Term of Business
Robertson Low Insurances Ltd and FundInsure are the trading names of Robertson Low Insurances Ltd (‘the Firm’). The Firm is a wholly owned subsidiary of Silex Group Ltd. Robertson Low Insurances Ltd’s offices are located at 10/11 The Courtyard, Kilcarbery Park, Nangor Road, Dublin 22, telephone 01 4611500 and at Lismard Court, Portlaoise, Co Laois telephone, 057 8621128. The firm’s registered office address is 6 Northbrook Road, Dublin 6. The Firm is registered in England at First Floor, 40 Gracechurch Street, London EC3V 0BT and is regulated by the Financial Conduct Authority (Registration Number 547519) for conduct of business rules. The website address of the Financial Conduct Authority is www.fca.gov.uk. All offices can be contacted by way of email to firstname.lastname@example.org.
These terms and conditions of business are between Robertson Low Insurances Ltd and the persons or companies instructing us (the “client”) and the client is deemed to have accepted these terms and conditions by virtue of engagement with Robertson Low Insurances Ltd, from the moment the engagement commences, regardless of (i) the means or method of instruction and/or whether or not a formal signature, letter, fax, e-mail or other printed instruction is obtained, received or sent; and/or (ii) whether or not a policy of whatever kind is placed with us.
These terms of business set out the terms and conditions under which the Firm 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. We are required to issue to our clients in advance of transacting business the terms under which we do our business with you. You should retain this document carefully as you may wish to refer to it again at a future date. The Firm is a Lloyd’s Broker (Broker number 2000, pseudonym RLB), a Lloyd’s Coverholder and is a member of the Irish Brokers Association. The Firm is regulated by the Central Bank of Ireland.
The Firm is authorised by the Central Bank of Ireland. If you wish to verify our Regulatory Status, copies of our various authorisations, listed below, are available upon request or can be viewed on the Central Bank of Ireland website, www.centralbank.ie or call 1890 77 77 77.
The Firm is:
- Registered with the Central Bank of Ireland as an Insurance/Reinsurance Intermediary under the European Communities (Insurance Mediation) Regulations, 2005 (as amended);
- Authorised by the Central Bank of Ireland as an Investment Business Firm under Section 10 of the Investment Intermediaries Act, 1995 (as amended);
- Registered by Central Bank of Ireland as an Investment Product Intermediary under Section 31 of the Investment Intermediaries Act, 1995 (as amended);
- Registered with the Central Bank of Ireland as a Mortgage Credit Intermediaries pursuant to the European Union (Consumer Mortgage Credit Agreements) Regulations 2016;
- Authorised by the Central Bank of Ireland as a Mortgage Intermediary under the Consumer Credit Act, 1995 (as amended); and
- Registered with the Central Bank of Ireland as a Product Producer.
The Firm is also a Credit Intermediary authorised by the Competition and Consumer Protection Commission under the Consumer Credit Act, 1995.
The Firm is subject to and complies with the Central Bank of Ireland’s Consumer Protection Code 2012, Minimum Competency Code 2011 and the Fitness and Probity Standards 2011 and the Handbook of Prudential Requirements for Investment Intermediaries 2014 which offers protection to customers. These codes can be found on the Central Bank of Ireland’s website, www.centralbank.ie or call 1890 77 77 77.
The Firm provides advice and assistance in the arrangement and placing of General Insurance, Life & Pensions, Health Insurance, Investments and Mortgages. In addition, we provide insurance related risk management advice and assistance in claims negotiation and settlement. As a Credit Intermediary, we can also arrange personal loans, e.g. premium finance.
We offer advisory services on our General Insurance products (including but not limited to household, motor, business, combined policies, stand-alone liability, fleet and surgery) except for FundInsure, which is provided on a non-advised basis.
We offer advice on a fair analysis basis in relation to all classes of insurance policies with the exception of Health Insurance which is offered on a limited analysis of the market with Irish Life Health D.A.C. This means we will research the market place, products and providers and recommend the best product to suit your own needs. We will identify, select and recommend 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). The Firm does not have a “tied” relationship with any institution that would compromise our ability to offer you impartial advice.
