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Terms of Business

TERMS OF BUSINESS

GERAGHTY INSURANCES LTD

 

These terms of business set out the general terms under which my firm will provide insurance and investment business services to you and the respective duties and responsibilities of both the firm and you in relation to such services.  Please ensure to read these thoroughly and if you have any queries, please contact the undersigned who will be happy to clarify them.  If any material changes are made to these terms we will notify you.

 

Authorisation with the Central Bank of Ireland

Geraghty Insurances Ltd is regulated by the Central Bank of Ireland as a Multi Agency Insurance Intermediary/Authorised Advised authorised under the Investment Intermediaries Act 1995.  Copies of our regulatory authorisation 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 to verify our credentials.

 

Codes of Conduct

 

Geraghty Insurances 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

 

 Our Services

 

Geraghty Insurances Ltd is a member of  Brokers Ireland (BI). As a member , we must be in a position to place insurance with at least five Insurers of the relevant form (life/non-life) and therefore can generally give consumers grater choice than agents and tied agents. 

 

Our principle business is to provide advice and arrange transaction on behalf of clients in relation to life & pension, general insurance and is in a position to organize Insurance Premium financing for Commercial Clients through Close Finance.  A full list of insurers, product producers and lending agencies with which we deal is available on request

Geraghty Insurances acts as an Independent Broker which means that:

 

a)       the principle regulated activities of the form are provided on the basis of a fair analysis of the market; and

b)       you have the option to pay in full for our services by means of a fee

 

Fair Analysis

 

The concept of fair analysis is derived from the insurance mediation Directive.  It describes the extent of the choice of products and providers offered by an intermediary within a particular category of life assurance, general insurance. The number of contracts and providers considered must be sufficiently large to enable an intermediary to recommend a product that would be adequate to meet a clients needs.

 

The number of providers that constitute ‘sufficiently large’ will vary depending on the number of providers operating in the market for a particular product or service and their relative importance in and share of the market.  The extent of fair analysis must be such that could be reasonably expected of a professional conducting business, taking into account the accessibility of information and product placement to intermediaries and the cost of the search.  In order to ensure that the number of contracts and providers is sufficiently large to constitute a fair analysis of the market, we will consider the following criteria

 

  • the needs of the customer
  • the size of the customer order
  • the number of providers in the market that deal with brokers
  • the market share of each of those providers
  • the number of relevant products available from each provider
  • the availability of information about the products,
  • the quality of the product and service provided by the provider
  • cost and
  • any other relevant consideration.

 

Life & Pensions

Geraghty Insurances Ltd provides life assurances and pensions on a fair analysis basis i.e. providing services on the basis of a sufficiently large number of contacts and product producers available on the market to enable us to make a recommendation, in accordance with professional criteria, regarding which contract would be adequate to meet your needs.

 

We will provide assistance to you for any queries you may have in relation to the policies or in the event of a claim during the life of the policies and we will explain to you the various restriction, conditions and exclusions attached to your policy.  However, it is your responsibility to read the policy documents, literature and brochures to ensure that you understand the nature of the policy cover; particularly in relation to serious illness policies

 

For a serious illness policy we will explain clearly to you the restrictions, conditions and general exclusions that attach to that policy.

 

Non-Life

We provide the services in relation to the following non-life insurance products: health insurance, household, commercial, public liability, employer liability, travel, shops, pubs, farms, offices and factory risks.  Geraghty Insurances provides general insurance on a fair analysis basis (providing services on the basis of a sufficiently large number of contracts and product producers available on the market to enable the firm to make a recommendation, in accordance with professional criteria, regarding which contract would be adequate to meet your needs

 

We will also offer assistance to you in relation to processing claims on policies taken out with us and in seeking renewal terms on your cover. 

Important Notice: where we obtain renewal terms on business in force, we may put such 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 the time we receive your instruction.

 

Disclosure of Information

 

Any Failure to disclose material information may invalidate your claim and render you policy void.

 

Charges & Commissions

 

Geraghty Insurances Ltd is remunerated by commission and other payments from product producers or lenders on the completion of business. You may choose to pay in full for our services by means of a fee.  Where we receive recurring commission, this forms part of the remuneration for initial advice provided.  We reserve the right to charge additional fees if the number of hours relating to on-going advice/ assistance exceeds 1 hours

 

In certain circumstances, it will be necessary to charge a fee for services provided.  These are listed below for non-life business.  In other circumstances where fees are chargeable, we will notify you in advance.  In other circumstances where fees are chargeable or 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.

 

If we receive commission from a product provider this will be offset against the fee which we will charge you.   Where the commission is greater than the fee due, the commission will become the amount payable to the firm unless an arrangement to the contrary is made

 

Personal Retirement Savings Accounts (PRSA)

PRSAs are available in two forms - Standard PRSAs with capped charges and Non Standard PRSAs.  We provide an "execution only" service in relation to standard PRSAs i.e. we can process your order with the relevant Life Office but we do not offer advice in relation to this product.  If you require advice, you will be charged a fee commensurate with the work complete (see commissions and charges below).

