TERMS OF BUSINESS
1. Accepting our Terms of Business
For your own benefit and protection, you should read these terms carefully. If you are unsure about any aspect of our Terms of Business or have any questions regarding our relationship with you, please contact us at the above address.
Registered address: Unit 45, Block 5, Northwood Court, Santry, Dublin 9, D09 H578. Registered number: 623383
Principal Insurance Ireland Designated Activity Company (DAC) trading as Principal Insurance is regulated by the Central Bank of Ireland as an insurance intermediary registered under the European Union (Insurance Distribution) Regulations 2018 (Reference:C191027).
These Terms of Business (“Terms”) outline the basis on which we provide regulated financial services to our clients. Please ensure that you read this document. These Terms apply to all transactions undertaken for you or services provided to you and will remain in force until further notice. Should we make any material changes to our Terms, we will advise you in advance of providing any further services to you.
Principal Insurance Ireland Designated Activity Company (DAC) is subject to the Central Bank of Ireland’s Consumer Protection Code, Minimum Competency Code and Fitness and Probity Standards. These Codes offer protection to consumers and can be found on the Central Bank website at www.centralbank.ie.
3. Our Service
We source and arrange insurance policies, for most products offered we make personal recommendations when arranging your insurance. We do this by asking you a number of questions to assess your demands and needs. We will always make it clear to you whether the service we are providing is one where we are making a personal recommendation or a service where you are required to make your own informed decision. You will receive confirmation of the type of service you have received within your full insurance documentation and before you make the purchase. In arranging and administrating your insurance we act as an insurance intermediary. The insurance policies are underwritten by independent insurance companies. While we are careful in our assessment of insurers we recommend we will not in any circumstance guarantee the solvency of any insurer.
Where we arrange an instalment facility to pay the insurance premium, we act as a credit intermediary, not a lender. We only offer instalment facilities from one provider, Close Brothers Premium Finance Ireland and we do not offer advice in relation to this. Our activities as a credit intermediary are supervised by the Competition and Consumer Protection Commission (CCPC).
4. Our product range and the range of insurers
We arrange personal insurances through a range of insurers and in these cases make recommendations based on a fair analysis of the market, but for certain products, we only arrange products from either a limited number of insurers or a single insurer. We will give you further information about this before we finalise your insurance arrangements; where we select products from a limited number of insurers you may ask us for a list of the insurers we deal with for these products.
5. What to do if you have a complaint
We aim to provide a high level of customer service at all times but, if you are not satisfied, please contact us at the details above. When dealing with your complaint, we will follow our complaint procedure; a summary of this procedure is available on request. This procedure ensures that all complaints are recorded and acknowledged in writing within 5 business days and are fully investigated within 40 business days. Complaints should be addressed to The Compliance Manager, Principal Insurance Ireland DAC Unit 45, Block 5, Northwood Court, Santry, Dublin 9, D09 H578.
If you remain dissatisfied, you may be entitled to refer the matter to the Financial Services and Pension Ombudsman, 3rd Floor, Lincoln House, Lincoln Place, Dublin 2, D02 VH29, by phone 01 567 7000, or by email email@example.com.
6. Compensation Scheme
The Investor Compensation Act, 1998 provides for the establishment of a compensation scheme operated by the Investor Compensation Company Limited (ICCL) and for the payment of compensation to clients that are deemed to be ‘eligible investors. Blue Oak Counsel is a member of this compensation scheme. The amount of compensation that you may receive under the compensation scheme is 90% of the net amount you have lost or €20,000; whichever is less. Full details of the Investor Compensation Scheme are available on www.investorcompensation.ie.
7. Payment for our services
We are remunerated by commission paid to us by insurers or product providers. Details of our commission arrangements are available on our website at www.principalinsurance.ie/policy-documents. We also charge you non-refundable fees for arranging and administrating your insurances;
Motorcycle / Car / Light Commercial Vehicle / Home Insurance
New Business/Renewal administration fee: €100.00
Mid-term Adjustment: €75.00
Details of commission payable to us by insurers we place business with is disclosed on our website at www.principalinsurance.ie/policy-documents
8. Cancelling your policy
Your right to cancel – You have the right to cancel your policy within 14 working days of the start date of your policy or the date you receive your policy documents, whichever is the later. This is also known as a ‘cooling off period’ for you to decide whether you wish to proceed. In the event of cancellation within your 14 working days right to cancel period the non-refundable fees for our services as shown in the section 7 ‘Payment for our services’ will not be refunded
No refund will be allowed when the policy has been subject to a claim.
Cancellation outside of your 14 working days right to cancel – You can cancel your policy at any time, you should send any request for the cancellation of a policy in writing at the details above. In all instances, cancellation requests can only be made by the policyholder.
No refund of premiums paid or any fees or charges is offered in the event of cancellation of any additional products outside of your 14 working days right to cancel or at any time if a claim is made against your policy.
If you are paying your premium by way of instalments and have not paid all your instalments, any refund of insurer premium will be offset against any amount you may owe and you will be responsible for any amount outstanding if applicable.
If any payment or premium remains unpaid we may instruct a debt recovery agent to recover the outstanding amount on our behalf.
If your policy is cancelled and a claim is made against your policy you must pay the reminder of your premium, this includes any instalment payments outstanding on your finance agreement.
No refund will be allowed when the policy has been subject to a claim.
The terms of your policy may allow insurers to retain the premium in full or to charge short-period premiums in the event of cancellation before the policy expires. Please see your policy wording for further details.
