TERMS OF BUSINESS
Hannon Greene Ltd is an insurance brokerage. Our address is: Castle Ave, Buncrana, Co. Donegal and Bridge Street, Carndonagh, Co. Donegal. We are regulated by the Financial Regulator as a multi-agency intermediary. A Consumer Protection Code is imposed by the Financial Regulator and can be accessed on its web site at www.financialregulator.ie or by writing to the Financial Regulator, P.O. Box 9138, College Green, Dublin 2. Tel. 01-410 4000 or lo call: 1890 77 7777.
We do not have any ‘tied’ relationships with any of our insurers that would compromise our ability to offer you independent advice and choice from those insurers that we represent.
We are members of the Irish Brokers Association, 87 Merrion Square, Dublin 2. Tel. 01-661 3067. We comply with their Code of Conduct, a copy of which is available from us on request or direct from the IBA.
We are registered (Registration No.342589) as a limited company with the Companies Registration Office, Parnell House, 14 Parnell Square, Dublin I.Tel. 01-8045200.
Main Characteristics of our Service
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 will recommend the product that is most suitable to your needs and in your best interests, having regard to your insurance requirements and considering the balance between the premium quoted and the extent and continuity of cover required. Your policy terms and conditions will be contained in your policy booklet, which we will forward to you together with all relevant insurer policy documentation.
Price and Remuneration
The price payable for the insurance policy is the premium (including applicable government levies and premium taxes). This premium, the rate at which any applicable government levies and/or premium taxes are applied, the payment options, any service charge, and any claims or convictions loadings (where applicable) and any optional covers are in the policy schedule/renewal notice/direct debit mandate. Unless otherwise stated the premium quoted includes the 3% Government Levy. Unless otherwise agreed our normal method of remuneration is in the form of service charge and/or commission based on premiums paid. Our service charge is non-refundable, except in respect of the ‘Cooling Off’ period described below, separate non-refundable service charge may be imposed if the policy is cancelled mid-term – see Cancellation below.
Conflicts of Interest
We will make every effort to avoid a conflict of interest. In the unlikely event that any conflict of interest should arise and cannot reasonable be avoided, we will ensure that our clients are fairly treated whilst discharging our obligations to the market. In any event, where a conflict of interest arises either directly or indirectly, we will inform you of this as soon as possible.
Quotations for insurance are indicative only. The final premium can only be confirmed upon receipt of a completed proposal form and relevant supporting documentation as requested.
Period of Insurance
The period of insurance for a policy will be the period specified by the insurer on its policy schedule/renewal notice.
Cooling-Off Period/ Right of Withdrawal
You, as a consumer*, have the right to withdraw from any policy, without penalty and without giving any reason, within 14 days of the later of a) inception date of the policy or b) the date you receive the policy schedule. 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 motor insurance, the premium cannot be refunded until the certificate of motor insurance and insurance disc have been returned to us.
* A consumer is a natural person acting for purposes outside his/her trade, business or profession.
We collect premiums for onward transmission to insurers. The Financial Regulator regulations preclude us from paying to insurers premiums from our client premium account, which have not been paid to us. In the event that such premiums are not paid, insurers are entitled to and may cancel cover. It is therefore critical to the guaranteed continuance of your insurance cover that your premium is paid in full and on time. When paying premiums you must specify the policy (or policies) to which the payment applies. In the absence of your specific instructions, we reserve the right to allocate the payment against any outstanding premium. If you prefer any other method of allocation please advise us.
Default / Remedies
In the event that you fail to pay, we will advise the insurer and cover will be cancelled, in the case of the renewal of the policy from renewal date. and in the case of a new policy, from the inception date of the policy. 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.
In either event the insurer may impose short period rates and you may not, as a result, obtain a pro-rata refund. If you instruct us to cancel the policy mid-term, for any reason, short period rates may also apply, even if the premium has been paid in full to us. Short period rates vary from insurer to insurer and can be very punitive. For your information we set out below, as an example, the short period rates imposed by one insurer:
Example of rates
|Length of time you had cover for:||Amount of the annual premium refunded:|
|Up to 7 days||85%|
|Up to 14 days||80%|
|Up to 1 month||75%|
|Up to 2 months||60%|
|Up to 3 months||50%|
|Up to 4 months||35%|
|Up to 6 months||25%|
|Up to 8 months||10%|
|Over 8 months||none|
Also, some Policies have a minimum and/or a deposit premium and in such circumstances there will not be any refund.
Both you and your insurer can cancel your policy, in accordance with the terms and conditions set out in the insurer’s policy document, by giving notice in writing to Hannon Greene Ltd, Castle Ave, Buncrana, Co. Donegal. 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 insurer’s premium for the unexpired period of insurance. However, if you cancel during the first year (outside the cooling-off period) short-term rates, as explained above, may apply – please see your policy terms and conditions. In the case of cancellation for motor insurance, you need to return your certificate of motor insurance and 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 policy is cancelled, for any reason, we will deduct from any refund obtained, an administration fee equivalent to all lost commission, plus any reasonable costs and expenses up to a maximum of €75, whilst seeking payment or dealing with the cancellation of the policy. This will not apply if the policy is cancelled during the ‘Cooling Off.
We will charge an administration fee of up to €75 for any mid-term alterations to your policy. Where the alteration results in a refund, we will deduct from any refund received from your insurer our administration fee and if the amount due to you, after deduction of our administration fee is less than €10, this will not be refunded to you.
Occasionally insurers will indicate a premium and when the policy/endorsement is issued will charge a slightly different premium. When this occurs the difference is less than €10, we will not charge this to you; neither will we refund any amount less than €10.
Unfortunately, when providing quotations human error does occasionally occur and where this happens we reserve the right to alter any premium, either before or after inception of cover, indicated or quoted to you. If you are unhappy with the revised quote we will refund your money in full.
We have in place a written procedure for the effective consideration and handling of complaints. Most complaints can be resolved quite quickly and in the first instance you should ask to speak to a supervisor. Complaints in writing should be sent to the Customer Services Manager, Hannon Greene Ltd., Castle Ave, Buncrana, Co. Donegal. This procedure ensures that complaints will be recorded and acknowledged in writing within 5 business days of receipt. We will provide you with the name of a contact person for the handling of your complaint and we will provide you with an update on the progress of the investigation of the complaint at intervals of not greater than 20 business days. All complaints will be fully investigated and the outcome of that investigation will be communicated to the person who made the complaint within 5 business days of the completion of the investigation into the complaint. In the event the complainant remains dissatisfied with the handling of and response to the complaint, the complainant may contact the Financial Services Ombudsman’s Bureau, Bureau at 3rd Floor, Lincoln Hse., Lincoln Place, Dublin 2. Telephone 01-6620899, Fax 01-6620890, Email: email@example.com
We are members 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 of firms .covered by the Act. In the event that a right to compensation is established, the amount payable is the lesser of 90% of the loss which is recognised as being eligible for compensation or €20,000. Further information on the scheme is available from the Investor Compensation Company Ltd., c/o Central Bank and Financial Services Authority of Ireland, P.O. Box 55, Dame Street, Dublin 2. Tel 01-410 4955.
In addition to the compensation available under the Investor Compensation Act, 1998 we are bonded through our membership of the IBA for €250,000 with an inner limit of €100,000 per client.
We undertake our activities in accordance with the laws of the Republic of Ireland. Any disputes will be governed in accordance with the laws of the Republic of Ireland and the Irish courts will have jurisdiction to hear any dispute.
All Communication from us will be in English.