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Terms of Business

William Murphy & Sons Insurances (Courtmacsherry & Clonakilty) Ltd.
Registration Number 122753
14 Pearse Street, Clonakilty, Co. Cork.
023/8833499
info@wmurphy.ie

William Murphy & Sons Insurances (Courtmacsherry & Clonakilty) Ltd. is regulated by the Central Bank of Ireland.

Terms of Business

These terms of business set out the basis on which William Murphy & Sons Insurances (Courtmacsherry & Clonakilty) Ltd. 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. William Murphy & Sons Insurances (Courtmacsherry & Clonakilty) Ltd. is regulated by the Central Bank of Ireland and is a member of the Brokers Ireland.

Authorised Status
William Murphy & Sons Insurances (Courtmacsherry & Clonakilty) Ltd. is authorised by the Central Bank of Ireland under the Investment Intermediaries Act 1995, and is registered with the Central Bank of Ireland as an Insurance Intermediary under the Insurance Mediation Directive. Copies of our various authorisations are available on request.

Statutory Codes
William Murphy & Sons Insurances (Courtmacsherry & Clonakilty) Ltd. is subject to and complies with the Consumer Protection Code, Minimum Competency Code and the Fitness and Probity Standards as laid down by the Central Bank of Ireland.

Services Provided
We will offer advice on a fair analysis basis in relation to all classes of insurance policies. This means we will research the market place and providers and recommend the best product to suit your own needs.

We will identify and select a suitable product producer and on receipt of your instructions we will transmit orders on your behalf to one or more product producers (a list of which is available on request). This firm does not have ‘tied’ relationship with any institution that would compromise our ability to offer you independent advice and choice.

Remuneration and Fees
William Murphy & Sons Insurances (Courtmacsherry & Clonakilty) Ltd. is remunerated by commission and fees for the initial work activity and time spent in seeking the best terms, advice, product and product producer for your specific needs. The rate of commission can range from 5% to 20% depending on the class of business. An administration fee is also charged for the activity involved in the renewal of the policy and also any alterations that take place during and at termination of a policy. A scale of our fees is under noted. We are usually remunerated by commission received from the product producers for the work involved in placing an order and finalising the product with them on your behalf. Details of commission arrangements are available on request.

Scale of Fees


Initial Fee
Renewal
Policy Alterations / Cancellation
Motor
Up to a max of €50
Up to a max of €50
Up to a max of €50
House
Up to a max of €50
Up to a max of €50
Up to a max of €50
Commercial
Up to a max of 10%
Up to a max of 10%
Up to a max of 10%

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. A fee of €10 will be charged for all duplicate documentation.

Conflict of Interests
It is the policy of William Murphy & Sons Insurances (Courtmacsherry & Clonakilty) Ltd. to avoid any conflict of interest when providing business services to its clients. However, where an unavoidable conflict may arise we will advise you of this before proceeding to provide any business service. If you have not been advised of any such conflict you are entitled to assume that none arises.

Premium Handling
William Murphy & Sons Insurances (Courtmacsherry & Clonakilty) Ltd. accept payments in cash, cheque 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
William Murphy & Sons Insurances (Courtmacsherry & Clonakilty) Ltd. is not authorised to accept cash or negotiable instruments in any other circumstances. Premiums are due on/or before renewal/inception date. Under the Central Bank legislation very strict rules apply in the payment of premiums to Insurance companies. We will not be able to pay premiums to insurers which have not been received from clients. Therefore, to avoid policy cancellation, premiums must be paid strictly within the credit terms, if agreed, otherwise immediately prior to cover incepting.

Cancellation / Cooling Off Period – ONLY APPLICABLE IN CERTAIN BROKER CASES
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 days of the start date of the policy without penalty and without giving any reason – this is known as the Cooling Off period.
The right of withdrawal may be exercised by notice in writing to William Murphy & Sons Insurances (Courtmacsherry & Clonakilty) Ltd 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 William Murphy & Sons Insurances (Courtmacsherry & Clonakilty) Ltd.

