Terms of Business
These terms of business set out the basis on which Tom Gallagher Insurance Ltd t/a Gallagher Insurances will provide business services to you. They also contain details of our regulatory and statutory obligations and the respective duties of both the company and you in relation to such services. Please note that by proceeding with a transaction through Gallagher Insurances you agree to the terms as laid out in this document. If you have any queries we will be happy to clarify them.
This document takes effect from 1st December 2018, or whenever it is received (whichever is the later) and supersedes any terms of business that may have been previously sent to you.
Authorised Status: Gallagher Insurances is regulated by the Central Bank of Ireland (Ref. C3199) as an insurance intermediary registered under the European Communities (Insurance Distribution) Regulations, 2018.
Copies of our regulatory authorisations are available on request and are displayed in the public area of our office. The Central Bank of Ireland holds registers of regulated firms and you may contact them on 1890 777 777 or alternatively visit their website at www.centralbank.ie to verify our credentials.
Codes of Conduct: Gallagher Insurances is subject to the Central Bank’s Consumer Protection Code, Minimum Competency Code and the Fitness and Probity Standards which offers protection to consumers. These codes are available on the Central Bank’s website.
Our Methods of Communication: Gallagher Insurances offer you the choice of receiving communication (including documentation) either on paper or by another durable medium such as; email, SMS or on our website www.gallagherinsurances.ie. Where you have chosen to provide us with your email address and/or mobile number for communication (including documentation), you agree that we can communicate and make contact with you using electronic means. If you do not wish us to continue to communicate with you via electronic means, please advise us and we will send correspondence to you using standard post.
Services Provided: Our principal business is to provide advice and arrange transactions on behalf of clients in relation to general insurance. A full list of insurers (which includes insurance undertakings, insurance intermediaries, product producers and managing general agents) with whom we hold an appointment is available upon request.
Fair and Personal Analysis: We will offer advice in relation to the nature of insurance policies and which of these policies are suitable for your needs. We will identify and select a suitable insurer through fair and personal analysis of the market on the basis of a sufficiently large number of contracts and insurers available to enable us to make a recommendation, in accordance with professional criteria, regarding which contract would be suitable to meet your needs.
The number of providers that constitutes ‘sufficiently large’ will vary depending on the number of providers operating in the market for a particular product or service and their relative importance in, and share of that market. The extent of fair and personal analysis must be such that could be reasonably expected of a professional insurance broker conducting business, taking into account the accessibility (of product placement & and of information) to intermediaries and the cost of the search.
In order to ensure that the number of contracts and providers is sufficiently large to constitute a fair and personal analysis of the market, we will consider the following criteria: · client needs · number of providers in the market that deal with brokers · market share of each of those providers · number of relevant products available from each provider · availability of information about the products · quality of the product and service provided by the provider · cost.
Limited Analysis: A limited analysis may be necessary if you are seeking urgent cover. Where we do not provide a product or service on the basis of a fair and personal analysis of the market, we will advise you of same. The provider of your product will be outlined in the summary of cover provided
Website Products: We do not offer advice where the transaction is completed directly through our website in relation to travel insurance. Our website travel insurance is arranged by Blue Insurance Ltd. It is important to note that the quotations and cover offered is based solely on the best price available to us for the information that you have provided through this medium. Should you wish to obtain further advice specific to one or more additional circumstances pertaining to you, or in relation to the level of cover provided, please contact us.
Periodic Reviews: It is important that you review, on a regular basis, the products which we have arranged for you. As your circumstances change, your needs will change. You should advise us of those changes and request a review of the relevant policy so that we can ensure you are provided with up to date advice. Failure to contact us in relation to changes in your circumstances or failure to request a review may result in you having insufficient insurance cover and/or inappropriate investments.
Gallagher Insurances will provide assistance to you for any queries you may have on policies taken out with us including claims handling, risk management advice and in seeking renewal terms on your cover.
