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Terms of Business November 1st 2016

CENTRAL BANK OF IRELAND AUTHORISATION
 
These terms of business set out the basis on which McMahon Galvin Ltd will provide business services to you, as a client of the firm.  They also contain details of our regulatory and statutory obligations and the respective duties of both the firm and you in relation to such services.  
 
McMahon Galvin Ltd is regulated by the Central Bank of Ireland under the Investment Intermediaries Act, 1995 (as amended) (Registration No C1305) and the European Communities Insurance Mediation Regulations, 2005.  Copies of our Authorisations are available on request; alternatively the Central Bank of Ireland holds registers of regulated firms which can be viewed on their website www.centralbank.ie  
 
STATUTORY CODES
 
McMahon Galvin Ltd is subject to and complies with the Consumer Protection Code, the Minimum Competency Code and the Fitness and Probity Standards.  These Codes offer protection to consumers and can be found on the Central Bank of Ireland’s website www.centralbank.ie
 
OUR SERVICES
 
As Insurance Intermediaries we provide advice on a fair analysis of the market for General Insurance products. With the significant number of appointments both local and international we hold, we can offer you an extensive choice of suitable products that best serve your needs and circumstances.  We do not guarantee nor make representations in regard to and expressly disclaim responsibility for the financial security of Insurance Companies and Product Producers with whom we place covers.  
We also provide advice in relation to Health & Medical Insurance as a tied agent for Irish Life Health.  We do review the options available with other providers when making any Health Insurance recommendations.
 
GENERAL INSURANCE SERVICES: Inception & Renewal
 
We provide advice in relation to all general insurance products: including but not limited to Household, Motor, Commercial Property, Public Liability and Employers Liability.  Depending on your instructions we can advise you in relation to the products of the Insurance Companies and Product Producers listed on our website.  We also work on your behalf to negotiate competitive terms on your insurance programme.
 
We will also offer assistance to you in relation to processing claims, on policies taken out with our firm.  This assistance is provided directly by our staff unless you choose to use an appointed loss assessor.  A panel of loss assessors is available upon request.
 
To ensure continuity of cover, where you have an existing policy which is due to expire and where we have been unable to contact you, we may put continuing cover in force whilst awaiting your instruction.  You will be liable for any premiums payable to the relevant insurer for the period of time between renewal and when we receive your instruction.  You have the right not to avail of this service and should advise us accordingly.
 
QUOTATIONS:
 
All quotations we issue to you are valid for a period of 14 days.  If you are arranging cover in your personal capacity for Home or Motor Insurance the policy is arranged subject to a 14 day cooling off period.
 
CREDIT/FINANCE:
 
If you require credit terms, we may be able to arrange premium finance on your behalf, with a Credit Finance Institution with whom we have an appointment (currently Close Premises Finance & Premium Credit Ltd) Alternatively a monthly direct debit facility (if available) from your insurers may be offered.
 
MONEY LAUNDERING:
 
McMahon Galvin Ltd 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).
 
CONFLICTS OF INTEREST:
 
It is the policy of our firm to avoid conflicts of interest in providing you with insurance and business services. If this is not possible, we will notify you as soon as is practicable after we become aware of the conflict of interest and you may rest assured that you will be treated fairly where such a conflict is unavoidable.
 
COMPLAINTS:
 
We have a written complaints procedure for the effective handling of all complaints.  We will acknowledge receipt of your complaint in writing within 5 working days.  A written update will be issued to you every 20 days by a nominated individual within our firm.  Any complaint you wish to make should be addressed to our Managing Director.  A comprehensive response to your complaint will be issued within 8 weeks of receipt of your initial complaint.  In the event of failure to resolve your complaint you may raise the matter with the Financial Services Ombudsman Bureau Lo Call: 1890 88 20 90 This email address is being protected from spambots. You need JavaScript enabled to view it. . Our full Complaints Procedure is available on request.
 
DISCLOSURE OF INFORMATION:
 
It is your responsibility to provide complete and accurate information for Insurers when arranging an insurance policy and/or where a Statement of Fact is completed on your behalf.  Failure to disclose any material information to your insurers could invalidate your insurance cover; all/or part of any claim you make may not be paid.
 
