TERMS OF BUSINESS
This Terms of Business Document sets out the basis on which Patrick J. Quinn T/A Quinn Insurance Services will provide Insurance Services to you as our client. Quinn Insurance Services is a member of the Irish Brokers Association.
Patrick J. Quinn T/A Quinn Insurance Services is authorised and regulated by the Central Bank of Ireland as an Authorised Advisor under the Investment Intermediaries Act 1995. A copy of our authorisation is available on request. Our Authorisation can also be verified by contacting the Central Bank of Ireland on 01 224600. We are subject to the codes published by the Central Bank of Ireland (Consumer Protection Code, Minimum Competency Code and Fitness and Probity Standards). See also www.centralbank.ie
Quinn Insurance Services will offer broad based advice on a fair analysis basis in relation to all classes of insurance policies. We will identify and select a suitable product producer (Insurer) and on receipt of your instructions, we will transfer orders on your behalf to one or more Product Producers (a list of which is available on request). The firm does not have a Tied Relationship with any instruction that would compromise our ability to offer you an independent choice or advice.
Quinn Insurance Services is remunerated for services to our clients by commission paid by the product producer and/or by Fees. An administration Fee is also charged for the activity involved in the renewal of the policy and any alterations that take place during and at termination of a policy. A scale of our fees is available for inspection at our offices. Any fee charged in respect of Commercial Insurances will be advised and agreed with you in advance. The amount of any fee charged in addition to the premium will be disclosed separately.
It is the policy of Quinn Insurance Services to issue a refund cheque when a refund premium is due to a client. In every instance, the refund will be net of our broker fee. We may offset any amounts owed by you to us against a refund payable to you.
Conflicts of Interests:
It is the policy of Quinn Insurance Services to avoid any conflict of Interest when providing Business Service 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.
Quinn Insurance Services will accept payments in cash, by EFT, Bank Draft and by cheque in respect of all classes of Insurance in the circumstances permitted under section 25G of the Investment Intermediaries Act 1995. Quinn Insurance Services is not authorised to accept cash or negotiable instruments in any other circumstances.
Premiums are due on/or before renewal/inception date. According to the Central Bank of Ireland legislation, very strict rules apply in the payment of premiums to Insurance Companies. If you do not pay your premium to us by the due date, we are unable to pay the Insurer in turn. Therefore to avoid policy cancellation, premiums must be paid by the due date. We may retain your new policy, renewal or endorsement documentation for safekeeping.
Cancellation/Cooling Off Period:
A consumer (as defined by SI No. 853 of 2004) has the right to withdraw from an Insurance Policy (as defined by SI No. 853 of 2004) within 14 days of the start date of the policy without penalty and without giving any reason. This is known as the Cooling off Period. The right of withdrawal may be exercised by notice in writing to Quinn Insurance Services quoting your policy number. Should this right be exercised, the Insurance Company may charge a Pro Rata premium for the period you are on cover. If the cover is motor insurance, the premium cannot be refunded until the Certificate of Insurance and Windscreen Disc has first been received by Quinn Insurance Services.
You, the Consumer can cancel your policy by notice in writing at any time, provided that all reasonable charges pertaining to costs incurred by Quinn Insurance Services 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 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 (outside of the Cooling Off Period), 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 Quinn Insurance Services first in order to enable cancellation to take place. 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 proceedings 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.
Quinn Insurance Services shall issue a receipt for each payment received from you. This is required pursuant to Section 30 of the Investment Intermediaries Act 1995. These receipts are issued with your protection in mind and should be stored safely.
Our Firm has a written procedure in place for the effective consideration and handling of complaints. Any complaints should be addressed in writing to the Manager/Principal of Quinn Insurance Services. Each complaint will be acknowledged by us within 5 working days.
Quinn Insurance Services 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:
Being a member of the Irish Brokers Association (IBA), Quinn Insurance Services 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.
Quinn Insurance Services complies with the Data Protection Acts 1988 & 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 & Language:
The laws of the Republic of Ireland form the basis for establishing relations between you and Quinn Insurance Services. All contracts, terms, conditions and communications relating to any polices you may enter with this firm will be in English. The terms set out above apply to any service provided to you and should the firm change its terms, you will be notified in advance.
Duty of Disclosure:
It is your responsibility to provide to us 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, 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.
Research Market Survey:
We use both local and international insurers/markets to obtain the best terms and conditions available. In selecting an Insurer, a wide variety of factors are taken into account including the financial statements of the Insurers in question. We do not, and cannot, guarantee the financial security of any Insurer. If you have any concerns about the security offered, please contact us immediately.
It is essential that we are notified immediately of any claim or circumstances which could give rise to a claim. When you notify us, you must include all material facts, concerning the claim. The policy wording 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 the Insurer’s prior consent.
We can contact you as often as necessary to obtain instructions, documentation or payment etc, as required by us or you’re Insurer.