Crotty Insurance Brokers Limited : Scale of Fees Policy
In an effort to comply with the Consumer Protection Code’s “Seek to Inform” policy, we now lay out our Company’s procedure regarding remuneration.
We are, in many cases, remunerated by insurance underwriters and product producers on a commission basis, the level of which is determined by the class of business concerned. However, The Company, also reserves the right in some circumstances to charge a brokerage fee calculated based on a number of factors including the class of business; the amount of commission receivable; the complexity of the cover arranged; time spent handling the account over the course of the year; and the quality of service provided. Accordingly, in the majority of cases, fees may be charged per transaction as follows:
- Personal Lines – €25 to €75;
- Commercial/Corporate Policies 5% to 55% applied in respect of the Insurer Premium subject to a minimum €100 fee irrespective of size.
Furthermore, in some circumstances we may charge fees outside the scope of the above amounts. In these cases, The Company may apply an hourly rate for our work as follows:
- Directors/Account Managers – €450 per hour or part thereof;
- Other staff €250 per hour or part thereof.
- Or as otherwise agreed
- Separate overall flat fees for consultancy projects may also be agreed
Where this occurs it will be clearly explained to clients and agreed beforehand.
Finally, in any case where a fee is charged, it will be clearly noted on the invoice.