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Terms & Conditions

North County Brokers Limited
3D Fingal Bay Business Park, Balbriggan, Co Dublin.
Company Registration Number: 299661
T: (01) 841 1632 
F: (01) 841 1976
E: info@northcountybrokers.ie
W: www.northcountybrokers.com

Effective date of this Terms of Business document is 9th March 2021

These terms of business set out the basis on which North County Brokers 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. North County Brokers Ltd is regulated by the Central Bank of Ireland and is a member of the Irish Brokers Association.

 

Authorised Status
North County Brokers Ltd. is authorised by the Central Bank of Ireland under the Investment Intermediaries Act 1995, and is registered under the European Communities (Insurance Distribution) Regulations, 2018. Copies of our various authorisations are available on request.

 

Statutory Codes
North County Brokers Ltd. is subject to and complies with the Consumer Protection Code, Minimum Competency Code and the Fitness and Probity Standards as laid down by the Central Bank of Ireland. These Codes offer protection to consumers and can be found on the Central Bank of Ireland website www.centralbank.ie

 

Services Provided
We will offer advice on a fair analysis basis in relation to all classes of insurance policies. This means we will research the market place and providers and recommend the best product to suit your own needs. 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 a ‘tied’ relationship with any institution that would compromise our ability to offer you independent advice and choice.

 

Remuneration and Fees
We are 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. Details of commission arrangements are available on request. Some product producers do not pay commissions so therefore we charge an appropriate fee to reflect this.

North County Brokers Ltd is remunerated by a professional fee for the initial work activity and time spent in seeking the best terms, advice, product and product producer for your specific needs. An administration fee is also charged for the activity involved in the 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.

A summary of the details of all arrangements for any fee, commission, other reward or remuneration paid or provided to the intermediary which it has agreed with Insurers or product producers” is available on our website.

 

Insurance Premium Finance
We can earn up to 3% in relation to arranging insurance premium finance on your behalf.

 

Scale of Fees

 

  Initial fee

  Renewal

  Policy Alterations/Cancellation  

 Motor

Up to a max of €100

Up to a max of €100

Up to a max of €40

 House

Up to a max of €60

Up to a max of €60

Up to a max of €40

 Commercial      

Up to a max of 30% of premium

Up to a max of 30% of premium

Up to a max of 30% of premium

 

Fees
For professional advice in connection with the placement of business we may charge up to an hourly rate of €350 for Directors and senior account handlers. The rate for support staff is charged at €95. In facilitating client’s premium finance we may charge for this service up to a maximum of 3% of the loan in addition to the rates charged by the finance company.

 

Fees & Return Premiums
In the event of a cancellation or return premium we may charge a fee on the activity which results in the return premium provided. If the cover is motor insurance the premium cannot be refunded until the Certificate of Insurance and Windscreen Disc have been received by North County Brokers Ltd.

Where a premium rebate is due to a consumer & the value of the rebate is €10 or less, we must issue the premium rebate to the consumer within 5 business days of the rebate becoming due or alternatively we can offer the choice of:

 a) Receiving the premium rebate or

 b) Receiving a reduction from a renewal premium or other premium currently due or

 c) Making a donation of the rebate amount to a registered charity

In respect of options (b) & (c) above we must seek the clients consent on each occasion and must maintain a record of the clients decision.

Where a premium rebate is due to a consumer and the value of the rebate is more than €10, we must issue the premium rebate to the consumer within 5 business days of the rebate becoming due.

 

Conflict of Interests
It is the policy of North County Brokers 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
North County Brokers Ltd will accept payments in cash, by cheque/draft and by finance in respect of all classes of insurance in the circumstances permitted under Section 25G of the Investment Intermediaries Act,1995. North County Brokers 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 Central Bank 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.

 

Receipts
North County Brokers shall issue a receipt for each non – negotiable instrument or payment received. These are issued with your protection in mind and should be retained by you.

 

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 under 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 North County Brokers Ltd, 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 have been received by North County Brokers Ltd.

You, the customer can cancel your policy by notice in writing at any time. Provided that all reasonable charges pertaining to costs incurred by North County Brokers 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 (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 North County Brokers 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.

We strongly advise the client to read policy documents. To ensure continuance of cover it is vital that premiums are paid in full when they are due.

When your policy ends or is cancelled, we will send you any documentation and information that you are entitled to on request. We reserve the right to offset account credits against an outstanding balance on your account. No transfer of agency will be allowed until an account is cleared in full.

