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These terms of business set out the basis on which Cotter Insurances 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. Cotter Insurances Ltd. is a member of the Irish Brokers Association.
Authorised Status
Cotter Insurances Ltd. is authorised by the Financial Regulator as an Authorised Advisor under the Investment Intermediaries Act 1995, and is registered with the Financial Regulator as an Insurance Intermediary under the Insurance Mediation Directive. Copies of our various authorisations are available on request. Our authorisations can be verified by contacting the Financial Regulator on 1890 77 77 77. Cotter Insurances Ltd. is also regulated by the Financial Regulator as a Mortgage Intermediary.
Services Provided
We will offer broad based advice on a fair analysis basis in relation to all classes of insurance policies and mortgages. We will identify and select a suitable product producer and on receipt of your instructions we will transmit orders on your behalf to one or more product producers (a list of which is available on request). This firm does not have ‘tied’ relationship with any institution that would compromise our ability to offer you independent advice and choice.
Remuneration and Fees
Cotter Insurances Ltd. is usually 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. (Some product producers do not pay a commission). In some cases a Professional Fee may also be charged in addition to or in lieu of the commission payable. An administration fee may also be charged for the activity involved in the set up of the policy, renewal of the policy and also any alterations that take place during and at termination of a policy. A scale of our fees is under noted.
Scale of Fees
Initial Fee Renewal Policy Alterations / Cancellation Personal Lines Up to a max of €50 Up to a max of €50 Up to a max of €50 Commercial Lines Up to a max of 10% Up to a max of 10% Up to a max of 10%
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 €15 may be charged for duplicate documentation. Life Assurance, Pensions, Mortgages and Investments are usually remunerated by commission payable by the product producer but in some cases an advisory or professional fee may be charged. This fee will be agreed with you prior to commencement of the service required.
Conflict of Interests
It is the policy of Cotter Insurances Ltd. to avoid any conflict of interest when providing business services to its clients. However, where an unavoidable conflict may arise we will advise you of this before proceeding to provide any business service. If you have not been advised of any such conflict you are entitled to assume that none arises.
Premium Handling
Cotter Insurances Ltd. will accept payments in cash or by cheque in respect of all classes of insurance in the circumstances permitted under Section 25G of the Investment Intermediaries Act, 1995. Cotter Insurances Ltd. is not authorised to accept cash or negotiable instruments in any other circumstances. Premiums are due on / or before renewal / inception date. Under the Financial Regulator legislation very strict rules apply in the payment of premiums to Insurance companies. We will not be able to pay premiums to insurers which have not been received from clients. Therefore, to avoid policy cancellation, premiums must be paid strictly within the credit terms, if agreed, otherwise immediately prior to cover incepting.
Cancellation
You, the customer can cancel your policy by notice in writing at any time. Provided that all reasonable charges pertaining to costs incurred by Cotter Insurances Ltd. have been paid and provided that no incident giving rise to a claim has occurred in the current period of insurance, you will be entitled to a proportionate return of the premium for the un-expired period of insurance unless the policy is on a minimum and deposit basis, and if this is the case, no return will be allowed on the policy and this will be noted on your policy schedule. If you cancel during the first year short term rates apply, please see policy terms and conditions. In the case of cancellation of motor insurance you must return the Certificate of Insurance and Windscreen Disc to Cotter Insurances Ltd. Insurance companies normally reserve the right to cancel policies at any time by giving appropriate notice to your last known address. Please refer to your policy terms and conditions.
Failure to pay or default
We reserve the right to instigate cancellation proceeding 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 Insurer imposed cancellation 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.
Duty of Disclosure It is your responsibility to provide complete and accurate information for insurers when arranging an insurance policy, throughout the life of that policy, and when you are renewing it. It is important that you ensure that all information provided and all statements made on proposal forms, claim forms, and other documents are, to your knowledge and belief, complete and accurate. Failure to disclose any material information to your insurers could invalidate your insurance cover and could mean that all or part of a claim will not be paid.
Claims
It is essential that we are notified immediately of any claims or circumstances which could give rise to a claim. When you notify us, you must include all material facts concerning the claim. The policy wordings will describe in detail the procedures and conditions in connection with making a claim. It should be noted that there is no cover for defence costs incurred without insurers prior consent.
Complaints Procedure>
The company has a written procedure in place for the effective consideration and handling of complaints. Any complaints should be addressed in writing to the Managing Director, Cotter Insurances Ltd. Each complaint will be acknowledged by us within 5 working days of receipt, updates will be advised in intervals of not more than 20 working days ,we will endeavour to resolve the complaint within 40 business days and findings will be furnished to you within 5 working days of completion of the investigation. In the event that you are not entirely satisfied with the firms handling of and response to your complaint, contact may be made with the Irish Brokers Association, 87 Merrion Sq, Dublin 2 and ultimately you have the right to complain to the Financial Services Ombudsman, 3rd Floor, Lincoln House, Lincoln Place, Dublin 2.
Investor Compensation
Investor Compensation Company Ltd (ICCL) Scheme
Cotter Insurances Ltd. is a member of the Investor Compensation Company Ltd (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) covered by the Act. However, you should be aware that a right to compensation would only arise where client 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.
Irish Brokers Association (IBA) Compensation Fund Ltd
As a member of the Irish Brokers Association (IBA), Cotter Insurances Ltd. is also a member of the IBA Compensation Fund Ltd. Subject to the rules of the scheme the liabilities of its member firms up to a maximum of €100,000 per client (€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 ICCL (established by law) has failed to adequately compensate any client of the member.
Data Protection
Cotter Insurances Ltd. is a Data Controller as defined in the Data Protection Act 1988 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 data 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.
Governing Law and Language
The laws of Ireland form the basis for establishing relations between you and Cotter Insurances Ltd. All contracts, terms, conditions and communications relating to any policies you may enter with this firm will be in English. The terms set out above apply to any service provided to you after 1st July 2008 and should the firm change its terms you will be notified in advance. Please note you may retain this document but we require this page to be removed, signed and returned to our office. Failure to return this document may mean issue of cover documents will be delayed and agreement to these terms shall be assumed.
Terms of Business: I acknowledge and confirm that I have been provided with a copy of the Terms of Business of Cotter Insurances Ltd and that I have read through, understand and agree to these terms.
Signed: Date:
Signed: Date:
PERSONAL