9. Your responsibilities
You are responsible for providing complete and accurate answers to the questions asked which insurers require in connection with any proposal for insurance cover. This is particularly important before taking out a policy and at renewal, but it also applies throughout the life of a policy. In order to provide you with an accurate quotation and correct policy documents, we will ask you a series of questions, it is important that you answer these questions honestly and to the best of your knowledge, failure to do so could influence the insurer’s decision to accept the risk or the terms offered, this could invalidate the policy and means that claims may not be paid or paid in full. You must check all details on any proposal form and/or Statement of Facts.
It is important that you read all insurance documents issued to you particularly any proposal forms and Statements of Facts and ensure that you are aware of the cover, limits and other terms that apply. Particular attention must be paid to any conditions as failure to comply with them could invalidate your policy This policy is based on the factual information you provided. These facts are represented by the answers you have given to questions we have asked and/or the proposal form you completed and/or the statement of fact we last issued. If any of these facts have changed you must let us know immediately otherwise cover may not operate. If you find there is an error in any of your documentation, you must contact us immediately so we can amend your details. If you are unsure about any matter, please contact us for guidance.
10. Handling Money
We hold your premium payment as agent of the insurers who provide you with insurance cover, and we do this by paying it into a client premium account until it is passed to the insurers. This is to protect your money and means that whilst your money is in the client premium account, it cannot be used for any purpose other than paying the insurers or insurance intermediaries through whom we may have arranged your insurance. We will retain any interest earned on the account.
11. No Claims Bonus
If you have informed us that you are entitled to No Claims Bonus but this is not validated with the relevant proof, your policy may be subject to an additional premium, it may be cancelled or be made null and void from the inception date of your policy.
12. Misrepresentation and Deception
• Misrepresentation is when someone makes a statement which is not correct, or not true, to another person. A misrepresentation may be innocent, negligent or fraudulent.
• All the information which you gave us and all of the answers you have provided to the questions which we asked you leading to the inception of a contract of insurance have effect as representations made by you to us.
• Deception is where false information is used to make an unfair or unlawful gain.
If you have made a negligent misrepresentation and a claim arises the insurer may:
• Avoid the contract and return your premium if they would not have entered into the contract under any terms.
• If the insurer would have entered the contract but on different terms, treat the contract as if those different terms apply.
• If the insurer would have entered the contract but at a higher premium it may reduce proportionately the amount to be paid on any claim.
If you have made a negligent misrepresentation and no claim has arisen the insurer may terminate the contract on reasonable notice to you.
• If a claim is made and if any answer given by you to us involves a fraudulent misrepresentation or where any conduct by you (relative to the contract or the steps leading to its formation) involved fraud of any other kind the insurer may avoid the relevant contract of insurance.
If you or anyone acting for you:
• Makes a claim under the policy, knowing the claim is false or misleading; or
• Makes a claim for any loss or damage deliberately caused by you or a person covered to drive your car, van, or motorcycle or with your knowledge.
• In connection with a claim makes a statement to the insurer or anyone acting on its behalf, knowing the statement is not true.
• In connection with a claim sends the insurer or anyone acting on its behalf a document, knowing the document is false.
The insurer take one or more of these actions as well as our other rights:
• It will not pay the claim.
• It may avoid the policy with effect from the date of the fraudulent claim or fraudulent act.
• It will not return your premium.
If you commit a fraudulent act on any other policy, then the insurer may:
• Cancel this policy,
• Consider letting the appropriate law enforcement authorities know about the circumstances.
13. Dealing with others on your behalf
We will not be able to discuss any policy information with anyone other than the policyholder, unless prior consent has been given by the policyholder. If you wish to authorise another person to have permission to deal with us on your behalf (i.e. make changes to your policy / make payments / renew the policy) you nominate this person in advance.
14. Renewing your policy
For your protection prior to your renewal date, we will send you a renewal invitation 20 working days in advance of the policy’s expiry which will detail the premium due and the details we hold regarding your policy. It’s important you check your details to ensure the information we have is accurate and that you inform us of any changes in your circumstances.
To ensure that the policy continues to meet your needs we may offer an alternative insurer at renewal, however if you would like to remain with your previous insurer please contact us to let us know. Your cover will cease on your renewal date unless you contact us beforehand to accept the renewal and make a payment.
15. Credit checks
We and other companies involved in arranging your insurance, such as insurance companies, other insurance intermediaries and finance companies may use public and personal data from a range of sources including credit reference agencies. The information is used to ensure that we obtain the best cover for you and to ascertain the most appropriate payment options for you and to protect you from fraud. A credit agency search will appear on your credit record, whether or not your application proceeds but will not affect your credit rating. If you have any questions about this or any other matter, please contact us at the details above.
16. Conflict of interests
It is our policy to always act in the best interests of our clients and to avoid a conflict of interest when providing services. However, where an unavoidable conflict arises, we will advise you of this in writing and request your written acknowledgment that you are aware of the conflict of interest and still want to proceed.
We have a written policy which sets out the steps that we take to ensure that we avoid or, where this is not possible, mitigate conflicts of interest that may arise in providing services to you. These steps include administrative and organisational arrangements appropriate to the size, nature and complexity of the business to ensure that staff always act in the best interests of clients.
It is our policy that none of our employees offer, give, solicit or accept gifts or rewards (monetary or otherwise) from companies with whom we do business.
17. Claims handling arrangements
Please see your policy documents for the procedure to follow in the event of a claim. Generally, insurers require immediate notification of a claim or circumstances which might lead to a claim. We will employ due care and skill if we act on your behalf in respect of a claim.
If you are paying your premium by way of instalments any outstanding amount on your finance agreement will become immediately payable in the event of a claim.
18. Data Protection
We are subject to the requirements of the General Data Protection Regulation 2018 and the Irish Data Protection Act 2018.
Principal Insurance 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 accountable with the GDPR in relation to not only processing your data but ensuring you understand your rights as a client.
Terms of Business V1.4 July 2021