REMUNERATION & FEES
The Firm is remunerated by a professional fee for the initial work activity and time spent in seeking the best terms, advice, product and product producer for your specific needs. An administration fee is also charged for the activity involved in the renewal of the policy and any alterations that may take place during the term of and at termination of a policy. A scale of our standard 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 (please note that some product producers do not pay a commission). All fees and charges applied by The Firm will be declared on our invoices/credit notes and/or in other correspondence issued to clients. All such fees and charges are non-refundable in the event of policy alternation and/or cancellation. Fees may also be applied for duplicate documentation; both for existing and past clients, for advice provided, mortgages, life and pension policies arranged. A fee of €20.00 may be charged for all duplicate documentation. In all circumstances, fees will be declared to the client in writing. Any third party fees or charges that apply in connection with your policy will be included in the premium charged.
Scale of Standard Fees
|Initial Fee||Renewal Fee||Policy Alternations/ Cancellation Fee|
|Motor||Up to a max of €60.00||Up to a max of €60.00||Up to a max of €25.00|
|Household||Up to a max of €60.00||Up to a max of €60.00||Up to a max of €25.00|
|Commercial||Up to a max of 25% of premium||Up to a max of 25% of premium||Up to a max of 25% of premium|
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. We also reserve the right to charge fees of up to 2.5% on both credit card payments and premium finance agreements. Any bank fees charged on unpaid cheques will be charged back to the client and are payable in full together with any other outstanding balances. The Firm will, if necessary, exercise its legal rights to receive any payments due to it from clients.
CONFLICTS OF INTEREST
It is the policy of The Firm 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 and disclose the general nature and/or source of the conflict of interest before proceeding to provide any business service to you. We will treat you fairly if such a conflict of interest is unavoidable. If you have not been advised of any such conflict you are entitled to assume that none arises.
Robertson Low Insurances Ltd’s preferred method of payment is via bank transfer. Payments are also accepted by cheque, draft, credit/debit card and cash in respect of all classes of insurance in circumstances as set out under Section 25G of the Investment Intermediaries Act 1995. A charge of up to 2.5% may be charged for each transaction by credit card. There is no charge for debit card transactions. The Firm is not authorised to accept cash or other negotiable instruments in any other circumstances. Receipts in respect of all premiums received will be issued in accordance with Section 30 of the Investment Intermediaries Act 1995.
Premiums are due on or before renewal or 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 any CREDIT TERMS, if agreed, otherwise immediately prior to inception of cover or at policy renewal date.
In the event of policy cancellation or alteration resulting in a credit premium due to the policyholder, The Firm will refund the client within 5 working days. Where the premium rebate due is €10.00 or less, the client can choose one of the following options (options b & c below require clients written confirmation in each instance:
- receive the rebate
- receive a reduction from a renewal premium or other premium currently due to Robertson Low Insurances Ltd; or
- allow The Firm to make a donation of the rebate amount to a registered charity.
The Firm operates a policy of strict Credit Control and premiums must be paid in full prior to inception of the insurance policy, unless otherwise agreed in writing. In respect of renewal and endorsement premiums, these must be paid within 14 days of the date of our invoice or renewal/alteration date.
All quotations provided, with the exception of mortgages and FundInsure, will be valid for 30 days or as stated on the written quotation. FundInsure quotations are only valid for 24 hours from the date of issue. Quotations for insurance are indicative only. The final premium can only be confirmed upon receipt of proposal forms and relevant documentation. Mortgage rates are subject to change and the quotation period is stipulated by the Mortgage Provider on the Mortgage Letter of Offer, which each customer receives.
PERIOD OF INSURANCE
The period of insurance will be specified on the policy schedule/renewal notice.
COOLING OFF PERIOD/RIGHT OF WITHDRAWAL
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 or the date you received the policy schedule, whichever is the later, without penalty and without giving any reason – this is known as the Cooling Off Period. In relation to Life Assurance and Pension products, you may withdraw within 30 days of inception date of the policy or the date you received the policy schedule, whichever is the later (i.e. the Cooling Off Period is extended to 30 days). The right of withdrawal may be exercised by notice in writing to Robertson Low Insurances 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 and/or issued until the Certificate of Insurance and Windscreen Disc have been received by Robertson Low Insurances Ltd. You, the customer can cancel your policy by notice in writing at any time. This right to withdraw does not apply to any insurance policy under which insurance cover is provided for less than 1 month. The right of withdrawal must be exercised in writing to Robertson Low Insurances Ltd.
