Terms of Business including Schedule of Fees and Charges

Terms of Business
Insure4Less Teoranta t/a Insure4Less and Kerry Insurance Group is a wholly owned Irish Company, established in August 2009 and specialising in the provisions of all classes of non life insurances.

Authorised Status:  Insure4Less Teoranta t/a Insure4Less and Kerry Insurance Group are regulated by the Central Bank of Ireland as an Insurance Intermediary under the European Communities (insurance Mediation) Regulation 2005.  A copy of the company’s Authorised Status is displayed at below address.  Insure4Less does not have any “tied” relationships with any institution that would compromise our ability to offer our clients fair advice.  Insure4Less is a member of Brokers Ireland. Insure4Less operates on the basis of “fair analysis of the market”.  Insure4Less is subject to the Central Bank of Ireland Codes of Conduct; The Consumer Protection Code, The Minimum Competency Code and The Fitness & Probity Standards. This firm must comply with these codes which offer protection to a consumer and these Code(s) can be found on www.centralbank.ie
Services:  Insure4Less offer advice in relation to all classes of non-life insurance (motor, property, liability, personal accident & marine) and to transmit orders on the clients’ behalf to any of the insurance undertakings or product producers from whom the Company hold letters of appointment.  There are insurance undertakings and product producers from which the Company does not hold letters of appointment and do not represent. Clients are entitled to communicate with such entities at their own discretion. Coupled with all our private car and light commercial vehicle insurance is an option to include MIS legal protection personal accident and home/roadside assistance cover. This is a strong recommendation of Insure4Less. The cover is provided at a premium of €20.00 and is included as an optional extension on all renewal premiums.

Remuneration Policy:  Insure4Less is remunerated by commission on non-life insurance instruments and may charge a fee for arrangement/risk management/claim settlement/ advisory fee or a combination of all four. Remuneration details are available on request.  The term “Premium” is defined as “Instrument cost plus fees/charges” (and is set out in your addendum). Commission if any is received from Product/Credit Providers to whom orders are transmitted.  Commission is deemed fully earned by Insure4Less at inception/renewal of every policy.  A number of product/credit providers pay no commission, others remunerate based on levels of business introduced. Commission for credit is 3% and 6.5% for Commercial/Personal insurance respectively.  Fees are charged on all new business, renewals, instalment setup/default, duplicate documentation, amendments/endorsements of not more than 100% of the premium and subject to a minimum charge of €55. These charges cover various expenses including: Administration costs/risk management advice/claims handling assistance and general advice. These charges also partially cover the high cost of regulation namely: funding the office of the Central Bank of Ireland, funding the office of the Financial Services & Pensions Ombudsman and payments to the Investor Compensation Fund maintained by the Investor Compensation Co Ltd. detailed under the consumer protection below. Insure4Less on occasion source clients’ insurance requirements through a wholesale broker. The wholesale broker may charge a fee for this service which will be reflected in the price of the product. I Insure4Less incurs significant cost in processing premium rebates for clients and this service is subject to an administration charge/rebate fee of no more than 25% of the rebate amount and subject to a minimum charge of €55 – effective in each and every instance. Insure4Less reserves the right to offset premium rebates due to a client against any sums outstanding from that client. Where the rebate is less than the minimum charge no rebate documentation is issued. Where applicable fees are charged on a time spent/disbursement basis and our current standard hourly rates are €750 for Directors, €500 for senior management and €250 for other staff.  In determining the hourly rate any additional factors such as urgency, complexity and specialist skills will be taken into account and the standard rate will be increased accordingly.

Premium Finance Administration Fee:  Where premiums are financed by Premium Credit Finance or Close Brothers Premium Finance details of interest rate and all charges will be separately provided in the credit agreement.  We may earn additional commission of up to 7% of the annual premium.  Should there be a default of a direct debit payment, a fee for recovery of the defaulted payment of up to €15.00 will apply.  In the event that a loan is to be reinstated following a default, a fee of up to €25.00 will apply.