You, the customer can cancel your policy by notice in writing at any time. Provided that all reasonable charges pertaining to costs incurred by William Murphy & Sons Insurances (Courtmacsherry & Clonakilty) Ltd. 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 William Murphy & Sons Insurances (Courtmacsherry & Clonakilty) Ltd. 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.

Failure to pay or default
We reserve the right to instigate cancellation proceeding 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 due to insufficient funds or any other reason
non-disclosure of relevant information
Insurer imposed cancellation
Your insurer may cancel your policy in certain circumstances. These conditions are clearly outlined on all policy documents.
When your policy ends or is cancelled, we will send you any documentation and information that you are entitled to on request.

Complaints Procedure
The company has a written procedure in place for the effective consideration and handling of complaints. Any complaints should be addressed in writing to the Managing Director, William Murphy & Sons Insurances (Courtmacsherry & Clonakilty) Ltd. Each complaint will be acknowledged by us within 5 working days of receipt, updates will be advised in intervals of not more than 20 working days, we will endeavour to resolve the complaint within 40 business days and findings will be furnished to you within 5 working days of completion of the investigation. In the event that you are not entirely satisfied with the firms handling of and response to your complaint, contact may be made with the Brokers Ireland, 87 Merrion Sq, Dublin 2 and ultimately you have the right to complain to the Financial Services Ombudsman, 3rd Floor, Lincoln House, Lincoln Place, Dublin 2.

Investor Compensation - Investor Compensation Company Ltd (ICCL) Scheme
William Murphy & Sons Insurances (Courtmacsherry & Clonakilty) Ltd. is a member of the Investor Compensation Company Ltd (ICCL) Scheme established under the Investor Compensation Act, 1998. The legislation provided for the establishment of a compensation scheme and to the payment in certain circumstances, of compensation to certain clients of firms (known as eligible investors) covered by the Act. However, you should be aware that a right to compensation would only arise where client money or investment instruments held by this company 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 the Act. In the event that a right to compensation is established, the amount payable is the lesser of 90% of the client’s loss, which is recognised as being eligible for compensation, or €20,000.

As a member of Brokers Ireland (BI), we also at William Murphy & Sons Insurances (Courtmacsherry & Clonakilty) Ltd. is a member of the BI Compensation Fund Ltd. Subject to the rules of the scheme the liabilities of its member firms up to a maximum of €100,000 per client (€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 ICCL (established by law) has failed to adequately compensate any client of the member.


Data Protection
William Murphy & Sons Insurances (Courtmacsherry & Clonakilty) Ltd. complies with the requirements of the General Data Protection Regulation 2018 and the Irish Data Protection Act 2018. William Murphy & Sons Insurances (Courtmacsherry & Clonakilty) Ltd. is committed to protecting your privacy. We wish to be transparent on how we process your data and show you that we are accountable with GDPR in relation to not only processing your data but ensuring you understand your right as a client. The data will be processed only in ways compatible with the purposes for which it was given and as outlined in our privacy notice. We attach copy of same.

Cover is subject to fully completed proposal form and all other additional documentation as may be requested by us (where the proposal is completed by us, it is a condition of our professional indemnity insurance, that the disclaimer is completed). Terms of cover are subject to terms and conditions as per policy documents. All previous claim, convictions, medical conditions must be disclosed. Any changes that occur during the period of insurance that changes the risk insured must be disclosed. Cover for legal fees can be provided on request. Breakdown cover and windscreen cover can be provided for motor policies. Average clause may apply if buildings/contents/fixture & fitting sums insured are under-insured. Please contact valuer/builder for up to date sums insured. Where a claim occurs- insured may get his own independent claims adviser at their own cost. There are no days of grace in respect of insurance due and all payments must be received by our office on or before expiry date of the policy to ensure continuation of cover. In the event of we not hearing from you, all cover will cease with effect from renewal date of the policy. It is a condition of the policy that you advise us of any change in circumstances, material facts or of any other information, which could influence the underwriters. Failure to do so could seriously affect your position in the event of a claim.

Whatever your motor insurance requirements; William Murphy And Sons Insurances can help you find the right cover. Contact us today.