DEFAULT PAYMENTS AND CANCELLATION PROCEDURE
Cancellation by Robertson Low
Robertson Low Insurances Ltd, reserves the right, notwithstanding delivery of policy document or receipt of same by the insured, to cancel the policy of insurance and obtain a credit from the Underwriters, apply same in the reduction of the amount due by the insured in the event of the following:
- Non-payment of a policy premium, in whole or in part, due at inception, renewal or following a midterm adjustment;
- Default of a payment of a direct debit premium; and/or
- Default of a payment in respect of a Premium Finance agreement; and/or
- Your bank returns a cheque due to insufficient funds or for any other reason; and/or
- Non-disclosure of relevant information; and/or
- Insurer enforced cancellation; and/or
- Failure to comply with policy conditions imposed by insurers.
Provided that all reasonable charges pertaining to costs incurred by The Firm 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, the motor insurance policy cannot be cancelled by you until the Certificate of Insurance and Windscreen Disc is received by Robertson Low Insurances 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.
Your Insurer may cancel your policy in certain circumstances. These conditions are clearly outlined on all policy documents, which you should read and take note of. Please note in the event of default payments, Insurers/ Product Producers reserve the right to:
- instigate cancellation proceedings; and/or
- withdraw Benefits or Cover.
Cancellation by You
You can cancel your policy in writing at any time, in accordance with the terms and conditions set out in your policy document and provided no incident has arisen that could give rise to a claim. Cancellations must be given in writing to our office. Should you cancel your policy outside the applicable cooling off period (see “Cooling Off Period”), short term rates or minimum and deposit premiums may apply. A notice of cancellation given in respect of a distance contract that relates to the issue of a motor vehicle insurance policy is not properly given unless the relevant Certificate of Insurance and Insurance Disc have been surrendered to Robertson Low Insurances Ltd.
In the event of a complaint from a client, this Firm will endeavour to resolve the matter as soon as possible in accordance with our complaints procedure, a copy of which is available upon request. The procedure commits to this firm acknowledging receipt of the complaint as soon as possible and at least within 5 working days of receipt of a written complaint. All complaints should be in writing and should be addressed to The Complaints Officer, Robertson Low Insurances Ltd, 10/11 The Courtyard, Kilcarbery Park, Nangor Road, Dublin 22. The Firm will supply regular written updates regarding the progress of a complaint, at intervals no greater than 20 working days. We will endeavour to investigate and resolve a complaint within 40 business days of having received a complaint, and findings will be furnished within 5 working days of completion of the investigation. In the event that you are not entirely satisfied with our handling of and response to your complaint, we will inform the complainant of their rights to refer the matter to the Central Bank of Ireland, the Financial Services Ombudsman and/or the Irish Brokers Association. Where the complaint is in respect of the mal-administration of a pension contract, the complainant may refer it to the Pensions Ombudsman. Contact details for each of these organisations can be provided upon request and contacting these organisations will not prejudice your complaint.
Investor Compensation Company Ltd (ICCL)
The Firm is a member of the ICCL Scheme established under the Investor Compensation Act 1988 (as amended). This legislation provides for the establishment of a compensation scheme and for 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 may arise where (i) client money or investment instruments held by this firm on your behalf cannot be returned (either for the time being or for the foreseeable future); and/or (ii) where the client falls within the definition of eligible investor as defined in the Act. In the event that a right to compensation is established, the amount payable is the lesser of 90% of your loss which is recognised as being eligible for compensation or €20,000.
Irish Brokers Association (IBA) Compensation Fund Ltd
As a member of the Irish Brokers Association (IBA), The Firm is also a member of the IBA Compensation Fund Ltd (Fund). 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 effected client of the member.