 

Personal Retirement Savings Accounts (PRSA)

We charge €127.00 for the completion of a Standard PRSA on an "execution only" basis.

Option 1. Where advice is requested for PRSAs a fee will be charged equivalent to the difference in commission between non-standard PRSAs or other Pension products and standard PRSAs.  We will give an estimate of this rate in advance of providing you with services.  Alternatively you can choose a non-standard PRSA / other pension product whose charges will include advisor fees.

Option 2. Fixed fees.  Where advice is requested for PRSAs the following hourly fees will apply:

Advisor fee: €100 - €200 per hour                                                   Support Staff: €40 - €60 per hour

Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency.  We will give you an estimate of this rate in advance of providing you with services.  These fees will cover the advice on the nature of the products and selection of suitable products.  Where the client selects a product issued by a provider below, commission may be payable and used to offset the fees due. Where the commission is greater than the fee due, the commission will become the amount payable to the intermediary except when an arrangement to the contrary is made.

 

Non-life-fees- Effective from January 2018.

 

Brokerage Fee

Home                                                   €60.00

Private Motor                                        €55.00

Switch /alteration mid term                    €25

Duplicate certificates & policies              €20

Commercial Motor                                €60.00

Combined Liability                                up to 30% of Premium, Professional Services Minimum €150

Shops & Farms                                    up to 30% of Premium, Professional Services, Minimum €150

Commercial Combined                          up to 30% of Premium, Professional Services Minimum €150

Motor Fleet                                          up to 15% of Premium, Professional Services

 

Conflicts of interest

It is the policy of our firm to avoid conflicts of interest in providing you with insurance and investment business services.  If this is not possible, we will notify you in writing in advance of completing such services.

 

Default on payments by clients

Our firm will exercise its legal rights to receive payments due to it from clients for investment business services provided.  In particular, without limitation of the generality of the foregoing, the firm will seek reimbursement for all payments made to insurers on behalf of clients where the firm has acted in good faith in renewing a policy of insurance for the client.

Insurers and other product producers may withdraw benefits or cover in the event of default on payments due under policies of insurance or other products arranged for you.

We would refer you to policy documents or product terms for the details of such provisions.

 

Complaints

We would ask that you make any complaint against our firm, relating to services provided by us, in writing.  We will acknowledge your complaint within 5 business days and we will fully investigate this.  On completion of our investigation, we provide a written report to you on the outcome of this investigation.  In the event that you are still dissatisfied with our handling of or response to your complaint, you are entitled to refer the matter to the Financial Services Ombudsman or the Pensions Ombudsman. A full copy of our complaint procedure is available on request

 

Data Protection

Geraghty Insurances Ltd is a Data Controller as defined in the Data Protection Act 1998 and 2003

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 only used for legitimate purposes.  To fulfil these objectives we may share information with other affiliated professionals.  The information and other date provided to our office may be used to advise you of products and services we may offer from time to time.   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)

 

List of Product Producers

 

Life & Pensions                                                                  Non Life/Personal Lines

 

Irish Life,                                                                              Axa Broker                           ARB Underwriting

                                                                                           Allianz                                 O’Driscoll O’Neill Ltd

New Ireland,                                                                         Zurich                                   Optis Insurance

                                                                                                                                       Kenco Co Underwriting

Zurich ,                                                                                 RSA

Aviva Life & Pensions,                                                            Aviva

Friends First,                                                                        Willis Tower Watson

Standard Life,                                                                      MIS

Royal London                                                                      Liberty Insurance

PhoenixIreland                                                                   Benchmark

                                                                       

Compensation Scheme

We would remind you that it is not within our terms of authorisation to accept cash or negotiable instruments accept where an Insurer indemnity applies.  For your added protection, we are members of the Investor Compensation Scheme operated by the Investor Compensation Company Ltd.

 

Investor Compensation Company Ltd (ICCL) Scheme

 

Geraghty Insurances Ltd is a member of the Investor Compensation Company (ICCL) Scheme established under the Investor Compensation Act 1998.  The legislation provided for the establishment of a compensation scheme and to the payment, in certain circumstances, of compensation to certain clients of firms (known as eligible investors) as defined in that Act. However, you should be aware that a right to compensation would only arise where money or investment instruments held by this company on your behalf cannot be returned, either for the time being or for the foreseeable future, and where the client falls within the definition of eligible investor as contained in the Act.  In the event that a right to compensation is established the amount payable is the lesser of 90% of the client's loss which is recognised as being eligible for compensation or €20,000

For further information contact the Investor Compensation Company Ltd at (01) 224 4955.