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 as an Insurance Intermediary registered under the European Union (Insurance Distribution) Regulations 2018. Copies of our regulatory authorisations are available on request. 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 .
Codes of Conduct: Crotty Insurance Brokers Ltd. is subject to the Consumer Protection Code, Minimum Competency Code and Fitness & Probity Standards which offer protection to consumers. These Codes can be found on the Central Bank’s website www.centralbank.ie. We are also authorised by the Competition and Consumer Protection Commission as a Credit Intermediary.
2. As Insurance Brokers we offer advice on a Fair & Personal Analysis of the Market in relation to all classes of non-life insurance (motor, household, property, business, engineering liability, travel, marine etc). This means we will research a sufficiently large number of contracts and product producers available in the marketplace to enable us to make a recommendation, in accordance with professional criteria, regarding which contract would be adequate to meet your needs. On receipt of your instructions we will transmit orders on your behalf to one or more product producers. This firm does not have a ‘tied’ relationship with any Institution for insurance products.
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 an Administration OR 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, our Brokerage fees structure is as noted:
Personal Lines €25 to €75
Commercial/Corporate Policies 5% to 55% applied in respect of the Insurer Premium subject to minimum €100 irrespective of size.
Personal Lines Policies – €35
Commercial Policies under €5,000 – €60
Commercial Policies over €5,000 – €110
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.
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. A summary of the details of all arrangements for any fee, commission, other reward or remuneration paid or provided to the intermediary which it has agreed with Insurers or product producers” is available on our website.
7 Payment Methods: The Company will accept payments in Cash or by EFT, Cheque, Debit Card or Premium Financing in respect of all classes of insurance that we provide The Company is not authorised to accept cash or negotiable instruments in any other circumstances. We do not accept Credit Card payments.
8 Premium Receipts: The Company will issue a receipt for each non-negotiable or negotiable instrument or payment received. This is required pursuant to Provision 3.5 of the Consumer Protection Code . These receipts are issued for your protection and should be retained in a safe place by you.
9. 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 & Pensions Ombudsman Lincoln House, Lincoln Place, Dublin 2,D02 VH29, at www. www.fspo.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. Crotty Insurance Brokers Ltd t/a Crotty Group ,Getcover House. 6 Leopardstown Office Park, Dublin 18
10. 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.
11 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.
In some cases, we may be a party to a profit-share arrangement with product producers where we provide extra services for the provider. 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.
12 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
Compensation Scheme: We are members of the Investor Compensation Scheme operated by the Investor Compensation Company Ltd. See below for details.
Investor Compensation Scheme: The Investor Compensation Act, 1998 provides for the establishment of a compensation scheme and the payment, in certain circumstances, of compensation to certain clients (known as eligible investors) of authorised investment firms, as defined in that Act.
The Investor Compensation Company Ltd. (ICCL) was established under the 1998 Act to operate such a compensation scheme and our firm is a member of this scheme.
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 recognized, 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 recognized, for the purposes of the Investor Compensation Act, 1998; or
- Compensation of up to €20,000.
For further information, contact the Investor Compensation Company Ltd. at (003531) 224 4955.
Brokers Ireland Compensation Fund: We are also members of the Brokers Ireland Compensation Fund. Subject to the rules of the scheme the liabilities of its members 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 Investor Compensation Scheme has failed to adequately compensate any client of the member. Further details are available on request.
Disclosure Information: It is your responsibility to provide complete and accurate information for Insurers when arranging an insurance policy. Any failure to disclose material information may invalidate your insurance claim and render your insurance policy void. Please note it is essential to make full disclosure of relevant facts, including where relevant:
- to answer all questions honestly and with reasonable care.
- any previous insurance claims made by you for the type of insurance sought.
Failure to disclose all information may result in;
- your policy being cancelled
- claims not being paid
- difficulty in trying to purchase insurance elsewhere
- a breach of the terms and conditions attaching to any loan secured on property.
If you are ever in doubt about whether something needs to be disclosed, the safest course of action is disclose it.
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.
Consumer Insurance Contract Act 2019
Following the commencement of the Consumer Insurance Contract Act 2019, which was implemented to protect consumers, there is important information that you should be aware of and we are bringing to your attention for policies of Insurance effective after 1st September 2020. There are obligations on you as the consumer and duties that you must fulfil at the various stages of the process of arranging and renewing your Insurance policy.
So please read the following information very carefully and if you have any questions please ask a member of our staff.
New Business & Renewal
The consumer is under a duty of to answer all questions honestly and with reasonable care.
A consumer may cancel a contract of insurance, by giving notice in writing to the insurer, within working 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.
The 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 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.
Post-Contract Stage and Claims
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,
10% of the claim settlement amount where the claim settlement amount is more than €40,000.
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.
Any clause in a contract of insurance that refers to 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 concluded.
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 and must notify the insurer of the occurrence of an insured event in a reasonable time.
The consumer must notify the insurer of a claim within a reasonable time, or otherwise in accordance with the terms of the contract of insurance.
If the consumer becomes aware after a claim is made of information that would either support or prejudice the claim, they are under a duty to disclose it. (The insurer is under the same duty).
If the consumer makes a false or misleading claim in any material respect (and knows it to be false or misleading or consciously disregards 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.
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 tick to say how you would like us to contact you:
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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