FAILURE DEFAULT/ FAILURE TO PAY:
 
We reserve the right to cancel your insurance policy in the event of the following:
• Your non-payment of the premium due at inception, renewal or following a mid-term adjustment
• Your bank returns your cheque due to insufficient funds or any other reason
• Non-disclosure of relevant information
• Insurers’ imposed cancellation
• As requested to do so by a finance company with whom you have arranged to pay your premium
 
Your insurer may cancel your policy in certain circumstances.  These conditions are clearly outlined on all policy documents.  When your policy ends or is cancelled, we will send you any documentation and information that you are entitled to on request.
 
PREMIUM HANDLING AND RECEIPTS: 
 
When receiving and transmitting orders in relation to insurance policies McMahon Galvin Ltd may accept payment from you payable to itself where an insurance undertaking has invited renewal of a policy of insurance, or the proposal for insurance has been accepted by an insurance undertaking.  A Section 30 receipt is issued for all monies received.
 
REMUNERATION AND CHARGES:
 
McMahon Galvin Ltd are remunerated by a professional fee for the initial work, activity and time spent in seeking the best terms, advice, product and product producer for your specific needs.  An administration fee is also charged for the activity involved in the placing and renewal of the policy and also any alterations that take place during the policy period.  A scale of our fees is under noted.  We are also remunerated by commission received from the product producers for the work involved in placing an order and finalising the product with them, on your behalf.  This commission can range from 5% to 25%, depending on the complexity of the product.  You can pay by agreed fee only if you desire.
 
Our fee scale for Personal Insurances and Commercial Insurances will not exceed 20% of the premium charged by insurers.
 
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 €20.00 will be charged for all duplicate documentation.
 
For certain type of complex works, such as sub-contractors registers, we reserve the right to agree a separate fee with you in advance
 
All premiums are subject to a 5% Government Levy, where applicable.  Details of all the remuneration, fees, commissions and arrangements listed above are available upon request.
On settlement of your account, we will forward to you all documents showing ownership of your policy i.e. Motor Certificate & Disc and Policy Schedules.  Where a series of transactions are involved, we will normally hold each document until the series is complete and then forward them to you.
 
We will also charge an additional 2% for the use of credit cards.
 
Credit Intermediary: As a credit intermediary we may be remunerated by the premium/credit finance provider on arranging this finance on your behalf.
 
DATA PROTECTION:
 
We collect your personal details in order to provide the highest standard of service to you.  We take great care with the information provided; taking steps to keep it secure and to ensure it is used only for legitimate purposes.  To fulfil these objectives we may share information with other affiliated professionals.  The information and other data provided to our office may be used to advise you of products and services we may offer from time to time.  If you do not wish to receive this information please let us know.
 
You have the right at any time to request a copy of any ‘personal data’ within the meaning of the Data Protection Act 1988 (as amended or re-enacted from time to time) that our office holds about you and to have any inaccuracies in that information corrected.  We charge a fee €6.35 to issue this documentation to you.
 
INVESTOR COMPENSATION SCHEME
 
We are members of the Investor Compensation Scheme established under Section 38 of the Investor Compensation Act 1998.  The Act provides that compensation shall be paid to eligible investors (as defined in the Act) to the extent of 90% of an investor’s net loss or €20,000.00, whichever is the lesser and is recognised as being eligible for compensation.  We are also members of the Irish Brokers Association (IBA) Compensation Fund.  Subject to the rules of the scheme the liabilities of its members firms up to a maximum of €100,000.00 per client (or €250,000 in 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.
 
The laws of Ireland form the basis for establishing relations between you and McMahon Galvin Ltd.  All contracts, terms, conditions and communications relating to any policies you may enter into with this firm will be in English.
 
The terms set out above apply to any services provided to you after November 1st 2016 and should the firm change its terms, you will be notified in advance.
 
We may correspond with you by text and/or e mail and if you do not wish us to communicate with you by these means please let us know.
 
McMahon Galvin Ltd are regulated by the Central Bank of Ireland – Registration Number C1305
 
Version 3 – Original July 1st 2012