Terms and conditions

O'Leary Insurance brokers

Terms of business:

Valid from January 2012

1.0 Introduction
Barry O’Leary Insurances Ltd t/a O’Leary Insurance Brokers, Insure2Bsure is regulated by the Central Bank of Ireland.

The Company is a member of the Irish Brokers Association (IBA) and the Professional Insurance Brokers Association (PIBA). The Company does not have any tied relationships with any institution that would compromise its ability to offer you professional advice and choice on general insurance (all non-life insurance). We are able to place your business with leading insurers and other financial institutions where relevant.

Please refer to Section 14 for more details on the services we provide.

Details of how you may contact us and other relevant organisations are stated in the Contact Details, Section 13 of this leaflet.

The information detailed below sets out the terms that will apply to any business service provided by us and should be read carefully. Please do not hesitate to raise any queries that you may have.

2.0 Authorised Status
Our firm is authorised as an Insurance / Reinsurance intermediary under the Euorpean Communities (Insurance mediation) regulations, 2005 (as amended). Our Statements of Authorised Status are available to view in our Office.

The Company is authorised to provide the following services:

Offer advice in relation to all classes of non-life insurance (motor, property, liability, marine etc.).

- Receive and transmit orders on your behalf for a product (s) to one or more of the Product Producers (insurers and financial institutions) with whom the Company has agencies. A list of the agencies we hold is available on request.

3.0 Remuneration Policy
Normally, the Company is paid a commission by a Product Producer where it holds an agency appointment for any product that it arranges with the Product Producer on behalf of a client. The Company may also be paid an additional commission by a Product Producers based on certain agreed business targets, usually annual targets, being achieved. The Company does not regard this as a conflict of interest when providing business services to its clients.

A professional fee is also charged for all general insurance (non-life insurance) products that it arranges or amends during and, at the termination of a policy with a Product Producer on behalf of a client.

This fee is charged to cover the time and activity spent in sourcing of the product, administration costs, claims handling, risk management advised and advice on product placement. The fee is non refundable in the event of policy cancellation.

The amount of this fee is stated on the Client Acknowledgement Form or Client Acknowledgement Statement on the Renewal Schedule and/or invoice which is provided to each client when the Company arranges or amends a general insurance product with a Product Producer on behalf of a client. In addition the amount of any fee a Product Producer charges in connection with a policy will be stated. In the event of failure to pay an administration fee due to our firm we will take the necessary steps required to recover monies owed to us.

Where the company gives advice, which either results in no product being placed or, the product being placed with a Product Producer with whom we have no agency a fee will be charged. The fee scale is:

Director €350 per hour

Consultant €150 per hour

The rate of the administration fees is in line with industry norms.

Fees Chargeable:

Personal Lines

Policy Set-Up / Renewal	Up to €75
Mid-Term Adjustments	Up to €50
Named Driving Experience Letters	€20

Commercial Lines

Premium	Max Fee
€0 - €5,999	€1,050
€6,000 - €10,999	€1,925
€11,000 - €15,999	€2,800
€16,000 - €20,999	€3,675
€21,000 - €25,999	€4,550
€26,000 - €30,999	€5,425
€31,000 - €35,999	€6,300
€36,000 - €40,999	€7,175
€41,000 - €45,999	€8,050
€46,000 - €49,999	€8,750
€50,000 - €59,999	€10,500
€60,000 - €69,999	€12,250
€70,000 - €79,999	€14,000
€80,000 - €89,999	€15,750
€90,000 - €100,000	€17,500

4.0 Handling Clients Money
The Company accepts payment in cash, cheque and credit and debit card in respect of all classes of insurance in the circumstances permitted under Section 25G of the Investment Intermediaries Act, 1995. This includes the renewal of a policy, amendment to an existing policy and the acceptance of a proposal of an insurer. Monies received from clients are retained in our Client Premium Account, which is a bank account solely for clients’ monies. We are not authorised to accept cash or negotiable instruments (e.g. cheque) in any other circumstances.

5.0 Payment of premium by clients.
Clients are required to pay the premium for a new policy or the renewal of an existing policy or, additional premium where an alteration has taken place to an existing policy within the credit terms agreed with the Product Provider. The premium is payable immediately unless credit terms have been specifically arranged with us. Where credit terms are provided they are 7 days from the policy inception or renewal date or alteration date.

In some cases the Product Provider may require to receive payment prior to the policy risk being accepted and it is clearly stated to the client where payment is required on this basis.

The Company is able to arrange premium finance schemes operated by a bank or finance house if clients require longer credit terms. Please ensure you read and understand the terms and conditions of the premium finance scheme.

Also some Product Providers offer a direct debit system to facilitate the payment of a premium.

Credit Card Charges – A charge of up to €10 may be raised on each payment transaction by credit card. There is no charge for Debit Card transactions.

The Company issues a receipt for cash or negotiable instruments (e.g. cheque) payment received. This is required under Section 30 of the Investment Intermediaries Act 1995. A receipt is issued with your protection in mind and should be stored safely.

