Terms of Business effective 18th October 2012
Registered office: Woodview, Randalstown, Navan, County Meath
Registered in the Companies Registration Office (Company Number 277706)
43 College St, Cavan, Co Cavan – 049 438 0020
Promotions Direct Ltd t/a Sheridan Insurances is regulated by the Central Bank of Ireland.
These terms of business set out the basis on which Sheridan Insurances 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.
Promotions Direct Ltd t/a Sheridan Insurances is a member of the Irish Brokers Association, the Professional Irish Brokers Association and is a member of Source, providing alternative Insurance Solutions.
Promotions Direct Ltd t/a Sheridan Insurances is authorised by the Central Bank of Ireland as a Multi Agency Intermediary 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. Our authorisations can be verified by contacting the Central Bank of Ireland on 1890 77 77 77.
We will offer broad based advice on a fair analysis basis in relation to all classes of insurance policies. As a Credit Intermediary the firm can arrange personal loans e.g. premium and car finance.
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 impartial advice and choice. While we provide the service we strongly advise you read the policy document to familiarise yourself with Terms and Conditions.
Your Duty of Disclosure
A very small percentage of customers have claims declined, we strongly advise you to notify us of all matters that may effect the assessment of the risk you wish to insure, as the only person you are fooling is yourself if you don’t give honest information. Penalty Points, endorsements, claims, convictions, refusals, construction type, age, and occupation are normal and is part of our everyday job in solving problems for customers in the Insurance Industry. Insurance Companies can and do refuse claims for non-disclosure or incorrect information and we don’t want any of our customers in this situation.
Remuneration and Fees
Promotions Direct Ltd t/a Sheridan Insurances is remunerated by a professional fee for the initial work activity and time spent in seeking the most appropriate 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 also any alterations that take place during and at termination of a policy. A scale of our fees is noted hereunder. 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. Some product producers do not pay a commission.
Scale of Fees
|Initial Fee||Renewal||Policy Alterations|
|Motor||Up to a max of €1000||Up to a max of €1000||Up to a max of €1000|
|House||Up to a max of €500||Up to a max of €500||Up to a max of €500|
|Commercial||Up to a max of 200%||Up to a max of 200%||Up to a max of 200%|
The minimum fee charged will be 0.01 cents.
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 €20 will be charged for all permanent policy amendments.
Our average commission is 9%, which means we must charge a fee to maintain solvency and provide a service. We understand how you feel about Fees. Many of our clients feel the same. What we have found is that for the deal to be sound it must be beneficial to both parties. Our average fee reflects the efficiency of our experienced Broker Team.
Conflict of Interests
It is the policy of Promotions Direct Ltd t/a Sheridan Insurances 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.
Promotions Direct Ltd t/a Sheridan Insurances will accept payments in cash, by cheque and by credit/debit card in respect of all classes of insurance where:
- An insurance undertaking has invited renewal of a policy of insurance.
- A proposal for insurance and/or PRSA’s has been accepted by an insurance undertaking.
- In all other circumstances cheques/bank drafts or other payment instruments must be made payable to the product producer.
Premiums are due on/or before renewal/inception date. Under the Central Bank of Ireland 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
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 Promotions Direct Ltd t/a Sheridan Insurances 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 Promotions Direct Ltd t/a Sheridan Insurances.
You, the customer can cancel your policy by notice in writing at any time. Provided that all reasonable charges pertaining to costs incurred by Promotions Direct Ltd t/a Sheridan Insurances 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 Promotions Direct Ltd t/a Sheridan Insurances. 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, again we strongly advise you read the policy document.
We ask that you make any complaint against our firm, relating to services provided by us, in writing. We will acknowledge your complaint within 5 business days and we will fully investigate it. On completion of our investigation, we will provide you with a written report of the outcome. In the event that you are still dissatisfied with our handling of or our response to your complaint, you are entitled to refer the matter to the Financial Services Ombudsman or the Pensions Ombudsman. A full copy of our complaints procedure is available on request.
Investor Compensation Company Ltd (ICCL) Scheme
Promotions Direct Ltd t/a as Sheridan Insurances 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.
Irish Brokers Association (IBA) Compensation Fund Ltd
As a member of the Irish Brokers Association (IBA), Promotions Direct Ltd t/a Sheridan Insurances is also a member of the IBA 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.
Promotions Direct Ltd t/a Sheridan Insurances is a Data Controller as defined in the Data Protection Act 1988 and 2003.
We collect your personal details in order to provide the highest standard of service to you. We take great care with the information provided; 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. 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.
You have the right at any time to request a copy of any ‘personal data ’within the meaning of the Data Protection Act 1988(as amended or re-enacted from time to time) that our office holds about you and to have any inaccuracies in that information corrected.)
Governing Law and Language
The laws of Ireland form the basis for establishing relations between you and Promotions Direct Ltd t/a Sheridan Insurances. All contracts, terms, conditions and communications relating to any policies you may enter with this firm will be in English. The terms set out above apply to any service provided to you after the date of this Terms of Business and should the firm change its terms you will be notified in advance.