 

Duty to Disclose Information
It is your responsibility to provide complete and accurate information for Insurers when arranging an insurance policy and to answer all questions honestly and with reasonable care. Please note it is essential to make full disclosure of all material facts before taking out a policy and at renewal throughout the life of a policy. You must inform us of any material changes in circumstances which may affect the services we provide and the cover provided by the Insurer/Insurance Provider. If you are in doubt of what constitutes a material fact please ask us. Failure to disclose all relevant information, or misrepresenting any fact which may influence the decision to accept the risk or the terms offered could result in your policy being cancelled, claims not being paid, difficulty in getting insurance elsewhere and in the case of property insurance failure to have property insurance in place could lead to a breach of the terms and conditions attaching to any loan secured on the property.

 

Complaints Procedure
Any complaints should be addressed in writing to Mr. John Horan, Managing Director, North County Brokers Ltd for his personal attention and marked private & confidential.

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, you have the right to complain to the Financial Services and Pensions Ombudsman (FSPO), Lincoln House, Lincoln Place, Dublin 2 Tel: (01) 567 7000 Web: www.fspo.ie A full copy of our complaints procedure is available on request.



Investor Compensation- Investor Compensation Company Ltd (ICCL) Scheme

North County Brokers 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 an 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.

 

Broker Ireland Compensation Found Ltd.
As a member of Brokers Ireland, North County Brokers Ltd is also a member of the Broker Ireland. 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
North County Brokers Ltd is subject to General Data Protection Regulation 2018 and the Irish Data Protection Act 2018.

We are defined as a Data Controller Date Protection legislation. 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. If you do not wish to receive this information please indicate below ¹

You have the right at any time to request a copy of our Data Protection Policy 2018 and Privacy Statement 2018 that explains your rights under the new GDPR Regulation 2018.

 

Consumer Insurance Contract Act 2019
Following the commencement of the Consumer Insurance Contract Act 2019 which was implemented to protect consumers. There is important information that you should be aware of and we are bringing to your attention. There are obligations on you as the consumer and duties that you must fulfil at the various stages of the process of arranging and renewing your Insurance policy. So please read the following information very carefully and if you have any questions please ask a member of our staff.

New Business & Renewal:
A consumer may cancel a contract of insurance, by giving notice in writing to the insurer, within 14 days after the date the consumer was informed that the contract is concluded. The insurer cannot impose any costs on the consumer other than the cost of the premium for the period of cover. (This does not affect notice periods already in place, i.e. 30 days in respect of life policies and 14 days in respect of general policies under respective pieces of legislation). The consumer is under a duty to pay their premium within a reasonable time, or otherwise in accordance with the terms of the contract of insurance. A court of competent jurisdiction can reduce the pay-out to the consumer where they are in breach of their duties under the Act, in proportion to the breach involved.

Post-Contract Stage and Claims:
If, in respect of the insurance contract the insurer is not obliged to pay the full claim settlement amount until any repair, replacement or reinstatement work has been completed and specified documents for the work have been furnished to the insurer, the claim settlement deferment amount cannot exceed 5% of the claim settlement amount where the claim settlement amount is less than €40,000, or 10% of the claim settlement amount where the claim settlement amount is more than €40,000.

An insurer may refuse a claim made by a consumer under a contract of insurance where there is a change in the risk insured, including as described in an “alteration of risk” clause, and the circumstances have so changed that it has effectively changed the risk to one which the insurer has not agreed to cover.

Any clause in a contract of insurance that refers to a “material change” will be interpreted as being a change that takes the risk outside what was in the reasonable contemplation of the contracting parties when the contract was concluded.

The consumer must cooperate with the insurer in an investigation of insured events including responding to reasonable requests for information in an honest and reasonably careful manner and must notify the insurer of the occurrence of an insured event in a reasonable time.

The consumer must notify the insurer of a claim within a reasonable time, or otherwise in accordance with the terms of the contract of insurance. If the consumer becomes aware after a claim is made of information that would either support or prejudice the claim, they are under a duty to disclose it. (The insurer is under the same duty).

If the consumer makes a false or misleading claim in any material respect (and knows it to be false or misleading or consciously disregards whether it is) the insurer is entitled to refuse to pay and to terminate the contract.

Where an insurer becomes aware that a consumer has made a fraudulent claim, they must notify the consumer advising that they are avoiding the contract of insurance. It will be treated as being terminated from the date of the submission of the fraudulent claim. The insurer may refuse all liability in respect of any claim made after the date of the fraudulent act, and the insurer is under no obligation to return any of the premiums paid under the contract.

 


 

¹  I do not wish to be contacted or receive information on products & services available from North County Brokers Ltd.    ☐