6.0 Non-payment of Premiums by Clients
If a client fails to pay within the credit terms agreed when cover is arranged, the Company will advise the Product Producer involved and cover will be cancelled. Please read your policy document regarding the circumstances giving rise to cancellation. In the event of cancellation the client may be liable to a cancellation charge. The amount of this charge could be the full premium cost or some lower amount. The Company will notify you of the amount of the cancellation charge. We reserve the right to take legal action to recover monies due to us.

7.0 Premium rebates to Clients
Premium rebates are transferred to clients within 5 business days after the rebate has been received from the Product Provider or, if applicable, being notified by them that a rebate is due.

8.0 Mid-Term Alterations / Cancellations
In the event that you amend or cancel your policy during the period of cover which, in our opinion results in O’Leary Insurance Brokers not being appropriately remunerated for services provided, we reserve the right to charge fee’s of up to 15% of premium charged or rebated or €100 (whichever is the greater) and if applicable deduct these fees from any premium rebate(s) which may be due to you.

9.0 Claims Processing
The Client is advised to contact the Company or the policy Insurer without delay in the event of a claim being made. The client should be aware that if an Insurer appoints a loss adjuster to assist in the processing of a claim that the loss adjuster acts in the interest of the Insurer. A client may appoint a loss adjuster to act in their interests as a claimant but any such appointment is at the client’s own expense.

10.0 Conflict of Interest
It is the Company’s policy to avoid any conflict of interest when providing business services to its clients. However, where an unavoidable conflict arises we will advise clients of this in writing before we provide any business service.

If you have not been advised of any such conflict you may assume that none arises.

11.0 Complaints
The Company has a written procedure in place for the effective consideration and handling of complaints. This procedure ensures:

All complaints are recorded

Written complaints are acknowledged in writing within 5 business days and regular updates are provided.

All complaints are fully investigated and the outcome of the investigation communicated to the person who raised the complaint.

Written complaints should be addressed to Barry O’Leary, Director. Contact details are stated at Section 14.

You may contact the Financial Services Ombudsman if a complaint has not been resolved and the company’s complaint procedure is exhausted.

You may also contact the Irish Brokers Association if you are dissatisfied with the company’s handling of and response to your complaint.

Contact details are provided at Section 14.

12.0 Data Protection
The Company is a data processor as defined by the Data Protection Act 1988 and 2003. Personal information is collected in order to provide the highest standard of service to you. Information supplied is kept secure and 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 other products and services we may offer from time to time. You may have entitlements under the above legislation to inspect all personal information held on file by the Company and to have inaccuracies in that information corrected.

13.0 Consumer Protection
The Investor Compensation Act 1988

The Company is a member of the investor compensation scheme established under the Investor Compensation Act, 1998. This legislation provides for the establishment of a compensation scheme and to the payment, in certain circumstance, of compensation to clients of firms covered by the Act. However, you should be aware that a right to compensation will only arise where money or investment instruments held by this firm 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 that Act. In the event that a right to compensation is established, the amount payable is the lesser of 90 per cent of your loss which is recognised as being eligible for compensation or €20,000.

In addition to the Compensation available under the Investor Compensation Act, 1998 the Company is bonded through its membership of IBA for €250,000 with an inner limit of €100,000 per client.

Our firm is subject to the following Codes of conduct issued by the Central Bank of Ireland. These codes offer protection to our clients and all of the Codes can be found on the Central Bank’s website www.centralbank.ie. Consumer Protection Code 2012, Minimum Competency Code 2011, Prudential Handbook for Authorised Advisors and Restricted Intermediaries.

14.0 Contact Details
Our office is located at:

O’Leary Insurance Brokers
61 Main Street
Gorey
Co. Wexford

Tel. 053 9422400 Fax 053 9422402

Email: info@olearyinsurances.com
Website: www.olearyinsurances.com

The Company has an associated company, McHugh O’Leary Insurance Brokers. The contact details for this office is:

McHugh O’Leary Insurances
15 Dublin Street
Carlow
Co. Carlow

Tel. 059 9137077 Fax 059 9137080

Other organisations:-

Central Bank of Ireland
P.O. Box 559
Dame Street
Dublin 2
Tel. 01 2246000 Fax 01 6716561

Irish Brokers Association
87 Merrion Square
Dublin 2
Tel. 01 6613067 Fax 01 6619955

Financial Services Ombudsman’s Bureau
3rd Floor
Lincoln House
Lincoln Place
Dublin 2
Lo-Call 1890882090
Tel. 01 6620899 Fax 01 6620890

15.0 Business Services
We can provide a fair analysis of the market in the following areas:

General Insurance – Motor, Household, Travel, Legal Expenses, Commercial Vehicle, all classes of Liability, Fleet, Haulage, Blood Stock, Marine, Commercial Property, Farm, Shop, Professional Indemnity, Directors and Officers and Health Insurance.

(TOB/01/02/12/ver 25.0)

Signed: Barry O’Leary
Managing Director