Terms & Conditions
These Terms of Business set out the basis on which we 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. Brian J. Pierce Ltd acts as insurance brokers, and are authorised by the Central Bank of Ireland as a multi-agency intermediary under the Investment Intermediaries Act, 1995 and are registered with the Central Bank of Ireland as an Insurance Intermediary under the Insurance Mediation Directive. A Consumer Protection Code is imposed by the Central Bank of Ireland and can be accessed on its web site at www. Central Bank of Ireland.ie or by writing to the Central Bank of Ireland , P.O. Box 9138, College Green, Dublin 2. Tel. 01-410 4000 or lo call: 1890 77 77 77. Copies of our authorisation are available on request. Our authorisation can be verified by contacting the Central Bank of Ireland. We are registered (Registration No.72370) as a limited company with the Companies Registration Office, Parnell House, 14 Parnell Square, Dublin 1. Tel. 01-804 5200.Brian J Pierce Ltd is subject to and complies with the Consumer Protection Code, Minimum Competency Code, and the Prudential Handbook for Authorised Advisors and Restricted Intermediaries and the Fitness and Probity Standards as laid down by the Central Bank of Ireland. These codes offer protection to you as a consumer and can be found on the Central Bank’s website – www.centralbank.ie.
Governing Law And Language
The Laws of Ireland will apply to any contract you enter into with Brian J. Pierce Ltd. and the Irish Courts will have jurisdiction to hear any dispute regarding them. Brian J. Pierce Ltd. will communicate with its clients through the English language.
We deliver a wide range of services in relation to non-life (General Insurance) business. These include risk review, insurance placement, insurance administration, and loss and claims assistance. We research the products on your behalf with the Product Producers (Insurers) with whom we hold appointments, a list of which is available on request. This process applies to all classes of insurance policies with the exception of Schemes which are arranged with various Product Producers (Insurers)
We will identify and recommend a suitable insurer on a fair analysis basis from the Product Producers (Insurers) and on receipt of your instructions we will transmit orders on your behalf to one or more insurers, a list of which is available on request. We do not have any ‘tied’ relationships with any of our insurers that would compromise our ability to offer you independent advice. As a Credit Intermediary the firm can arrange insurance premium finance.
Remuneration and Fees
Brian J. Pierce Ltd. is remunerated by way of commission payments received from Product Producers and/or charges billed directly to the client. Commission paid by Product Producers may from time to time include contingent or override commission based on volume and/or profitability. These payments are funded totally by Product Producers and do not affect our ability to trade across the market. Any charge on a renewal or new business will not exceed 20% of the premium, provided that the business is transacted. We change a standard broker fee of €50 for all new business policies & renewals. An administration fee may also be levied for mid-term alterations to a policy, and also at termination of a policy. Fees will be charged as per our table of fees (below). Our fees are non-refundable. We reserve the right to amend these fees should the complexity of the product require a higher fee. We will confirm and agree this fee with you prior to any increased charge being applied. Brian J Pierce Ltd reserves the right to waive these charges in certain circumstances. Credit Cards: 1.0% service charge applicable. Debit cards: No charge
Brian J Pierce Ltd is registered under the Consumer Credit Act,1995 as a Credit Intermediary (Auth No: A004232). The firm can arrange insurance premium finance for clients. Brian J Pierce Ltd charges a €30 arrangement fee which is included in the initial deposit prior to policy inception. The company may also receive an interest override payment from Close Brothers which is calculated as a percentage of the overall loan amount. Full terms and conditions including loan APR will be issued to the client for relevant authorisation and approval. The finance agreement is based on a valid insurance contract.
Arrears & Cancellation Policy
We reserve the right to instigate cancellation proceedings in the event of a missed payment. We allow clients 10 days to rectify missed payments. Failure to make payment during this period will result in a letter of cancellation being issued by the insurer. If 3 payments are missed under any one period of insurance a cancellation letter will automatically be generated. In the event of a cancellation letter being issued we will require payment of the annual premium in full.
Unless otherwise stated in our documentation all quotations provided for new insurances are:
– valid only for a period of 30 days from the date of issue and
– Subject to satisfactory completion of the insurer’s proposal form or statement of facts.,
You should be aware that quotations may change or be withdrawn if the information given to us or your insurers in proposal forms, statement of facts or declarations differs from that provided at the time the quotation was provided. Unfortunately, when providing quotations human error does occasionally occur and where this happens we reserve the right either before or after inception of cover, to alter any premium indicated or quoted to you. If you are unhappy with the revised quote we will refund your money in full.
Disclosure of Information
Please note it is essential to make a full disclosure of relevant facts including, where appropriate, you’re medical details or history and any previous claims made by you under the type of insurance being sought. Failure to disclose all relevant information could result in
i) Your policy being cancelled
ii) A claim not being paid
iii) Difficulty in purchasing insurance elsewhere
iv) A breach of terms and conditions attaching to any loan secured on a property.
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.
You have the right at any time to request a copy of any ‘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.
