Terms and Conditions

1. Crotty Insurance Brokers Ltd t/a Crotty Group (“The Company”) is regulated by the Central Bank of Ireland and is authorised under the Investment Intermediaries Act 1995 (as amended) as an Authorised Advisor. A copy of The Company’s Authorisation is attached to these Terms of Business. In addition The Company is authorised under the Consumer Credit Act 1995 (as amended) and the Central Bank Act 1942 (as amended) as a Mortgage Intermediary.
2. The Company is bonded through its membership of the Irish Brokers Association (IBA) for €126,973 with an inner limit of €63,486 per client. Furthermore, the Company is a member of the Investor Compensation Scheme, in line with section 38(1) of the Investor Compensation Act 1998. This provides that compensation will be payable where money or investment owed or belonging to clients and held (or in the case of investment instruments) administered or managed by the Company cannot be returned to those clients for the time being and there is likelihood that the Company will be unable to do so. Where an entitlement of compensation is established, the compensation payable will be the lesser of (i) 90% of the amount of the client’s loss which is recognised for the purposes of the investor Compensation Act 1998 or (ii) compensation up to €20,000.
3. In an effort to comply with the Consumer Protection Code’s “Seek to Inform” policy, we now lay out our companies procedure regarding remuneration. We are, in many cases, remunerated by insurance underwriters and product producers on a commission basis, the level of which is determined by the class of business concerned. However, The Company, also reserves the right in some circumstances to charge a brokerage fee calculated based on a number of factors including the class of business; the amount of commission receivable; the complexity of the cover arranged; time spent handling the account over the course of the year; and the quality of service provided. Accordingly, in the majority of cases, fees may be charged per transaction as follows:- Personal Lines - €25 to €75; Commercial/Corporate Policies 5% to 17.5% subject to a minimum €100 fee irrespective of size. Furthermore, in some circumstances we may charge fees outside the scope of the above amounts. In these cases, we may apply an hourly rate for our work as follows: Directors/Account Managers - €250 per hour or part thereof; Other staff - €150 per hour or part thereof. Where this occurs it will be clearly explained to clients and agreed beforehand. Finally, in any case where a fee is charged, it will be clearly noted on the invoice.
4. Premium Credits & Refunds: Following a mid term alteration or cancellation a credit may be allowed by your Insurer. The amount received by us from your insurer will be refunded to you in full within 5 working days of our receiving definite notification of same.
5. The Company will accept payments in Cash or by Cheque or Credit or Debit Card in respect of all classes of insurance in the circumstances permitted under Section 25G of the Investment Intermediaries Act 1995. The Company is not authorised to accept cash or negotiable instruments in any other circumstances. Where payment is made by Credit Card, The Company will apply a handling charge of 3%. This will be clearly explained to clients when they pay by credit card.
6. The Company will issue a receipt for each non-negotiable or negotiable instrument or payment received. This is required pursuant to Section 30 of the Investment Intermediaries Act 1995. These receipts are issued for your protection and should be retained in a safe place by you.
7. The Company has in place a written procedure for the handling of complaints. This procedure ensures that all complaints are recorded and acknowledged within 5 business days. All complaints will be investigated and the complainant updated, in writing, at intervals not greater than 20 business days. Where a complaint is not resolved within 40 business days The Company will advise the complainant of the anticipated time frame within which it is hoped to resolve the complaint and of the complainant’s right to refer the matter to the Financial Services Ombudsman at www.financialombudsman.ie, or the Pensions Ombudsman at www.pensionsombudsman.ie. The Company will advise the complainant, in writing, within 5 business days of the completion of the investigation of the complaint and the outcome of the investigation and where applicable the terms of any offer or settlement. All complaints should be directed to Mr David Hughes, Complaints Manager.
8. All insurances are effected pending receipt of the premium from the Insured. The Company reserves the right notwithstanding delivery of policy, certificate or receipt to the Insured to cancel the Policy, obtain a refund from Insurers and apply same to reduce the amount due by the Insured.
9. The Company receives commission up to 0.75% in respect of successful mortgage applications and from time to time may opt to charge a fee depending on the complexity of the case. If fees arise they will be notified to you at the outset and your agreement noted on a ‘Fee Authority Sheet’.
10. It is the policy of The Company to avoid any conflict of interest when providing business services to its Clients. However, should an unavoidable conflict arise The Company will advise Clients of this in writing before proceeding to provide any business services. If you as a Client have not been advised of any such conflict you are entitled to assume that none arises.
11. The Company will, if necessary, exercise its legal rights to receive any payments due to it from clients for business services provided by it and, to be reimbursed for any value obtained by the firm for clients arising from payments by the firm on behalf of clients who subsequently default in any payment due to the firm. Product producers may withdraw benefits or cover on default of any payments due under any products arranged for your benefit. Details of these provisions will be included in your product terms and conditions. Your individual policy document will contain details of default remedies and actions of the particular insurance undertaking in the event of your non-payment. On receiving your policy document you should read the terms and conditions of your policy in detail.
12. Lenders may withdraw benefits or cover on default of any payments due under any products arranged for your benefit. Details of these provisions will be included in your product terms and conditions.

Valid with effect from: 1st December 2007