Safeguard Insurance Ltd.
Terms of Business
1. Introduction
Safeguard Insurance Ltd (The Company) is a member of the Irish Brokers Association (IBA). 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 12 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 11 of this pamphlet.
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. Authorised Status
The Company is regulated by the Financial Regulator as an Insurance Broker . A copy of our statement of authorised status is detailed on this pamphlet.
The company is authorised to provide the following services:
Offer broad based advise 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. 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.
Also the company reserves the right to apply a brokerage fee for all general insurance (non-life insurance) products that it arranges or amends with a Product Producer on behalf of a client.
The amount of this fee will be specified to each client when the company arranges or amends a general insurance product(s) with a product producer on behalf of a client.
The brokerage fee is charged to cover the following:
- Sourcing of the product.
- Administration Costs.
- Risk Management Advice.
- Claims Handling.
- Standard advice on product placement.
The Company charges an administration fee where it gives advice which, either results in no product being placed or, the product being placed with a Product Producer with whom it has no agency appointment.
The administration fee scale is:
Director: €190.00 per hour.
Consultant: € 90.00 per hour.
The rate of the administration fee is consistent with those recommended by our professional body, the IBA.
4. Handling Clients Money
The Company accepts payment in cash, debit/credit card or negotiable instruments (eg. Cheque) 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 by an insurer. Monies received from clients are retained in our Client Premium Account, which is a bank account solely for client’s monies.
We are not authorised to accept cash, debit/credit card payment or negotiable instruments (e.g cheques) in any other circumstances.
5. Payment of Premium by Clients
Clients are required to pay the premium for a new policy, the renewal of an existing policy or an 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.
The Company issues a receipt for cash or negotiable instruments (eg. Cheques) 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. Non-Payment of Premiums by clients
If a client fails to pay within the credit terms agreed when cover is arranged, the company will advised the Product Providers involved and cover will be cancelled. 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.
7. Premium Rebates to Clients
Premium rebates are transferred to clients within 5 business days after the rebate has been received from the product providers or, if applicable, being notified by them that a rebate is due.
8. 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.
9. 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 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:
David McCormack, Director
Contact details are stated at Section 11.
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 11.
10. Consumer Protection
The Investor Compensation Act 1998
The company is a member of the investor compensation Act, 1998. This 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 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 of €20,000.
In addition to the compensation Act 1998, the company is bonded through its membership of IBA for €250,000 with an inner limit of €100,000 per client.
11. Contact Details
Our office is located at;
Safeguard Insurance
14 Lower Esmonde Street
Gorey
Co. Wexford
Tel: 053 94 81700
Email: info@safeguardinsurance.ie
Web: www.safeguardinsurance.ie
Other Organisations:
The Financial Regulator
PO Box 9708
6-8 College Green
Dublin 2
Tel: 01 4104000
Fax: 01 4104060
Irish Brokers Association
87 Merrion Square
Dublin 2
Tel: 01 6613067
Fax: 01 661 9955
Financial Services Ombudsman’s Bureau
3rd Floor Lincoln House
Lincoln Place
Dublin 2
Lo Call: 1890 88 20 90
Tel: 01 662 0899
Fax: 01 662 0890
12. Business Services
The services we provide include:
Motor, Household,Travel, Creche, Legal Expenses, Commercial Vehicle, All classes of Liability, Fleet, Special Types, Haulage, Bloodstock, Marine, commercial Property, Farm , Shop, Professional Indemnity, Directors and Officers and Credit Insurance.
Statement of Authorised Status
Safeguard Insurance is authorised under Section 10 of the Investment Intermediaries Act, 1995,(as amended).
As an Authorised Advisor, the firm is authorised to provide investment advice, and to receive and transmit orders, in relation to,
1. Insurance Policies, and
2. Personal Retirement Savings Accounts (PRSA’s).
When receiving and transmitting orders in relation to insurance policies and/or PRSA’s, the firm may only accept cash or cheques/bank drafts payable to itself where:
1. An insurance undertaking has invited renewal of a policy of insurance, or
2. A proposal for insurance and /or PRSA’s has been accepted by an insurance undertaking.
In all other circumstances the firm may only accept cheques/bank drafts or other payment instruments made payable to the product producer.