The firm is a Data Controller as defined in the Data Protection Acts 1988 and 2003. We collect your personal details in order to provide business services to you. These details can be stored electronically or on paper for the purpose of arranging transactions on your behalf. We do not retain credit or debit card details once payment has been processed. We take great care with the information you provide to us, taking steps to keep it secure and ensure it is used only for legitimate purposes.
To provide you with services, we sometimes have to share your information including claims history with other relevant professionals (insurance companies, reinsurers, underwriters, claims handlers etc.) In assessing any claims made, insurers may undertake checks against publicly available information such as electoral roll, court judgments, bankruptcy and repossessions. We may also be obliged to share information with regulatory or statutory bodies.
You have the right at any time to request a copy of any “personal data” within the meaning of the above Data Protection Acts which the firm holds about you (a fee of €6.35 may be charged) and to have any inaccuracies corrected.
In addition to contacting you by phone, letter or email 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 let us know & we will remove you from our list.
If you have purchased a product from us in circumstances where the European Communities (Distance Marketing of Consumer Financial Services) Regulations 2004 apply you have the right to withdraw from the insurance policy within 14 days without penalty and without giving any reason – this is known as the Cooling-off period. This right to withdraw does not apply to an insurance policy under which insurance cover is provided for less than one month. It also does not apply to a contract entered into at your request and which has been fully performed before notice of cancellation is given. The right of withdrawal may be exercised by notice in writing to us, quoting your policy number. Should this right be exercised, the insurer will normally charge a pro-rata premium for the period you are on cover. If the cover is for motor insurance, the premium cannot be refunded until the certificate of motor insurance and insurance disc have been received by us.
We collect premiums for onward transmission to insurers and will accept payments in cash, by cheque, by bank transfer and by credit/debit card in respect of all classes of insurance in the circumstances permitted under Section 25G of the Investment Intermediaries Act, 1995. We are not authorised to accept payments in any other circumstances. Under the Central Bank of Ireland legislation very strict rules apply in the payment of premiums to insurance companies. We are not able to pay premiums to insurers which have not been received from clients. In the event that premiums are not paid, insurers are entitled to and may cancel and/or amend cover and we cannot be held responsible for any loss you may suffer as a result of a policy being cancelled or amended or otherwise prejudiced due to the late payment of a premium where the delay is attributable to you.
You, the customer can cancel your policy by notice in writing at any time. Provided that all reasonable charges pertaining to costs incurred by us 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 us. Without your certificate of motor insurance and disc your insurers may refuse to carry out your instructions to cancel and/or may refuse to rebate any premium to which you may be entitled.
Where a premium rebate is due from an insurance company or underwriter, we will issue the rebate within 5 workings days of receiving the rebate confirmation. All other premium rebates will be refunded without prior contact with the client either by cheque or rebated to the client’s credit/debit card. The latter option only applies where the client paid the premium by credit/debit card.
Where we do not have the client’s details, we will contact the client to ascertain how they wish the refund to be made.
Failure to Pay or Default
We reserve the right to instigate cancellation proceedings 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, direct debit or standing order due to insufficient funds or any other reason
• non-disclosure of relevant information
• insurer imposed cancellation
• you fail to provide us with any information and/or documentation requested by us Notwithstanding the above if the default/non-payment arises in respect of a premium due as a result of mid-term alteration to a policy, we reserve the right to reverse cover, to the cover in place immediately before the alteration and to set any refund obtained against the outstanding amount due. If, after the refund is credited to your account there is still a balance due to us, we will seek and be entitled to full recovery. Where you make a partial payment of the premium to us, or where you pay by an instalment plan, arranged through either your insurers or a third party, and the balance of the premium is not paid in full or there is a default in the instalment plan, your policy will be cancelled by us, or by the third party who provided the finance for the premium or by your insurers. Any refund will be set against the outstanding amount due. If, after the refund is credited to your account there is still a balance due to us, we will seek and be entitled to full recovery.
Investor Compensation Scheme
Brian J. Pierce Ltd. is a member of the investor compensation 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 clients 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% of your loss which is recognised as being eligible for compensation or €20,000.
Brian J. Pierce Ltd. has a written procedure for the effective consideration and handling of complaints. Any complaints should be addressed in writing to Brian J. Pierce, Managing Director, Brian J. Pierce Ltd., Sandymount Village Centre, Sandymount, Dublin 4. Each complaint will be acknowledged by us within five working days of receipt. We will endeavour to resolve the complaint within forty working days, and findings will be furnished to you within five days of the completion of the investigation. In the event that you are not satisfied with the company’s handling of your complaint, you have the right to take up the matter with the Financial Services Ombudsman, 3rd Floor, Lincoln House, Lincoln Place, Dublin 2.
Acceptance of Terms of Business
In accordance with Financial Regulations, we are obliged to issue a copy of our Terms of Business at the first point of contact with a new client. Also supplied is a Suitability Statement advising why we recommend any particular Product. A similar Suitability Statement will be issued at each subsequent policy renewal.