Licensed Insurers: Gallagher Insurances transact and recommend insurers who are licensed and regulated by the Central Bank of Ireland. We also transact and recommend insurers who are licensed and regulated by their home member state in the European Economic Area (EEA) and are passported to carry on insurance business in Ireland under the Freedom of Services or Freedom of Establishment rules, and regulated by the Central Bank of Ireland for Conduct of Business rules. Some of these may charge a fee for their service. Gallagher Insurances do not and cannot guarantee the financial security of any insurer.
Our Remuneration: We are remunerated by way of commission from the providers with whom we transact business. We may also receive commissions from some insurers that are not directly attributed to the service provided to an individual client but are based on a combination of account turnover, growth, profitability and/or various quality criteria relating to our operating standards. Commission and other remuneration details are available on our website – www.gallagherinsurances.ie.
We apply a fee for administration services for personal insurance policies, these vary depending on the level of administration required. For business insurance, a client services fee is applied for our services provided to you. The details of these fees are outlined on the schedule of fees outlined below. These are displayed at our offices and available on our website. Fees applied are also clearly outlined on your quotation and renewal documentation. Please note these fees are non-refundable in the event of cancellation of your contract.
Insurance Based Investment Products: We are remunerated by commission for the advice we provide on insurance based investment products.
Scale of Fees:
Personal Insurances: Initial Set Up & Renewal: Up to €200.00. Alterations/Duplicate Documentation/Dishonored Payments/Driver Experience Letters: Up to €100.00.
Commercial Insurances Initial Set Up, Renewal & Alterations: Minimum fee €100 – up to maximum of 40% of premium.
(Prior written agreement is required to deduct our charges from insurer rebates and a separate written agreement (or email confirmation) will be requested as the need arises).
Supplementary Fees: Occasionally circumstances arise where we require additional fees to be paid by you. If this occurs, we will, in advance and with your prior agreement, advise you of the amount of the additional fee due. The calculation of such charges will be based on various factors such as, though not limited to, the complexity of matters under consideration, the commission payable by insurers, costs incurred and time spent. Where it is not possible to provide the exact amount, we will provide you the method of calculation of the fee.
Premium Handling: Gallagher Insurances will accept payments in cash, by cheque, credit cards or electronic bank transfer in respect of all classes of insurance in the circumstances permitted under our regulatory authorisations. We are not authorised to accept cash or negotiable instruments in any other circumstances. Premiums are due on or before renewal/inception date or before any policy changes which result in an additional charge. It is your responsibility to ensure that your payment has reached us and that your policy has been incepted/renewed/amended. If we do not receive your renewal payment on or before your renewal date, your policy will lapse and no cover will be in place.
Premium Rebates: We will refund any rebate that becomes due to you within 5 business days of receiving it or having been notified by the insurer that it is due to you. Any rebate due to you will be paid in full and any charges will not be deducted without your prior written agreement in each case.
Conflict of Interest: Gallagher Insurances will make a reasonable effort to avoid conflicts of interest. However, where an unavoidable conflict arises, we will advise you of this before proceeding to provide any business service. A copy of our conflict of interest policy is available on request.
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 working days of the start date of the policy without penalty and without giving any reason – this is known as the cooling off period. If the contract concerned relates to a life assurance, investment or personal pension plan, the cooling off period is extended to 30 days. The right of withdrawal may be exercised by notice in writing to Gallagher Insurances, 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 Gallagher Insurances. The set-up, renewal and/or cancellation fees charged by Gallagher Insurances are non-refundable.
You, the customer can cancel your policy by notice in writing at any time. Provided that all reasonable charges pertaining to costs incurred by Gallagher Insurances 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 cooling off period) short term rates may 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 Gallagher Insurances. 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. A cancellation charge may apply. Please note that our administration charge is non-refundable in the event of a cancellation of your contract.
Failure to pay or default: We reserve the right to withhold issue of insurer’s documentation to you and/or instigate cancellation proceedings in the event of the following: · Non-payment by you of the premium due at inception, renewal or following a mid-term adjustment. · Your bank refuses to process payment to us for any reason. · On instruction from your finance company to cancel due to a breach of the premium finance agreement (where your premium is being paid through a premium finance agreement) · Non-disclosure of relevant information. · Insurer imposed cancellation (insurers may cancel in certain circumstances as outlined in your policy document).
