TERMS OF BUSINESS 6th April 2021
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 European Union (Insurance Distribution) Regulations 2018 (Registration No C1305). Copies of our Authorisation 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
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
As Insurance Intermediaries we provide advice on a fair and personal 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. In some cases we may be granted authority from an insurance undertaking to conduct tasks on their behalf, for which we will be remunerated. Where we place your business with this insurance undertaking under this authority you will be notified in advance of the placement. 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.
A consumer may cancel a contract of insurance, by giving notice in writing to the insurer, within 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.
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.
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.
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 by the Criminal Justice Act 2013 and the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018.
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. In some cases, we may be a party to a profit-share arrangement with product producers where we provide extra services for the provider. Agreements to this effect are in place with the following: Aviva, Allianz, RSA and Zurich. 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.
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 and Pensions Ombudsman Lo Call: 01 567 7000 Email: firstname.lastname@example.org Our full Complaints Procedure is available on request.
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, or
- 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.
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. Receipts are 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 may earn our remuneration on the basis of fee, commission and any other type of remuneration, including a non-monetary benefit or on the basis of a combination of these methods. A non-monetary benefit will only be accepted if it enhances the quality of the service to our clients. Where you choose to pay in full for our service by fee, we will notify you in writing in advance and agree the scale of fees to be charged if different from fees outlined below. Where it is not possible to provide the exact amount, we will provide you the method of calculation of the fee.
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, and an additional 2% Government Levy applies on all Motor Insurance policies as per the requirements of the Insurance (amendment) Act 2018, where applicable. A summary of the details of all arrangements for any fee, commission other reward or remuneration paid or provided to us which we have agreed with product providers is available in our office or on our website www.insurancebrokers.ie. Where an override commission is received, this will be disclosed to you in general terms.
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.
Credit Intermediary: As a credit intermediary we may be remunerated by the premium/credit finance provider on arranging this finance on your behalf.
McMahon Galvin Ltd complies with the requirements of the General Data Protection Regulation 2018 and the Irish Data Protection Act 2018. McMahon Galvin Ltd is committed to protecting and respecting your privacy. We wish to be transparent on how we process your data and show you that we are accountable with the GDPR in relation to not only processing your data but ensuring you understand your rights as a client. 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, this will be given to all our clients at the time of data collection.
We will ensure that this Privacy Notice is easily assessable. Please refer to our website www.insurancebrokers.ie, if this medium is not suitable we will ensure you can easily receive a copy by Post. Please contact us at email@example.com if you have any concerns about your personal data.
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 6th April 2021 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 7 – Original July 1st 2012