TERMS OF BUSINESS
1. Accepting our Terms of Business
By asking us to quote, arrange or handle your insurances, you are providing your informed agreement to these Terms of Business. We draw your particular attention to the section headed ‘Your Responsibilities’, ‘Using your personal data’ and specifically the paragraph explaining how ‘sensitive personal data’ is used.
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).
You may check this on the Central Bank of Ireland register by visiting the website registers.centralbank.ie or by contacting the Central bank of Ireland on 1890 777 777.
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 can arrange an instalment facility to pay the insurance premium, we act as a credit broker, not a lender. We only offer instalments from a single provider, Close Brothers Premium Finance 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 1890 88 20 90, or by email firstname.lastname@example.org.
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 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 day 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 day 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 is offered in the event of cancellation of any additional products outside of your 14 day 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 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 information 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 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 warranties and conditions as failure to comply with them could invalidate your policy. You must inform us immediately of any changes in circumstances which may affect the services provided by us or the cover provided by your policy. If you find there is an error in any of your documentation, you must speak to 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, 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 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. Fraudulent and False Claims
If you knowingly make a claim that is false or fraudulent in anyway, your policy will become void and no payment will be made against the claim.
13. Dealing with others on your behalf
If you wish for a partner/spouse to contact us in connection with your insurance policy, subject to answering security questions, we will deal with a person whom we reasonably believe will be acting on your behalf, relating to your policy or a claim.
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 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 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 our best deal and to ascertain the most appropriate payment options for you and to protect you from fraud. This search will appear on your credit report, 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 acknowledgement 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.
Terms of Business V1.1 June 2020