Gallagher Insurances will exercise its legal rights to receive payments due to it from clients (fees and insurance premiums) for services provided. We will seek reimbursement for all payments made to insurers on behalf of clients where the firm has acted in good faith in renewing a policy of insurance for the client. When your policy ends or is cancelled, we will send you any documentation and information to which you are entitled on request. We expressly reserve the right to offset credits against outstanding balances due and no agency transfer may be effected until your account is cleared in full.
Claims: It is essential that we are notified immediately of any claims or circumstances which could give rise to a claim. When you notify us, you must include all material facts concerning the claim. The policy wording will describe in detail the procedures and conditions in connection with making a claim.
Duty of Disclosure: It is your responsibility to disclose all material facts to insurers when arranging an insurance policy, throughout the life of that policy and when you are renewing it. Material facts are those facts which might influence the acceptance or assessment of your proposal by the insurer. Material facts can include but may not be limited to facts such as previous claims, medical conditions or previous convictions etc. All material facts should be disclosed. If you are unsure as to whether a fact is material, it should be disclosed. Failure to disclose any material information to your insurer could result in your policy being cancelled and/or claims not being paid. You should also note that you may encounter difficulties in trying to purchase insurance elsewhere were this to occur. In the case of property insurance, the failure to have property insurance in place could lead to a breach of the terms and conditions attaching to any loan secured on that property.
Investor Compensation Company Ltd (ICCL) Scheme: This firm is a member of the Investor Compensation Company Ltd (ICCL) scheme established under the Investor Compensation Act, 1998. This legislation provides for the establishment of a compensation scheme and for the payment, in certain circumstances, of compensation to certain clients of authorised investment firms covered by the Act. Compensation may be payable where money or investment instruments owed or belonging to clients and held, administered or managed by the firm cannot be returned to those clients for the time being and where there is no reasonably foreseeable opportunity of the firm being able to do so. A right to compensation will arise only: If the client is an eligible investor as defined in the Act; and, if it transpires that the firm is not in a position to return client money or investment instruments owned or belonging to the clients of the firm; and to the extent that the client’s loss is recognised for the purposes of the Act. Where an entitlement to compensation is established, the compensation payable will be the lesser of: 90% of the amount of the client’s loss which is recognised for the purposes of the Investor Compensation Act, 1998; or Compensation of up to €20,000. For further information, contact the Investor Compensation Company Ltd. at (01) 224 4955
Brokers Ireland Compensation Fund: Gallagher Insurances is a member of Brokers Ireland, the representative body for insurance and financial brokers in Ireland. We are also members of the Brokers Ireland Compensation Fund. Subject to the rules of the scheme the liabilities of its members firms 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.
Complaints Procedure: We have a written procedure in place for the effective consideration and handling of complaints. We are happy to receive verbal or written complaints – written complaints should be addressed to the Managing Director, Gallagher Insurances, Newmarket House, Patrick Street, Dun Laoghaire, Co Dublin. Your complaint will be acknowledged within five working days of receipt, updates will be advised in intervals of not more than twenty working days, we will endeavour to resolve the complaint within forty working days and findings will be furnished to you within five working days of completion of the investigation. In the event that you are not entirely satisfied with our handling of, and response to your complaint, you have the right to refer your complaint to the Financial Services & Pensions Ombudsman Bureau of Ireland, Lincoln House, Lincoln Place, Dublin 2, D02 VH29.
Data Protection: We are subject to the requirements of the General Data Protection Regulation 2018 (GDPR) and the Irish Data Protection Act 2018. Gallagher Insurances is committed to protecting and respecting your privacy. We wish to be transparent on how we process your data and show you that we are compliant with the GDPR in relation to processing your data and ensuring you understand your rights as a client. The data will be processed only in ways compatible with the purposes for which it was given. These are outlined in our Privacy Notice which is available for review online at www.gallagherinsurances.ie. If this medium is not suitable, we will provide you with a hard copy upon request. Please contact us at support@gallagher-insurances.ie if you have any questions about your personal data.
Call Recording: All your calls, both inbound and outbound, may be recorded and may be monitored for training, quality purposes and to verify information and help prevent and detect fraud.