whether it is) the insurer is entitled to refuse to pay and to terminate the contract. Where an insurer becomes aware that a consumer has made a fraudulent claim, they must notify the consumer advising that they are avoiding the contract of insurance. It will be treated as being terminated from the date of the submission of the fraudulent claim. The insurer may refuse all liability in respect of any claim made after the date of the fraudulent act, and the insurer is under no obligation to return any of the premiums paid under the contract.
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, any alterations that take place during and at termination of a policy. A scale of our Standard Professional service fees is available on our website –www.travers.ie and noted below.
Scale of Standard Professional service fees
|Type||Initial Arrangement / Renewal Fee||Alteration / Cancellation Fee||Compliance Fee|
|Personal Insurances||Up to a max of 50% of Insurer/
Product Producer quoted terms
|Up to a max of 50% of Insurer/
Product Producer quoted terms
|Commercial Insurances||Up to a max of 50% of Insurer/
Product Producer quoted terms
|Up to a max of 50% of Insurer/
Product Producer quoted terms
|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.
As part of our service, we like to offer clients the option of spreading their insurance costs with a regulated firm(s) specialising in premium finance. To facilitate this, we may secure a finance pre-underwriting service for your insurance account which will provide you with an indication of the likelihood of a positive finance approval. Please note that this, upon your application, will still be subject to normal underwriting and regulatory checks. The pre-underwriting service involves us providing the finance provider, in a secure manner, details of your company name, CRO number and the likely insurance renewal costs and in the case of personal loans, your Personal Public Service Number (PPSN). Details of commission payments we may receive from the finance provider are available on our website. As with all credit agreements, terms and conditions apply and we strongly advise that you read all documentation relating to a finance agreement before entering into same and that you adhere to the terms of the agreement. Travers & Co. Insurances Ltd accepts no responsibility for any refusal by a premium finance provider to offer credit or for the consequences of defaults or delayed payments. Please be aware that your lender will be sharing your information with the Central Credit Register. This information may be used by other lenders when making decisions on your credit applications/agreements. Details on this can be viewed at www.centralcreditregister.ie.
Should you be entitled to a refund this will be issued to you within five business days in line with the Consumer Protection Code regulations. Refunds will be issued once the Insurer has confirmed same to Travers & Co. Insurances Limited. The firm will obtain written agreement before deducting an administration fee or other charge from a refund due to a consumer.
We offer a number of options to you regarding the processing of refunds:
- A reduction from another premium currently due.
• A donation of the refund to a registered charity.
• All refunds will be issued by cheque; a refund may upon request be credited to a credit/debit card where a past card payment exists.
• Card refunds can take 7-10 working days to be processed by our Merchant Services provider.
• Cheque refunds are processed once weekly, sent by post, once lodged these may take up to an additional 8 working days to clear.
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.
Cover instructions by phone, text, email or post in respect of new and/or existing policies cannot be deemed to be in force until such time as verbal or written confirmation has been issued by Travers & Co. Insurances Ltd.
OPTIONAL ADDITIONAL INSURANCE PRODUCTS
At the inception of a new policy or on a subsequent renewal we may offer you various optional insurance products or services such as legal protection or motor extra benefits. Such optional covers or benefits will be clearly indicated to you as such and the cost will be shown separately on our documentation. If you wish to avail of these optional extras; covers or benefits please inform us or remit the appropriate premium. You do not have to purchase the optional products in order to purchase the insurance product.
PAYMENT DEFAULT AND POLICY CANCELLATION
Default on Payments
Travers & Co. Insurances Ltd. will exercise its legal rights to receive payments (fees and insurance premiums) due to us from clients for services provided. In particular, without limitation to the generality of the foregoing, the firm will seek reimbursement for all payments made to insurers on behalf of clients where the firm has acted in good faith in renewing a policy of insurance for the client. Product producers may withdraw benefits or cover in the event of default on payments due under policies of insurance or other products arranged for you. We would refer you to policy documents or product terms for the details of such provisions. Mortgage lenders may seek early repayment of a loan and interest if you default on your repayments. Your home is at risk if you do not maintain your agreed repayments.
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, for mid-term alteration.
- 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 receive payments due to us from clients for any outstanding monies owed following policy cancellation.
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.
Cooling Off Period
You have the right to withdraw from an insurance contract 14 working days of either the start date of the policy or the date on which you receive the terms and conditions of the policy whichever is later (except in the case of policies whose operative period is for one month or less), or within 30 days in respect of life insurance policies, without penalty and without giving any reason. This is known as the cooling off period. The right of withdrawal may be exercised by notice in writing to Travers & Co. Insurances Ltd quoting your policy number provided that no claim or adjustment has been made or is intended to be made or no incident has occurred which is likely to give rise to a claim. Should this right be exercised the insurer may charge for the period you are on cover. For motor insurance the Certificate of Insurance and Windscreen Disc must be received by Travers Insurances before the policy can be cancelled.
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.
Travers & Co. Insurances reserves the right to request additional information that may be required in order to comply with the Anti-Money Laundering requirements of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, as amended by the Criminal Justice Act 2013 and the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018. Any suspicious transactions will be reported to the Gardaí and Revenue in line with regulatory rules.
