Terms of Business - O'Donovan Insurances
This terms of business document is being issued to all clients pursuant
to the Investment intermediaries act, 1995, as amended by the Central Bank
Act 1997, The Investor Compensation act 1998, and The Insurance Act 2000,
and replaces any previous terms of business document.
Where cover is required immediately, before the client can be in receipt
of the terms of business document, the client’s verbal agreement will
be so sought to proceed, and the terms of business will be issued as soon
as possible.
Contact Details:
O’Donovan Insurances, Chapel Row, Killaloe, Co. Clare (otherwise hereinafter
referred to as “the firm”). Telephone no 061 376103; Fax 061
375123: Email info@odonovaninsurances.com.
The firm has absolute discretion to accept clients wishing to avail of its
services.
The client and the firm can determine the period of service and either party
may, subject to 30 days notice or shorter, terminate the contract by consent.
(such notice to be in writing.
Authorised Status:
O’Donovan Insurances is regulated by The Financial Regulator as a
Multi Agency Intermediary, pursuant to the insurance act 2000. This firm
is also a member of the Irish Brokers Association (IBA)
The firm is authorised to provide the following services:
· Offer advice in relation to all classes of non-life insurance
(motor, property, liability, marine etc) in respect of product producers
for whom a letter of appointment is held.
· Receive and transmit orders on your behalf for a product (s) to
one or more of the Product Producers for whom a letter of appointment is
held (listed below.)
Remuneration Policy:
The Firm is remunerated for insurance business by commission received from
insurance product producers, and/or charges invoiced to the client. Any
additional charge included in amounts invoiced will be separately disclosed
on client’s invoice.
Insurance - Mid term cancellations of cover:
Please note while we will refund commission in relation to return premiums,
an administration charge will be applied as per the above fees if the policy
is cancelled mid term.
Conflict of Interest and Complaints
· It is the policy of the firm 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 in writing before providing
any business service. If you have not been advised of any such conflict
you may assume that none arises.
· We will not accept or give any inducements monetary, or otherwise,
which could cause us to have a conflict of interest in relation to our dealings
with you.
· This firm has a written procedure in place for the effective consideration
and handling of complaints. This procedure ensures that complaints will
be recorded and written complaints acknowledged in writing within 14 days.
All complaints will be fully investigated and the outcome of the investigation
will be communicated to the person who raised the complaint.
· In the event that you remain dissatisfied with the firms handling
of and response to your complaint contact may be made with The Financial
Services Ombudsman, 32 Upper Merrion St., Dublin 2, lo-call 1890 88 20 90.
Money Laundering:
The firm reserves the right to request information from a client which it
deems necessary in pursuance of its obligations under the Criminal Justice
act, 1994
Consumer Protection:
The Firm is bonded through its membership of IBA for €200,000 with
an inner limit of €65,000 per client.
Handling Clients' Money
The firm will accept payments in cash and by cheque in respect of all classes
of insurance in the circumstances permitted under Section 25G of the Investment
Intermediaries Act, 1995.
The firm is not authorised to accept cash or negotiable instruments in any
other circumstances.
Insurance - Where the client fails to pay:
The firm expects prompt payment of premiums, on or before renewal date or
due date. In the event that a client fails to pay within the period agreed,
the Firm will advise the Product Producer involved and cover will be cancelled.
The client will be liable for any premiums or charges levied if such is
the case.
Insurance - Disclosure of material information
You are reminded of your obligation to disclose any material fact, which
an insurer might take into account in assessing or accepting a proposal
for insurance. Failure to do so may result in your insurance being invalidated.
If you are in doubt whether or not a fact is material, it should be disclosed.
Examples (not a comprehensive list) of material information are:
· Motor insurance – previous accidents, claims, convictions,
any physical infirmity, which would affect driving, driving by young or
inexperienced persons, named young driver being most frequent user, any
alterations to the vehicle, etc.
· Property Insurance – previous accidents or claims under any
property, any special risk for example area prone to flooding, subsidence,
or any particular likelihood of damage over and above an ordinary property,
use of any part of the property for business, any defects in the property
or poor condition of property, non – occupancy, or occupancy of property
by persons other that the policyholder.
· Any other fact, which would reasonably influence a prudent insurer
in assessing of accepting a risk.
Insurance - Receipts
The firm shall issue a receipt for each non-negotiable or negotiable instrument
or payment received. This is required pursuant to Section 30 of the "Investment
Intermediaries Act, 1995." These are issued with your protection in
mind and should be stored safely.
Insurance - Proposals/policy Documentation.
It is the policy of the firm to issue a copy of the completed proposal to
the client, together with the policy document, schedule and any other policy
endorsements proper, subsequently issued by the insurance company, and motor
certificates and discs, once the firm is in receipt of these documents from
the insurance company (product producer) correctly issued. However the firm
will not issue such documents until the relevant premium(s) is/are paid
in full by the client.
Amendment of terms of business.
These terms of business may be amended by agreement in writing between the
client and the firm.