For quality assurance, verification and training purposes, to assist in the complaints procedure and/or to help detect fraud, The Firm may record incoming and outgoing telephone calls and such calls may be monitored.
FINANCIAL INTEGRITY OF PRODUCT PRODUCERS
While this firm endeavours to recommend the most appropriate policy and insurer for your insurance requirements, we cannot guarantee the solvency or continuing solvency of any Product Producer used and clients should note that the financial position of a Product Producer could change after policy cover has been arranged. We deny any liability in the event of the Insurer becoming insolvent.
DUTY OF DISCLOSURE
It is your responsibility to disclose all material facts regarding your insurance policy or mortgage. A material fact is any information which may influence the acceptance or assessment of your proposal or alter the judgment of a Product Producer (list of Product Producers available upon request) in assessing risk. All material facts should be disclosed and if you are unsure as to whether a fact is material, it should be disclosed. Any material change that occurs after the arrangement of any insurance must be disclosed to Product Producers. A material change is any information which may alter the judgement of a Product Producer that has not previously been disclosed as a material fact. Failure to disclose any material facts or to notify all material changes may affect the extent of indemnity provided by the Product Producers, or in certain circumstances could result in the insurances being declared void from its commencement. If this right is exercised, any claim under your policy will not be met. This responsibility applies throughout the whole period that you are insured. We are required also to advise that failure to make full disclosure of material facts may also cause difficulties for you in trying to purchase insurance elsewhere. As your circumstances change, your needs will also change. You must advise us of any changes and request a review of the relevant policy so that we can ensure that you are provided with up to date advice and a product best suited to your needs. Failure to contact us in relation to changes in your circumstances or failure to request a review may result in you having insufficient insurance cover and/or inappropriate investments.
Under no circumstances shall our liability to you, whether direct or indirect or consequential in respect of negligence, breach of contract or otherwise howsoever arising, exceed the sum of €2.5 million.
The laws of Ireland form the basis for establishing relations between you and the Firm and all policies are governed by Irish law. Any disputes in relation to these Terms of Business shall be subject to the exclusive jurisdiction of the Courts of Ireland. If any provision of these disclaimers and exclusions shall be unlawful, void or for any reason unenforceable then that provision shall be deemed severable and shall not affect the validity and enforceability of the remaining provisions.
All communication from the Firm will be in English.
Robertson Low Insurances Ltd is a Data Controller as defined in the Data Protection Act 1988 and 2003 (as amended or re-enacted from time to time) (the “Data Protection Acts”). We collect your personal details in order to provide the highest standards of service to you. We take great care with the information provided by you; taking steps to keep it secure and to ensure it is only used for legitimate purposes. To fulfil these objectives, we may share information with other affiliated professionals. We may also use the data and information provided to our Firm to advise you of products and services we may offer from time to time.
Our Product Producers may subscribe to insurance industry databases for fraud prevention purposes. We may also use your information for the purpose of complying with regulatory or legislative requirements, offering renewals, for research/statistical analysis and crime prevention. The information and other data provided to our office may be used to advise you of products and services we may offer from time to time.
We may need to collect sensitive personal information relating to you or anyone to be named on your policy or residing in your household to process your application. It is your responsibility to ensure that you have obtained the permission of that person to allow us to process their sensitive personal data as part of your application and to explain our Data Protection policy to them.
INSTRUCTIONS FROM THIRD PARTIES
On occasion, policy holders authorise Third Parties to provide Robertson Low Insurances Ltd with instructions to alter their policies, such as motor dealers advising us of a change of vehicle. We accept such instructions in good faith as a facility to our clients. However, in such circumstances we do not accept liability for any loss, damage or injury arising out of any error or incorrect instruction given or providing any information where the request for information is invalid. If you do not wish us to accept such instructions on your policy from any person other than as authorised under the relevant Data Protection Acts, please advise us by email to email@example.com.
These terms of business are effective for all of Robertson Low Insurances Ltd’s business and transactions on or after 1st April 2017 subject to a copy being issued to our existing and prospective clients in advance of any such transactions. A copy having once been issued, said terms apply to all and any subsequent transactions unless and until amended terms of business are issued.