Terms of Business of Alan Tierney & Partners Limited
These Terms of Business set out in general terms under which our firm will provide General Insurance and Financial Services business to you. It details the respective duties and responsibilities of both the firm and you in relation to such services. Please ensure to read these terms thoroughly and if you have any queries, please contact us and we will be happy to clarify any questions you may have. If any material changes are made to these terms we will notify you at the earliest opportunity.We commit to providing you with an excellent and professional level of service. We believe in acting only in the best interest of our clients.
Alan Tierney &Partners Limited is authorised by the Central Bank of Ireland as an Authorised Adviser and as a mortgage intermediary under the Consumer Credit Act 1995 and the European Communities’ Insurance Mediation Regulations 2005. Copies of our various authorisations are available upon request. Our authorisations can also be verified by contacting Central Bank of Ireland on 1890 777 777. We are subject to the Central Bank’s Consumer Protection Code 2012, the Minimum Competency Code and the Fitness and Probity Standards, which offer protection to consumers. These codes may be found on the Central Bank’s website www.centralbank.ie. Alan Tierney & Partners Limited does not have a shareholding in any insurer and likewise no insurer has a shareholding in Alan Tierney& Partners Limited. We are an independent broker and do not have any tied relationships with any institution. Alan Tierney & Partners Limited provides advices on a fair analysis basis which means we review a wide range of products available in the market, and place business in relation to all classes of insurance with product producers with whom we hold an agency. A list of product producers is available upon request.
Alan Tierney & Partners Limited provides a full range of insurance advice to the corporate and personal sectors including the placing of insurance contracts and risk management services:
. General Insurance Broking
. Life and Pensions Broking
. Mortgage Broking
. Protection advice
. Investment Consultancy
. Risk Management
. Claims handling
We do not guarantee nor make representations in regard to, and expressly disclaim responsibility for the financial security of insurance companies and product producers with which we place business. We will offer assistance to you in relation to processing claims purchased through our firm. This assistance is provided either directly by our staff and/or with the assistance of an appointed loss assessor. We may be remunerated by the Loss assessor depending on a number of variables including the complexity of the case and the time expended.
We have agreed and developed a certain scheme (Pubpartner) with a specific insurer for a particular type of industry. This package and provider is approved by the member representative. In these cases we recommend this insurer until the scheme is reviewed on an annual basis. We do not research the market on a case by case basis but rather place the business with the preferred provider.
If you require credit terms, we may be able to arrange premium finance on your behalf, our list of Credit Finance appointments is available upon request. The premium finance loan is in the form of a loan from the credit finance provider and there is an interest charge applied. By taking up the facility, the client enters into a contract with the credit finance provider and will be in debt to them in the event of default. Alternatively a monthly direct debit facility (if available) may be operated by the insurance company.
Insurers may withdraw benefits or cover on default of any payment due under any product(s) arranged by us. Central Bank of Ireland rules prohibit us from paying premiums to insurers which have not been paid to us. In the event of a default of full premium payment, we will issue cancellation instructions to the insurer.
You, the customer can cancel your policy by notice in writing at any time. This is provided that all reasonable charges pertaining to costs incurred by Alan Tierney & Partners Limited have been paid and provided that no incident giving rise to a claim has occurred in the current period of insurance. You may be entitled to a proportionate return of the premium for the un-expired period of insurance. One exception to this is if the policy is written 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 your policy during the first year short term rates may apply, please see your policy terms and conditions. In the case of cancellation of Motor insurance you must return the Certificate of Insurance and Windscreen Disc to Alan Tierney & Partners Limited and your policy will only be cancelled when these documents are received by the Insurance Company. Insurance companies reserve the right to cancel policies at any time by giving appropriate notice to your last address. Please refer to your policy terms and conditions. Failure to meet your responsibilities may result in the insurance company cancelling your policy. We also reserve the right to cancel your policy in certain circumstances, for example the non-payment of premiums, direct debit default or misrepresentation/non-disclosure of relevant information.
Disclosure of information
It is your responsibility to provide complete and accurate information to insurers when arranging an insurance policy and/or where a Statement of Fact is completed on your behalf. Failure to disclose any material information to your insurers could invalidate your insurance cover, and as a consequence all/or part of the claim may not be paid.