Conflict of Interest:  It is the policy of Insure4Less to avoid conflict of interest when providing services to clients.  Where an unavoidable conflict arises 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.

Complaints Procedure:  Insure4Less has in place a written procedure for the handling of complaints.  This procedure ensures that all complaints are recorded and acknowledged within 5 business days.  All complaints are fully investigated and the complainant updated (if relevant) at intervals of not more than 20 business days.  In the event that a client remains dissatisfied with the handling of and/or response to complaint they may refer the matter to the Financial Services & Pensions Ombudsman, Lincoln House, Lincoln Place, Dublin 2, telephone (01) 567 7000.  Our full complaints procedure is available on request. Full policy can be accessed on www.insure4less.ie
Consumer Protection:  Insure4Less is a member of the Investor Compensation Scheme established under the Investor Compensation Act 1998.  The legislation provides for the establishment of a compensation scheme and to the payment in certain circumstances, of compensation to clients of firms covered by the Act.  However, you should also be aware that a right to compensation would only arise where 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 clients’ loss, which is recognised as being eligible for compensation of €20,000.

Clients Money:  Insure4Less accept payments in cash/cheque/debit/credit card/direct debit/bankers credit for all classes of insurance in the circumstances permitted under Section 25G of the Investment Intermediaries Act 1995. Payments must represent premium for either a renewal of a policy, which has been invited by an insurance undertaking or product/credit provider or a proposal accepted by an insurance undertaking or product producer.  INSURE4LESS is not authorised to accept cash or negotiable instruments in any other circumstances.  On occasion product producers issue instrument documentation with minor premium discrepancies.  Where this occurs Insure4Less accept such discrepancies of +/- €20.00 without producing debit/credit documentation. This is deemed an internal administrative reconciliation between the product producer and Insure4Less. To reissue a cheque incurs a chargeable cost of €20.00.

Credit Policy:  We regret that credit cannot be extended to clients in respect of premiums, initial, renewal or additional.  Initial or first premiums must be paid at inception of cover and renewal premiums before the policy renewal date.

Receipts:  Insure4Less issue receipts for each payment received pursuant to Section 30 of the Investment Intermediaries Act 1995 and should be retained in a safe place.

Termination:  You or we may terminate our authority to act on your behalf at any time.  However, notice of this termination must be given in writing.

Changes in Terms of Business:  These Terms of Business are valid from January 2020 until further notice.  This Terms of Business supersedes all previous issues with immediate effect.

Money Laundering: INSURE4LESS reserves the right to request any facts about you which it reasonably believes it needs to know in order to comply with the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (as amended).

Call Recording: INSURE4LESS may record telephone calls, inbound and outbound, for regulatory, quality, training and verification purposes.

A comprehensive list of product producers from which letters of appointment are held is available on request or on our website.

Data Protection: INSURE4LESS and its business partners collect your personal details in order to provide the highest standard of service to you and take great care with the information provided i.e. 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. INSURE4LESS may record telephone calls, inbound and outbound, for regulatory, quality, training and verification purposes. All data captured by these facilities are managed in accordance with the Data Protection Acts. You confirm that INSURE4LESS is authorised to accept instructions on your policy/quotation from any person(s) whom INSURE4LESS may reasonably believe are acting on your behalf. Full policy can be accessed on www.insure4less.ie
Marketing:  INSURE4LESS and its business partners may contact you from time to time with regard to insurance and investment instruments that may be of interest to you.  If you wish to be contacted in this regard please tick here (     )
I/We accept this terms of business. I/We have read same and agree to be bound by the terms in all my/our dealings with INSURE4LESS My/our failure to return this document signed to INSURE4LESS. together with my/our continuing to conduct business with INSURE4LESS will be deemed as acceptance of the terms of business.

Insure4less Teoranta is regulated by the Central Bank of Ireland.

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