Crotty Group Terms of Business
1.Regulation: Crotty Insurance Brokers Ltd t/a Crotty Group Getcover House 6 Leopardstown Office Park Dublin 18 (“The Company”) is regulated by the Central Bank of Ireland is authorised under the Investment Intermediaries Act 1995 (as amended) as an Authorised Advisor. A copy of The Company’s Authorisation is attached to these Terms of Business. In addition The Company is authorised under the Consumer Credit Act 1995 (as amended) and the Central Bank Act 1942 (as amended) as a Mortgage Intermediary.
2 Bond Arrangements: The Company is bonded through its membership of the Irish Brokers Association (IBA) for €126,973 with an inner limit of €63,486 per client. Furthermore, the Company is a member of the Investor Compensation Scheme, in line with section 38(1) of the Investor Compensation Act 1998. This provides that compensation will be payable where money or investment owed or belonging to clients and held (or in the case of investment instruments) administered or managed by the Company cannot be returned to those clients for the time being and there is likelihood that the Company will be unable to do so. Where an entitlement of compensation is established, the compensation payable will be the lesser of (i) 90% of the amount of the client’s loss which is recognised for the purposes of the investor Compensation Act 1998 or (ii) compensation up to €20,000.
3 Company Remuneration: 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. 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.
4 Premium Credits & Refunds: Following a midterm alteration or cancellation a credit may be allowed by your Insurer. Any premium due to you will be refunded as soon as we have received the rebate from the relevant insurance company.
5 Premium Financing: Part of The Company’s service involves the negotiation and arrangement of Insurance Premium Financing, either using Insurance Company inhouse payment facilities or specialized Insurance Premium Finance Houses (Close Premium Finance Ireland / Premium Credit). The Company receives commission from some Insurance Companies for these services and also receives commission from the Insurance Premium Finance Houses.
6 Payment Methods: The Company will accept payments in Cash or by EFT, Cheque or Credit or Debit Card or Premium Financing in respect of all classes of insurance in the circumstances permitted under Section 25G of the Investment Intermediaries Act 1995. The Company is not authorised to accept cash or negotiable instruments in any other circumstances.
7 Premium Receipts: The Company will 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 receipts are issued for your protection and should be retained in a safe place by you.
8 Complaints: The Company has in place a written procedure for the handling of complaints. This procedure ensures that all complaints are recorded and acknowledged within 5 business days. All complaints will be investigated and the complainant updated, in writing, at intervals not greater than 20 business days. Where a complaint is not resolved within 40 business days The Company will advise the complainant of the anticipated time frame within which it is hoped to resolve the complaint and of the complainant’s right to refer the matter to the Financial Services Ombudsman at www.financialombudsman.ie, or the Pensions Ombudsman at www.pensionsombudsman.ie. The Company will advise the complainant, in writing, within 5 business days of the completion of the investigation of the complaint and the outcome of the investigation and where applicable the terms of any offer or settlement. All complaints should be directed to Mr Graham Devine, Complaints Manager.
9 Cancellation: All insurances are effected pending receipt of the premium from the Insured. The Company reserves the right notwithstanding delivery of policy, certificate or receipt to the Insured to cancel the Policy, obtain a refund from Insurers and apply same to reduce the amount due by the Insured.
10 Conflicts of Interest: It is the policy of The Company to avoid any conflict of interest when providing business services to its Clients. However, should an unavoidable conflict arise The Company will advise Clients of this in writing before proceeding to provide any business services. If you as a Client have not been advised of any such conflict you are entitled to assume that none arises.
11 Reservation of Rights etc.: The Company will, if necessary, exercise its legal rights to receive any payments due to it from clients for business services provided by it and, to be reimbursed for any value obtained by the firm for clients arising from payments by the firm on behalf of clients who subsequently default in any payment due to the 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. Your individual policy document will contain details of default remedies and actions of the particular insurance undertaking in the event of your non-payment. On receiving your policy document, you should read the terms and conditions of your policy in detail
12. Data Protection
Here at Crotty Insurance Brokers Ltd we take your privacy seriously and will only use your personal information to provide the products and services you have requested from us
Crotty Insurance Brokers Ltd. complies with the requirements of the General Data Protection Regulation 2018 and the Irish Data Protection Act 2018. The data which you provide to us will be held on a computer database and paper files for the purpose of arranging transactions on your behalf. The data will be processed only in ways compatible with the purposes for which it was given and as outlined in our Data Privacy Notice (available for review on our website) and Data Protection policy.
We would also like to keep you informed of insurance services provided by us which we think may be of interest to you and may like to contact you by way of letter, email or telephone call. If you would like to receive such marketing information please complete the permission statements below.
If you consent to us contacting you for this purpose
Please click here to download the form, scan it and email it back to us at firstname.lastname@example.org.
We may receive referrals from such firms and may advise them of any transactions arranged for you. You have the right at any time to request a copy of any ‘personal data’ within the meaning of the GDPR) that our office holds about you and to have any inaccuracies in that information corrected. Please contact us at email@example.com if you have any concerns about your personal data.