Premium handling and receipts
When receiving and transmitting orders in relation to insurance policies, Alan Tierney & Partners Limited may accept payments from clients payable to itself, where an insurance undertaking has invited renewal of a policy of insurance, or the proposal for insurance has been accepted by an insurance undertaking. A Section 30 receipt is issued for all monies received.
Where a premium rebate is due, we will issue the rebate without delay upon receiving it from the relevant insurance company. The client may also choose one of the following options:
1. The rebate can be set against another premium currently due or
2. Authorise us to donate the rebate to a registered charity. Receipts for all amounts donated to charity will be retained and will be available upon request.
In respect of option 1 & 2, we will require your written consent on each occasion to carry out these instructions.
Conflicts of interest
It is the policy of Alan Tierney & Partners Limited to avoid conflicts of interest in providing you with insurance and investment business services. If this is not possible, we will notify you as soon as is practicable after we become aware of the conflict of interest and you may rest assured that you will be treated fairly where such a conflict is unavoidable.
Instructions for policy amendments
It is important to note, that where an instruction is transmitted to amend your policy via phone message, text, email or fax, changes are only operable provided that they have been confirmed by Alan Tierney & Partners Limited.
We have a written complaints procedure for the effective handling of all complaints. We will acknowledge receipt of your complaint in writing within 5 working days. A written update will be issued to you every 20 days by a nominated individual within our firm. A comprehensive response to your complaint will be issued within 8 weeks of receipt of your initial complaint. In the event of failure to resolve your complaint you may raise the issue with the Financial Services Ombudsman or the Pension Ombudsman, as appropriate. Contact details of these officials are available upon request.
Remuneration and Charges
Alan Tierney & Partners Limited may be remunerated by insurance companies and Product producers to whom orders are transmitted for new business, on renewal of existing business and/or based on the levels of business introduced; remuneration/commission details are available upon request. All commissions received contribute to the overall cost of providing ongoing services to our clients and not offset against fees which we may charge you. The firm will charge you a fixed fee or a percentage of the insurance premium and levies for the following services provided:
General Insurance scale of Fees
Initial Fee Renewal Fee Policy alterations/cancellations
Motor Insurance up to € 50 up to € 50 up to € 50
Household Insurance up to €50 up to € 50 up to € 50
Commercial up to 40% of premium up to 40% of premium up to 40% of premium
Credit Card payments can carry a fee up to 4% (Payments made by laser card do not incur a charge)
Service fees in respect of commercial lines and general insurance may vary depending on a number of variables, the complexity of the case, time expended, risk urgency, seniority of staff involved and amount of commission receivable. The fee chargeable will be based on these variables and will be shown on your invoice.
Life Assurance, Pensions, Investment Business and Mortgage Broking
Alan Tierney & Partners Limited may be remunerated by the insurance companies and product producers to whom orders are transmitted. Summary details of these payments will be included, where appropriate, in a product information document, in relation to insurance documents. If we act for you on a non-commission basis, we will charge a fee to be agreed with you in advance. The fee will depend upon the complexity of the case, or to reflect value, specialist skills or urgency. For mortgage business, we are not remunerated by the mortgage provider and may charge a fee for any work we undertake on your behalf. This will be communicated to you in advance. In the event that fees or charges are payable to a third party in connection with arranging or renewing cover, these charges will be disclosed and will be payable by you.
As a credit intermediary we may be remunerated by the premium/credit finance provider on arranging this finance on your behalf.
Alan Tierney & Partners Limited is a Data Controller as defined in the Data Protection Act 1988 and 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 and take steps to keep it secure and to ensure it is only used for legitimate purposes. To fulfill 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. In addition to contacting you by phone, letter or e-mail in connection with your business with us, we may occasionally wish to contact you by SMS text. If you would prefer not to be contacted by SMS text, please tick the box below and sign and date the letter and return this to our office.You have the right at any time to request a copy of “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.
We are members of the Investor Compensation Scheme established under Section 38 of the Investor Compensation Act 1998. This Act provides that compensation shall be paid to eligible investors (as defined in the Act) to the extent of 90% of an investor’s loss or € 20,000, whichever is the lesser and is recognised as being eligible for compensation. We are also members of the Irish Brokers Association (IBA) Compensation Fund. Subject to the rules of the scheme the liabilities of its members up to a maximum of € 100,000 per client (or € 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 Investor Compensation Scheme has failed to adequately compensate any client of the member. Further details are available on request.