TERMS OF BUSINESS – EFFECTIVE APRIL 2009

DOYLE INSURANCE BROKERS (WEXFORD) LTD

T/A DOYLE MAHON INSURANCES

5 SKEFFINGTON STREET

WEXFORD

TEL (053) 9123630 FAX (053) 9123631

 

Doyle Insurance Brokers (Wexford) Ltd is regulated by the Central Bank of Ireland. A copy of our Statement of Authorisation is available on request. . 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 a member of the Irish Brokers Association (IBA).

 

Under the Investment Intermediaries Act 1995 and the Insurance Act 2000 we may receive and or transmit orders in Investment Instruments to each insurer or product producer from whom we hold a letter of appointment. A list of product producers is available to you upon 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 in the foreseeable future and where the client falls within the definition of eligible investor as contained in the Act. In the event that a right to compensation is established, the amount payable is the lesser of 90 per cent of your loss which is recognised as being eligible for compensation or EUR 20,000.

 

In addition to the above this firm is also bonded through its membership of the IBA for €200,000 with an inner limit of €65,000 per client.

 

This firm also holds Professional Indemnity insurance for errors and omissions.

 

Description of Services

Doyle Insurance Brokers ( Wexford) Ltd is authorised to provide the following services: motor and household insurance, commercial and industrial with significant involvement in construction industry insurances, placement of high risk liability and high risk material damage insurance, placement of professional indemnity insurance, malpractice, libel and slander, product recall, latent defects and equestrian liability.

 

We do not guarantee nor make representations in regard to, and expressly disclaim responsibility for, the financial condition of insurers or product producers with which we place insurance. We will not indemnify clients in respect of the failure of any insurer or product producer.

 

Conflicts of Interest

Our staff are required to comply with a policy of independence and to disregard any conflict of interest that may arise when making recommendations to you. In the event of a conflict of interest we will advise you accordingly. If you have not been advised of any such conflict you may assume that none arises.

 

Handling Clients’ Money

Doyle Insurance Brokers( Wexford) Ltd. will accept payments in cash, cheque, laser and credit card in respect of all classes of insurance in the circumstances permitted under Section 25G of the Investment Intermediaries Act, 1995.

 

Receipts

Doyle Insurance Brokers (Wexford) 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”. These are issued with your protection in mind and should be stored safely.

 

Complaints

This firm has a written procedure in place for the effective consideration and handling of complaints. Complaints should be addressed to Mr. Pat Doyle for his personal attention and marked Private & Confidential. Complaints will be recorded and acknowledged in writing within 5 working days. All complaints will be fully investigated and the outcome of the investigation will be communicated to the complainant. We will provide a complainant with regular updates at intervals not greater than 20 days and will attempt to resolve a complaint within 40 business days. If your complaint is still not resolved to your satisfaction, and as a final step, you may refer your complaint to the Financial Services Ombudsman. You can contact the Financial Services Ombudsman by phone on Lo Call 1890 88 20 90, Email: enquiries@financialombudsman.ie or post to The Financial Services Ombudsman, 32 Upper Merrion Street, Dublin 2.

 

Remuneration Policy

Doyle Insurance Brokers (Wexford) Ltd. is remunerated by commission and/or arrangement charges which are retained by us, and may charge a fee for advice given in respect of your insurance policies. Doyle Insurance Brokers (Wexford) Ltd enjoys volume and profitability arrangements with the leading insurers enabling us to offer preferential rates for some classes of risk. Remuneration arising from such arrangements is paid by insurers and not by the client.

 

The following scale of arrangement charges may normally apply: personal policy new business and renewals: minimum €35.00, alterations: €20.00. New business and renewal or alterations of commercial policies may be charged at a rate of 50% of the premium, subject to a minimum charge of €60.00 per policy. The arrangement of certain policies will necessitate a higher level of fee and this will be documented on your statement. Government levy 5% – this amount is collected from you and is passed to Government by insurers and is included in premium shown. Doyle Insurance Brokers (Wexford) Ltd. may receive commission from product producers or finance companies in respect of credit agreements.   Your credit rating may be affected where premium finance is arranged independently of your Insurer.

 

Where rebate premiums arise on general insurance from insurers these will be refunded by us within 5 working days of notification by insurers. A charge may be applied by us in respect of handling such rebates.

 

Default Remedies

Doyle Insurance Brokers (Wexford) Ltd . will, if necessary, exercise it’s legal right to receive any payments due to it from clients for business services provided by it and to be reimbursed for any value obtained by this firm for clients arising from payments by this firm on behalf of clients who subsequently default in any payment due to this firm.

 

Product producers may withdraw benefits or cover on default of any payments due under any products arranged for your benefit. Details of these provisions will be included in your product terms and conditions.

 

Good Faith

You are reminded that it is your responsibility to provide all material information likely to influence the acceptance and assessment of your insurance. If you have any doubts as to whether a fact is material it should be disclosed. Failure to disclose all material facts may invalidate your policy or may result in your policy not operating fully.

 

Optional Insurance Products or 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 personal accident. 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.

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