CONFLICTS OF INTEREST
It is the policy of the firm to avoid any conflict of interest when providing services to you. However, where an unavoidable conflict may arise we will advise you of this in writing before providing any service. If you have not been advised of any such conflict you may assume that none arises. Travers & Co. Insurances Ltd. will avoid conflicts of interest relating to fees, commission, other rewards or remuneration linked to the achievement of targets that do not consider your best interests. A full copy of our conflicts of interest policy is available on request.
In some cases, we may be a party to a profit-share arrangement with Insurers/Product Producers. Agreements to this effect are in place with the following: Aviva, Brokerline Direct, RSA, Zurich, Axa, Premium Credit and Travelers. Any business arranged with these providers on your behalf is placed with them as they are at the time of placement the most suitable to meet your requirements taking all relevant information, demands and needs into account.
Whilst we are happy to receive verbal complaints, it would be preferable that any complaints are made in writing. 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. On completion of our investigation, we will provide you with a written report of the outcome. 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 you remain dissatisfied with the handling of and/or response to a complaint you may refer the matter to the Financial Services and Pensions Ombudsman (FSPO) at https://www.fspo.ie/ or 01 567 7000. A fully copy of our complaints procedure is available on request.
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. Compensation may be payable where money or investment instruments owed or belonging to clients and held, administered or managed by the firm cannot be returned to those clients for the time being and where there is no reasonably foreseeable opportunity of the firm being able to do so.
A right to compensation will arise only:
- If the client is an eligible investor as defined in the Act; and
- If it transpires that the firm is not in a position to return client money or investment instruments owned or belonging to the clients of the firm; and
- To the extent that the client’s loss is recognised for the purposes of the Act.
Where an entitlement to compensation is established, the compensation payable will be the lesser of:
- 90% of the amount of the client’s loss which is recognised for the purposes of the Investor Compensation Act;
- Compensation of up to €20,000.
For further information, contact the Investor Compensation Company Ltd. at https://www.investorcompensation.ie/ or 01 224 4955.
Brokers Ireland Compensation Fund Ltd.
Travers & Co. Insurances Ltd is also a member of the Brokers Ireland Compensation Fund. Subject to the rules of the scheme the liabilities of its member firms up to a maximum of €100,000 per client (or €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. Further details are available on request.
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.
Travers & Co. Insurances Ltd complies with the requirements of the General Data Protection Regulation 2018 and the Irish Data Protection Act 2018 and believes in respecting your privacy rights under these regulations. You have the right at any time to request a copy of any ‘personal data ‘ that our office holds about you and to have any inaccuracies in that information corrected. Please contact us at firstname.lastname@example.org if you have any concerns about your personal data. If you would like any further information regarding all your data protection rights please refer to the Data Protection Commission in Ireland at www.dataprotection.ie.
Security of Your Data
Travers & Co. Insurances Ltd intent is to strictly protect the security of your personal information and carefully protect your data from loss, misuse, unauthorised access or disclosure, alteration or destruction. We have taken appropriate steps to safeguard and secure information we collect online, including the use of encryption when collecting or transferring sensitive data such as credit card information. However, you should always take into consideration that the internet is an open forum and that data may flow across networks with little or no security measures, and therefore such information may be accessed by people other than those you intended to access it.
Collecting and Processing Your Information
Communication & Marketing
There may be requirements to contact you by Email, Post, Phone, SMS Text for the purposes of discussing renewal terms of an existing policy with us or any other query directly relating to an existing policy with us. When you request a quote from us, you may receive a phone call or text message and/or email in relation to that quote. You have the choice to opt out of direct marketing by us and can withdraw your consent in relation to marketing communication at any time as clearly outlined hereunder. If you have not opted out of this service we will make you aware of new and/or existing products / services / special offers / competitions which may be of interest and/or of benefit to you, these will strictly be in the context of insurance and financial services. We may do this by phone, post, email, text or through other digital media. If we ever contact you to get your feedback on ways to improve our products and services, you also have the choice to opt out. If you wish to exercise this opt out option please write to our Compliance Officer, Travers & Co. Insurances Limited, 7 Upper Main Street, Arklow, Co. Wicklow or e-mail email@example.com or follow any additional opt out guidelines outlined in our communications to you. If you have more than one email address, contact number or address, please make sure to notify us of all of these if you wish to opt out and keep us informed of any changes to your contact details.
CALL RECORDING AND CCTV
We may record all telephone calls, both inbound and outbound and follow up calls for regulatory, training, verification and quality assurance purposes. CCTV recording is also in place in our office for security, quality, training and verification purposes. All data captured by the CCTV is managed in accordance with the General Data Protection Regulation 2018 and the Irish Data Protection Act 2018.
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 or services you may enter with this firm will be in English. Please note that any business transacted from the 01/09/2020 will be deemed an acceptance of this Terms of Business unless altered in writing and consented to in this manner by both parties hereto.
Travers & Co. Insurances Limited t/a Travers Financial Services, Travers Insurances is regulated by the Central Bank of Ireland.